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To Gables Residential Trust: We have audited the accompanying consolidated balance sheets of Gables Residential Trust and subsidiaries as of December 31, 1999 and 1998 and the related consolidated statements of operations, shareowners’ equity and cash flows for each of the three years in the period ended December 31, 1999. These financial statements are the responsibility of the management of Gables Residential Trust. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the over-all financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Gables Residential Trust and subsidiaries as of December 31, 1999 and 1998 and the results of their operations and cash flows for each of the three years in the period ended December 31, 1999 in conformity with accounting principles generally accepted in the United States.
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