EXHIBIT 99.2
- ------------
AMLI
RESIDENTIAL
------------------------------------------------------------
FOURTH QUARTER 2004
SUPPLEMENTAL OPERATING AND FINANCIAL DATA
------------------------------------------------------------
[ graphics indicating property / caption reading
"AMLI at Kirkland Crossing -- Aurora, IL
Acquired Fourth Quarter 2004 ]
AMLI RESIDENTIAL PROPERTIES TRUST
125 South Wacker Drive
Chicago, Illinois 60606
Phone: (312) 443-1477
Fax: (312) 443-0909
www.amli.com
------------
Certain matters discussed in this supplemental package and the conference
call held in connection herewith are forward looking statements within the
meaning of Federal Securities Law. Although the Company believes
expectations reflected in such forward looking statements are based upon
reasonable assumptions, it can give no assurance that its expectations will
be achieved. Forward looking statements can be identified by the Company's
use of the words "project," "believe," "expect," "anticipate," "intend,"
"estimate," "assume," and other similar expressions that predict or
indicate future events, achievements or trends or that do not relate to
historical matters. The Company is making forward looking statements
because it believes that investors, analysts, and others, many of whom
prepare models and projections of the Company's performance, are interested
in the Company's current estimates of future activities. The Company
advises such parties to make their own determination of any relevant or
material assumption used by them. Many factors may cause the Company's
actual performance in any period or periods to differ materially from the
anticipated future performance expressed or implied by these forward
looking statements. Certain of the factors that could cause the Company's
actual performance to differ materially from those expressed or implied by
these forward looking statements include, but are not limited to, general
economic conditions, local real estate conditions, the timely development
and lease-up of communities, other risk detailed from time to time in the
Company's SEC reports, including the annual report on Form 10-K for the
year ended December 31, 2003.
AMLI
RESIDENTIAL
TABLE OF CONTENTS
Page
----
SUMMARY INFORMATION
Description of AMLI and Investor Information . . . . . . . . . . 1
Earnings Release . . . . . . . . . . . . . . . . . . . . . . . . 2
Selected Financial and Operating Information . . . . . . . . . . 6
Funds From Operations. . . . . . . . . . . . . . . . . . . . . . 14
Statements of Operations . . . . . . . . . . . . . . . . . . . . 16
Balance Sheets . . . . . . . . . . . . . . . . . . . . . . . . . 19
DEBT AND PREFERRED SHARES
Debt and Preferred Shares Summary. . . . . . . . . . . . . . . . 22
Debt Maturities. . . . . . . . . . . . . . . . . . . . . . . . . 25
SAME STORE AND NOI DATA
Quarterly Comparison of Same Store Communities . . . . . . . . . 27
Quarterly Comparison of Components of NOI. . . . . . . . . . . . 39
OTHER DATA
Co-Investment Compensation . . . . . . . . . . . . . . . . . . . 45
Service Companies Financial Information. . . . . . . . . . . . . 46
PORTFOLIO
Stabilized Communities . . . . . . . . . . . . . . . . . . . . . 50
Development Summary. . . . . . . . . . . . . . . . . . . . . . . 56
Land Held for Development or Sale. . . . . . . . . . . . . . . . 60
Acquisition and Disposition Summary. . . . . . . . . . . . . . . 61
NON-GAAP FINANCIAL MEASURES
Definition of Non-GAAP Financial Measures. . . . . . . . . . . . 63
Reconciliation Between Net Income and FFO and AFFO . . . . . . . 65
Reconciliation Between Net Income and Consolidated NOI . . . . . 67
Fourth Quarter 2004
Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL
COMPANY DESCRIPTION
INVESTOR INFORMATION
AMLI Residential (or AMLI) is an integrated, self-managed real estate
operating company that was formed in February 1994 to continue and expand
the multifamily property business previously conducted by AMLI Realty Co.,
our predecessor company, which has been in business since 1980. AMLI is
structured as an UPREIT, or umbrella partnership real estate investment
trust, and we own interests in properties and conduct our business through
AMLI Residential Properties, L.P., (the Operating Partnership or OP). The
sole general partner of the OP is AMLI Residential Properties Trust, the
public company whose shares of beneficial interest are traded on the NYSE
under the symbol "AML."
Our business is the development, acquisition and management of upscale
apartment communities in the Southeast, Southwest, Midwest and Mountain
regions of the United States. We also serve as an institutional advisor
and asset manager for domestic and international, tax-exempt and taxable
investors in connection with our joint venture co-investment business. A
summary schedule of our investment communities is included in this
Supplement.
We operate all of our communities under the AMLI [registered trademark]
brand name, representing our commitment to high quality, exceptional
service and superior value. We have corporate offices in Atlanta, Dallas,
Indianapolis and Kansas City, in addition to our main office in Chicago.
We employ approximately 850 people who are dedicated to our mission ... To
Provide an Outstanding Living Environment For Our Residents.
For additional information on AMLI, please visit our website at
www.amli.com.
The following information is presented as a supplement to our other public
reporting, including our Form 10-Q and Form 10-K, both of which can be
found on our website or through the SEC's EDGAR database. We hope that the
information contained herein is helpful to you. We encourage your feedback
and any suggestions, which you believe will help us provide better
disclosure to you. Please contact either of:
Robert Chapman
Executive Vice President
& CFO 312.984.6845 rchapman@amli.com
Sue Bersh
Vice President -
Corporate Communications 312.984.2607 sbersh@amli.com
Thank you for your interest in AMLI Residential.
AML
LISTED
NYSE
Fourth Quarter 2004 Page 1
Supplemental Information AMLI Residential Properties Trust
125 South Wacker Drive
AMLI RESIDENTIAL Suite 3100
Chicago, Illinois 60606
Phone: 312.443.1477
Fax: 312.443.0909
www.amli.com
PRESS RELEASE
FOR IMMEDIATE RELEASE
- ---------------------
February 1, 2005 For More Information, Contact:
Robert J. Chapman,
Chief Financial Officer
(312) 984-6845
AMLI RESIDENTIAL ANNOUNCES FOURTH QUARTER AND
FULL-YEAR OPERATING RESULTS AND DECLARES DIVIDEND
(CHICAGO, IL) AMLI RESIDENTIAL PROPERTIES TRUST (NYSE: AML) announces today
operating results for the fourth quarter and full year ended December 31,
2004.
EARNINGS
- --------
Net income for the quarter and year ended December 31, 2004 was $1,168,000
and $62,425,000 respectively, as compared to $13,533,000 and $26,104,000,
respectively, in the year earlier periods. Diluted Earnings Per Share
("EPS") for the quarter ended December 31, 2004 was ($0.03), compared to
$0.54 for the same period a year earlier. For the year ended December 31,
2004, EPS was $2.05, compared to $0.98 for the comparable period of 2003.
The changes in net income and EPS between periods are primarily the result
of (i) the differences in the amount of reportable gains on sales due to
the volume and timing of disposition activity (ii) additional depreciation
expense in 2004, particularly in the fourth quarter, due to the
amortization associated with the accounting for in-place leases related to
the purchase of apartment communities; and (iii) allocations of earnings to
the Company's preferred shareholders in accordance with a new accounting
pronouncement adopted in the second quarter of 2004.
Funds From Operations ("FFO") for the fourth quarter of 2004 were
$14,295,000, or $0.46 per common share, compared to $15,025,000, or $0.55
per common share, for the fourth quarter of 2003, a per share decrease of
16.4%. Actual results for the quarter were consistent with AMLI's most
recent guidance and equal to First Call's most recent estimate. The year
over year change in FFO per share is attributable to a number of factors
including significantly higher general and administrative costs primarily
relating to audit compliance with Section 404 of The Sarbanes-Oxley Act of
2002 and higher interest costs as the Company converted a portion of its
short-term floating rate debt to longer-term fixed rates in 2004.
FFO for the year ended December 31, 2004 was $60,646,000, or $2.01 per
share, compared to $54,215,000, or $2.12 per share, for the year ended
December 31, 2003, a per share decrease of 5.2%. Much of the FFO per share
decrease for the full year 2004 compared to the full year 2003 is
attributable to the same factors that influenced the comparison between the
fourth quarters of 2004 and 2003. In addition, FFO per share reflected
additional dilution caused by investing more slowly than originally
anticipated the proceeds of the Company's first quarter public common share
offering.
Fourth Quarter 2004 Page 2
Supplemental Information AMLI Residential Properties Trust
"2004 was a positive year of transition for AMLI as we successfully
executed our strategic plan," commented Gregory T. Mutz, AMLI Chairman and
CEO. "We improved the overall quality of our portfolio by moving
aggressively on our "B to A" investment strategy, diversifying the source
of community NOI within our existing markets and adding a new market,
Southeast Florida, our ninth. On the balance sheet front, we locked in long
term financing at low interest rates and we reduced leverage." Mr. Mutz
continued, "With respect to community operations, we maintained a high
level of occupancy and very stable rental rates throughout the year. AMLI
has an excellent foundation on which to build as economic conditions
continue to improve."
FOURTH QUARTER ACTIVITIES
- -------------------------
In October, AMLI completed the purchase of AMLI at Kirkland Crossing
(formerly the Preserve at Kirkland Crossing), a 266-unit apartment
community in Aurora, Illinois. In November, AMLI acquired the 75% interests
that it did not already own in AMLI at Wynnewood Farms (Overland Park,
Kansas) and AMLI at Lake Clearwater (Indianapolis, Indiana) from the New
York State Common Retirement Fund, a large public pension plan advised by
Heitman Capital Management, LLC.
In December, AMLI closed on a $110 million unsecured loan with a bank group
that includes Wells Fargo Bank, N.A., as Administrative Agent, PNC Bank
National Association, Commerzbank AG, and Comerica Bank. AMLI also entered
into interest rate swap agreements for the period July 1, 2005 through
December 20, 2009 effectively fixing the interest rate on $100 million of
the variable-rate term loan at a rate of 3.99% plus the loan spread, or
4.99%.
SAME COMMUNITY RESULTS
- ----------------------
On a combined same community basis, which includes both wholly-owned and
co-investment communities (at 100%), for the quarter ended December 31,
2004 versus the prior year's comparable quarter, total community revenue
increased 0.5% (reflecting an increase in weighted average occupancy of
0.5% to 93.6% and weighted average collected revenue per occupied unit
decreased slightly by 0.1%), operating expenses increased 0.5%, and net
operating income ("NOI") increased 0.5%.
Comparing the fourth quarter of 2004 to the preceding quarter, total
community revenue decreased by 1.7% (reflecting a decrease in weighted
average occupancy of 0.4% and a decrease in weighted average collected
revenue per occupied unit of 1.3%), operating expenses decreased 6.9%, and
NOI increased 2.2%. The sequential decrease in revenue was the first after
four consecutive quarterly increases, in part reflecting traditional
seasonal adjustments that typical occur late each year.
For the full year 2004, total community revenue, operating expenses and net
operating income decreased 0.2%, increased 1.0% and decreased 1.0%,
respectively, compared to the full year 2003, consistent with AMLI's full
year 2004 guidance in December 2003.
SUBSEQUENT EVENTS
- -----------------
In January, AMLI purchased AMLI at Lantana Hills (formerly the Hills of
Lantana) in Austin, Texas and sold AMLI at Chase Oaks in Dallas, Texas.
OUTLOOK
- -------
AMLI's current expectation for full year 2005 FFO per share is in the range
of $1.94 to $2.10 per share (generally plus or minus $0.02 per share per
quarter based on current mid-range estimates of $0.43, $0.51, $0.53 and
$0.55 per share per quarter and a mid-point of $2.02 per share).
Fourth Quarter 2004 Page 3
Supplemental Information AMLI Residential Properties Trust
The following chart reconciles AMLI's 2005 FFO per share guidance to EPS:
Full
Q1 Q2 Q3 Q4 Year
------ ------ ------ ------ ------
EPS per Common Share $0.73 $0.02 $0.17 $1.80 $2.71
Gains on Sales ($0.83) ($0.02) ($0.10) ($1.68) ($2.62)
Depreciation $0.45 $0.45 $0.40 $0.35 $1.64
Adjustment for
Preferred Shares $0.08 $0.06 $0.06 $0.08 $0.29
FFO per Share $0.43 $0.51 $0.53 $0.55 $2.02
DIVIDEND
- --------
Yesterday, the Board of Trustees declared a quarterly dividend of $0.48 per
common share. This dividend is payable on February 22, 2005 to all common
shareholders of record as of February 11, 2005 and is based on an annual
dividend rate of $1.92 per common share.
CONFERENCE CALL
- ---------------
AMLI will hold a conference call on Wednesday, February 2, 2005 at 3:30
p.m. Eastern Time. The toll-free number for the call is (800) 946-0706 -
Passcode: AMLI, and should be accessed approximately 5 minutes prior to
conference time. A live webcast of the conference call will also be
available in the 'Company Info' section on AMLI's website
(http://www.amli.com/comp/) and at http://www.streetevents.com.
Additionally, an on-line replay of the webcast will be available for 60
days following the call.
SUPPLEMENTAL INFORMATION
- ------------------------
AMLI produces Quarterly Supplemental Information that provides detailed
information regarding the Company's activities during the quarter. The
Fourth Quarter Supplemental Information is available in the 'Company Info'
section on our website (http://www.amli.com/comp/) under 'Shareholder
Reports.'
DEFINITIONS
- -----------
This press release and the Quarterly Supplemental Information described
above contain certain non-GAAP ("Generally Accepted Accounting Principles")
information that is generally provided by most publicly-traded residential
REITs. AMLI uses this information internally to measure its performance
and/or liquidity and to compare its performance to other REITs in its peer
group, and believes that this information may be of interest and use to the
investment community for the same reason.
Except where indicated, community revenue, community expenses, net
operating income ("NOI") and earnings before interest, taxes, depreciation
and amortization ("EBITDA") are computed based on various line items
included in our consolidated statements of income prepared in accordance
with GAAP. Where indicated, this information is presented on a basis that
includes AMLI's proportionate share of the non-GAAP financial measures of
its co-investment partnerships.
Reconciliations of all non-GAAP financial measures to GAAP financial
measures are included in the Company's Quarterly Supplemental Financial
information, primarily pages 18 and 19.
EBITDA is NOI (including AMLI's proportionate share of the NOI of its co-
investment partnerships) plus all fees and interest income and income from
the Service Companies and gains or losses from sales or valuation of land
and other income, less general and administrative expense.
Fourth Quarter 2004 Page 4
Supplemental Information AMLI Residential Properties Trust
FUNDS FROM OPERATIONS ("FFO") is EBITDA less interest expense (including
AMLI's proportionate share of the interest expense of its co-investment
partnerships and amortization of deferred financing expense) and any income
taxes. FFO computed in this manner is equal to FFO as defined in NAREIT's
white paper, which definition is "net income (computed in accordance with
GAAP), excluding gains from sales of communities, plus depreciation and
amortization, and after adjustments for unconsolidated partnerships, joint
ventures and affiliates."
Additional definitions can be found in the Quarterly Supplemental
Information.
ABOUT AMLI
- ----------
The AMLI<registered trademark> portfolio currently includes 74 apartment
communities containing 27,608 apartment homes, with an additional 1,854
apartment homes under development or in lease-up in five locations. AMLI is
focused on the development, acquisition and management of institutional
quality multifamily communities in the Southeast, Southwest, Midwest and
Mountain regions of the U.S. AMLI Residential also serves as institutional
advisor and asset manager for large pension funds, tax-exempt foundations
and other financial institutions through AMLI's co-investment business.
AMLI employs approximately 850 people who are dedicated to achieving AMLI's
mission--Provide An Outstanding Living Environment For Our Residents. More
information on AMLI is available at http://www.amli.com.
FORWARD-LOOKING STATEMENTS
- --------------------------
Certain matters discussed in this press release are forward-looking
statements within the meaning of Federal Securities Law. Although the
Company believes expectations reflected in such forward looking statements
are based upon reasonable assumptions, it can give no assurance that its
expectations will be achieved.
Forward-looking statements can be identified by the Company's use of the
words "project," "believe," "expect," "anticipate," "intend," "estimate,"
"assume," and other similar expressions that predict or indicate future
events, achievements or trends or that do not relate to historical matters.
The Company does not assure the future results or outcome of the matters
described in forward-looking statements; rather, these statements merely
reflect the Company's current expectations of the approximate outcomes of
the matters discussed. Forward-looking statements involve known and unknown
risks, uncertainties and other factors, some of which are beyond the
Company's control. The reader is cautioned to make his/her own judgment
with regard to the statements discussed in this press release and the
assumption noted by the Company herein.
The Company is making forward-looking statements because it believes
investors, analysts and others, many of whom prepare models and projections
of the Company's performance, are interested in the Company's current
estimates of its future activities. The Company advises such parties to
make their own determination of any relevant or material assumption used by
them.
Many factors may cause the Company's actual performance in any period or
periods to differ materially from the anticipated future performance
expressed or implied by these forward-looking statements. Certain of the
factors that could cause the Company's actual performance to differ
materially from those expressed or implied by these forward-looking
statements include, but are not limited to, general economic conditions,
local real estate conditions, the timely development and lease-up of
communities, other risks detailed from time to time in the Company's SEC
reports, including the annual report on form 10-K for the year ended
December 31, 2003.
