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FORM 10-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549


ý

ý ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the Fiscal Year Ended DECEMBER 31, 20012002

OR

o

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

Commission file numberFile Number: 1-12252

EQUITY RESIDENTIAL PROPERTIES TRUST

(Exact Name of Registrant as Specified in Its Charter)

Maryland


13-3675988

(State or Other Jurisdiction of Incorporation or Organization)

13-3675988

(I.R.S. Employer Identification No.)


Two North Riverside Plaza, Chicago, Illinois


60606

(Address of Principal Executive Offices)



60606

(Zip Code)

(312) 474-1300

(Registrant’s Telephone Number, Including Area Code)

http://www.equityapartments.com

(Registrant’s web site)

(312) 474-1300
(Registrant's Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Common Shares of Beneficial Interest, $0.01 Par Value

New York Stock Exchange

(Title of Class)

(Name of Each Exchange on Which Registered)


Preferred Shares of Beneficial Interest, $0.01 Par Value



New York Stock Exchange

(Title of Class)

(Name of Each Exchange on Which Registered)

Securities registered pursuant to Section 12(g) of the Act:  None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ý  No  o

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act).

Yes  ý  No  o

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the registrant'sregistrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. oý

 

The aggregate market value of voting and non-voting sharesCommon Shares held by non-affiliates of the Registrant was approximately $7.5$7.9 billion based upon the closing price on January 15,June 28, 2002 of $27.74$28.75 using beneficial ownership of shares rules adopted pursuant to Section 13 of the Securities Exchange Act of 1934 to exclude voting shares owned by Trustees and Executive Officers, some of whomwho may not be held to be affiliates upon judicial determination.

 At January 15, 2002, 271,918,700

The number of the Registrant's Common Shares of Beneficial Interest, were outstanding.$0.01 par value, outstanding on January 31, 2003 was 271,671,082.



DOCUMENTS INCORPORATED BY REFERENCE

 

Part III incorporates by reference information to be contained in the Company'sCompany’s definitive proxy statement, which the Company anticipates will be filed no later than April 30, 2002,2003, and thus these items have been omitted in accordance with General Instruction G (3) to Form 10-K.

2


EQUITY RESIDENTIAL PROPERTIES TRUST

TABLE OF CONTENTS


PAGE

PART I.

Page


Item 1. Business



4

Item 2. The Properties1.

Business

28

4

Item 3. Legal Proceedings2.

The Properties

31

27

Item 3.

Legal Proceedings

30

Item 4.

Submission of Matters to a Vote of Security Holders

31

30


PART II.




PART II.

Item 5.

Market for Registrant'sRegistrant’s Common Equity and Related Shareholder Matters



32

31

Item 6.

Selected Financial Data

32

Item 7. Management's

Management’s Discussion and Analysis of Financial Condition and Results of Operations

34

Item 7A.

Quantitative and Qualitative Disclosure about Market Risk

48

50

Item 8.

Financial Statements and Supplementary Data

48

51

Item 9.

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

48

51


PART III.




PART III.

Item 10.

Trustees and Executive Officers of the Registrant



49

52

Item 11.

Executive Compensation

49

52

Item 12.

Security Ownership of Certain Beneficial Owners and Management

49

52

Item 13.

Certain Relationships and Related Transactions

49

52


PART IV.


Item 14.


Disclosure Controls and Procedures

52


PART IV.

Item 14. 15.

Exhibits, Financial Statement Schedules and Reports on Form 8-K



50

52

3



PART I


Item 1.1.  Business

General

 

Equity Residential Properties Trust ("EQR"(“EQR”) is a self-administered and self-managed equity real estate investment trust ("REIT"). EQR was organized, formed in March 1993, and commenced operations on August 18, 1993 upon completion of its initial public offering (the "EQR IPO") of 26,450,000 common shares of beneficial interest, $0.01 par value per share ("Common Shares"). EQR was formed to continue the multifamily property business objectives and acquisition strategies of certain affiliated entities controlled by Mr. Samuel Zell, Chairman of the Board of Trustees of EQR. These entities had beenis a fully integrated real estate company engaged in the acquisition, ownership, management and operation of multifamily residential properties since 1969. As used herein, the term "Company" includesproperties.  EQR and those entities owned or controlled by it, as the survivor of the mergers between EQR and each of Wellsford Residential Property Trust, Evans Withycombe Residential, Inc., Merry Land & Investment Company, Inc. and Lexford Residential Trust (collectively, the "Mergers"). The term "Company" also includes Globe Business Resources, Inc. ("Globe") and Grove Property Trust ("Grove"). The Company completed the sale of its Globe furniture rental business on January 11, 2002. The Company has elected to be taxed as a REIT under Section 856(c) of the Internal Revenue Code of 1986, as amended (the "Code"real estate investment trust (“REIT”). Certain capitalized terms are defined in the Notes to the Company's Consolidated Financial Statements.

 

EQR is the general partner of, and as of December 31, 2001,2002 owned an approximate 92.1%92.4% ownership interest in, ERP Operating Limited Partnership, an Illinois limited partnership (the "Operating Partnership"“Operating Partnership”). The Company conducts substantially all of its business and owns substantially all of its assets through the Operating Partnership.  The Operating Partnership is, in turn, directly or indirectly, a partner, member or shareholder of numerous partnerships, limited liability companies and corporations which have been established primarily to own fee simple title to multifamily properties or to conduct property management activities and other businesses related to the ownership and operation of multifamily residential real estate.  References to the "Company"“Company” include EQR, the Operating Partnership and each of the partnerships, limited liability companies and corporations controlled by the Operating Partnership or EQR.

 The Company is engaged in the acquisition, ownership, management, operation and disposition of multifamily properties.

