The only cloud on the horizon is property taxes.
AMLI Residential Properties Trust reported second-quarter funds from operations of $0.65 per share, a 9.7% drop from the same time last year. While softening of markets such as Austin, TX hurt the bottom line, property taxes dampened the bottom line even in the strong multifamily market here.
"Other than the real estate tax increases, Chicago continues to put up good numbers for us," says executive vice president Robert A. Aisner. "Our outlook is positive and steady."
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