# # # #
Fourth Quarter 2004 Page 5
Supplemental Information AMLI Residential Properties Trust
<table>
AMLI RESIDENTIAL SELECTED FINANCIAL AND OPERATING INFORMATION
QUARTER AND YEAR ENDED
Unaudited
(Dollars in thousands, except for share data)
<caption>
2004 2003
-------------------------------------------- --------------------------------------------
Jun 30
Year Dec 31 Sep 30 Jun 30 Mar 31 Year Dec 31 Sep 30 (i) Mar 31
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
<s> <c> <c> <c> <c> <c> <c> <c> <c> <c> <c>
EARNINGS AND CASH FLOWS
- -----------------------
EBITDA (a) . . . . . .$109,978 27,360 25,472 30,092 27,054 98,513 26,347 26,139 22,413 23,614
FFO. . . . . . . . . . 60,646 14,295 13,576 17,097 15,678 54,215 15,025 14,684 11,789 12,717
AFFO . . . . . . . . . 54,343 12,234 11,853 15,670 14,586 49,173 13,953 13,253 10,559 11,408
Net income . . . . . . 62,425 1,168 12,234 42,304 6,719 26,104 13,533 5,935 2,928 3,708
Dividends (b). . . . . 57,747 14,909 14,880 14,846 13,112 48,288 13,010 11,787 11,758 11,733
PER SHARE DATA -
DILUTED
- ----------------
FFO. . . . . . . . . .$ 2.01 $ 0.46 $ 0.44 $ 0.55 $ 0.56 $ 2.12 $ 0.55 $ 0.57 $ 0.48 $ 0.52
AFFO . . . . . . . . . 1.80 $ 0.39 0.38 0.51 0.52 1.92 0.51 0.51 0.43 0.47
Net income allocable
to common shares . . 2.05 $ (0.03) 0.40 1.44 0.21 0.98 0.54 0.21 0.06 0.10
Common dividends . . . 1.92 $ 0.48 0.48 0.48 0.48 1.92 0.48 0.48 0.48 0.48
FFO payout ratio
(based on per share
amounts) . . . . . . 96% 105% 110% 87% 85% 91% 87% 84% 100% 92%
AFFO payout ratio
(based on per share
amounts) . . . . . . 107% 123% 126% 95% 92% 100% 94% 94% 111% 102%
Fourth Quarter 2004 Page 6
Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL SELECTED FINANCIAL AND OPERATING INFORMATION - CONTINUED
QUARTER AND YEAR ENDED
Unaudited
(Dollars in thousands, except for share data)
2004 2003
-------------------------------------------- --------------------------------------------
Jun 30
Year Dec 31 Sep 30 Jun 30 Mar 31 Year Dec 31 Sep 30 (i) Mar 31
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
NUMBER OF
APARTMENT HOMES
- ---------------
STABILIZED COMMUNITIES
- ----------------------
Wholly-owned . . . . . 15,990 15,990 15,276 15,068 15,240 14,980 14,980 14,100 12,260 12,260
Partnerships . . . . . 11,604 11,604 12,052 12,052 12,052 12,427 12,427 14,189 16,271 15,573
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
27,594 27,594 27,328 27,120 27,292 27,407 27,407 28,289 28,531 27,833
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
COMMUNITIES UNDER
DEVELOPMENT
AND/OR LEASE-UP
- -----------------
Wholly-owned . . . . . 820 820 820 820 782 322 322 322 322 322
Partnerships . . . . . 1,034 1,034 1,034 1,034 1,034 1,495 1,495 1,495 1,495 1,919
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
1,854 1,854 1,854 1,854 1,816 1,817 1,817 1,817 1,817 2,241
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Total. . . . . . . . . 29,448 29,448 29,182 28,974 29,108 29,224 29,224 30,106 30,348 30,074
======== ======== ======== ======== ======== ======== ======== ======== ======== ========
<fn>
See notes on following pages
Fourth Quarter 2004 Page 7
Supplemental Information AMLI Residential Properties Trust
</table>
<table>
AMLI RESIDENTIAL SELECTED FINANCIAL AND OPERATING INFORMATION
QUARTER AND YEAR ENDED
Unaudited
(Dollars in thousands, except for share data)
<caption>
2004
---------------------------------------------------------------
Year Dec 31 Sep 30 Jun 30 Mar 31
----------- ----------- ----------- ----------- -----------
<s> <c> <c> <c> <c> <c>
CAPITALIZATION
- --------------
TOTAL ASSETS BEFORE DEPRECIATION
Consolidated (c) . . . . . . . . . . . . . . $ 1,473,951 1,473,951 1,393,026 1,285,143 1,284,825
DEBT
Consolidated . . . . . . . . . . . . . . . . 653,901 653,901 576,477 476,449 496,583
SHARE INFORMATION
Common shares outstanding. . . . . . . . . . 25,525,564 25,525,564 25,405,377 25,341,652 25,289,725
Preferred shares outstanding (d) . . . . . . 3,925,000 3,925,000 3,925,000 3,925,000 3,925,000
Operating partnership units
outstanding (e) . . . . . . . . . . . . . . 1,639,481 1,639,481 1,684,336 1,707,118 1,715,394
----------- ----------- ----------- ----------- -----------
Total shares and units outstanding . . . 31,090,045 31,090,045 31,014,713 30,973,770 30,930,119
----------- ----------- ----------- ----------- -----------
Average Common Shares. . . . . . . . . . . . 24,563,094 25,462,780 25,386,897 25,306,317 22,077,441
Average Common and Preferred Shares
and OP Units. . . . . . . . . . . . . . . . 30,199,707 31,057,256 30,998,529 30,941,004 27,783,836
----------- ----------- ----------- ----------- -----------
Share price, end of period . . . . . . . . . $ 32.00 $ 32.00 $ 31.55 $ 29.34 $ 28.25
Equity Market Capitalization . . . . . . . . 994,881 994,881 978,514 908,770 873,776
TOTAL MARKET CAPITALIZATION
Consolidated . . . . . . . . . . . . . . . . 1,648,783 1,648,783 1,554,991 1,385,219 1,370,359
Fourth Quarter 2004 Page 8
Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL SELECTED FINANCIAL AND OPERATING INFORMATION - CONTINUED
QUARTER AND YEAR ENDED
Unaudited
(Dollars in thousands, except for share data)
2003
---------------------------------------------------------------
Year Dec 31 Sep 30 Jun 30 Mar 31
----------- ----------- ----------- ----------- -----------
CAPITALIZATION
- --------------
TOTAL ASSETS BEFORE DEPRECIATION
Consolidated (c) . . . . . . . . . . . . . . 1,304,155 1,304,155 1,207,530 1,084,879 1,076,479
DEBT
Consolidated . . . . . . . . . . . . . . . . 610,513 610,513 522,672 462,781 457,950
SHARE INFORMATION
Common shares outstanding. . . . . . . . . . 21,394,568 21,394,568 19,503,207 16,928,640 16,787,100
Preferred shares outstanding (d) . . . . . . 4,025,000 4,025,000 4,025,000 4,025,000 4,025,000
Operating partnership units
outstanding (e) . . . . . . . . . . . . . . 1,743,396 1,743,396 3,473,482 3,545,993 3,547,685
----------- ----------- ----------- ----------- -----------
Total shares and units outstanding . . . 27,162,964 27,162,964 27,001,689 24,499,633 24,359,785
----------- ----------- ----------- ----------- -----------
Average Common Shares. . . . . . . . . . . . 18,153,083 20,715,155 18,261,577 16,861,537 16,729,067
Average Common and Preferred Shares
and OP Units. . . . . . . . . . . . . . . . 25,424,793 27,068,961 25,813,844 24,433,348 24,348,851
----------- ----------- ----------- ----------- -----------
Share price, end of period . . . . . . . . . $ 26.80 $ 26.80 $ 26.20 $ 23.55 $ 21.05
Equity Market Capitalization . . . . . . . . 727,967 727,967 707,444 576,966 512,773
TOTAL MARKET CAPITALIZATION
Consolidated . . . . . . . . . . . . . . . . 1,338,480 1,338,480 1,230,116 1,039,747 970,723
Fourth Quarter 2004 Page 9
Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL SELECTED FINANCIAL AND OPERATING INFORMATION - CONTINUED
QUARTER AND YEAR ENDED
Unaudited
(Dollars in thousands, except for share data)
2004
---------------------------------------------------------------
Year Dec 31 Sep 30 Jun 30 Mar 31
----------- ----------- ----------- ----------- -----------
DEBT SERVICE (f)
- ----------------
INTEREST EXPENSE AND
AMORTIZATION OF DEFERRED
FINANCING COSTS
Consolidated . . . . . . . . . . . . . . . . $ 33,222 8,713 7,701 9,551 7,257
CAPITALIZED INTEREST
Consolidated. . . . . . . . . . . . . . . . 1,260 239 260 296 465
SCHEDULED PRINCIPAL PAYMENTS
(NORMAL AMORTIZATION)
Consolidated . . . . . . . . . . . . . . . . 5,626 1,676 1,472 1,271 1,207
Fourth Quarter 2004 Page 10
Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL SELECTED FINANCIAL AND OPERATING INFORMATION - CONTINUED
QUARTER AND YEAR ENDED
Unaudited
(Dollars in thousands, except for share data)
2003
---------------------------------------------------------------
Year Dec 31 Sep 30 Jun 30 Mar 31
----------- ----------- ----------- ----------- -----------
DEBT SERVICE (f)
- ----------------
INTEREST EXPENSE AND
AMORTIZATION OF DEFERRED
FINANCING COSTS
Consolidated . . . . . . . . . . . . . . . . 26,224 6,941 6,537 6,254 6,492
CAPITALIZED INTEREST
Consolidated. . . . . . . . . . . . . . . . 2,054 521 498 643 392
SCHEDULED PRINCIPAL PAYMENTS
(NORMAL AMORTIZATION)
Consolidated . . . . . . . . . . . . . . . . 3,967 1,004 1,043 968 952
<fn>
See notes on following pages
Fourth Quarter 2004 Page 11
Supplemental Information AMLI Residential Properties Trust
</table>
<table>
AMLI RESIDENTIAL SELECTED FINANCIAL AND OPERATING INFORMATION
QUARTER ENDED
Unaudited
(Dollars in thousands, except for share data)
<caption>
2004 2003
------------------------------------------ ------------------------------------------
Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 (h) Mar 31
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
<s> <c> <c> <c> <c> <c> <c> <c> <c>
OPERATIONAL RATIOS
- ------------------
EBITDA, AS PERCENT
OF TOTAL MARKET
CAPITALIZATION
Consolidated . . . . . . 6.6% 6.6% 8.5% 7.9% 7.9% 8.5% 8.6% 9.7%
INTEREST COVERAGE
Consolidated . . . . . . 3.3 3.4 4.1 3.9 4.0 4.2 3.8 3.8
FIXED CHARGE COVERAGE (g)
Consolidated . . . . . . 2.3 2.3 2.9 2.7 2.7 2.8 2.5 2.6
FINANCIAL RATIOS
- ----------------
DEBT TO TOTAL MARKET
CAPITALIZATION
Consolidated . . . . . . 39.7% 37.1% 34.4% 36.2% 45.6% 42.5% 44.5% 47.2%
DEBT TO TOTAL ASSETS,
AT COST (before
depreciation)
Consolidated . . . . . . 44.4% 41.4% 37.1% 38.6% 46.8% 43.3% 42.7% 42.5%
Fourth Quarter 2004 Page 12
Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL SELECTED FINANCIAL AND OPERATING INFORMATION - CONTINUED
QUARTER ENDED
Unaudited
(Dollars in thousands, except for share data)
<fn>
Notes:
(a) See page 14.
(b) Represents dividends paid on all common and preferred shares and OP units.
(c) All references to "Consolidated" refer to disclosures that are derived from numbers directly on the
Company's consolidated financial statements, which are prepared in accordance with GAAP and which reflect
the Company's interests in unconsolidated partnerships on the equity method.
(d) All preferred shares are convertible to common shares at the option of the holder. All preferred shares
are redeemable by AMLI starting in 2007.
(e) Represents Minority Interest on the Company's Consolidated Balance Sheets.
(f) Includes amortization of deferred and other financing costs, prepayment penalty and interest and
amortization attributable to discontinued operations.
(g) Includes interest expense, principal amortization and preferred dividends. Information for 2003
has been re-stated to include principal amortization previously excluded.
(h) Non-cash impairment loss of $1,191 recorded as a charge against net income in the three months ended
June 30, 2003 had previously not been recorded as a charge against EBITDA, FFO and AFFO. EBITDA, FFO and
AFFO for the three months ended June 30, 2003, together with related per share amounts, have been
restated because of the change in the FFO definition.
Fourth Quarter 2004 Page 13
Supplemental Information AMLI Residential Properties Trust
</table>
<table>
AMLI RESIDENTIAL FUNDS FROM OPERATIONS
QUARTER AND YEAR ENDED
Unaudited
(Dollars in thousands, except for share data)
<caption>
2004 2003
-------------------------------------------- --------------------------------------------
Year Dec 31 Sep 30 Jun 30 Mar 31 Year Dec 31 Sep 30 Jun 30 Mar 31
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
<s> <c> <c> <c> <c> <c> <c> <c> <c> <c> <c>
Company's share of
communities'
EBITDA (a). . . . . .$108,727 28,990 25,729 25,842 28,166 99,754 27,005 24,624 23,986 24,139
Share of Service
Companies' EBITDA/
FFO (b). . . . . . . (202) 217 (96) (210) (113) 2,614 103 1,720 228 563
Other income . . . . . 1,680 263 224 429 764 1,039 87 568 188 196
Co-investment fee
income (c). . . . . . 1,824 331 636 424 433 2,357 557 832 512 456
General and
administrative. . . . (7,301) (2,441) (871) (1,793) (2,196) (5,910) (1,255) (1,605) (1,310) (1,740)
Discontinued opera-
tions - gain on sale
of bond financing . . 5,400 -- -- 5,400 -- -- -- -- -- --
Non-cash impairment
loss. . . . . . . . . (150) -- (150) -- -- (1,341) (150) -- (1,191) --
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
EARNINGS BEFORE
INTEREST, TAXES,
DEPRECIATION
AND AMORTIZATION
(EBITDA). . . . . . . 109,978 27,360 25,472 30,092 27,054 98,513 26,347 26,139 22,413 23,614
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
INTEREST EXPENSE (d)
Wholly-owned
communities and
portfolio debt. . . . (31,425) (8,713) (7,701) (7,754) (7,257) (26,222) (6,941) (6,537) (6,253) (6,491)
Prepayment penalty
and write-off of
unamortized deferred
financing costs . . . (1,121) -- -- (1,121) -- -- -- -- -- --
Share of partnership
communities . . . . . (15,338) (3,906) (3,859) (3,797) (3,776) (15,588) (3,966) (3,927) (3,894) (3,801)
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
(47,884) (12,619) (11,560) (12,672) (11,033) (41,810) (10,907) (10,464) (10,147) (10,292)
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Fourth Quarter 2004 Page 14
Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL FUNDS FROM OPERATIONS - CONTINUED
QUARTER AND YEAR ENDED
Unaudited
(Dollars in thousands, except for share data)
2004 2003
-------------------------------------------- --------------------------------------------
Year Dec 31 Sep 30 Jun 30 Mar 31 Year Dec 31 Sep 30 Jun 30 Mar 31
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
SERVICE COMPANIES
TAXES AND DEPRECIA-
TION AND AMORTIZA-
TION (b)
Taxes. . . . . . . . 1,782 246 520 522 494 636 391 (213) 303 155
Depreciation and
amortization. . . . (3,230) (692) (856) (845) (837) (3,124) (806) (778) (780) (760)
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
(1,448) (446) (336) (323) (343) (2,488) (415) (991) (477) (605)
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
FUNDS FROM
OPERATIONS (FF0). . . 60,646 14,295 13,576 17,097 15,678 54,215 15,025 14,684 11,789 12,717
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
CAPITAL EXPENDITURES
PAID FROM FFO (e)
Wholly-owned
communities . . . . . (5,346) (1,821) (1,453) (1,168) (904) (3,860) (842) (1,100) (834) (1,084)
Share of partnership
communities . . . . . (957) (240) (270) (259) (188) (1,182) (230) (331) (396) (225)
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
(6,303) (2,061) (1,723) (1,427) (1,092) (5,042) (1,072) (1,431) (1,230) (1,309)
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
ADJUSTED FUNDS FROM
OPERATIONS (AFFO) . .$ 54,343 12,234 11,853 15,670 14,586 49,173 13,953 13,253 10,559 11,408
======== ======== ======== ======== ======== ======== ======== ======== ======== ========
<fn>
Notes:
(a) See page 39.
(b) See footnote on page 46.
(c) See page 45.
(d) Includes amortization of deferred and other financing costs.
(e) For details, refer to the Company's Management Discussion and Analysis in the relevant Form 10-K or
Form 10-Q filed with SEC.