As of December 31, 2001,2002, the Company owned or had interestsinvestments in a portfolio of 1,076 multifamily 1,039properties (individually a "Property" and collectively the "Properties") containing 224,801 apartment unitsin 36 states consisting of the following:223,591 units.  An ownership breakdown includes:

 
 Number of
Properties
 Number of
Units
Wholly Owned Properties 955 199,698
Partially Owned Properties 36 6,931
Unconsolidated Properties 85 18,172
  
 
Total Properties 1,076 224,801

 

 

Number of
Properties

 

Number of
Units

 

Wholly Owned Properties

 

919

 

194,886

 

Partially Owned Properties (Consolidated)

 

36

 

6,931

 

Unconsolidated Properties

 

84

 

21,774

 

Total Properties

 

1,039

 

223,591

 

The Company accounts“Wholly Owned Properties” are accounted for its ownership interest in the 955 "Wholly Owned Properties" under the consolidation method of accounting.  The Company beneficially owns 100% fee simple title to 948912 of the 955 919Wholly Owned Properties.  The Company has a leasehold estate ownership interest in one Property. As such, the Company owns the real estate building and improvements and leases the land underlying the improvements under a long-term ground lease that expires in 2066.2066 for one property.  This one Propertyproperty is consolidated and reflected as a real estate asset while the ground lease is accounted for as an operating lease in accordance with Statement of Financial Accounting Standards ("SFAS"(“SFAS”) No. 13,Accounting for Leases.  The Company owns the debt collateralized by two Propertiesproperties and owns an interest in the debt

4


collateralized by the remaining four Properties.properties.  The Company consolidates its interest in these six Propertiesproperties in accordance with the accounting standards outlined in the AcSEC guidance for real estate acquisition, development and construction arrangements issued in the CPA letter dated February 10, 1986, and as such, reflects these assets as real estate in the consolidated financial statements.

 

The "Partially“Partially Owned Properties"Properties” are controlled and partially owned by the Company but have partners with minority interests and are accounted for under the consolidation method of accounting.  The "Unconsolidated Properties"“Unconsolidated Properties” are partially owned but not controlled by the Company andCompany.  With the exception of one property, the Unconsolidated Properties consist of investments in partnership interests and/or subordinated mortgages that are accounted for under the equity method of accounting.   The remaining one property consists of an investment in a limited liability company that, as a result of the terms of the operating agreement, is accounted for as a management contract right with all fees recognized as fee and asset management revenue.  The above table does not include various uncompleted development properties.properties (see Item 2, “Properties – Development Projects”).

 

The Company is one of the largest publicly traded REIT'sREIT’s (based on the aggregate market value of its outstanding Common Shares) and is the largest publicly traded REIT owner of multifamily properties (based on the number of apartment units wholly owned and total revenues earned).  The Company's PropertiesCompany’s

4


corporate headquarters are located in 36 states with its corporate headquarters located in Chicago, Illinois. TheIllinois and the Company also leases (under operating leases) over thirty-five divisional, regional and area property management offices throughout the United States.

 

Direct fee simple title for certain of the Propertiesproperties is owned by single-purpose nominee corporations, limited partnerships, and limited liability companies or land trusts that engage in no business other than holding title to the Propertyproperty for the benefit of the Company.  Holding title in such a manner is expected to make it less costly to transfer such Propertyproperty in the future in the event of a sale and should facilitate financing, since lenders often require title to a Propertyproperty to be held in a single purpose entity in order to isolate that Propertyproperty from potential liabilities of other Properties.properties.

 

The Company has approximately 6,400 employees as of March 1, 2002.2003.  An on-site manager, who supervises the on-site employees and is responsible for the day-to-day operations of the Property,property, directs each of the Company's Properties.Company’s properties.  An assistant manager and/or leasing staff generally assist the manager.  In addition, a maintenance director at each Propertyproperty supervises a maintenance staff whose responsibilities include a variety of tasks, including responding to service requests, preparing vacant apartments for the next resident and performing preventive maintenance procedures year-round.

Certain capitalized terms as used herein but not defined are defined in the Notes to Consolidated Financial Statements.

Business Objectives and Operating Strategies

 

The Company seeks to maximize both current income and long-term growth in income, thereby increasing:

    •

    the value of the Properties;

    properties;

    •

    distributions on a per Common Share basis; and

    •

    shareholders'shareholders’ value.

 

The Company'sCompany’s strategies for accomplishing these objectives are:

    •

    maintaining and increasing Propertyproperty occupancy while increasing rental rates;

    •

    controlling expenses, providing regular preventive maintenance, making periodic renovations and enhancing amenities;

    •

    maintaining a ratio of consolidated debt-to-total market capitalization of less than 50%;

    •

    strategically acquiring and disposing of properties;

    properties, with an emphasis on acquiring attractive properties in high barrier to entry markets and on selling properties in low barrier to entry markets;

    •

    purchasing newly developed, as well as co-investing in the development of, multifamily communities;

5

      •
      entering into joint ventures related to the ownership of established properties; and

      •

      strategically investing in various businesses that will enhance services for the Properties.
    properties.

     

    The Company is committed to resident satisfaction by striving to anticipate industry trends and implementing strategies and policies consistent with providing quality resident services.  In addition, the Company continuously surveys rental rates of competing properties and conducts resident satisfaction surveys to determine the factors they consider most important in choosing a particular apartment unit and/or Property.property.

    Acquisition and Development Strategies

     

    The Company anticipates that future property acquisitions and developments will occur within the continental United States.  Management will continue to use market information to evaluate opportunities.  The Company'sCompany’s market database allows it to review the primary economic indicators of the markets where the Company currently owns and manages Propertiesproperties and where it expects to expand its operations.  Acquisitions and

    5


    developments may be financed from various sources of capital, which may include retained cash flow, issuance of additional equity and debt securities, sales of Properties,properties, joint venture agreements and collateralized and uncollateralized borrowings.  In addition, the Company may acquire additional properties in transactions that include the issuance of limited partnership interests in the Operating Partnership ("(“OP Units"Units”) as consideration for the acquired properties. Such transactions may, in certain circumstances, enable the sellers to defer, in part, the recognition of taxable income or gain, which might otherwise result from the sales.

