AML Amli Resident Prp Tr

CHICAGO, Feb. 7 /PRNewswire-FirstCall/ -- AMLI Residential Properties Trust (NYSE:AML) announces today the completion of its previously announced merger with and into Morgan Stanley Real Estate's Prime Property Fund (PRIME). As a result of the merger, holders of record on February 7, 2006 of AMLI common shares and limited partnership units in AMLI Residential Properties, L.P. are entitled to receive $37.952667 in cash per share. AMLI common shareholders whose shares are held by a broker, bank or other nominee should contact such broker, bank or other nominee regarding receipt of the merger consideration. The paying agent for the merger transaction is Computershare Trust Company, N.A. Computershare will, by February 14, 2006, mail to AMLI common shareholders of record and AMLI Residential Properties, L.P. unit holders of record on February 7 a letter of transmittal and instructions for receiving payment of the merger consideration. Holders of limited partnership units and certificated common shareholders should expect to receive the merger consideration soon after submitting a properly completed letter of transmittal to Computershare. All questions relating to receipt of the merger consideration in the AMLI merger should be directed to Computershare at 1-800- 730-6001. JP Morgan Securities Inc. acted as financial advisor to AMLI, and Mayer, Brown, Rowe & Maw LLP provided legal advice. Morgan Stanley acted as financial advisor to PRIME and Davis Polk & Wardwell and King & Spalding LLP provided legal advice. The AMLI(R) portfolio currently includes 73 apartment communities containing 27,730 apartment homes, with an additional 827 apartment homes under development or in lease-up in three 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 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/ . First Call Analyst: FCMN Contact: DATASOURCE: AMLI Residential Properties Trust CONTACT: Robert J. Chapman, Chief Financial Officer of AMLI Residential Properties Trust, +1-312-984-6845 Web site: http://www.amli.com/

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