Fourth Quarter 2004 Page 15
Supplemental Information AMLI Residential Properties Trust
</table>
<table>
AMLI RESIDENTIAL CONSOLIDATED (a) STATEMENTS OF OPERATIONS
QUARTER AND YEAR ENDED
Unaudited
(Dollars in thousands, except for share data)
<caption>
2004 2003
-------------------------------------------- --------------------------------------------
Year Dec 31 Sep 30 Jun 30 Mar 31 Year Dec 31 Sep 30 Jun 30 Mar 31
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
<s> <c> <c> <c> <c> <c> <c> <c> <c> <c> <c>
RENTAL OPERATIONS
Revenue:
Rental. . . . . . . .$117,523 33,203 30,265 28,425 25,630 81,951 24,008 21,046 18,494 18,403
Other . . . . . . . . 9,377 2,442 2,544 2,381 2,010 6,309 1,785 1,751 1,521 1,252
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
126,900 35,645 32,809 30,806 27,640 88,260 25,793 22,797 20,015 19,655
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Expenses:
Rental. . . . . . . . 56,060 15,304 15,557 13,887 11,312 38,281 10,985 10,223 8,771 8,302
Depreciation. . . . . 36,617 10,312 9,574 8,803 7,928 19,989 6,632 5,073 4,157 4,127
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
92,677 25,616 25,131 22,690 19,240 58,270 17,617 15,296 12,928 12,429
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
34,223 10,029 7,678 8,116 8,400 29,990 8,176 7,501 7,087 7,226
Income from
partnerships (b) . . 3,435 886 616 430 1,503 5,831 1,596 1,309 1,469 1,457
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Income from rental
operations. . . . . . 37,658 10,915 8,294 8,546 9,903 35,821 9,772 8,810 8,556 8,683
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
OTHER INCOME AND
EXPENSES
Fee income from
unconsolidated
partnerships . . . . 1,824 331 636 424 433 2,357 557 832 512 456
Other income. . . . . 1,378 263 207 429 479 1,037 86 567 189 195
Interest and amorti-
zation of deferred
financing costs. . . (30,353) (8,713) (7,701) (7,035) (6,904) (23,340) (6,183) (5,808) (5,551) (5,798)
Prepayment penalty
and write-off of
unamortized deferred
financing costs. . . (1,121) -- -- (1,121) -- -- -- -- -- --
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
(28,272) (8,119) (6,858) (7,303) (5,992) (19,946) (5,540) (4,409) (4,850) (5,147)
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Fourth Quarter 2004 Page 16
Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL CONSOLIDATED (a) STATEMENTS OF OPERATIONS - CONTINUED
QUARTER AND YEAR ENDED
Unaudited
(Dollars in thousands, except for share data)
2004 2003
-------------------------------------------- --------------------------------------------
Year Dec 31 Sep 30 Jun 30 Mar 31 Year Dec 31 Sep 30 Jun 30 Mar 31
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
SERVICE COMPANIES'
OPERATIONS
Total revenue . . . . 46,084 9,052 11,586 11,866 13,580 70,962 15,997 19,017 13,882 22,066
Total expenses. . . . (47,945) (9,405) (12,123) (12,393) (14,024) (70,836) (16,309) (18,288) (14,131) (22,108)
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
(1,861) (353) (537) (527) (444) 126 (312) 729 (249) (42)
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
General and
administrative. . . . (7,301) (2,441) (871) (1,793) (2,196) (5,910) (1,255) (1,605) (1,310) (1,740)
Provision for loss
on land held for
development or sale . (150) -- (150) -- -- (150) (150) -- -- --
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
INCOME (LOSS) FROM
CONTINUING OPERA-
TIONS BEFORE SHARE
OF GAINS ON SALES
OF PROPERTIES . . . . 74 2 (122) (1,077) 1,271 9,941 2,515 3,525 2,147 1,754
Share of gain on
sale of a partner-
ship's properties . . 2,648 -- -- -- 2,648 6,284 4,325 1,959 -- --
Impairment of an
investment in a
partnership . . . . . -- -- -- -- -- (1,191) -- -- (1,191) --
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
INCOME (LOSS) FROM
CONTINUING OPERA-
TIONS BEFORE
MINORITY INTEREST . . 2,722 2 (122) (1,077) 3,919 15,034 6,840 5,484 956 1,754
Minority interest. . . (294) (119) (129) (190) 144 839 491 567 (179) (40)
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
INCOME (LOSS) FROM
CONTINUING
OPERATIONS. . . . . . 3,016 121 7 (887) 3,775 14,195 6,349 4,917 1,135 1,794
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Fourth Quarter 2004 Page 17
Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL CONSOLIDATED (a) STATEMENTS OF OPERATIONS - CONTINUED
QUARTER AND YEAR ENDED
Unaudited
(Dollars in thousands, except for share data)
2004 2003
-------------------------------------------- --------------------------------------------
Year Dec 31 Sep 30 Jun 30 Mar 31 Year Dec 31 Sep 30 Jun 30 Mar 31
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
INCOME FROM DISCON-
TINUED OPERATIONS,
NET OF MINORITY
INTEREST
Income from discon-
tinued operations,
net of minority
interest. . . . . . . 6,137 998 909 1,286 2,944 6,796 2,071 1,018 1,793 1,914
Gain on sale of
rental communities,
net of minority
interest. . . . . . . 48,849 49 11,318 37,482 -- 5,113 5,113 -- -- --
Gain on sale of bond
financing for a
community sold,
net of minority
interest. . . . . . . 4,423 -- -- 4,423 -- -- -- -- -- --
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
59,409 1,047 12,227 43,191 2,944 11,909 7,184 1,018 1,793 1,914
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
NET INCOME . . . . . . 62,425 1,168 12,234 42,304 6,719 26,104 13,533 5,935 2,928 3,708
Net income attribu-
table to preferred
shares. . . . . . . . 11,542 1,933 1,933 5,744 1,932 8,145 2,203 1,981 1,980 1,981
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
NET INCOME ATTRIBU-
TABLE TO COMMON
SHARES. . . . . . . .$ 50,883 (765) 10,301 36,560 4,787 17,959 11,330 3,954 948 1,727
======== ======== ======== ======== ======== ======== ======== ======== ======== ========
<fn>
Notes:
(a) All references to "Consolidated" refer to disclosures that are derived from numbers directly on the
Company's consolidated financial statements, which are prepared in accordance with GAAP and reflect
the Company's interest in unconsolidated partnerships on the equity method.
(b) Includes other items of partnership operations such as interest income on invested funds, legal, audit
and other costs of partnership administration including asset management fees paid to the Company,
compensation received in the form of cash flow preference and share of income in excess of the Company's
ownership percentage.
Fourth Quarter 2004 Page 18
Supplemental Information AMLI Residential Properties Trust
</table>
<table>
AMLI RESIDENTIAL CONSOLIDATED (a) BALANCE SHEETS
(Unaudited, dollars in thousands)
<caption>
2004 2003
------------------------------------------ ------------------------------------------
Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
<s> <c> <c> <c> <c> <c> <c> <c> <c>
ASSETS
Rental apartments
Land. . . . . . . . . .$ 164,422 161,838 143,793 133,298 128,301 125,222 105,098 100,966
Depreciable property. . 1,031,546 1,017,150 910,267 840,363 805,130 810,666 677,232 653,002
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
1,195,968 1,178,988 1,054,060 973,661 933,431 935,888 782,330 753,968
Less: Accumulated
depreciation. . . . . . (136,168) (139,925) (130,897) (125,470) (116,830) (138,343) (131,332) (125,786)
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
1,059,800 1,039,063 923,163 848,191 816,601 797,545 650,998 628,182
Rental apartments
held for sale, net
of accumulated
depreciation (b). . . . 60,161 -- 14,138 61,893 61,826 -- -- --
Rental apartments
under development . . . 10,331 16,242 13,030 8,396 34,618 29,620 20,434 38,428
Land and predevelopment
costs . . . . . . . . . 33,228 26,480 27,539 27,813 27,501 25,466 25,420 27,028
Investments in
partnerships (c). . . . 124,354 132,787 133,641 140,546 147,291 169,363 193,244 193,356
Cash and
cash equivalents. . . . 5,118 4,038 3,717 6,961 5,937 6,090 5,357 5,927
Service Companies'
other assets. . . . . . 17,259 19,044 21,380 22,419 21,858 24,488 28,728 30,497
Other assets and
deferred costs,
net (d) . . . . . . . . 13,172 15,447 13,597 19,145 47,702 16,615 29,366 27,275
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
TOTAL ASSETS . . . .$1,323,423 1,253,101 1,150,205 1,135,364 1,163,334 1,069,187 953,547 950,693
========== ========== ========== ========== ========== ========== ========== ==========
Fourth Quarter 2004 Page 19
Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL CONSOLIDATED (a) BALANCE SHEETS - CONTINUED
(Unaudited, dollars in thousands)
2004 2003
------------------------------------------ ------------------------------------------
Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
LIABILITIES
Debt . . . . . . . . . .$ 653,901 576,477 476,449 496,583 610,513 522,672 462,781 457,950
Distributions in
excess of investments
in and earnings from
partnerships. . . . . . 6,368 6,243 6,126 6,022 6,184 6,175 5,969 5,822
Accrued expenses and
other liabilities . . . 42,758 37,970 32,841 30,755 38,174 38,069 35,497 32,168
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
TOTAL LIABILITIES . . 703,027 620,690 515,416 533,360 654,871 566,916 504,247 495,940
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
Mandatorily redeemable
convertible preferred
shares. . . . . . . . . 96,933 96,933 96,933 93,247 93,247 93,247 93,247 93,247
Minority interest. . . . 31,939 33,650 34,286 32,308 31,203 61,718 61,579 63,198
Total shareholders'
equity. . . . . . . . . 491,524 501,828 503,570 476,449 384,013 347,306 294,474 298,308
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
TOTAL LIABILITIES
AND SHAREHOLDERS'
EQUITY . . . . . . .$1,323,423 1,253,101 1,150,205 1,135,364 1,163,334 1,069,187 953,547 950,693
========== ========== ========== ========== ========== ========== ========== ==========
<fn>
Notes:
(a) All references to "Consolidated" refer to disclosures that are derived from numbers directly on the
Company's consolidated financial statements, which are prepared in accordance with GAAP and reflect
the Company's interest in unconsolidated partnerships on the equity method.
Fourth Quarter 2004 Page 20
Supplemental Information AMLI Residential Properties Trust
</table>
<table>
AMLI RESIDENTIAL CONSOLIDATED (a) BALANCE SHEETS - CONTINUED
(Unaudited, dollars in thousands)
<caption>
2004 2003
------------------------------------------ ------------------------------------------
Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
<s> <c> <c> <c> <c> <c> <c> <c> <c>
(b) Net of accumulated
depreciation of: . .$ 14,360 -- 4,041 23,991 23,991 -- -- --
========== ========== ========== ========== ========== ========== ========== ==========
(c) See details in the
Company's Form 10-K
or Form 10-Q filed
with the SEC.
(d) Includes the
following:
Deferred financing
costs, net . . . .$ 3,385 3,161 2,989 5,463 6,094 5,887 4,982 3,877
Deferred development
costs. . . . . . . 750 801 718 3,556 4,123 4,053 3,738 4,780
Operating receiva-
bles and prepaid
expenses . . . . . 2,594 2,745 2,587 3,034 3,530 1,989 2,340 3,007
Deposits and
restricted cash. . 2,545 3,311 2,546 2,938 2,248 2,420 2,179 2,166
Notes receivable. . 2,425 3,515 2,766 2,766 30,112 1,874 10,960 11,168
Advances to
affiliates . . . . 186 827 291 301 576 (287) 4,655 1,524
Other . . . . . . . 1,287 1,087 1,700 1,087 1,019 679 512 753
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
$ 13,172 15,447 13,597 19,145 47,702 16,615 29,366 27,275
========== ========== ========== ========== ========== ========== ========== ==========
Fourth Quarter 2004 Page 21
Supplemental Information AMLI Residential Properties Trust
</table>
<table>
AMLI RESIDENTIAL DEBT AND PREFERRED SHARES SUMMARY
DECEMBER 31, 2004
(Unaudited, dollars in thousands)
<caption>
CONSOLIDATED DEBT (a)
- ---------------------
Weighted
Average Years to
Type of Percent Interest Maturity Variable
of Indebtedness Balance of Total Rate (b) (c) Secured Unsecured Fixed(d) (d)
- --------------- -------- -------- -------- -------- -------- --------- -------- --------
<s> <c> <c> <c> <c> <c> <c> <c> <c>
Conventional
mortgages. . . . . . $398,401 60.9% 6.2% 4.7 398,401 -- 398,401 --
Construction
financing. . . . . . -- 0% 0% 0.0 -- -- -- --
Tax-exempt debt. . . . 9,500 1.5% 2.6% 1.0 -- 9,500 -- 9,500
Credit facilities (e). 236,000 36.1% 3.9% 2.6 -- 236,000 160,000 76,000
Other (f). . . . . . . 10,000 1.5% 1.9% 0.0 -- 10,000 -- 10,000
-------- ------- ------- ------- ------- ------- ------- -------
Total. . . . . . . $653,901 100.0% 5.3% 3.8 398,401 255,500 558,401 95,500
======== ======= ======= ======= ======= ======= ======= =======
Percent of total . . 60.9% 39.1% 85.4% 14.6%
======= ======= ======= =======
DEBT OF CO-INVESTMENT PARTNERSHIPS AT 100%
- ------------------------------------------
Weighted
Average Years to
Type of Percent Interest Maturity
of Indebtedness Balance of Total Rate (b) (c) Secured Unsecured Fixed Variable
- --------------- -------- -------- -------- -------- -------- --------- -------- --------
Conventional
mortgages. . . . . . $562,095 91.2% 7.0% 5.4 562,095 -- 562,095 --
Construction
financing. . . . . . 54,427 8.8% 5.2% 4.8 54,427 -- 6,797 47,630
Tax-exempt debt. . . . -- 0.0% 0.0% 0.0 -- -- -- --
Credit facilities. . . -- 0.0% 0.0% 0.0 -- -- -- --
Other. . . . . . . . . -- 0.0% 0.0% 0.0 -- -- -- --
-------- ------- ------- ------- ------- ------- ------- -------
Total. . . . . . . $616,522 100.0% 6.9% 5.4 616,522 -- 568,892 47,630
======== ======= ======= ======= ======= ======= ======= =======
Percent of total . . 100.0% 0.0% 92.3% 7.7%
======= ======= ======= =======
See notes on the following page
Fourth Quarter 2004 Page 22
Supplemental Information AMLI Residential Properties Trust
</table>
<table>
AMLI RESIDENTIAL DEBT AND PREFERRED SHARES SUMMARY
DECEMBER 31, 2004
(Unaudited, dollars in thousands)
<caption>
PREFERRED SHARES
- ----------------
Current
Number of Out- Liquidation
Date Original Shares at standing Dividend Preference
Security of Issue Issue Issuance Shares Rate (g)
- ---------------------- --------- -------- --------- -------- -------- -----------
<s> <c> <c> <c> <c> <c> <c>
Convertible Preferred
Series B (h) $ 75,000 3,125,000 3,125,000 (i) 76,500
Convertible Preferred
Series D (j) 10/31/01 20,000 800,000 800,000 (k) 20,433
-------- --------- --------- -------
Total Preferred Shares $ 95,000 3,925,000 3,925,000 96,933
======== ========= ========= =======
<fn>
Notes:
(a) All references to "Consolidated" refer to disclosures that are derived from numbers directly on the
Company's consolidated financial statements, which are prepared in accordance with GAAP and reflect
the Company's interest in unconsolidated partnerships on the equity method.
(b) The Weighted Average Interest Rate for variable rate debt reflects (i) the variable rate in effect on the
last day of the period (ii) the effective fixed interest rates on swaps and (iii) each financing's
respective lender credit spread.
(c) Years to Maturity reflects the expiration date of the credit enhancements supporting Tax-exempt debt,
not the actual maturity dates of the bonds, which are in 2024.
Fourth Quarter 2004 Page 23
Supplemental Information AMLI Residential Properties Trust
</table>
<table>
AMLI RESIDENTIAL DEBT AND PREFERRED SHARES SUMMARY - CONTINUED
DECEMBER 31, 2004
(Unaudited, dollars in thousands)
(e) The following summarizes interest rate limitation and swap contracts associated with the Credit
Facilities:
<caption>
Fixed Rate,
Excluding
Lender
Type of Notional Credit Term of
Contract Counterparty Amount Spread Contract
-------- ------------ -------- ----------- ---------------
<s> <c> <c> <c> <c>
Cap Commerzbank $ 15,000 4.000% 4/1/04-4/1/09
Swap Commerzbank 15,000 4.378% 4/1/04-4/1/09
Swap PNC Bank, N.A. 30,000 4.510% 4/1/04-4/1/09
Swap Commerzbank 40,000 3.984% 7/1/05-12/20/09
Swap PNC Bank, N.A. 40,000 3.984% 7/1/05-12/20/09
Swap Comerica Bank 20,000 3.994% 7/1/05-12/20/09
--------
$160,000
========
<fn>
(e) See note (b) on page 25.
(f) Demand notes payable by the Company to its managed partnerships.
(g) Includes quarterly dividends payable in the following month.
(h) Funded in three installments of $25 million each on 3/9/98, 6/30/98 and 9/30/98.
(i) The dividend per share is the greater of an annualized (i) $1.84 per share or (ii) the amount payable on
the common shares.
(j) 800,000 preferred shares were issued at $25 per share. These shares may be converted to 720,721 common
shares, reflecting a conversion price of $27.75 per common share.
(k) The dividend per share is the greater of an annualized (i) $2.1625 per share or (ii) the amount payable on
the common shares.
Fourth Quarter 2004 Page 24
Supplemental Information AMLI Residential Properties Trust
</table>
<table>
AMLI RESIDENTIAL DEBT MATURITIES
DECEMBER 31, 2004
(Unaudited, dollars in thousands)
<caption>
CONSOLIDATED DEBT (a)
- ---------------------
Wtd. Average
Interest
Rate on
Scheduled Due at Percent to Maturing
Year Amortization Maturity Total Total Debt
- ---------- ------------ ----------- --------- ---------- ------------
<s> <c> <c> <c> <c> <c>
2005 $ 6,538 41,024 47,562 7.3% 6.7%
2006 5,797 178,767 184,564 28.2% 5.2%
2007 4,074 75,073 79,147 12.1% 5.4%
2008 3,749 121,301(b) 125,050 19.1% 3.8%
2009 3,993 -- 3,993 0.6% 0.0%
2010 4,288 -- 4,288 0.6% 0.0%
2011 3,002 119,104 122,106 18.7% 6.6%
2012 1,713 -- 1,713 0.3% 0.0%
2013 1,818 -- 1,818 0.3% 0.0%
2014 1,124 64,097 65,221 10.0% 5.1%
Thereafter 8,883 9,556(c) 18,439 2.8% 4.2%
-------- ------- ------- ------ -----
Total $ 44,979 608,922 653,901 100.0% 5.3%
======== ======= ======= ====== =====
Percent to Total 6.9% 93.1% 100.0%
======== ======= =======
Fourth Quarter 2004 Page 25
Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL DEBT MATURITIES - CONTINUED
DECEMBER 31, 2004
(Unaudited, dollars in thousands)
DEBT OF CO-INVESTMENT PARTNERSHIPS AT 100%
- ------------------------------------------
Wtd. Average
Interest
Rate on
Scheduled Due at Percent to Maturing
Year Amortization Maturity Total Total Debt
- ---------- ------------ ---------- --------- ----------- ------------
2005 $ 5,964 1,200 7,164 1.2% 6.0%
2006 6,787 86,417 93,204 15.1% 6.2%
2007 6,677 66,953 73,630 11.9% 7.9%
2008 5,243 82,133 87,376 14.2% 7.0%
2009 4,250 134,706 138,956 22.5% 6.7%
2010 3,237 29,849 33,086 5.4% 8.3%
2011 1,634 77,279 78,913 12.8% 7.2%
2012 1,235 17,853 19,088 3.1% 6.4%
2013 28,309 28,424 56,733 9.2% 6.1%
2014 277 18,968 19,245 3.1% 5.1%
Thereafter 8,881 246 9,127 1.5% 6.8%
-------- ------- ------- ------ -----
Total $ 72,494 544,028 616,522 100.0% 6.8%
======== ======= ======= ====== =====
Percent to Total 11.8% 88.2% 100.0%
======== ======= =======
<fn>
Notes:
(a) All references to "Consolidated" refer to disclosures that are derived from numbers directly on the
Company's consolidated financial statements, which are prepared in accordance with GAAP and reflect
the Company's interest in unconsolidated partnerships on the equity method.
