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/

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