AMLI Residential Responds to Moody's Announcement

AMLI Residential Responds to Moody's Announcement 


CHICAGO, June 24  /PRNewswire-FirstCall/ -- The following statement is
attributable to Robert J. Chapman, AMLI Residential Properties Trust (NYSE:AML)
Executive Vice President and Chief Financial Officer, in response to today's
announcement by Moody's Investors Services to the change in its credit rating
for the Company's senior unsecured debt to the non-investment grade rating of
Ba1.

"Although disappointed with Moody's assessment, AMLI has historically made
limited use of its investment grade rating and does not currently have any
publicly- or privately-placed bond issues that will be negatively impacted.
Unencumbered by the rating agency process to maintain an investment credit
rating, AMLI believes it will have greater flexibility to pursue co-investment
acquisition and development opportunities, execute its announced "B to A"
strategy and use secured debt, particularly in its joint ventures. In the
immediate near term, the rating change will result in a small increase in the
margins on AMLI's credit facilities. However, AMLI is considering a number of
alternatives that include modifying and/or refinancing its credit facilities
that will likely mitigate the impact of the rating change."

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 of AMLI Residential

Properties Trust, [phone]



Web site:  http://www.amli.com/ 

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