(b) The Company's primary unsecured line of credit is in the amount of $240,000 and matures in
May 2006.
(c) Includes Bonds which mature in 2024. The credit enhancement on $9,500 expires on November 15, 2005.
Fourth Quarter 2004 Page 26
Supplemental Information AMLI Residential Properties Trust
</table>
<table>
AMLI RESIDENTIAL SAME STORE COMMUNITIES (a)
QUARTER ENDED
(Unaudited, dollars in thousands)
AVERAGE PHYSICAL OCCUPANCY (b)
- ------------------------------
<caption>
Percent Change -
Current Quarter
Compared to
Apart- ---------------- 2004 2003
ment Last Last --------------------------------- ---------------------------------
Market Homes Year Quarter Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
- ------ ------ ------ ------- ------ ------ ------ ------ ------ ------ ------ ------
<s> <c> <c> <c> <c> <c> <c> <c> <c> <c> <c> <c>
Dallas 6,407 -0.1% 0.1% 93.0% 92.9% 91.1% 92.5% 93.1% 92.8% 91.2% 87.5%
Atlanta 3,992 0.6% 0.2% 95.1% 94.9% 93.9% 93.5% 94.5% 95.1% 92.0% 91.5%
Austin 2,221 1.5% -0.2% 93.9% 94.1% 92.3% 91.4% 92.4% 93.7% 91.2% 91.7%
Houston 1,133 2.3% 1.4% 95.7% 94.3% 92.2% 94.6% 93.4% 94.6% 91.0% 89.0%
Indianapolis 2,428 -0.3% -0.7% 92.8% 93.5% 92.6% 91.8% 93.1% 94.0% 91.2% 89.4%
Kansas City 2,192 -0.6% -2.5% 92.1% 94.6% 93.1% 92.7% 92.7% 93.5% 90.6% 89.4%
Chicago 3,243 0.6% -1.6% 93.9% 95.5% 94.6% 93.0% 93.3% 94.0% 92.1% 88.6%
Denver 1,260 2.0% 0.7% 92.8% 92.0% 92.6% 90.5% 90.8% 92.0% 86.2% 82.7%
------ ------ ------- ------ ------ ------ ------ ------ ------ ------ ------
Total 22,876 0.5% -0.4% 93.6% 94.0% 92.7% 92.6% 93.1% 93.7% 91.1% 89.0%
====== ====== ====== ====== ====== ====== ====== ====== ====== ====== ======
Fourth Quarter 2004 Page 27
Supplemental Information AMLI Residential Properties Trust
</table>
<table>
AMLI RESIDENTIAL SAME STORE COMMUNITIES (a) - CONTINUED
QUARTER ENDED
(Unaudited, dollars in thousands)
WEIGHTED AVERAGE COLLECTED REVENUE PER OCCUPIED UNIT (c)
- --------------------------------------------------------
<caption>
Percent Change -
Current Quarter
Compared to
Apart- ---------------- 2004 2003
ment Last Last --------------------------------- ---------------------------------
Market Homes Year Quarter Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
- ------ ------ ------ ------- ------ ------ ------ ------ ------ ------ ------ ------
<s> <c> <c> <c> <c> <c> <c> <c> <c> <c> <c> <c>
Dallas 6,407 0.4% -2.1% $ 828 845 838 831 824 841 853 865
Atlanta 3,992 0.8% -1.0% 878 887 881 872 871 884 892 892
Austin 2,221 -0.3% -1.5% 771 783 776 775 773 794 819 823
Houston 1,133 -0.2% -1.6% 1,017 1,033 1,031 1,022 1,019 1,053 1,063 1,068
Indianapolis 2,428 0.7% -0.7% 793 799 795 794 788 815 816 816
Kansas City 2,192 0.0% -0.9% 802 810 808 801 802 814 820 813
Chicago 3,243 -1.2% -0.6% 1,052 1,058 1,063 1,058 1,064 1,079 1,100 1,112
Denver 1,260 -2.6% -2.3% 936 958 938 951 961 965 1,028 1,038
------ ------ ------- ------ ------ ------ ------ ------ ------ ------ ------
Total 22,876 -0.1% -1.3% $ 872 884 879 874 873 890 905 910
====== ====== ====== ====== ====== ====== ====== ====== ====== ====== ======
WEIGHTED AVERAGE COLLECTED RENT PER OCCUPIED UNIT (c)
- -----------------------------------------------------
Percent Change -
Current Quarter
Compared to
Apart- ---------------- 2004 2003
ment Last Last --------------------------------- ---------------------------------
Market Homes Year Quarter Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
- ------ ------ ------ ------- ------ ------ ------ ------ ------ ------ ------ ------
Dallas 6,407 0.1% -1.0% 771 779 775 772 771 763 791 807
Atlanta 3,992 0.2% 0.2% 812 810 807 805 810 815 826 837
Austin 2,221 -0.9% -0.1% 717 717 713 720 723 735 761 768
Houston 1,133 -1.2% -0.6% 953 958 958 960 964 980 994 1,013
Indianapolis 2,428 -0.2% -0.2% 736 738 737 736 737 745 751 750
Kansas City 2,192 0.0% 0.2% 740 738 738 736 740 748 757 758
Chicago 3,243 -1.0% 0.0% 976 976 978 981 986 993 1,014 1,027
Denver 1,260 -3.6% -2.1% 849 867 858 866 880 889 935 959
------ ------ ------- ------ ------ ------ ------ ------ ------ ------ ------
Total 22,876 -0.5% -0.4% $ 809 812 810 810 813 821 836 848
====== ====== ====== ====== ====== ====== ====== ====== ====== ====== ======
Fourth Quarter 2004 Page 28
Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL SAME STORE COMMUNITIES (a) - CONTINUED
QUARTER ENDED
(Unaudited, dollars in thousands)
<fn>
Notes:
(a) Information shown is Combined, including partnership communities at 100%.
(b) Represents average daily physical occupancy which includes model units as vacant units.
(c) Represents amounts collected for rent and other income.
Fourth Quarter 2004 Page 29
Supplemental Information AMLI Residential Properties Trust
</table>
<table>
AMLI RESIDENTIAL SAME STORE COMMUNITIES (a)
QUARTER AND YEAR ENDED
(unaudited, dollars in thousands)
TOTAL REVENUES (b)
- ------------------
<caption>
Percent Change-
Current Quarter
Compared to
Apart- --------------- 2004 2003
ment Last Last --------------------------------------- ---------------------------------------
Market Homes Year Quarter Year Dec 31 Sep 30 Jun 30 Mar 31 Year Dec 31 Sep 30 Jun 30 Mar 31
- ------ ------ ------ ------- -------- ------ ------ ------ ------ ------- ------ ------ ------- -------
<s> <c> <c> <c> <c> <c> <c> <c> <c> <c> <c> <c> <c> <c>
Dallas 6,407 0.3% -1.9% $ 59,331 14,789 15,077 14,692 14,773 59,295 14,749 15,048 14,941 14,557
Atlanta 3,992 1.3% -0.9% 39,744 9,992 10,086 9,902 9,764 39,524 9,862 10,064 9,827 9,771
Austin 2,221 1.4% -1.6% 19,214 4,828 4,907 4,762 4,717 19,726 4,759 4,959 4,977 5,031
Houston 1,133 2.2% -0.1% 13,139 3,308 3,310 3,233 3,288 13,144 3,235 3,386 3,290 3,233
Indiana-
polis 2,428 0.8% -1.4% 21,439 5,366 5,440 5,350 5,283 21,522 5,321 5,571 5,417 5,213
Kansas
City 2,192 -0.7% -3.5% 19,727 4,860 5,037 4,946 4,884 19,561 4,893 5,002 4,886 4,780
Chicago 3,243 -0.5% -2.2% 38,785 9,605 9,824 9,785 9,571 38,973 9,657 9,869 9,862 9,585
Denver 1,260 -0.5% -1.4% 13,152 3,285 3,332 3,282 3,253 13,216 3,301 3,354 3,351 3,210
------ ------ ------- -------- ------ ------ ------ ------ ------- ------ ------ ------ ------
Total 22,876 0.5% -1.7% $224,531 56,033 57,013 55,952 55,533 224,961 55,777 57,253 56,551 55,380
====== ====== ====== ======== ====== ====== ====== ====== ======= ====== ====== ====== ======
Fourth Quarter 2004 Page 30
Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL SAME STORE COMMUNITIES (a) - CONTINUED
QUARTER AND YEAR ENDED
(unaudited, dollars in thousands)
EXPENSES (b)
- ------------
Percent Change-
Current Quarter
Compared to
Apart- --------------- 2004 2003
ment Last Last --------------------------------------- ---------------------------------------
Market Homes Year Quarter Year Dec 31 Sep 30 Jun 30 Mar 31 Year Dec 31 Sep 30 Jun 30 Mar 31
- ------ ------ ------ ------- -------- ------ ------ ------ ------ ------- ------ ------ ------- -------
Dallas 6,407 1.2% -5.8% $ 26,816 6,701 7,116 6,935 6,064 26,643 6,619 7,007 6,714 6,303
Atlanta 3,992 -1.2% -4.7% 15,577 3,737 3,921 4,217 3,702 14,951 3,780 3,903 3,679 3,589
Austin 2,221 5.8% 0.8% 9,026 2,200 2,183 2,456 2,187 8,598 2,080 2,050 2,198 2,270
Houston 1,133 -6.4% -16.7% 5,724 1,292 1,550 1,495 1,387 5,705 1,380 1,459 1,460 1,406
Indiana-
polis 2,428 -8.7% -22.5% 8,565 2,005 2,585 1,768 2,207 9,048 2,195 2,399 2,258 2,196
Kansas
City 2,192 20.9% 13.4% 7,201 1,877 1,655 1,953 1,716 7,136 1,553 2,047 1,869 1,667
Chicago 3,243 -3.1% -8.2% 15,994 3,816 4,157 4,139 3,882 15,936 3,939 4,205 4,100 3,692
Denver 1,260 2.3% -11.4% 4,689 1,140 1,286 1,253 1,010 4,617 1,114 1,240 1,297 966
------ ------ ------- -------- ------ ------ ------ ------ ------ ------ ------ ------ ------
Total 22,876 0.5% -6.9% $ 93,592 22,768 24,453 24,216 22,155 92,634 22,660 24,310 23,575 22,089
====== ====== ====== ======== ====== ====== ====== ====== ====== ====== ====== ====== ======
Fourth Quarter 2004 Page 31
Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL SAME STORE COMMUNITIES (a) - CONTINUED
QUARTER AND YEAR ENDED
(unaudited, dollars in thousands)
NET OPERATING INCOME (b)
- ------------------------
Percent Change-
Current Quarter
Compared to
Apart- --------------- 2004 2003
ment Last Last --------------------------------------- ---------------------------------------
Market Homes Year Quarter Year Dec 31 Sep 30 Jun 30 Mar 31 Year Dec 31 Sep 30 Jun 30 Mar 31
- ------ ------ ------ ------- -------- ------ ------ ------ ------ ------- ------ ------ ------- -------
Dallas 6,407 -0.5% 1.6% $ 32,515 8,088 7,961 7,757 8,709 32,652 8,130 8,041 8,227 8,254
Atlanta 3,992 2.9% 1.5% 24,167 6,255 6,165 5,685 6,062 24,573 6,082 6,161 6,148 6,182
Austin 2,221 -1.9% -3.5% 10,188 2,628 2,724 2,306 2,530 11,128 2,679 2,909 2,779 2,761
Houston 1,133 8.7% 14.5% 7,415 2,016 1,760 1,738 1,901 7,439 1,855 1,927 1,830 1,827
Indiana-
polis 2,428 7.5% 17.7% 12,874 3,361 2,855 3,582 3,076 12,474 3,126 3,172 3,159 3,017
Kansas
City 2,192 -10.7% -11.8% 12,526 2,983 3,382 2,993 3,168 12,425 3,340 2,955 3,017 3,113
Chicago 3,243 1.2% 2.1% 22,791 5,789 5,667 5,646 5,689 23,037 5,718 5,664 5,762 5,893
Denver 1,260 -1.9% 4.8% 8,463 2,145 2,046 2,029 2,243 8,599 2,187 2,114 2,054 2,244
------ ------ ------- -------- ------ ------ ------ ------ ------- ------ ------ ------ ------
Total 22,876 0.5% 2.2% $130,939 33,265 32,560 31,736 33,378 132,327 33,117 32,943 32,976 33,291
====== ====== ====== ======== ====== ====== ====== ====== ======= ====== ====== ====== ======
<fn>
Notes:
(a) Information shown is Combined, including share of partnership communities at 100%.
(b) See page 39 for components of same store community revenue, expenses, net operating income
and EBITDA.
Fourth Quarter 2004 Page 32
Supplemental Information AMLI Residential Properties Trust
</table>
<table>
AMLI RESIDENTIAL SAME STORE COMMUNITIES (a)
QUARTER AND YEAR ENDED
(Unaudited, dollars in thousands except per apartment home)
OPERATING EXPENSES
- ------------------
<caption>
Percent Change-
Current Quarter
Compared to
--------------- 2004 2003
Last Last --------------------------------------- ---------------------------------------
Expense Year Quarter Year Dec 31 Sep 30 Jun 30 Mar 31 Year Dec 31 Sep 30 Jun 30 Mar 31
- ------- ------ ------- -------- ------ ------ ------ ------ ------- ------ ------ ------- -------
<s> <c> <c> <c> <c> <c> <c> <c> <c> <c> <c> <c> <c>
Personnel 7.3% -5.0% $ 23,155 5,805 6,111 5,771 5,468 21,858 5,409 5,741 5,625 5,083
Advertising
and promotion 12.7% -8.4% 4,504 1,162 1,268 1,126 948 4,519 1,031 1,310 1,120 1,058
Utilities 10.5% -0.6% 6,695 1,800 1,811 1,558 1,526 6,794 1,629 2,097 1,543 1,525
Building
repairs and
maintenance -5.2% -27.9% 12,284 2,673 3,708 3,669 2,234 11,204 2,820 3,338 2,793 2,253
Landscaping
and grounds
maintenance -12.0% -29.9% 4,041 793 1,131 1,365 752 4,318 901 1,195 1,349 873
Real estate
taxes -7.9% -3.8% 28,488 6,764 7,030 7,054 7,640 29,564 7,343 7,005 7,466 7,750
Insurance -0.5% 52.6% 3,994 1,087 713 1,096 1,098 4,083 1,093 1,039 981 970
Property
management
fees -0.3% -1.7% 7,972 1,989 2,023 1,984 1,976 8,159 1,995 2,072 2,066 2,026
Other 58.6% 5.8% 2,459 695 658 593 513 2,135 439 513 632 551
------ ------- -------- ------ ------ ------ ------ ------ ------ ------ ------ ------
0.5% -6.9% $ 93,592 22,768 24,453 24,216 22,155 92,634 22,660 24,310 23,575 22,089
====== ======= ======== ====== ====== ====== ====== ====== ====== ====== ====== ======
Fourth Quarter 2004 Page 33
Supplemental Information AMLI Residential Properties Trust
</table>
<table>
AMLI RESIDENTIAL SAME STORE COMMUNITIES (a) - CONTINUED
QUARTER AND YEAR ENDED
(Unaudited, dollars in thousands except per apartment home)
CAPITAL EXPENDITURES (b)
- ------------------------
<caption>
Percent Change-
Current Quarter
Compared to
--------------- 2004 2003
Last Last --------------------------------------- ---------------------------------------
Year Quarter Year Dec 31 Sep 30 Jun 30 Mar 31 Year Dec 31 Sep 30 Jun 30 Mar 31
------ ------- -------- ------ ------ ------ ------ ------- ------ ------ ------ ------
<s> <c> <c> <c> <c> <c> <c> <c> <c> <c> <c> <c> <c>
Total 82.3% 16.0% $ 7,139 2,278 1,964 1,672 1,225 6,075 1,250 1,772 1,824 1,229
====== ======= ======== ====== ======= ====== ====== ====== ====== ====== ====== ======
Per apartment
home 313 100 86 73 54 266 55 77 80 54
======== ====== ======= ====== ====== ====== ====== ====== ====== ======
TOTAL OPERATING COST (c)
- ------------------------
Percent Change-
Current Quarter
Compared to
--------------- 2004 2003
Last Last --------------------------------------- ---------------------------------------
Year Quarter Year Dec 31 Sep 30 Jun 30 Mar 31 Year Dec 31 Sep 30 Jun 30 Mar 31
------ ------- -------- ------ ------ ------ ------ ------- ------ ------ ------ ------
Total 4.8% -5.2% $100,731 25,046 26,417 25,888 23,380 98,709 23,910 26,082 25,399 23,318
====== ======= ======== ====== ======= ====== ====== ====== ====== ====== ====== ======
Per apartment
home 4,404 1,095 1,155 1,132 1,022 4,314 1,045 1,140 1,110 1,019
======== ====== ======= ====== ====== ====== ====== ====== ====== ======
<fn>
Notes:
(a) Information shown is Combined, including share of partnership communities at 100%.