     

    When evaluating potential acquisitions and developments, the Company will consider:

      •

      the geographic area and type of community;

      •

      the location, construction quality, condition and design of the property;

      •

      the current and projected cash flow of the property and the ability to increase cash flow;

      •

      the potential for capital appreciation of the property;

      •

      the terms of resident leases, including the potential for rent increases;

      •

      income levels and employment growth trends in the relevant market;

      •

                        employment and household growth and net migration of the relevant market'smarket’s population;

      •

      the potential for economic growth and the tax and regulatory environment of the community in which the property is located;

      •

      the occupancy and demand by residents for properties of a similar type in the vicinity (the overall market and submarket);

      •

      the prospects for liquidity through sale, financing or refinancing of the property;

      •

      the benefits of integration into existing operations;

      •

      barriers to entry that would limit competition (zoning laws, building permit availability, supply of undeveloped or developable real estate, local building costs and construction labor costs among other factors);

      •

      purchase prices and yields of available existing stabilized communities, if any; and

      •

      competition from existing multifamily properties, residential properties under development and the potential for the construction of new multifamily properties in the area.

    6

      Disposition Strategies

      Management uses market information to evaluate dispositions.  Factors the Company considers in deciding whether to dispose of its properties include the following:

      •potential increases in new construction;

      •submarkets that will underperform the average performance of the portfolio in the mid and long-term;

      •markets where the Company does not intend to establish long-term concentrations; and

      •age or location of a particular property.

      The Company will reinvest the proceeds received from property dispositions primarily to fund property acquisitions as well as fund development activities.  In addition, when feasible, the Company may structure these transactions as tax deferred exchanges.

      Financing Strategies

       

      On October 11, 2001, the Company effected a two-for-one split of its Common Shares and OP Units to shareholders and unit holders of record as of September 21, 2001.  All Common Shares and OP Units presented have been retroactively adjusted to reflect the Common Share and OP Unit split.

       

      The Company's "ConsolidatedCompany’s “Consolidated Debt-to-Total Market Capitalization Ratio"Ratio” as of December 31, 20012002 is presented in the following table.  The Company calculates the equity component of its market capitalization as the sum of (i) the total outstanding Common Shares and assumed conversion of all OP Units at the equivalent market value of the closing price of the Company'sCompany’s Common Shares on the New York Stock Exchange; (ii) the "Common

      6


      “Common Share Equivalent"Equivalent” of all convertible preferred shares and preference interests/units; and (iii) the liquidation value of all perpetual preferred shares and preference interests outstanding.

      Capitalization as of December 31, 20012002

      Total Debt    $5,742,758,250 
      Common Shares & OP Units  294,818,566    
      Common Share Equivalents (see below)  15,861,937    
        
      		    
      Total Outstanding at year-end  310,680,503    
      Price at year-end $28.71    
        
      		    
            8,919,637,241 
      Perpetual Preferred Shares Liquidation Value     565,000,000 
      Perpetual Preference Interests Liquidation Value     211,500,000 
           
      		 
      Total Market Capitalization    $15,438,895,491 
      Debt/Total Market Capitalization     37.20%

      Total Debt

       

       

       

      $

      5,523,698,848

       

       

       

       

       

       

       

      Common Shares & OP Units

       

      293,396,124

       

       

       

      Common Share Equivalents (see below)

       

      14,947,898

       

       

       

      Total Outstanding at year-end

       

      308,344,022

       

       

       

      Common Share Price at December 31, 2002

       

      $

      24.58

       

       

       

       

       

       

       

      7,579,096,061

       

      Perpetual Preferred Shares Liquidation Value

       

       

       

      565,000,000

       

      Perpetual Preference Interests Liquidation Value

       

       

       

      211,500,000

       

      Total Market Capitalization

       

       

       

      $

      13,879,294,909

       

       

       

       

       

       

       

      Debt/Total Market Capitalization

       

       

       

      39.8

      %

       

       

       

       

       

       

      Convertible Preferred Shares, Preference Interests and Junior Preference Units
      As as of December 31, 2001      2002

       
      		 Shares/Units
      		 Conversion
      Ratio
      		 Common
      Share
      Equivalents
      Preferred Shares:      
       Series E 3,365,794 1.1128 3,745,456
       Series G 1,264,700 8.5360 10,795,479
       Series H 54,027 1.4480 78,231
      Preference Interests:      
       Series H 190,000 1.5108 287,052
       Series I 270,000 1.4542 392,634
       Series J 230,000 1.4108 324,484
      Junior Preference Units:      
       Series A 56,616 4.081600 231,084
       Series B 7,367 1.020408 7,517
        
      		   
      Total Convertible 5,438,504   15,861,937

       

       

       

      Shares/Units

       

      Conversion
      Ratio

       

      Common
      Share
      Equivalents

       

      Preferred Shares:

       

       

       

       

       

       

       

      Series E

       

      2,548,114

       

      1.1128

       

      2,835,541

       

      Series G

       

      1,264,692

       

      8.5360

       

      10,795,408

       

      Series H

       

      51,228

       

      1.4480

       

      74,178

       

      Preference Interests:

       

       

       

       

       

       

       

      Series H

       

      190,000

       

      1.5108

       

      287,052

       

      Series I

       

      270,000

       

      1.4542

       

      392,634

       

      Series J

       

      230,000

       

      1.4108

       

      324,484

       

      Junior Preference Units:

       

       

       

       

       

       

       

      Series A

       

      56,616

       

      4.081600

       

      231,084

       

      Series B

       

      7,367

       

      1.020408

       

      7,517

       

       

       

       

       

       

       

       

       

      Total

       

       

       

       

       

      14,947,898

       

      The Company's policy isCompany’s policies are to maintain a ratio of consolidated debt-to-total market capitalization of less than 50%.

              It is also the Company's policy and that all unsecuredEQR shall not incur indebtedness (otherother than short-term trade, employee compensation or similar indebtedness that will be paid in the ordinary course of business) bebusiness.

      7


      incurred by the Operating Partnership to the extent necessary to fund the business activities conducted by the Operating Partnership and its subsidiaries.

      Equity Offerings For the Years Ended December 31, 2002, 2001 2000 and 19992000

       

      During 2002, the Company:

      •                  Issued 1,435,115 Common Shares pursuant to its Fifth Amended Option and Award Plan and received net proceeds of approximately $29.6 million.

      •                  Issued 324,238 Common Shares pursuant to its Employee Share Purchase Plan and received net

      7


      proceeds of approximately $7.4 million.

      •                  Issued 31,354 Common Shares pursuant to its Share Purchase - DRIP Plan and received net proceeds of approximately $0.9 million.

