AMLI Residential Announces Sale of Three Million Common Shares
17 March 2004 - 1:14AM
PR Newswire (US)
AMLI Residential Announces Sale of Three Million Common Shares
CHICAGO, March 16 /PRNewswire-FirstCall/ -- AMLI Residential
Properties Trust (NYSE: AML; "AMLI"; or "the Company") announces
today that it has sold three million of its common shares toLehman
Brothers Inc., as sole book- running manager, and Stifel, Nicolaus
& Company, Incorporated, as co-manager, ("the underwriters").
The sale is being made pursuant to the Company's existing shelf
registration statement previously filed with, and declared
effective by, the Securities and Exchange Commission. Net proceeds
from the sale, after deducting offering expenses, are expected to
be approximately $82 million and will be used to pay down the
outstanding balance under the Company's revolving line of credit
and for general corporate purposes. The pay down of the credit
facility will create availability for borrowings to acquire and
develop additional properties. AMLI has granted the underwriters an
option to purchase an additional 450,000 of its common shares; this
option is exercisable within 30 days. This press release shall not
constitute an offer to buy nor shall there be any sale of these
securities in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or other
jurisdiction. This offering is being made only by means of a
prospectus. A prospectus supplement related to the public offering
will be filed with theSecurities and Exchange Commission. When
available, copies of the prospectus supplement relating to the
offering may be obtained from the offices of Lehman Brothers Inc.,
c/o ADP Financial Services, Integrated Distribution Services, 1155
Long Island Avenue, Edgewood, NY 11717. The AMLI(R) portfolio
currently includes 71 apartment communities containing 27,292
apartment homes, with an additional 1,356 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/ .
DATASOURCE: AMLI Residential Properties Trust CONTACT: Robert J.
Chapman, Chief Financial Officer, +1-312-984-6845, or Allan J.
Sweet, President, +1-312-984-2602, both of AMLI Residential
Properties Trust Web site: http://www.amli.com/
Copyright