(b) See details in the Company's Form 10-K or Form 10-Q filed with the SEC.
(c) Total operating cost equals the sum of the operating expenses and capital expenditures.
Fourth Quarter 2004 Page 34
Supplemental Information AMLI Residential Properties Trust
</table>
AMLI RESIDENTIAL SAME STORE COMMUNITIES
TOTAL RENTAL REVENUE
The following graphs present same store community monthly total revenue for
the twelve months of 2004 in black, compared to monthly total revenue for
the twelve months of 2003 in gray. Commentary and financial data relate to
"Combined" operations, including partnership communities at 100%. Note
that occupancy changes are disclosed in absolute terms, and economic data
is as of November 2004.
ALL COMMUNITIES
- ---------------
For the fourth quarter of 2004 compared to the fourth quarter of 2003,
total revenue and operating expenses for all communities in AMLI's same
store portfolio each increased by 0.5%, producing a net operating income
(NOI) increase of 0.5%. The modest increase in total revenue was due to a
6.3% increase in other income, primarily attributable to higher leasing
related fees and previous collections. Rental income was flat as in-place
rental rates, measured by collected rent per occupied unit, decreased 0.5%
and occupancy increased 0.4% to 93.6%. Collected rent per occupied unit was
down in five of AMLI's eight markets, whereas occupancies were up in five
of eight markets. Sequentially, comparing the fourth quarter of 2004 to the
third quarter of 2004, total revenue decreased 1.7%, operating expenses
decreased 6.9% and net operating income increased 2.2%. The decrease in
sequential total revenue was the result of decreases in both rental and
other income. The rental income decrease of 0.8% reflected a decrease in
collected rent per occupied unit in five of eight markets and a decrease in
occupancy in four of eight markets. The 12.3% drop in other income was
mainly due to lower leasing-related fees as a result of less seasonal
traffic. On a positive note, overall employment in seven of AMLI's markets
increased during the twelve months ended November 2004.
DALLAS/FT. WORTH
- ----------------
DALLAS/FT. WORTH same store community total revenue, operating expenses and
NOI for the current quarter increased 0.3%, increased 1.3% and decreased
0.5%, respectively, compared to the same period in 2003. The increase in
total revenue was due to other income increasing by 5.4% on a year over
year basis due to higher collections in several fee categories. On a
sequential basis comparing the fourth quarter of 2004 to the third quarter,
total revenue decreased 1.9%, which was primarily due to decreases in
collected rent per occupied unit and other income of 1.0% and 14.6%
respectively. Sequential operating expenses decreased 5.8%, however,
resulting in a positive NOI change of 1.6%. Job growth continued to improve
in the region as the DF/W metroplex added 25,000 jobs in the trailing 12
months ended November 2004. For the same period permit activity slowed as
8,209 units were authorized, 1.5% of the existing stock, which represents a
20.6% decrease from the previous period.
ATLANTA
- -------
ATLANTA same store community total revenue and NOI increased 1.3% and 2.8%,
respectively, compared to the same quarter a year ago, while operating
expenses decreased by 1.2%. The positive performance in total revenue
resulted from a combination of increases in both rental and other income
of 0.7% and 9.4%, respectively. The increase in rental income reflects
increases in both collected rent per occupied unit and occupancy of 0.2%
and 0.5% respectively. The increase in other income was due to higher fees
associated with increased leasing, corporate homes activity and other
ancillary resident programs. Sequentially, comparing the current quarter to
Fourth Quarter 2004 Page 35
Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL SAME STORE COMMUNITIES
TOTAL REVENUE - CONTINUED
the prior quarter, total revenue and operating expenses decreased 0.9% and
4.7%, resulting in an increase in sequential NOI of 1.5%. The decrease in
total revenue was primarily the result of a 14.3% decrease in other income,
as rental income increased 0.3% due to a 0.2% gain in occupancy to 95.1%,
and a 0.2% increase in collected rent per occupied unit. The decline in
other income was due to fewer leasing-related fees, reflecting slower
seasonal leasing activity. The decrease in operating expenses was primarily
due to timing of repair & maintenance projects. The challenge in Atlanta
remains absorption of new supply, with 15,245 units permitted for the year
ending November 2004, which represents a 4.0% increase to the existing
apartment stock. Encouraging news in Atlanta is the employment growth
outlook. For the year ending November 2004, employment posted a gain of
21,100 jobs, or a modest 1.0% growth rate, compared to net job loss for the
same period of a year ago.
CHICAGO
- -------
CHICAGO same store community NOI for the fourth quarter of 2004 increased
1.2% compared to the fourth quarter of 2003 as a result of a decrease in
total revenue of 0.5% and a 3.1% decrease in operating expenses. The
decline in total revenue was the result of a 0.4% decrease in rental income
and a 2.4% decline in other income. The drop in rental income was driven by
a 1.0% decrease in collected rent per occupied unit, which was partially
offset by a 0.6% increase in occupancy to 93.9%. Sequentially, total
revenues for the current quarter decreased 2.2% compared to the third
quarter of 2004 as both rental and other income decreased 1.7% and 8.6%,
respectively. The change in rental income was due primarily to a 1.6%
decrease in occupancy, as collected rent per occupied unit was unchanged.
Sequential operating expenses decreased 8.2% producing an increase in
sequential NOI of 2.1%. Chicago is finally showing a positive employment
trend, albeit at a modest 0.4% rate, which is below the U.S. average.
However, given the size of Chicago's employment base, the absolute number
of new jobs is encouraging. On the supply side, the Chicago metro issued
permits for 8,400 new multifamily units for the year ending November 2004,
which represents 1.3% of the existing apartment stock, a 26% decrease from
2003. It should be noted that a significant portion of permits issued in
Chicago are for "for-sale" housing that will not directly compete with
"for-rent" product. AMLI's internal market research shows approximately
1,700 institutional grade apartment units currently under construction in
the Chicago metropolitan area, a very small number of new units given the
size of the market.
AUSTIN
- ------
AUSTIN same store community total revenue, operating expenses and NOI for
the fourth quarter of 2004 increased 1.4%, increased 5.8% and decreased
1.9%, respectively, compared to the same period in 2003. The increase in
total revenue was primarily the result of a 1.5% gain in occupancy and an
11.0% increase in other income, as collected rents per occupied decreased
by 0.9%. On a sequential basis comparing the current quarter to the third
quarter of 2004, total revenue decreased by 1.6%, due to decreases in
rental income, other income and occupancy of 0.2%, 16.9% and 0.2%,
respectively. In addition, sequential operating expenses increased by 0.8%,
resulting in a decrease in sequential NOI by 3.5%. However, both supply and
demand fundamentals continue to improve in the region. On the demand side,
approximately 7,100 jobs were added in the 12 months ended November 2004, a
substantial change from the 4,600 job losses during the same period a year
ago. On the supply side, permit activity remains relatively stable as 3,091
permits, representing 2.0% of existing apartments, were issued for the year
ending November 2004.
Fourth Quarter 2004 Page 36
Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL SAME STORE COMMUNITIES
TOTAL REVENUE - CONTINUED
KANSAS CITY
- -----------
KANSAS CITY same store community total revenue and NOI for the fourth
quarter of 2004 decreased 0.7% and 10.7%, respectively, compared to the
fourth quarter 2003, and operating expenses compared to last year increased
20.9%. The decrease in total revenue was the result of a decline in
occupancy of 0.6% to 92.1% and a 0.4% decrease in other income, as
collected rent per occupied unit remained unchanged. The increase in
operating expenses was due to higher payroll, repair and maintenance and
real estate tax expenses. On a sequential basis comparing the fourth
quarter of 2004 to the prior quarter, total revenue and NOI decreased 3.5%
and 11.8%, respectively, and operating expenses increased 13.4%. The large
increase in expenses simply reflects the fact that positive adjustments to
real estate tax accruals occurred in the third quarter. Sequential rental
income decreased 2.4%, reflecting a 2.5% drop in occupancy during the
quarter, while collected rent per occupied unit increased by 0.2%. Other
income also posted a sequential decrease, down 15.2% due to the slower
seasonal leasing activity. Demand fundamentals in the Kansas City area are
trending in the right direction, as there have been positive signs in both
job growth and the number of multifamily permits in 2004. For the year
ending November 2004 the Kansas City metro area gained 4,000 jobs, a
positive 0.4% rate, and a marked improvement over the 8,900 jobs lost for
the same period of a year ago. On the supply side, multifamily permits have
trended down over the past year as authorized permits totaled 906 units for
the year ending November 2004, a 66% decrease over the same period of a
year ago, which represents a 0.7% increase to the existing apartment stock.
INDIANAPOLIS
- ------------
INDIANAPOLIS same community total revenue increased 0.8%, operating
expenses decreased 8.7% and NOI increased 7.5% for the fourth quarter 2004
compared to the same period of a year ago. Rental income on a year over
year basis was flat, as collected rent per occupied unit and occupancy both
fell 0.2%, while other income increased 12.8% due to higher termination
fees and cable revenues. The decrease in operating expenses was primarily
due to a positive adjustment to real estate taxes. Sequentially comparing
the fourth quarter of 2004 to the prior quarter, total revenue decreased
1.4%, operating expenses decreased 22.5% and NOI increased 17.7%. The
revenue decline was due to a 0.9% decrease in rental income as a result of
0.7% and 0.2% decreases in occupancy and collected rent per occupied unit,
respectively. Other income also declined 7.3%. The significant decrease in
operating expenses is primarily due to the timing of repair & maintenance
and landscaping projects, as well as positive adjustments to real estate
taxes. Demand and supply fundamentals in Indianapolis continue to be a
concern. The BLS reported job losses of 1,800 for the year ending November
2004, while 1,694 new multifamily permits, representing a 1.4% increase to
the existing apartment stock, were authorized during the same period, still
a 36.4% decrease from the prior twelve months.
Fourth Quarter 2004 Page 37
Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL SAME STORE COMMUNITIES
TOTAL REVENUE - CONTINUED
HOUSTON
- -------
HOUSTON same community total revenue, operating expenses and NOI for the
fourth quarter 2004 increased 2.2%, decreased 6.4%, and increased 8.7%,
respectively, compared to the same period in 2003. Rental income increased
1.3% mainly due to an increase in occupancy of 2.3%, while collected rent
per occupied unit decreased 1.2%. Other income increased 19.4% over the
same period last year due to an increase in termination and corporate home
fees. On a sequential basis comparing the current quarter to the third
quarter of 2004, total revenue decreased slightly by 0.1%, due to decreases
in collected rents per occupied unit and other income of 0.6% and 13.3%
respectively, which was offset by a 1.4% improvement in occupancy. Houston
continues to be faced with challenging supply fundamentals as permit
activity remains high with 10,890 permits, representing 2.3% of existing
stock), issued for the year ending November 2004. On the demand side,
Houston is beginning to show signs of a solid economic rebound as the
market registered an increase of approximately 30,600 jobs for the twelve
months ended November 2004.
DENVER
- ------
DENVER same community total revenue decreased by 0.5%, operating expenses
increased by 2.3% and NOI fell by 1.9% for the current quarter compared to
the fourth quarter 2003. Rental income fell 1.5% due to continued weakness
in the market, as collected rent per occupied unit declined 3.6%; however,
occupancy improved to 92.8%, up 2.0% on a year over year basis, and other
income increased 10.6% on higher fee collection in numerous categories. The
increase in operating expenses is primarily due to higher payroll and
utility costs. On a sequential basis comparing the current quarter to the
third quarter of 2004, total revenue and operating expenses decreased and
NOI increased 1.4%, 11.3% and 4.8% respectively. The expense decrease was
primarily due to lower repair & maintenance, landscaping and administrative
costs. Sequential rental income decreased 1.3% as collected rent per
occupied unit fell 2.1% and occupancy increased 0.7%. Other income compared
to last quarter decreased by 3.1% primarily due to slower seasonal leasing
activity. The Denver/Boulder metro is beginning to see a strengthening of
demand/supply fundamentals as job growth has turned positive and the
authorization of multifamily permits has slowed dramatically. For the year
ending November 2004, the metro area gained 14,200 jobs, a positive 1.1%
growth rate, and authorized permits totaled 3,623 units, a 1.5% increase to
the existing apartment stock, but a significant 42% decrease over the same
period two years ago.
Fourth Quarter 2004 Page 38
Supplemental Information AMLI Residential Properties Trust
<table>
AMLI RESIDENTIAL COMPONENTS OF NOI
QUARTER ENDED DECEMBER 31
(Dollars in thousands)
<caption>
Partnership Communities
Wholly-Owned Communities (a) Combined at 100% at 100%
---------------------------- ---------------------------- ----------------------------
Percent Percent Percent
2004 2003 Change 2004 2003 Change 2004 2003 Change
-------- -------- -------- -------- -------- -------- -------- -------- --------
<s> <c> <c> <c> <c> <c> <c> <c> <c> <c>
REVENUES
Same store
communities (b) . . . . 28,583 26,487 7.9% 56,033 55,777 0.5% 27,450 29,290 -6.3%
New communities (c). . . 803 690 16.3% 4,451 4,227 5.3% 3,648 3,537 3.1%
Communities under
development and
lease-up. . . . . . . . 795 0 0.0% 2,776 1,002 177.1% 1,981 1,002 97.8%
Acquisition
communities (d) . . . . 7,017 20 0.0% 7,017 20 0.0% 0 0 0.0%
Communities under
rehab (e) . . . . . . . 741 866 -14.5% 741 866 -14.5% 0 0 0.0%
Communities sold (f) . . -16 4,963 -100.3% -16 7,526 -100.2% 0 2,563 -100.0%
-------- -------- -------- -------- -------- -------- -------- -------- --------
37,923 33,026 14.8% 71,002 69,418 2.3% 33,079 36,392 -9.1%
======== ======== ======== ======== ======== ======== ======== ======== ========
EXPENSES
Same store
communities (b) . . . . 12,172 11,306 7.7% 22,768 22,660 0.5% 10.596 11,354 -6.7%
New communities (c). . . 205 261 -21.2% 1,366 1,324 3.2% 1,161 1,063 9.2%
Communities under
development and
lease-up. . . . . . . . 497 0 0.0% 1,656 559 196.1% 1,159 559 107.4%
Acquisition
communities (d) . . . . 3,120 3 0.0% 3,120 3 0.0% 0 0 0.0%
Communities under
rehab (e) . . . . . . . 397 419 -5.2% 397 419 -5.2% 0 0 0.0%
Communities sold (f) . . -38 2,266 -101.7% -44 3,314 -101.3% -6 1,048 -100.6%
-------- -------- -------- -------- -------- -------- -------- -------- --------
16,353 14,255 14.7% 29,263 28,279 3.5% 12,910 14,024 -7.9%
======== ======== ======== ======== ======== ======== ======== ======== ========
Fourth Quarter 2004 Page 39
Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL COMPONENTS OF NOI - CONTINUED
QUARTER ENDED DECEMBER 31
(Dollars in thousands)
Wholly-Owned Communities (a) Combined at 100% Combined at AMLI's Share
---------------------------- ---------------------------- ----------------------------
Percent Percent Percent
2004 2003 Change 2004 2003 Change 2004 2003 Change
-------- -------- -------- ------- ------- -------- -------- -------- --------
NET OPERATING INCOME
Same store
communities (b) . . . . 16,411 15,181 8.1% 33,265 33,117 0.4% 16,854 17,936 -6.0%
New communities (c). . . 598 429 39.2% 3,085 2,903 6.3% 2,487 2,474 0.6%
Communities under
development and
lease-up. . . . . . . . 298 0 0.0% 1,120 443 153.1% 822 443 85.6%
Acquisition
communities (d) . . . . 3,897 17 0.0% 3,897 17 0.0% 0 0 0.0%
Communities under
rehab (e) . . . . . . . 344 447 -23.2% 344 447 -23.2% 0 0 0.0%
Communities sold (f) . . 22 2,697 -99.2% 28 4,212 -99.3% 6 1,515 99.6%
-------- -------- -------- ------- ------- -------- -------- -------- --------
21,570 18,771 14.9% 41,739 41,139 1.5% 20,169 22,368 -9.8%
======== ======== ======== ======== ======== ======== ========
Less Co-investment
partners' share . . . . (13,166) (14.800)
------- -------
COMPANY'S SHARE OF
NOI (g) . . . . . . . . 28,573 26,339
Cash flow preference
and operating promote
(h) . . . . . . . . . . 564 510
------- -------
29,137 26,849
Company's share of
other, net (i) . . . . (147) 156
------- -------
COMPANY'S SHARE OF
COMMUNITIES' EBITDA. . 28,990 27,005
======= =======
COMPANY'S PERCENTAGE
OF COMBINED NOI:
Before cash flow
preferences . . . . . . 68.5% 64.0%
Including cash flow
preferences and other . 69.8% 65.3%
======= =======
Fourth Quarter 2004 Page 40
Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL COMPONENTS OF NOI - CONTINUED
QUARTER ENDED DECEMBER 31
(Dollars in thousands)
<fn>
Notes:
(a) Includes communities that were sold and reported as Discontinued Operations in the
Company's Statements of Operations.
(b) Same store communities are communities that have had stabilized operations and were owned
by the Company as of January 1, 2003.
(c) New communities are communities that were developed by the Company and began stabilized
operations after January 1, 2003.
(d) Acquisition communities are communities having stabilized operations that were acquired
by the Company after January 1, 2003.
(e) Communities being rehabbed as of January 1, 2004.
(f) Reflects operations through the date of sale.