      •                  Issued 41,407 Common Shares pursuant to its Dividend Reinvestment – DRIP Plan and received net proceeds of approximately $1.2 million.

      •                  Repurchased 5,092,300 of its Common Shares on the open market at an average price of $22.58 per share.  The purchases were made between October 1 and October 22, 2002.  The Company paid approximately $115.0 million in connection therewith.  These shares were subsequently retired.

      During 2001, the Company:

        •

        Issued 3,187,217 Common Shares pursuant to its Fifth Amended Option and Award Plan and received net proceeds of approximately $65.4 million.

        •

        Issued 310,261 Common Shares pursuant to its Employee Share Purchase Plan and received net proceeds of approximately $6.9 million.

        •

        Issued 33,106 Common Shares pursuant to its Share Purchase—Purchase - DRIP Plan and received net proceeds of approximately $0.9 million.

        •

        Issued 42,649 Common Shares pursuant to its Dividend Reinvestment—Reinvestment – DRIP Plan and received net proceeds of approximately $1.2 million.

       

      During 2000, the Company:

        •

        Issued 1,370,186 Common Shares pursuant to its Fifth Amended Option and Award Plan and received net proceeds of approximately $25.2 million.

        •

        Issued 299,580 Common Shares pursuant to its Employee Share Purchase Plan and received net proceeds of approximately $5.4 million.

        •

        Issued 26,374 Common Shares pursuant to its Share Purchase—Purchase - DRIP Plan and received net proceeds of approximately $0.6 million.

        •

        Issued 69,504 Common Shares pursuant to its Dividend Reinvestment—Reinvestment - DRIP Plan and received net proceeds of approximately $1.7 million.

       During 1999, the Company:

        •
        Issued 2,026,384 Common Shares pursuant to its Fifth Amended Option and Award Plan and received net proceeds of approximately $30.8 million.

        •
        Issued 295,770 Common Shares pursuant to its Employee Share Purchase Plan and received net proceeds of approximately $5.2 million.

        •
        Issued 45,068 Common Shares pursuant to its Share Purchase—DRIP Plan and received net proceeds of approximately $1.0 million.

        •
        Issued 72,264 Common Shares pursuant to its Dividend Reinvestment—DRIP Plan and received net proceeds of approximately $1.5 million.

        •
        Repurchased and retired on October 12, 1999, 296,906 Common Shares previously issued in connection with the LFT Merger. These Common Shares were beneficially owned by various LFT employees and trustees. The Company paid approximately $6.3 million in connection therewith.

      The Company filed with the SEC on February 3, 1998 a Form S-3 Registration Statement to register $1$1.0 billion of equity securities.  The SEC declared this registration statement effective on February 27, 1998.  In addition, the Company carried over $272$272.4 million related to the registration statement that was declared effective on August 4, 1997.  As of December 31, 2001,2002, $1.1 billion in equity securities remained available for issuance under this registration statement.

       During 2001, 2000 and 1999,

      In May 2002, the Company’s shareholders approved the Company’s 2002 Share Incentive Plan.  In January 2003, the Company filed a Form S-8 registration statement to register 23,125,828 Common Shares under this plan.

      Cumulative through December 31, 2002, the Company, through a subsidiary of the Operating Partnership, issued various series of Preference Interests series (the "Preference Interests"“Preference Interests”) with an equity value of

      8


      $246.0 $246.0 million receiving net proceeds of $239.9 million.  The following table presents the issued and outstanding Preference Interests as of December 31, 20012002 and December 31, 2000:2001:

       
      		  
      		  
      		  
      		 Amounts in thousands
       
      		 Redemption
      Date (1)(2)
      		 Conversion
      Rate (2)
      		 Annual
      Dividend
      Rate per
      Unit (3)
      		 December 31,
      2001
      		 December 31,
      2000
      Preference Interests:             

      8.00% Series A Cumulative Redeemable Preference Interests; liquidation value $50 per unit; 800,000 units issued and outstanding at December 31, 2001 and December 31, 2000
       
      10/01/04
       
      N/A
       
      $
      4.0000
       
      $
      40,000
       
      $
      40,000

      8.50% Series B Cumulative Redeemable Preference Units; liquidation value $50 per unit; 1,100,000 units issued and outstanding at December 31, 2001 and December 31, 2000
       
      03/03/05
       
      N/A
       
      $
      4.2500
       
       
      55,000
       
       
      55,000

      8.50% Series C Cumulative Redeemable Preference Units; liquidation value $50 per unit; 220,000 units issued and outstanding at December 31, 2001 and December 31, 2000
       
      03/23/05
       
      N/A
       
      $
      4.2500
       
       
      11,000
       
       
      11,000

      8.375% Series D Cumulative Redeemable Preference Units; liquidation value $50 per unit; 420,000 units issued and outstanding at December 31, 2001 and December 31, 2000
       
      05/01/05
       
      N/A
       
      $
      4.1875
       
       
      21,000
       
       
      21,000

      8.50% Series E Cumulative Redeemable Preference Units; liquidation value $50 per unit; 1,000,000 units issued and outstanding at December 31, 2001 and December 31, 2000
       
      08/11/05
       
      N/A
       
      $
      4.2500
       
       
      50,000
       
       
      50,000

      8.375% Series F Cumulative Redeemable Preference Units; liquidation value $50 per unit; 180,000 units issued and outstanding at December 31, 2001 and December 31, 2000
       
      05/01/05
       
      N/A
       
      $
      4.1875
       
       
      9,000
       
       
      9,000

      7.875% Series G Cumulative Redeemable Preference Units; liquidation value $50 per unit; 510,000 units issued and outstanding at December 31, 2001
       
      03/21/06
       
      N/A
       
      $
      3.9375
       
       
      25,500
       
       
      —

      7.625% Series H Cumulative Convertible Redeemable Preference Units; liquidation value $50 per unit; 190,000 units issued and outstanding at December 31, 2001
       
      03/23/06
       
      1.5108
       
      $
      3.8125
       
       
      9,500
       
       
      —

      7.625% Series I Cumulative Convertible Redeemable Preference Units; liquidation value $50 per unit; 270,000 units issued and outstanding at December 31, 2001
       