(g) Company's 100% interest in wholly-owned communities plus the Company's share of partnership
communities at AMLI's ownership share.
(h) The terms of certain partnership agreements provide that the Company is entitled to an additional
share of such partnership's NOI in addition to the Company's proportionate ownership percentage.
See page 45.
(i) Includes other items of partnership operations such as interest income on invested funds, legal,
accounting, audit and other costs of partnership administration, including asset management fees
paid to the Company. See page 45.
Fourth Quarter 2004 Page 41
Supplemental Information AMLI Residential Properties Trust
</table>
<table>
AMLI RESIDENTIAL COMPONENTS OF NOI
YEAR ENDED DECEMBER 31
(Dollars in thousands)
<caption>
Partnership Communities
Wholly-Owned Communities (a) Combined at 100% at 100%
---------------------------- ---------------------------- ----------------------------
Percent Percent Percent
2004 2003 Change 2004 2003 Change 2004 2003 Change
-------- -------- -------- -------- -------- -------- -------- -------- --------
<s> <c> <c> <c> <c> <c> <c> <c> <c> <c>
REVENUES
Same store
communities (b) . . . . 113,086 92,026 22.9% 224,531 224,961 -0.2% 111,445 132,935 -16.2%
New communities (c). . . 3,198 1,903 68.0% 17,792 14,096 26.2% 14,594 12,193 19.7%
Communities under
development and
lease-up. . . . . . . . 1,979 0 0.0% 8,214 2,330 252.5% 6,235 2,330 167.6%
Acquisition
communities (d) . . . . 14,705 20 0.0% 14,705 20 0.0% 0 0 0.0%
Communities under
rehab (e) . . . . . . . 3,128 3,477 -10.0% 3,128 3,477 -10.0% 0 0 0.0%
Communities sold (f) . . 7,435 20,457 -63.7% 7,784 35,017 -77.8% 349 14,560 -97.6%
-------- -------- -------- -------- -------- -------- -------- -------- --------
143,531 117,883 21.8% 276,154 279,901 -1.3% 132,623 162,018 -18.1%
======== ======== ======== ======== ======== ======== ======== ======== ========
EXPENSES
Same store
communities (b) . . . . 48,833 40,076 21.9% 93,592 92,634 1.0% 44,759 52,558 -14.8%
New communities (c). . . 1,502 918 63.7% 6,814 5,993 13.7% 5,312 5,075 4.7%
Communities under
development and
lease-up. . . . . . . . 1,405 0 0.0% 5,542 1,751 216.5% 4,137 1,751 136.2%
Acquisition
communities (d) . . . . 7,103 3 0.0% 7,103 3 0.0% 0 0 0.0%
Communities under
rehab (e) . . . . . . . 1,538 1,481 3.9% 1,538 1,481 3.9% 0 0 0.0%
Communities sold (f) . . 3,694 8,909 -58.5% 3,903 15,704 -75.1% 209 6,795 -96.9%
-------- -------- -------- -------- -------- -------- -------- -------- --------
64,075 51,387 24.7% 118,492 117,566 0.8% 54,417 66,179 -17.8%
======== ======== ======== ======== ======== ======== ======== ======== ========
Fourth Quarter 2004 Page 42
Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL COMPONENTS OF NOI - CONTINUED
YEAR ENDED DECEMBER 31
(Dollars in thousands)
Wholly-Owned Communities (a) Combined at 100% Combined at AMLI's Share
---------------------------- ---------------------------- ----------------------------
Percent Percent Percent
2004 2003 Change 2004 2003 Change 2004 2003 Change
-------- -------- -------- ------- ------- -------- -------- -------- --------
NET OPERATING INCOME
Same store
communities (b) . . . . 64,253 51,950 23.7% 130,939 132,327 -1.0% 66,686 80,377 -17.0%
New communities (c). . . 1,696 985 72.1% 10,978 8,103 35.5% 9,282 7,118 30.4%
Communities under
development and
lease-up. . . . . . . . 574 0 0.0% 2,672 579 361.4% 2,098 579 262.3%
Acquisition
communities (d) . . . . 7,602 17 0.0% 7,602 17 0.0% 0 0 0.0%
Communities under
rehab (e) . . . . . . . 1,590 1,996 -20.4% 1,590 1,996 -20.4% 0 0 0.0%
Communities sold (f) . . 3,741 11,548 -67.6% 3,881 19,313 -79.9% 140 7,765 -98.2%
-------- -------- -------- ------- ------- -------- -------- -------- --------
79,456 66,496 19.5% 157,662 162,335 -2.9% 78,206 95,839 -18.4%
======== ======== ======== ======== ======== ======== ========
Less Co-investment
partners' share . . . . (50,983) (64,241)
------- -------
COMPANY'S SHARE OF
NOI (g) . . . . . . . . 106,679 98,094
Cash flow preference
and operating promote
(h) . . . . . . . . . . 2,638 2,316
------- -------
109,317 100,410
Company's share of
other, net (i) . . . . (590) (656)
------- -------
COMPANY'S SHARE OF
COMMUNITIES' EBITDA. . 108,727 99,754
======= =======
COMPANY'S PERCENTAGE
OF COMBINED NOI:
Before cash flow
preferences . . . . . . 67.7% 60.4%
Including cash flow
preferences and
other . . . . . . . . . 69.3% 61.9%
======= =======
Fourth Quarter 2004 Page 43
Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL COMPONENTS OF NOI - CONTINUED
YEAR ENDED DECEMBER 31
(Dollars in thousands)
<fn>
Notes:
(a) Includes communities that were sold and reported as Discontinued Operations in the
Company's Statements of Operations.
(b) Same store communities are communities that have had stabilized operations and were owned
by the Company as of January 1, 2003.
(c) New communities are communities that were developed by the Company and began stabilized
operations after January 1, 2003.
(d) Acquisition communities are communities having stabilized operations that were acquired
by the Company after January 1, 2003.
(e) Communities being rehabbed as of January 1, 2004.
(f) Reflects operations through the date of sale.
(g) Company's 100% interest in wholly-owned communities plus the Company's share of partnership
communities at AMLI's ownership share.
(h) The terms of certain partnership agreements provide that the Company is entitled to an additional
share of such partnership's NOI in addition to the Company's proportionate ownership percentage.
See page 45.
(i) Includes other items of partnership operations such as interest income on invested funds, legal,
accounting, audit and other costs of partnership administration, including asset management fees
paid to the Company. See page 45.
Fourth Quarter 2004 Page 44
Supplemental Information AMLI Residential Properties Trust
</table>
<table>
AMLI RESIDENTIAL CO-INVESTMENT COMPENSATION
QUARTER AND YEAR ENDED
(Dollars in thousands)
<caption>
2004 2003
-------------------------------------------- --------------------------------------------
Year Dec 31 Sep 30 Jun 30 Mar 31 Year Dec 31 Sep 30 June 30 Mar 31
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
<s> <c> <c> <c> <c> <c> <c> <c> <c> <c> <c>
FEE INCOME (a)
Acquisition fees (a) .$ -- -- -- -- -- -- -- -- -- --
Asset management
fees (b). . . . . . . 654 164 162 162 166 460 113 111 118 118
Disposition fees (c) . -- -- -- -- -- 567 242 325 -- --
Development fees (a) . 1,170 167 474 262 267 1,330 202 396 394 338
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
1,824 331 636 424 433 2,357 557 832 512 456
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
SHARE OF CASH FLOW
(d)
Promoted interest
from sale proceeds. . -- -- -- -- -- 375 -- 375 -- --
Promoted interest
from operating
cash flow . . . . . . 829 261 107 207 254 549 151 127 146 125
Cash flow pre-
ferences (e). . . . . 1,809 303 440 254 812 1,767 358 330 549 530
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
2,638 564 547 461 1,066 2,691 509 832 695 655
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
TOTAL. . . . . . .$ 4,462 895 1,183 885 1,499 5,048 1,066 1,664 1,207 1,111
======== ======== ======== ======== ======== ======== ======== ======== ======== ========
<fn>
Notes:
(a) Acquisition and development fees are shown net of elimination of Company's share.
(b) Asset management fees are shown at 100%. The Company's share of partnerships' EBITDA on page 39 is
reduced by its share of this fee.
(c) Disposition fees are shown at 100% as reported gains on sale have been reduced for this cost.
(d) See page 39.
(e) The Company receives compensation from certain partnerships in the form of a preferential distribution of
cash flow.
Fourth Quarter 2004 Page 45
Supplemental Information AMLI Residential Properties Trust
</table>
<table>
AMLI RESIDENTIAL SERVICE COMPANIES FINANCIAL INFORMATION
QUARTER AND YEAR ENDED
Unaudited
(Dollars in thousands)
COMBINED CONDENSED STATEMENTS OF OPERATIONS
- -------------------------------------------
<caption>
2004 2003
-------------------------------------------- --------------------------------------------
Year Dec 31 Sep 30 Jun 30 Mar 31 Year Dec 31 Sep 30 June 30 Mar 31
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
<s> <c> <c> <c> <c> <c> <c> <c> <c> <c> <c>
REVENUE
Property management
fees (a). . . . . . .$ 10,150 2,602 2,646 2,420 2,482 10,371 2,552 2,657 2,611 2,551
General contractor
revenue, net (b). . . 693 189 224 136 144 752 (310) 77 360 625
Gross profit -
corporate homes (c) . 864 139 212 264 249 996 242 276 251 227
Other income . . . . . 2,405 883 542 341 639 1,492 572 320 395 205
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
14,112 3,813 3,624 3,161 3,514 13,611 3,056 3,330 3,617 3,608
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
OPERATING EXPENSES
Property management. . 10,479 2,797 2,397 2,638 2,647 9,016 1,396 2,606 2,663 2,351
General contractor . . 2,889 477 1,111 521 780 2,427 721 765 498 443
Corporate homes. . . . 1,099 294 306 255 244 980 260 245 245 230
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
14,467 3,568 3,814 3,414 3,671 12,423 2,377 3,616 3,406 3,024
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Provision for loss
on land parcels
held for sale. . . . -- -- -- -- -- (550) (550) -- -- --
Share of gain on sale
of a residential
community built
for sale. . . . . . . -- -- -- -- -- 1,913 -- 1,913 -- --
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
EBITDA . . . . . . . . (355) 245 (190) (253) (157) 2,551 129 1,627 211 584
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Fourth Quarter 2004 Page 46
Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL SERVICE COMPANIES FINANCIAL INFORMATION - CONTINUED
QUARTER AND YEAR ENDED
Unaudited
(Dollars in thousands)
COMBINED CONDENSED STATEMENTS OF OPERATIONS
- -------------------------------------------
2004 2003
-------------------------------------------- --------------------------------------------
Year Dec 31 Sep 30 Jun 30 Mar 31 Year Dec 31 Sep 30 June 30 Mar 31
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Interest expense . . . (1,311) (309) (322) (272) (408) (1,042) (351) (289) (230) (172)
Depreciation and
amortization. . . . . (3,230) (692) (856) (845) (837) (3,124) (806) (778) (780) (760)
Taxes. . . . . . . . . 1,782 246 520 522 494 636 391 (213) 303 155
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
NET INCOME (LOSS). . . (3,114) (510) (848) (848) (908) (979) (637) 347 (496) (193)
Eliminations,
interest and
other . . . . . . . . 1,464 281 416 315 452 1,105 325 382 247 151
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
SHARE OF INCOME (LOSS)
FROM THE SERVICE
COMPANIES (d) . . . .$ (1,650) (229) (432) (533) (456) 126 (312) 729 (249) (42)
======== ======== ======== ======== ======== ======== ======== ======== ======== ========
<fn>
Notes:
(a) Includes a 3% fee from wholly-owned communities.
(b) General contractor revenues are shown net of construction costs.
(c) Gross revenues from customers less payments to communities and cost of sales.
(d) Includes discontinued operations. The Service Companies' operations on page 16 exclude
discontinued operations.
Fourth Quarter 2004 Page 47
Supplemental Information AMLI Residential Properties Trust
</table>
<table>
AMLI RESIDENTIAL SERVICE COMPANIES FINANCIAL INFORMATION
(Dollars in thousands)
COMBINED CONDENSED FINANCIAL POSITION
- -------------------------------------
<caption>
2004 2003
----------------------------------------- -----------------------------------------
Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
-------- -------- -------- -------- -------- -------- -------- --------
<s> <c> <c> <c> <c> <c> <c> <c> <c>
ASSETS
Receivables (a). . . . . $ 2,058 3,040 5,506 6,557 6,351 9,162 12,453 14,356
Land held for
sale and other (b). . . 13,697 12,247 12,433 12,404 12,301 12,822 12,816 12,780
Rental communities
under development
and held for sale
(c) . . . . . . . . . . 10,360 10,361 9,676 8,396 34,618 29,620 20,434 11,736
Building and
leasehold improve-
ments, net (d). . . . . 2,080 2,124 2,208 2,257 2,227 2,327 2,352 2,406
Information technology
costs, net. . . . . . . 7,294 7,260 7,600 7,959 8,500 8,160 8,287 8,231
Other (e). . . . . . . . 5,827 6,620 6,066 5,646 4,780 4,839 5,636 5,504
-------- -------- -------- -------- -------- -------- -------- --------
Total Assets . . . . $ 41,316 41,652 43,489 43,219 68,777 66,930 61,978 55,013
======== ======== ======== ======== ======== ======== ======== ========
Notes:
(a) Primarily costs
and fees due from
affiliates.
(b) Represents land
parcels as follows:
Prairie Lakes
(120 acres in
Indiana) . . . . . $ 7,006 7,027 7,219 7,192 7,160 7,681 7,616 7,642
Fossil Creek
(34 acres in
Texas) . . . . . . 5,220 5,220 5,214 5,212 5,141 5,141 5,200 5,138
Downtown Austin
Retail . . . . . . 1,471 -- -- -- -- -- -- --
-------- -------- -------- -------- -------- -------- -------- --------
$ 13,697 12,247 12,433 12,404 12,301 12,822 12,816 12,780
======== ======== ======== ======== ======== ======== ======== ========
Fourth Quarter 2004 Page 48
Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL SERVICE COMPANIES FINANCIAL INFORMATION - CONTINUED
(Dollars in thousands)
2004 2003
----------------------------------------- -----------------------------------------
Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
-------- -------- -------- -------- -------- -------- -------- --------
(c) See Pages 56
and 58.
(d) Primarily includes a
corporate office
building, net of
depreciation.
(e) Represented by:
Investments in
partnerships . . . $ (45) (48) 43 215 485 928 1,747 1,632
Investments in
real estate. . . . 737 1,718 1,448 1,448 737 737 737 737
Deferred income
tax. . . . . . . . 3,999 3,762 3,240 2,721 2,229 1,852 2,064 1,760
Unamortized
goodwill . . . . . 668 668 668 668 668 668 668 668
Other . . . . . . . 468 520 667 594 661 654 420 707
-------- -------- -------- -------- -------- -------- -------- --------
$ 5,827 6,620 6,066 5,646 4,780 4,839 5,636 5,504
======== ======== ======== ======== ======== ======== ======== ========
Fourth Quarter 2004 Page 49
Supplemental Information AMLI Residential Properties Trust
</table>
<table>
AMLI RESIDENTIAL STABILIZED COMMUNITIES
DECEMBER 31, 2004
<caption>
Number Percent Ave.
AMLI's of of Physical Collected
Ownership Apart- Port- Occupancy Revenue
Percen- Year Year ment folio Dec. 30, 4th Qtr Components
Market/Community tage Location Acquired Completed Homes (a) 2004 2004 of NOI
- ---------------- --------- -------- --------- --------- ------ ------- --------- --------- ----------
<s> <c> <c> <c> <c> <c> <c> <c> <c> <c>
DALLAS/
FT. WORTH, TX
- -------------
AMLI:
at Bent Tree 100% Dallas, TX 1997 1996/2000 500 89.6% $ 843 Same Store
at Bishop's Gate 100% Plano, TX 1997 1997 266 91.0% 1,012 Same Store
at Breckinridge
Point 45% Richardson, TX 2000 1999 440 94.8% 902 Same Store
at Bryan Place 48% Dallas, TX 2002 1999 420 93.3% 940 Same Store
at Chase Oaks 100% Plano, TX 1994 1986 250 91.4% 688 Same Store
at Deerfield 25% Plano, TX Developed 2000 240 91.3% 902 Same Store
on the Fairway 100% Coppell, TX 2004 2002 322 93.8% 865 Acquisition
on Frankford 45% Dallas, TX 2000 1998 582 92.3% 865 Same Store
on the Green 100% Ft. Worth, TX 1994 1990/93 424 90.1% 726 Same Store
Knox-Henderson 100% Dallas, TX 2003 1994 180 96.7% 1,078 Acquisition
of North Dallas 100% Dallas, TX 1989/90 1985/86 1,032 91.3% 685 Same Store
at Oak Bend 100% Dallas, TX 1999 1997 426 93.2% 773 Same Store
(b)
on the Parkway 25% Dallas, TX Developed 1999 240 93.8% 861 Same Store
at Prestonwood
Hills 45% Dallas, TX 1999 1997 272 90.1% 875 Same Store
7th Street
Station 100% Ft. Worth, TX 2002 2000 189 93.1% 1,009 Same Store
at Shadow Ridge 100% Flower Mound, TX 2001 2000 222 91.4% 974 Same Store
at Stonebridge
Ranch 100% McKinney, TX 2001 2001 250 94.0% 753 Same Store
Upper West Side 100% Ft. Worth, TX 2002 2001 194 95.9% 973 Same Store
at Valley Ranch 100% Irving, TX 1990 1985 460 92.8% 771 Same Store
------ ------ ------ ------
6,909 25.0% 92.3% 836
------ ------ ------ ------
Fourth Quarter 2004 Page 50
Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL STABILIZED COMMUNITIES - CONTINUED
DECEMBER 31, 2004
Number Percent Ave.
AMLI's of of Physical Collected
Ownership Apart- Port- Occupancy Revenue
Percen- Year Year ment folio Dec. 31, 4th Qtr Components
Market/Community tage Location Acquired Completed Homes (a) 2004 2004 of NOI
- ---------------- --------- -------- --------- --------- ------ ------- --------- --------- ----------
ATLANTA, GA
- ------------
AMLI:
at Barrett Lakes 35% Kennesaw, GA Developed 1997 446 95.1% 889 Same Store
at Barrett Walk 25% Kennesaw, GA Developed 2002 290 93.1% 859 New
at Clairmont 100% Atlanta, GA 1988 1988 288 94.8% 806 Same Store
at Kedron
Village 20% Fayette
County, GA Developed 2002 216 88.0% 1,085 Same Store
at Killian Creek 100% Snellville,
GA Developed 1999 256 95.3% 829 Same Store
at Lost Mountain 75% Paulding
County, GA Developed 2000 164 92.1% 775 Same Store
at Mill Creek 25% Gwinnett
County, GA Developed 2001 400 94.8% 838 Same Store
at Milton Park 25% Alpharetta,
GA Developed 2003 461 94.6% 947 New
at Northwinds 35% Alpharetta,
GA Developed 1999 800 94.6% 925 Same Store
at Park Creek 100% Gainesville,
GA Developed 1998 200 97.5% 785 Same Store
at Peachtree
City 20% Fayette
County, GA Developed 1998 312 91.7% 904 Same Store
at River Park 40% Norcross, GA Developed 1997 222 96.9% 911 Same Store
at Vinings 100% Smyrna, GA 1992/97 1985 360 95.3% 797 Same Store
at West Paces 100% Atlanta, GA 1993 1992 337 79.8% 898 Rehab
at Windward Park 45% Alpharetta,
GA 1999 1999 328 91.7% 913 Same Store
------ ------ ------ ------
5,080 18.4% 93.2% 885
------ ------ ------ ------
Fourth Quarter 2004 Page 51
Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL STABILIZED COMMUNITIES - CONTINUED
DECEMBER 31, 2004
Number Percent Ave.
AMLI's of of Physical Collected
Ownership Apart- Port- Occupancy Revenue
Percen- Year Year ment folio Dec. 31, 4th Qtr Components
Market/Community tage Location Acquired Completed Homes (a) 2004 2004 of NOI
- ---------------- --------- -------- --------- --------- ------ ------- --------- --------- ----------
CHICAGO, IL
- -----------
AMLI:
at Canterfield 100% West Dundee, IL 2004 2001 352 91.2% 1,338 Acquisition
at Chevy Chase 33% Buffalo Grove,
IL 1996 1988 592 94.0% 1,057 Same Store
at Danada Farms 100% Wheaton, IL 1997 1989/91 600 93.7% 1,020 Same Store
(b)
at Fox Valley 25% Aurora, IL Developed 1998 272 95.6% 1,023 Same Store
at Kirkland
Crossing 100% Aurora, IL 2004 2004 266 89.5% 1,158 Acquisition
at Oakhurst
North 100% Aurora, IL Developed 2000 464 90.7% 1,032 Same Store
(b)
at Osprey Lake 69% Gurnee, IL 2001 1997/99 483 93.2% 1,028 Same Store
at Poplar Creek 100% Schaumburg, IL 1997 1985 196 94.9% 1,067 Same Store
at River Run 100% Naperville, IL 2004 2003 206 77.2% 1,408 Acquisition
at St. Charles 25% St. Charles,
IL Developed 2000 400 94.0% 1,128 Same Store
at Windbrooke 15% Buffalo Grove,
IL 1995 1987 236 95.6% 1,092 Same Store
------ ------ ------ ------
4,067 14.7% 92.3% 1,101
------ ------ ------ ------
AUSTIN, TX
- ----------
AMLI:
in Great Hills 100% Austin, TX 1991 1985 344 94.5% 663 Same Store
at Lantana Ridge 100% Austin, TX 1997 1997 354 94.1% 829 Same Store
at Monterery
Oaks 25% Austin, TX Developed 2000 430 94.7% 848 Same Store
at Scofield
Ridge 45% Austin, TX 2000 2000 487 94.3% 767 Same Store
at Stone Hollow 100% Austin, TX 2000 1997 606 90.8% 747 Same Store
------ ------ ------ ------
2,221 8.1% 93.4% 771
------ ------ ------ ------
Fourth Quarter 2004 Page 52
Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL STABILIZED COMMUNITIES - CONTINUED
DECEMBER 31, 2004
Number Percent Ave.
AMLI's of of Physical Collected
Ownership Apart- Port- Occupancy Revenue
Percen- Year Year ment folio Dec. 31, 4th Qtr Components
Market/Community tage Location Acquired Completed Homes (a) 2004 2004 of NOI
- ---------------- --------- -------- --------- --------- ------ ------- --------- --------- ----------
KANSAS CITY, KS
- ---------------
AMLI:
at Cambridge
Square 30% Overland
Park, KS Developed 2002 408 90.7% 880 New
Creekside 100% Overland
Park, KS Developed 2000 224 94.2% 800 Same Store
(b)
at Lexington
Farms 100% Overland
Park, KS 1998 1998 404 90.1% 791 Same Store
at Regents
Center 100% Overland
Park, KS 1994 1991/95
/97 424 88.4% 757 Same Store
at Regents Crest 100% Overland
Park, KS 1997 1997/2000 476 90.8% 781 Same Store
(b)
at Summit Ridge 25% Lees Summit,
KS Developed 2001 432 90.7% 842 Same Store
at Wynnewood
Farms 100% Overland
Park, KS Developed 2000 232 92.2% 875 Same Store
------ ------ ------ ------
2,600 9.4% 90.7% 814
------ ------ ------ ------
Fourth Quarter 2004 Page 53
Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL STABILIZED COMMUNITIES - CONTINUED
DECEMBER 31, 2004
Number Percent Ave.
AMLI's of of Physical Collected
Ownership Apart- Port- Occupancy Revenue
Percen- Year Year ment folio Dec. 31, 4th Qtr Components
Market/Community tage Location Acquired Completed Homes (a) 2004 2004 of NOI
- ---------------- --------- -------- --------- --------- ------ ------- --------- --------- ----------
INDIANAPOLIS, IN
- ----------------
AMLI:
Carmel Center 100% Carmel, IN Developed 2004 322 87.0% 914 New
at Castle Creek 100% Indianapolis,
IN Developed 2000 276 91.3% 897 Same Store
(b)
at Conner Farms 100% Fishers, IN 1997 1993 300 91.0% 853 Same Store
at Eagle Creek 100% Indianapolis,
IN 1998 1998 240 93.3% 841 Same Store
at Lake Clear-
water 100% Indianapolis,
IN Developed 1999 216 94.9% 928 Same Store
at Riverbend 100% Indianapolis,
IN 1992/93 1983/85 996 93.1% 689 Same Store
on Spring Mill 100% Carmel, IN 1999 1999 400 91.8% 834 Same Store
(b)
------ ------ ------ ------
2,750 10.0% 91.9% 807
------ ------ ------ ------
HOUSTON, TX
- -----------
AMLI:
on Eldridge
Parkway 100% Houston, TX 2004 1998/99 668 90.1% 786 Acquisition
at Kings
Harbor 25% Houston, TX Developed 2001 300 91.3% 873 New
at the Medical
Center 100% Houston, TX 2001 2000 334 90.7% 957 Same Store
Midtown 45% Houston, TX 2000 1998 419 97.1% 1,055 Same Store
Towne Square 45% Houston, TX 2000 1999 380 95.0% 1,027 Same Store
------ ------ ------ ------
2,101 7.6% 92.7% 923
------ ------ ------ ------
Fourth Quarter 2004 Page 54
Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL STABILIZED COMMUNITIES - CONTINUED
DECEMBER 31, 2004
Number Percent Ave.
AMLI's of of Physical Collected
Ownership Apart- Port- Occupancy Revenue
Percen- Year Year ment folio Dec. 31, 4th Qtr Components
Market/Community tage Location Acquired Completed Homes (a) 2004 2004 of NOI
- ---------------- --------- -------- --------- --------- ------ ------- --------- --------- ----------
DENVER, CO
- ----------
AMLI:
at Lowry Estates 50% Denver, CO 2000 2000 414 90.3% 983 Same Store
at Gateway Park 100% Denver, CO 2000 2000 328 90.2% 848 Same Store
at Park Meadows 25% Littleton, CO 2002 2001 518 92.3% 955 Same Store
at Westcliff 100% Westminster, CO 2004 2003 372 78.5% 957 Acquisition
------ ------ ------ ------
1,632 5.9% 88.2% 941
------ ------ ------ ------
SOUTHEAST
FLORIDA
- ---------
AMLI
at Ibis 100% West Palm
Beach, FL 2004 2001 234 0.9% 91.0% 1,059 Acquisition
------ ------ ------ ------
TOTAL 27,594 100% 92.1% $ 889
====== ====== ====== ======
<fn>
Note:
(a) Based on number of apartment homes
(b) These communities were acquired from partnerships and are "Same Store" with respect to
information provided on pages 27, 30, 33, 39 and 42.
Fourth Quarter 2004 Page 55
Supplemental Information AMLI Residential Properties Trust
</table>
<table>
AMLI RESIDENTIAL DEVELOPMENT SUMMARY
DECEMBER 31, 2004
(Dollars in thousands)
<caption>
Number
Percen- of Con- Antici- Antici- Number of
tage of Apart- struc- pated pated Apartment Percent Percent
Owner- ment tion First Comple- Stabil- Homes Complete Leased
Market/Community Submarket ship Homes Started Occupancy tion ization Delivered (a) (b)
- ---------------- --------- ------- ------ ------- --------- ------- ------- --------- -------- -------
<s> <c> <c> <c> <c> <c> <c> <c> <c> <c> <c>
COMMUNITIES UNDER DEVELOPMENT
DALLAS, TX
- ----------
AMLI at
La Villita Las Colinas,
TX 100% 360 3Q/04 1Q/05 3Q/05 1Q/07 0 40% NA
AUSTIN, TX
- ----------
AMLI
Downtown (c) Austin, TX 30% 220 2Q/02 1Q/04 3Q/04 3Q/05 220 98% 70%
CHICAGO, IL
- -----------
AMLI:
at Museum
Gardens Vernon Hills, IL 25% 294 2Q/03 3Q/04 1Q/05 1Q/06 85 78% 13%
----- -----
Total 874 305
===== =====
Fourth Quarter 2004 Page 56
Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL DEVELOPMENT SUMMARY - CONTINUED
DECEMBER 31, 2004
(Dollars in thousands)
Number
Percen- of Con- Antici- Antici- Number of
tage of Apart- struc- pated pated Apartment Percent Percent
Owner- ment tion First Comple- Stabil- Homes Complete Leased
Market/Community Submarket ship Homes Started Occupancy tion ization Delivered (a) (b)
- ---------------- --------- ------- ------ ------- --------- ------- ------- --------- -------- -------
COMMUNITIES COMPLETED AND IN LEASE-UP
AUSTIN, TX
- ----------
AMLI at
Walnut Creek Austin, TX 100% 460 4Q/02 3Q/03 2Q/04 2Q/05 460 100% 79%
CHICAGO, IL
- -----------
AMLI at
Seven Bridges Woodridge, IL 20% 520 3Q/01 3Q/02 4Q/03 3Q/05 520 100% 85%
--- ----
980 980
=== ====
CONSOLIDATED SERVICE COMPANY COMMUNITY SUBSTANTIALLY COMPLETED AND IN LEASE-UP (d)
INDIANAPOLIS, IN
- ----------------
AMLI at Old
Town Carmel Carmel, IN 100% 91 1Q/03 1Q/04 3Q/04 1Q/05 91 100% 93%
=== ===
<fn>
Notes:
(a) Represents costs to date divided by Total Development Costs.
(b) Represents number of leased apartments (not necessarily occupied) divided by the total Number of
Apartment Homes.
(c) The development of this community is substantially complete except for the tenant improvements
in the retail component.
(d) Reported as Rental Apartments Held for Sale on page 19.
Fourth Quarter 2004 Page 57
Supplemental Information AMLI Residential Properties Trust
</table>
<table>
AMLI RESIDENTIAL DEVELOPMENT SUMMARY
DECEMBER 31, 2004
(Dollars in thousands)
<caption>
At 100% Company's Share
---------------------------- ------------------------------------------------
Equity
Percen- Total Total Total Total Required
tage of Develop- Capit- Develop- Capit- to
Owner- ment alized Cost To ment alized Cost To Total Complete
Market/Community ship Costs(a) To Date Complete Costs(a) To Date Complete Equity (b)
- ---------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
<s> <c> <c> <c> <c> <c> <c> <c> <c> <c>
COMMUNITIES UNDER DEVELOPMENT
DALLAS, TX
- ----------
AMLI at La Villita 100% $ 25,575 10,331 15,418 25,575 10,331 15,418 25,575 15,418
AUSTIN, TX
- ----------
AMLI Downtown (c) 30% 50,920 45,447 1,206 15,276 13,634 362 6,000 --
CHICAGO, IL
- -----------
AMLI at
Museum Gardens
(c)(d) 25% 61,571 55,203 10,961 15,393 13,801 2,740 5,819 --
-------- -------- -------- -------- -------- -------- -------- --------
138,066 110,981 27,585 56,244 37,766 18,520 37,394 15,418
-------- -------- -------- -------- -------- -------- -------- --------
COMMUNITIES COMPLETED AND IN LEASE-UP
AUSTIN, TX
- ----------
AMLI at
Walnut Creek 100% 30,375 29,721 -- 30,375 29,721 -- 30,375 --
CHICAGO, IL
- -----------
AMLI at
Seven Bridges (c) 20% 83,000 79,836 800 16,600 15,967 160 6,400 160
-------- -------- -------- -------- -------- -------- -------- --------
113,375 109,557 800 46,975 45,688 160 36,775 160
-------- -------- -------- -------- -------- -------- -------- --------
Fourth Quarter 2004 Page 58
Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL DEVELOPMENT SUMMARY - CONTINUED
DECEMBER 31, 2004
(Dollars in thousands)
At 100% Company's Share
---------------------------- ------------------------------------------------
Equity
Percen- Total Total Total Total Required
tage of Develop- Capit- Develop- Capit- to
Owner- ment alized Cost To ment alized Cost To Total Complete
Market/Community ship Costs(a) To Date Complete Costs(a) To Date Complete Equity (b)
- ---------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
CONSOLIDATED SERVICE COMPANY COMMUNITY SUBSTANTIALLY COMPLETED AND IN LEASE-UP
INDIANAPOLIS, IN
- ----------------
AMLI at
Old Town Carmel (e) 100% 11,606 10,360 -- 11,606 10,360 -- 11,606 --
-------- -------- -------- -------- -------- -------- -------- --------
$263,047 230,898 28,385 114,825 93,814 18,680 85,775 15,578
======== ======== ======== ======== ======== ======== ======== ========
<fn>
Notes:
(a) Includes costs of initial lease-up, some of which are being expensed.
(b) Net of (future) mortgage proceeds and joint venture partner contributions.
(c) These communities are subject to debt. All other communities are unencumbered.
(d) Of this total development costs, $1,300 is anticipated to be funded from net operating income from the
community during the lease-up period.
(e) Includes interest and other costs capitalized in consolidation.
Fourth Quarter 2004 Page 59
Supplemental Information AMLI Residential Properties Trust
</table>
AMLI RESIDENTIAL LAND HELD FOR DEVELOPMENT OR SALE
DECEMBER 31, 2004
Number of
Apartment
Market/Community Submarket Homes
- ---------------- --------- ---------
ATLANTA, GA
AMLI at
Perimeter Gardens (a) Dunwoody 247
AUSTIN, TX
- ----------
AMLI at:
Anderson Mill
Phase I (a) Northwest Austin 288
Anderson Mill
Phase II Northwest Austin 225
FORT WORTH, TX
- --------------
AMLI at
Mesa Ridge North Fort Worth 230
Fossil Lake (owned by
the Service Companies) North Forth Worth 300
HOUSTON, TX
- -----------
AMLI at
Champions II Northwest Houston 288
KANSAS CITY, KS
- ---------------
AMLI at:
Clear Creek (a) Overland Park 288
Westwood Ridge Overland Park 104
INDIANAPOLIS, IN
- ----------------
AMLI at
Prairie Lakes (120 acres
held for sale by the
Service Companies) Noblesville N/A
------
Total 1,970
======
Note:
(a) In active development planning in anticipation of start
of construction in 2005.