      06/22/06
       
      1.4542
       
      $
      3.8125
       
       
      13,500
       
       
      —

      7.625% Series J Cumulative Convertible Redeemable Preference Units; liquidation value $50 per unit; 230,000 units issued and outstanding at December 31, 2001
       
      12/14/06
       
      1.4108
       
      $
      3.8125
       
       
      11,500
       
       
      —
               
      		 
               $246,000 $186,000
               
      		 

      8


       

       

      Redemption
      Date(1)(2)

       

      Conversion
      Rate(2)

       

      Annual
      Dividend
      Rate per
      Unit(3)

       

       

       

       

       

      Amounts in thousands

      December 31,
      2002

       

      December 31,
      2001

      Preference Interests:

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      8.00% Series A Cumulative Redeemable Preference Interests; liquidation value $50 per unit; 800,000 units issued and outstanding at December 31, 2002 and December 31, 2001

       

      10/01/04

       

      N/A

       

      $

      4.0000

       

      $

      40,000

       

      $

      40,000

       

       

       

       

       

       

       

       

       

       

       

       

       

      8.50% Series B Cumulative Redeemable Preference Units; liquidation value $50 per unit; 1,100,000 units issued and outstanding at December 31, 2002 and December 31, 2001

       

      03/03/05

       

      N/A

       

      $

      4.2500

       

      55,000

       

      55,000

       

       

       

       

       

       

       

       

       

       

       

       

       

      8.50% Series C Cumulative Redeemable Preference Units; liquidation value $50 per unit; 220,000 units issued and outstanding at December 31, 2002 and December 31, 2001

       

      03/23/05

       

      N/A

       

      $

      4.2500

       

      11,000

       

      11,000

       

       

       

       

       

       

       

       

       

       

       

       

       

      8.375% Series D Cumulative Redeemable Preference Units; liquidation value $50 per unit; 420,000 units issued and outstanding at December 31, 2002 and December 31, 2001

       

      05/01/05

       

      N/A

       

      $

      4.1875

       

      21,000

       

      21,000

       

       

       

       

       

       

       

       

       

       

       

       

       

      8.50% Series E Cumulative Redeemable Preference Units; liquidation value $50 per unit; 1,000,000 units issued and outstanding at December 31, 2002 and December 31, 2001

       

      08/11/05

       

      N/A

       

      $

      4.2500

       

      50,000

       

      50,000

       

       

       

       

       

       

       

       

       

       

       

       

       

      8.375% Series F Cumulative Redeemable Preference Units; liquidation value $50 per unit; 180,000 units issued and outstanding at December 31, 2002 and December 31, 2001

       

      05/01/05

       

      N/A

       

      $

      4.1875

       

      9,000

       

      9,000

       

       

       

       

       

       

       

       

       

       

       

       

       

      7.875% Series G Cumulative Redeemable Preference Units; liquidation value $50 per unit; 510,000 units issued and outstanding at December 31, 2002 and December 31, 2001

       

      03/21/06

       

      N/A

       

      $

      3.9375

       

      25,500

       

      25,500

       

       

       

       

       

       

       

       

       

       

       

       

       

      7.625% Series H Cumulative Convertible Redeemable Preference Units; liquidation value $50 per unit; 190,000 units issued and outstanding at December 31, 2002 and December 31, 2001

       

      03/23/06

       

      1.5108

       

      $

      3.8125

       

      9,500

       

      9,500

       

       

       

       

       

       

       

       

       

       

       

       

       

      7.625% Series I Cumulative Convertible Redeemable Preference Units; liquidation value $50 per unit; 270,000 units issued and outstanding at December 31, 2002 and December 31, 2001

       

      06/22/06

       

      1.4542

       

      $

      3.8125

       

      13,500

       

      13,500

       

       

       

       

       

       

       

       

       

       

       

       

       

      7.625% Series J Cumulative Convertible Redeemable Preference Units; liquidation value $50 per unit; 230,000 units issued and outstanding at December 31, 2002 and December 31, 2001

       

      12/14/06

       

      1.4108

       

      $

      3.8125

       

      11,500

       

      11,500

       

       

       

       

       

       

       

       

       

      $

      246,000

       

      $

      246,000

       

      (1)

      On or after the fifth anniversary of the respective issuance (the "Redemption Date"“Redemption Date”), all of the Preference Interests may be redeemed for cash at the option of the Company, in whole or in part, at any time or from time to time, at a redemption price payable in cash, equal to the liquidation preference of $50.00 per unit plus the cumulative amount of accrued and unpaid distributions, if any.

      9

      (2)

      On or after the tenth anniversary of the respective issuance (the "Conversion Date"“Conversion Date”), all of the Preference Interests are exchangeable at the option of the holder (in whole but not in part) on a one-for-one basis tofor a respective reserved series of EQR Preferred Shares.  In addition, on or after the Conversion Date, the Convertibleconvertible Preference Interests (Series H, I & J) may be converted under certain circumstances at the option of the holder (in whole but not in part) to Common Shares based upon the contractual conversion rate, plus accrued and unpaid distributions, if any.

      (3)

      Dividends on all series of Preference Interests are payable quarterly on March 25th, June 25th, September 25th,and December 25thof each year.

      9


      Debt Offerings For the Years Ended December 31, 2002, 2001 2000 and 19992000

       

      During 2001:2002:

        •

        The Operating Partnership issued $300$400.0 million of redeemable unsecured fixed rate notes (the "March“March 2012 Notes”) in a public debt offering in March 2002.  The March 2012 Notes were issued at a discount, which is being amortized over the life of the notes on a straight-line basis.  The March 2012 Notes are due March 15, 2012.  The annual interest rate on the March2012 Notes is 6.625%, which is payable semiannually in arrears on September 15 and March 15, commencing September 15, 2002.The Operating Partnership received net proceeds of approximately $394.5 million in connection with this issuance.

        •                  The Operating Partnership issued $50.0 million of redeemable unsecured fixed rate notes (the “November 2007 Notes”) in a public debt offering in November 2002.  The November 2007 Notes are due November 30, 2007.  The annual interest rate on the November2007 Notes is 4.861%, which is payable semiannually in arrears on May 30 and November 30, commencing May 30, 2003.The Operating Partnership received net proceeds of approximately $49.9 million in connection with this issuance.

        During 2001:

        •                  The Operating Partnership issued $300.0 million of redeemable unsecured fixed rate notes (the “March 2011 Notes"Notes”) in a public debt offering in March 2001.  The March 2011 Notes were issued at a discount, which is being amortized over the life of the notes on a straight-line basis.  The March 2011 Notes are due March 2, 2011.  The annual interest rate on the March2011 Notes is 6.95%, which is payable semiannually in arrears on September 2 and March 2, commencing September 2, 2001.The Operating Partnership received net proceeds of approximately $297.4 million in connection with this issuance.

       

      During 2000:

        •

        The Operating Partnership did not issue new debt securities during the year ended December 31, 2000.

       During 1999:

        •
        The Operating Partnership issued $300 million of redeemable unsecured fixed rate notes (the "June 2004 Notes") in a public debt offering in June 1999. The June 2004 Notes were issued at a discount, which is being amortized over the life of the notes on a straight-line basis. The June 2004 Notes are due June 23, 2004. The annual interest rate on the June 2004 Notes is 7.10%, which is payable semiannually in arrears on December 23 and June 23, commencing December 23, 1999. The Operating Partnership received net proceeds of approximately $298.0 million in connection with this issuance.

      The Operating Partnership filed a Form S-3 Registration Statement on August 25, 2000 to register $1$1.0 billion of debt securities.  The SEC declared this registration statement effective on September 8, 2000. In addition, the Operating Partnership carried over $430$430.0 million related to the registration statement effective on February 27, 1998.  As of December 31, 2001, $1.13 billion in debt securities2002, $680.0 million remained available for issuance under this registration statement.

      Disposition StrategiesCredit Facilities

       Management will use market information to evaluate dispositions. Factors

      On May 30, 2002, the Company considers in deciding whether to dispose of its Properties include the following:

        •
        potential increases inobtained a new construction;

        •
        areas where the economy is expected to decline substantially; and

        •
        markets where the Company does not intend to establish long-term concentrations.

              The Company will reinvest the proceeds received from property dispositions primarily to fund property acquisitions as well as fund development activities. In addition, when feasible, the Company may structure these transactions as tax deferred exchanges.

      10


      Credit Facilities

              The Company has athree-year $700.0 million unsecured revolving credit facility to provide the Operating Partnership with potential borrowings of up to $700 million. Thismaturing May 29, 2005.  The new line of credit isreplaced the $700.0 million unsecured revolving credit facility that was scheduled to expire in August 2002 and2002.  The prior existing revolving credit facility was terminated upon the Company has begun negotiations to have a new line of credit in place by the endclosing of the second quarter of 2002.new facility.  Advances under the new credit facility bear interest at variable rates based upon LIBOR at various interest periods, plus a spread dependent upon the Operating Partnership’s credit rating, or based upon bids received from the lending group.  As of February 28,December 31, 2002, $262.0$140.0 million was outstanding under this facility at aand $60.8 million was restricted (dedicated to support letters of credit and not available for borrowing) on the line of credit.  During the year ended December 31, 2002, the weighted average interest rate on borrowings under the former and new lines of 2.38%credit was 2.30%.

       

      In connection with its acquisition of Globe Business Resources, Inc. (“Globe”), the Company assumed a revolving credit facility with potential borrowings of up to $55.0 million.  On May 31, 2001, this credit facility was terminated.

      10


      Business Combinations

       

      Multifamily Properties

      On October 1, 1999,31, 2000, the Company completedacquired Grove Property Trust (“Grove”) for a total purchase price of $463.2 million and succeeded to the acquisitionownership of 60 properties containing 7,308 units.  The Company:

      •                  Paid $17.00 per share or $141.6 million in cash to purchase the 8.3 million outstanding common shares of Grove;

      •                  Paid $17.00 per unit or $12.4 million in cash to purchase 0.7 million Grove OP Units outstanding at the merger date;

      •                  Converted 2.1 million Grove OP Units to 1.6 million of the multifamily property businessOperating Partnership’s OP Units using the conversion ratio of Lexford Residential Trust ("LFT") through the LFT Merger.0.7392 (after cash-out of fractional units).  The transaction was valued at approximately $738value of these converted OP Units totaled $37.2 million;

      •                  Assumed $241.3 million in Grove debt, which included first and second mortgages totaling $203.4 million and included 402 LFT Properties containing 36,609 units. The purchase price consisted of:

        •
        8.0Grove’s line of credit totaling $38.0 million.  Grove’s line of credit and two mortgage loans totaling $7.8 million Common Shares issued bywere paid off immediately after the Company (each outstanding common shareclosing;

        •                  Acquired $20.1 million in other Grove assets and assumed $11.2 million in other Grove liabilities, including a contingent earnout liability totaling $1.5 million.  This amount represented the estimated additional cash or OP Units required to be funded to the previous owners of beneficial interestGlen Meadow Apartments upon the transition of LFT was converted into 0.926 of a Common Share) with athis property from subsidized to market value of approximately $181.1 million;

        rents; and

        •

        assumption of mortgage indebtedness and unsecured notes in the amount of $528.3 million;

        •
                          Recorded acquisition of other assets of approximately $40.9 million and assumption of other liabilities of approximately $25.3 million; and

        •
        other merger related costs of approximately $24.5$19.5 million.

       

      Furniture Rental and Corporate Housing Businesses

      On July 11, 2000, the Company acquired Globe in an all cash and debt transaction valued at approximately $163.2 million.  Globe provided fully furnished short-term housing through an inventory of leased housing units to transferring or temporarily assigned corporate personnel, new hires, trainees, consultants and individual customers throughout the United States.  Additionally, Globe rentsleased and sellssold furniture to a diversified base of commercial and residential customers throughout the United States.  Shareholders of Globe received $13.00 per share, which approximated $58.7 million in cash based on the 4.5 million Globe shares outstanding.  In addition, the Company:

        •

        Acquired $94.8 million in other Globe assets and assumed $29.6 million in other Globe liabilities;

        •

        Allocated $68.4 million to goodwill;

        •

        Recorded acquisition costs of $4.5 million; and

        •

        Assumed $70.4 million in debt, which included $1.4 million in mortgage debt, $39.5 million in unsecured notes, and Globe'sGlobe’s line of credit of $29.5 million outstanding.