Fourth Quarter 2004 Page 60
Supplemental Information AMLI Residential Properties Trust
<table>
AMLI RESIDENTIAL ACQUISITION AND DISPOSITION SUMMARY
DECEMBER 31, 2004 AND 2003
(Dollars in thousands)
<caption>
Partner-
ship of
Ownership Date Number of Purchase
Acquired Acquired Apartment or Sale
Community Market or Sold or Sold Homes Price
- -------------------- -------------------- ---------- ---------- --------- ---------
<s> <c> <c> <c> <c> <c>
COMMUNITIES ACQUIRED (a)
- ------------------------
AMLI:
at Lake Clearwater Indianapolis, IN 75% 11/15/2004 216 $ 14,700
at Wynnewood Farms Overland Park, KS 75% 11/15/2004 232 16,699
at Kirkland Crossing Aurora, IL 100% 10/20/2004 266 39,100
at River Run Naperville, IL 100% 9/14/2004 206 31,500
at Canterfield West Dundee, IL 100% 9/14/2004 352 55,350
at Westcliff Westminster, CO 100% 8/18/2004 372 43,500
on the Fairway Dallas, TX 100% 4/30/2004 322 23,405
on Eldridge Parkway Houston, TX 100% 4/15/2004 668 48,000
at Ibis West Palm Beach FL 100% 4/15/2004 234 24,675
on Timberglen Dallas, TX 60% 1/5/2004 260 6,263
-------- --------
Total 2004 3,128 303,192
-------- --------
AMLI:
Knox Henderson Dallas, TX 100% 12/30/2003 180 17,900
at Oakbend Dallas, TX 60% 12/31/2003 426 14,778
at Danada Farms Wheaton, IL 90% 10/31/2003 600 63,900
at Oakhurst North Aurora, IL 75% 8/25/2003 464 37,500
on Spring Mill Carmel, IN 100% 8/25/2003 400 30,000
at Regents Crest Overland Park, KS 75% 8/14/2003 476 28,988
Creekside Overland Park, KS 75% 8/14/2003 224 13,875
at Castle Creek Indianapolis, IN 60% 8/14/2003 276 14,310
at Verandah Arlington, TX 65% 1/2/2003 538 16,612
-------- --------
Total 2003 3,584 237,863
-------- --------
6,712 $541,055
======== ========
Fourth Quarter 2004 Page 61
Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL ACQUISITION AND DISPOSITION SUMMARY - CONTINUED
DECEMBER 31, 2004 AND 2003
(Dollars in thousands)
Partner-
ship of
Ownership Date Number of Purchase
Acquired Acquired Apartment or Sale
Community Market or Sold or Sold Homes Price
- -------------------- -------------------- ---------- ---------- --------- ---------
COMMUNITIES SOLD (b)
- --------------------
AMLI:
at Towne Creek Gainesville, GA 100% 9/13/2004 150 7,900
at Nantucket Dallas, TX 100% 8/17/2004 312 13,365
at Timberglen Dallas, TX 100% 8/17/2004 260 12,285
at Verandah Dallas, TX 100% 5/17/2004 538 28,300
at Spring Creek Atlanta, GA 100% 4/14/2004 1,180 80,820
at Wells Branch Austin, TX 25% 1/21/2004 576 38,400
-------- --------
Total 2004 3,016 181,070
-------- --------
AMLI:
at Town Center Overland Park, KS 100% 12/29/2003 156 14,750
at Centennial Park Overland Park, KS 100% 12/29/2003 170 17,600
at Park Bridge Alpharetta, GA 25% 12/23/2003 352 33,000
at Fossil Creek Ft. Worth, TX 25% 10/15/2003 384 27,500
at Willeo Creek Roswell, GA 30% 8/21/2003 242 19,500
-------- --------
Total 2003 1,304 112,350
-------- --------
4,320 $293,420
======== ========
<fn>
Notes:
(a) The aggregate amount of NOI included in the current year from these communities at AMLI's share is $22,169.
(b) The aggregate amount of NOI included in the current year from these communities at AMLI's share is $3,772.
Fourth Quarter 2004 Page 62
Supplemental Information AMLI Residential Properties Trust
</table>
AMLI RESIDENTIAL NON-GAAP FINANCIAL MEASURES
DECEMBER 31, 2004
This Quarterly Supplemental Information contains certain non-GAAP
("Generally Accepted Accounting Principles") information that is generally
provided by most publicly-traded residential REITs and that we believe may
be of interest and use to the investment community. Reconciliations of all
non-GAAP financial measures to GAAP financial measures are included at the
end of this Supplemental Operating and Financial Data.
DEFINITIONS OF NON-GAAP FINANCIAL MEASURES
NOI AND EBITDA
- --------------
Except where indicated, community revenue, community expenses, net
operating income ("NOI") and earnings before interest, taxes, depreciation
and amortization ("EBITDA") are computed based on various line items
included in our consolidated statements of income prepared in accordance
with GAAP. Where indicated, this information is presented on a basis that
includes AMLI's proportionate share of the non-GAAP financial measures of
its co-investment partnerships.
NOI from one community is the community revenue less the community expenses
for that property. NOI for all communities is the community revenue from
all communities less the community expenses for all communities.
EBITDA is NOI (including AMLI's proportionate share of the NOI of its co-
investment partnerships) plus all fees and interest income and income from
the Service Companies and gains or losses from sales or valuation of land
and other income, less general and administrative expenses.
COMMUNITY REVENUE
- -----------------
COMMUNITY REVENUE comprises that portion of total revenue collected or due
from leases at AMLI's rental communities and includes any such amounts as
may be reported as discontinued operations.
COMMUNITY EXPENSES
- ------------------
COMMUNITY EXPENSES comprise that portion of total expenses that exclude
losses from sales or valuation of land, expenses of the Service Companies,
general and administrative expense, and interest, taxes, depreciation and
amortization. Community operating expenses include amounts reported as
personnel, advertising and promotion, utilities, building repairs and
maintenance and services, landscaping and grounds maintenance, real estate
taxes, insurance, property management, and other operating expenses, and
such of these amounts as may be included in discontinued operations.
Fourth Quarter 2004 Page 63
Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL NON-GAAP FINANCIAL MEASURES - CONTINUED
DECEMBER 31, 2004
DEFINITIONS OF NON-GAAP FINANCIAL MEASURES - CONTINUED
FUNDS FROM OPERATIONS ("FFO")
- -----------------------------
FUNDS FROM OPERATIONS is EBITDA less interest expense (including AMLI's
proportionate share of the interest expense of its co-investment
partnerships and amortization of deferred financing expense) and any income
taxes.
FFO is defined as net income (computed in accordance with GAAP), excluding
gains (losses) from sales of depreciable operating communities, plus
depreciation and amortization, and after adjustments for unconsolidated
partnerships, joint ventures and other affiliates.
Adjustments for unconsolidated partnerships, joint ventures and other
affiliates are calculated to reflect FFO on the same basis. FFO does not
represent cash flows from operations, as defined by GAAP; is not indicative
that cash flows are adequate to fund all cash needs; is not to be
considered an alternative to net income or any other GAAP measure as a
measurement of the results of the Company's operations or the Company's
cash flows or liquidity as defined by GAAP. FFO is widely accepted in
measuring the performance of equity REITs.
FFO PER SHARE is FFO divided by the fully-diluted number of Operating
Partnership Units outstanding. FFO is always presented on a fully-diluted
basis only.
ADJUSTED FUNDS FROM OPERATIONS ("AFFO")
- ---------------------------------------
ADJUSTED FUNDS FROM OPERATIONS is FFO less expenditures capitalized
(excluding expenditures capitalized relating to the development of new
property, the acquisition of additional property, or the rehab of existing
property); AFFO includes AMLI's proportionate share of such expenditures
capitalized by its co-investment partnerships.
AFFO PER SHARE is AFFO divided by the fully-diluted number of Operating
Partnership Units outstanding. AFFO per share is always presented on a
fully-diluted basis only.
SAME STORE COMMUNITIES
- ----------------------
SAME STORE COMMUNITY INFORMATION includes only such portions of community
revenue, expenses, NOI or EBITDA as are generated from AMLI's same
community universe, which changes each January 1 as communities with one
full year of stabilized operations as of that date are added, and which may
change quarterly thereafter as any components of the same community
universe are sold or contributed to co-investment partnerships.
Fourth Quarter 2004 Page 64
Supplemental Information AMLI Residential Properties Trust
<table>
AMLI RESIDENTIAL NON-GAAP FINANCIAL MEASURES
QUARTER AND YEAR ENDED
(Dollars in thousands)
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
RECONCILIATION BETWEEN NET INCOME AND FFO AND AFFO
- --------------------------------------------------
<caption>
2004
----------------------------------------------------------
Year Dec 31 Sep 30 Jun 30 Mar 31
---------- ---------- ---------- ---------- ----------
<s> <c> <c> <c> <c> <c>
NET INCOME . . . . . . . . . . . . . . . . . . . $ 62,425 1,168 12,234 42,304 6,719
Income from discontinued operations,
net of minority interest. . . . . . . . . . . . (6,137) (998) (909) (1,286) (2,944)
Gains on sales of rental communities,
net of minority interest. . . . . . . . . . . . (48,849) (49) (11,318) (37,482) --
Gain on sale of bond financing for a
community sold, net of minority interest. . . . (4,423) -- -- (4,423) --
Minority interest. . . . . . . . . . . . . . . . (294) (119) (129) (190) 144
---------- ---------- ---------- ---------- ----------
Income (loss) from continuing operations
before minority interest. . . . . . . . . . . . 2,722 2 (122) (1,077) 3,919
Income from discontinued operations
before minority interest. . . . . . . . . . . . 6,583 1,063 970 1,374 3,176
Discontinued operations - gain on sale
of bond financing . . . . . . . . . . . . . . . 4,723 -- -- 4,723 --
Depreciation (a) . . . . . . . . . . . . . . . . 38,768 10,602 10,057 9,468 8,641
Share of co-investment partnerships'
depreciation. . . . . . . . . . . . . . . . . . 10,498 2,628 2,671 2,609 2,590
Share of gains on sales of operating
communities . . . . . . . . . . . . . . . . . . (2,648) -- -- -- (2,648)
---------- ---------- ---------- ---------- ----------
FFO. . . . . . . . . . . . . . . . . . . . . . . 60,646 14,295 13,576 17,097 15,678
Capital expenditures paid from FFO . . . . . . . (5,346) (1,821) (1,453) (1,168) (904)
Share of co-investment partnerships'
capital expenditures. . . . . . . . . . . . . . (957) (240) (270) (259) (188)
---------- ---------- ---------- ---------- ----------
AFFO . . . . . . . . . . . . . . . . . . . . . . $ 54,343 12,234 11,853 15,670 14,586
========== ========== ========== ========== ==========
Weighted average shares and units
including dilutive shares . . . . . . . . . . . 30,355,430 31,255,140 31,168,376 31,026,552 27,918,813
========== ========== ========== ========== ==========
(a) Includes amounts included in
discontinued operations -. . . . . . . . . . 2,151 290 483 665 713
========== ========== ========== ========== ==========
Fourth Quarter 2004 Page 65
Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL NON-GAAP FINANCIAL MEASURES - CONTINUED
QUARTER AND YEAR ENDED
(Dollars in thousands)
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
RECONCILIATION BETWEEN NET INCOME AND FFO AND AFFO
- --------------------------------------------------
2003
----------------------------------------------------------
Year Dec 31 Sep 30 Jun 30 Mar 31
---------- ---------- ---------- ---------- ----------
NET INCOME . . . . . . . . . . . . . . . . . . . $ 26,104 13,533 5,935 2,928 3,708
Income from discontinued operations,
net of minority interest. . . . . . . . . . . . (6,796) (2,071) (1,018) (1,793) (1,914)
Gains on sales of rental communities,
net of minority interest. . . . . . . . . . . . (5,113) (5,113) -- -- --
Gain on sale of bond financing for a
community sold, net of minority interest. . . . -- -- -- -- --
Minority interest. . . . . . . . . . . . . . . . 839 491 567 (179) (40)
---------- ---------- ---------- ---------- ----------
Income (loss) from continuing operations
before minority interest. . . . . . . . . . . . 15,034 6,840 5,484 956 1,754
Income from discontinued operations
before minority interest. . . . . . . . . . . . 8,015 2,304 1,215 2,171 2,325
Discontinued operations - gain on sale
of bond financing . . . . . . . . . . . . . . . -- -- -- -- --
Depreciation (a) . . . . . . . . . . . . . . . . 25,610 7,534 7,012 5,546 5,518
Share of co-investment partnerships'
depreciation. . . . . . . . . . . . . . . . . . 11,840 2,672 2,932 3,116 3,120
Share of gains on sales of operating
communities . . . . . . . . . . . . . . . . . . (6,284) (4,325) (1,959) -- --
---------- ---------- ---------- ---------- ----------
FFO. . . . . . . . . . . . . . . . . . . . . . . 54,215 15,025 14,684 11,789 12,717
Capital expenditures paid from FFO . . . . . . . (3,860) (842) (1,100) (834) (1,084)
Share of co-investment partnerships'
capital expenditures. . . . . . . . . . . . . . (1,182) (230) (331) (396) (225)
---------- ---------- ---------- ---------- ----------
AFFO . . . . . . . . . . . . . . . . . . . . . . $ 49,173 13,953 13,253 10,559 11,408
========== ========== ========== ========== ==========
Weighted average shares and units
including dilutive shares . . . . . . . . . . . 25,457,410 27,190,212 25,899,548 24,437,213 24,314,266
========== ========== ========== ========== ==========
(a) Includes amounts included in
discontinued operations. . . . . . . . . . . 5,621 902 1,939 1,389 1,391
========== ========== ========== ========== ==========
Fourth Quarter 2004 Page 66
Supplemental Information AMLI Residential Properties Trust
</table>
<table>
AMLI RESIDENTIAL NON-GAAP FINANCIAL MEASURES
QUARTER AND YEAR ENDED
(Dollars in thousands)
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
RECONCILIATION BETWEEN NET INCOME AND CONSOLIDATED NOI
- ------------------------------------------------------
<caption>
2004 2003
-------------------------------------------- --------------------------------------------
Year Dec 31 Sep 30 Jun 30 Mar 31 Year Dec 31 Sep 30 June 30 Mar 31
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
<s> <c> <c> <c> <c> <c> <c> <c> <c> <c> <c>
NET INCOME . . . . . .$ 62,425 1,168 12,234 42,304 6,719 26,104 13,533 5,935 2,928 3,708
Minority interest. . . (294) (119) (129) (190) 144 839 491 567 (179) (40)
Income from discon-
tinued operations,
net of minority
interest. . . . . . . (6,137) (998) (909) (1,286) (2,944) (6,796) (2,071) (1,018) (1,793) (1,914)
Gains on sales of
rental communities,
net of minority
interest. . . . . . . (48,849) (49) (11,318) (37,482) -- (5,113) (5,113) -- -- --
Gain on sale of bond
financing for a
community sold,
net of minority
interest. . . . . . . (4,423) -- -- (4,423) -- -- -- -- -- --
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
INCOME (LOSS) FROM
CONTINUING OPERA-
TIONS BEFORE
MINORITY INTEREST . . 2,722 2 (122) (1,077) 3,919 15,034 6,840 5,484 956 1,754
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Fourth Quarter 2004 Page 67
Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL NON-GAAP FINANCIAL MEASURES - CONTINUED
QUARTER AND YEAR ENDED
(Dollars in thousands)
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
RECONCILIATION BETWEEN NET INCOME AND CONSOLIDATED NOI
- ------------------------------------------------------
2004 2003
-------------------------------------------- --------------------------------------------
Year Dec 31 Sep 30 Jun 30 Mar 31 Year Dec 31 Sep 30 June 30 Mar 31
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Income from
partnerships. . . . . (3,435) (886) (616) (430) (1,503) (5,831) (1,596) (1,309) (1,469) (1,457)
Interest and
amortization
of deferred
financing costs . . . 30,353 8,713 7,701 7,035 6,904 23,340 6,183 5,808 5,551 5,798
Prepayment penalty
and write-off of
unamortized
deferred financing
costs . . . . . . . . 1,121 -- -- 1,121 -- -- -- -- -- --
Depreciation . . . . . 36,617 10,312 9,574 8,803 7,928 19,989 6,632 5,073 4,157 4,127
Fee income from
unconsolidated
partnerships. . . . . (1,824) (331) (636) (424) (433) (2,357) (557) (832) (512) (456)
Other income . . . . . (1,378) (263) (207) (429) (479) (1,037) (86) (567) (189) (195)
Service Companies'
operations. . . . . . 1,861 353 537 527 444 (126) 312 (729) 249 42
General and
administrative. . . . 7,301 2,441 871 1,793 2,196 5,910 1,255 1,605 1,310 1,740
Provision for loss
on land held for
development or sale . 150 -- 150 -- -- 150 150 -- -- --
Share of gains on
sales of partnerships'
properties. . . . . . (2,648) -- -- -- (2,648) (6,284) (4,325) (1,959) -- --
Impairment of an
investment in a
partnership . . . . . -- -- -- -- -- 1,191 -- -- 1,191 --
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
NOI FROM CONTINUING
OPERATIONS. . . . . . 70,840 20,341 17,252 16,919 16,328 49,979 14,808 12,574 11,244 11,353
NOI FROM DISCONTINUED
OPERATIONS. . . . . . 8,616 1,229 1,331 2,087 3,969 16,517 3,963 3,882 4,263 4,409
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
CONSOLIDATED NOI . . .$ 79,456 21,570 18,583 19,006 20,297 66,496 18,771 16,456 15,507 15,762
======== ======== ======== ======== ======== ======== ======== ======== ======== ========
Fourth Quarter 2004 Page 68
Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL NON-GAAP FINANCIAL MEASURES - CONTINUED
QUARTER AND YEAR ENDED
(Dollars in thousands)
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
RECONCILIATION BETWEEN NET INCOME AND CONSOLIDATED NOI
- ------------------------------------------------------
2004 2003
-------------------------------------------- --------------------------------------------
Year Dec 31 Sep 30 Jun 30 Mar 31 Year Dec 31 Sep 30 June 30 Mar 31
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
COMPONENTS OF NOI
Same store
communities . . . . .$ 46,733 11,789 11,417 11,281 12,246 47,145 11,739 11,636 11,784 11,986
Acquired from/
contributed to
partnerships. . . . . 17,521 4,622 4,385 4,291 4,223 4,805 3,442 1,363 -- --
New communities. . . . 1,696 598 202 466 430 985 429 357 185 14
Development and/
or lease-up
communities . . . . . 574 298 197 79 -- -- -- -- -- --
Acquisition
communities . . . . . 7,602 3,897 1,867 1,592 246 17 17 -- -- --
Communities under
rehab . . . . . . . . 1,590 344 372 407 467 1,996 447 417 530 602
Communities sold . . . 3,740 22 143 890 2,685 11,548 2,697 2,683 3,008 3,160
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Total. . . . . . . . .$ 79,456 21,570 18,583 19,006 20,297 66,496 18,771 16,456 15,507 15,762
======== ======== ======== ======== ======== ======== ======== ======== ======== ========
Fourth Quarter 2004 Page 69
Supplemental Information AMLI Residential Properties Trust
</table>