       

      On July 21, 2000, the Company, through its Globe subsidiary, acquired Temporary Quarters, Inc., the leading corporate housing provider in Atlanta, Georgia, in a $3.3 million all cash transaction.

       

      As of September 30, 2001, the Company recorded $60.0 million of asset impairment charges related to its furniture rental business.  These charges were the result of a review of the existing intangible and tangible assets reflected on the consolidated balance sheet as of September 30, 2001.  The impairment loss is reflected on the income statementconsolidated statements of operations for the year ended December 31, 2001, in total expensesdiscontinued operations, net, and includes the write-down of the following assets: a) goodwill of approximately $26.0 million; b) rental furniture, net of approximately $28.6 million; c) property and equipment, net of approximately $4.5 million; and d) other assets of approximately $0.9 million.

      11


      On January 11, 2002, the Company sold the former Globe furniture rental business for approximately $30.0 million in cash, which approximated the net book value at the sale date.  The Company has retained

      11


      ownership of the former Globe short-term furnished housing business, which is now known as Equity Corporate Housing.Housing (“ECH”).

       On October

      For the year ended December 31, 20002002, the Company acquired Grove, which included 60 properties containing 7,308 units for a total purchase pricerecorded approximately $17.1 million of $463.2 million. The Company:

        •
        Paid $17.00 per share or $141.6 millionasset impairment charges related to ECH.  Following the guidance in cash to purchaseSFAS No. 142, these charges were the 8.3 million outstanding common shares of Grove;

        •
        Paid $17.00 per unit or $12.4 million in cash to purchase 0.7 million Grove OP Units outstanding at the merger date;

        •
        Converted 2.1 million Grove OP Units to 1.6result of the Operating Partnership's OP units usingCompany’s decision to reduce the conversion ratio of 0.7392 (after cash-out of fractional units). Thecarrying value of these converted OP units totaled $37.2 million;

        •
        Assumed $241.3ECH to $30.0 million, given the continued weakness in Grove debt, which included firstthe economy and second mortgages totaling $203.4 millionmanagement’s expectations for near-term performance, and Grove's linewere determined based upon a discounted cash flow analysis of credit totaling $38.0 million. Grove's linethe business.  The impairment loss is reflected on the consolidated statements of creditoperations as impairment on corporate housing business and two mortgage loans totaling $7.8 million were paid off immediately afteron the closing;

        •
        Acquired $20.1 millionconsolidated balance sheets as a reduction in other Grove assets and assumed $11.2 million in other Grove liabilities, including a contingent earnout liability totaling $1.5 million. This amount represents the estimated additional cash or OP Units required to be funded to the previous owners of Glen Meadow Apartments upon the transition of this property from subsidized to market rents; and

        •
        Recorded acquisition costs of $19.5 million.
      goodwill, net.

       

      The Company accounted for these business combinations as purchases in accordance with Accounting Principles Board ("APB"(“APB”) Opinion No. 16.  The fair value of the consideration given by the Company was used as the valuation basis for each of the combinations.

      Competition

       

      All of the Propertiesproperties are located in developed areas that include other multifamily properties.  The number of competitive multifamily properties in a particular area could have a material effect on the Company'sCompany’s ability to lease units at the Propertiesproperties or at any newly acquired properties and on the rents charged.  The Company may be competing with other entities that have greater resources than the Company and whose managers have more experience than the Company'sCompany’s managers.  In addition, other forms of rental properties, including multifamily properties and manufactured housing, some of which may be controlled by Mr. Zell, and single-family housing provide housing alternatives to potential residents of multifamily properties.   Recently, historically low mortgage interest rates coupled with record residential construction and single-family home sales have had an adverse competitive effect on the Company.

      Risk Factors

       

      The following Risk Factors may contain defined terms that are different from those used in the other sections of this report.  Unless otherwise indicated, when used in this section, the terms "we"“we” and "us"“us” refer to Equity Residential Properties Trust and its subsidiaries, including ERP Operating Limited Partnership.

       

      Set forth below are the risks that we believe are important to investors who purchase or own our common shares of beneficial interest or preferred shares of beneficial interest (which we refer to collectively as "Shares"“Shares”); preference interests ("Interests"(“Interests”) of a subsidiary of ERP Operating Limited Partnership; preference units ("Units"(“Units”); or units of limited partnership interest ("(“OP Units"Units”) of ERP Operating Limited Partnership, our operating partnership, which are redeemable on a one-for-one basis for common shares or their cash equivalent.  In this section, we refer to the Shares, Interests, Units and

      12


      the OP Units together as our "securities,"“securities,” and the investors who own Shares, Interests, Units and/or OP Units as our "security“security holders."”

      Debt Financing, Preferred Shares and Preference Interests and Units Could Adversely Affect Our Performance and Share Value are Subject to Risks Associated with the Real Estate Industry
      General

      Real property investments are subject to varying degrees of risk and are relatively illiquid. Several factors may adversely affect the economic performance and value of our properties.  These factors include changes in the national, regional and local economic climate, local conditions such as an oversupply of multifamily properties or a reduction in demand for our multifamily properties, the attractiveness of our properties to residents, competition from other available multifamily property owners and changes in market rental rates.  Our performance also depends on our ability to collect rent from residents and to pay for adequate maintenance, insurance and other operating costs, including real estate taxes, which could increase over time.  Also, the expenses of owning and operating a property are not necessarily reduced when circumstances such as market factors and competition cause a reduction in income from the property.

        General

       The Company's total debt summary,

      12


      We May be Unable to Renew Leases or Relet Units as Leases Expire

      When our residents decide not to renew their leases upon expiration, we may not be able to relet their units.  Even if the residents do renew or we can relet the units, the terms of December 31, 2001, included:

      Debt Summary asrenewal or reletting may be less favorable than current lease terms.  Because virtually all of December 31, 2001

       
      		 $ Millions
      		 Weighted
      Average Rate
      		 
      Secured $3,287 6.51%
      Unsecured  2,456 6.32%
        
      		 
      		 
       Total $5,743 6.43%
      Fixed Rate $4,847 7.02%
      Floating Rate  896 3.20%
        
      		 
      		 
       Total $5,743 6.43%
      Above Totals Include:      
      Total Tax Exempt $975 4.41%
      Unsecured Revolving Credit Facility $195 2.50%

              In additionour leases are for apartments, they are generally for terms of no more than one year.  If we are unable to debt, we have issuedpromptly renew the leases or relet the units, or if the rental rates upon renewal or reletting are significantly lower than expected rates, then our results of operations and outstanding $1.2 billion of liquidation value for the preferred shares of beneficial interest and preference interests and units combined, with a weighted average dividend preference of 8.06% per annum. Our use of debt and preferred equity financing creates certain risks, including the following.

        Scheduled Debt Payments Could Adversely Affect Our Financial Condition

              In the future,financial condition will be adversely affected.  Consequently, our cash flow couldand ability to service debt and make distributions to security holders would be insufficientreduced.  As a result of general economic conditions and competitive factors discussed above, we have experienced a trend of declining rents and increased concessions when entering into new leases across our portfolio during 2002.

      New Acquisitions or Developments May Fail to meet required payments of principalPerform as Expected and interestCompetition for Acquisitions May Result in Increased Prices for Properties

      We intend to continue to actively acquire and develop multifamily properties.  Newly acquired or developed properties may fail to perform as expected.  We may underestimate the costs necessary to bring an acquired property up to standards established for its intended market position or to pay distributionsdevelop a property.  Additionally, we expect that other major real estate investors with significant capital will compete with us for attractive investment opportunities or may also develop properties in markets where we focus our development efforts.  This competition may increase prices for multifamily properties.  We may not be in a position or have the opportunity in the future to make suitable property acquisitions on our securities at expected levels.favorable terms.   The total number of development units, cost of development and estimated completion dates are subject to uncertainties arising from changing economic conditions (such as the cost of labor and construction materials), competition and local government regulation.

      Because Real Estate Investments Are Illiquid, We May Not Be Able To Sell Properties When Appropriate

      Real estate investments generally cannot be sold quickly.  We may not be able to refinance existing debt (whichchange our portfolio promptly in virtually all cases requires substantial principal payments at maturity) and, if we can,response to economic or other conditions.  This inability to respond promptly to changes in the terms of such refinancing might not be as favorable as the terms of existing indebtedness. If principal payments due at maturity cannot be refinanced, extended or paid with proceeds of other capital transactions, such as new equity capital, our cash flow will not be sufficient in all years to repay all maturing debt. As a result, we may be forced to postpone capital expenditures necessary for the maintenanceperformance of our properties and may have to dispose of one or

      13


      more properties on terms that would otherwise be unacceptable to us. The Company's debt maturity schedule as of December 31, 2001 is as follows:

      Debt Maturity Schedule
      As of December 31, 2001

      Year
      		 $ Millions
      		 % of Total
      		 
      2002  699 12.2%
      2003  306 5.3%
      2004  596 10.4%
      2005  711 12.4%
      2006  440 7.7%
      2007  277 4.8%
      2008  482 8.4%
      2009  414 7.2%
      2010  262 4.6%
      2011+  1,556 27.0%
        
      		 
      		 
      Total $5,743 100.0%

      14

        Financial Covenants Could Adversely Affect the Company's Financial Condition

              If a property we own is mortgaged to secure payment of indebtedness and we are unable to meet the mortgage payments, the holder of the mortgageinvestments could foreclose on the property, resulting in loss of income and asset value. Foreclosure on mortgaged properties or an inability to refinance existing indebtedness would likely have a negative impact onadversely affect our financial condition and results of operations. A foreclosure could also resultability to make distributions to our security holders.

      Changes in Laws Could Affect Our Business

      We are generally not able to pass through to our recognition of taxableresidents under existing leases real estate taxes, income withouttaxes or other taxes.  Consequently, any such tax increases may adversely affect our actually receiving cash proceeds from the disposition of the property with whichfinancial condition and limit our ability to pay the tax. This couldmake distributions to our security holders.  Similarly, changes that increase our potential liability under environmental laws or our expenditures on environmental compliance would adversely affect our cash flow and could make it more difficult for us to meet our distribution requirements as a real estate investment trust (a "REIT").

              The mortgages on our properties may contain customary negative covenants that, among other things, limit our ability without the prior consent of the lender, to further mortgage the property and to reduce or change insurance coverage. In addition, our credit facilities contain certain customary restrictions, requirements and other limitations on our ability to incur indebtedness. Our current $700 million revolving credit facility matures in August 2002 and we will negotiate new covenants when we enter into the new credit facility which we expect will be no more restrictive than those contained in our existing credit facility, although there can be no assurance that our expectations will prove to be accurate. The indentures under which a substantial portion of our debt was issued also contain certain financial and operating covenants including, among other things, maintenance of certain financial ratios, as well as limitations on our ability to incur secured and unsecured indebtedness (including acquisition financing), and to sell all or substantially all of our assets. Our credit facility and indentures are cross-defaulted and also contain cross default provisions with other material indebtedness.

              Some of the properties were financed with tax-exempt bonds that contain certain restrictive covenants or deed restrictions. We have retained an independent outside consultant to monitor compliance with the restrictive covenants and deed restrictions that affect these properties. If these bond compliance requirements restrict our ability to increase our rental rates to attract low or moderate-income tenants, or eligible/qualified tenants, then our income from these properties may be limited.

        Our Degree of Leverage Could Limit Our Ability to Obtain Additional Financing

              Our Consolidated Debt-to-Total Market Capitalization Ratio was approximately 37.20% as of December 31, 2001. We have a policy of incurring indebtedness for borrowed money only through the Operating Partnership and its subsidiaries and only if upon such incurrence our debt to market capitalization ratio would be approximately 50% or less. Our degree of leverage could have important consequences to security holders. For example, the degree of leverage could affect our ability to obtain additional financing in the future for working capital, capital expenditures, acquisitions, development or other general corporate purposes, making us more vulnerable to a downturn in business or the economy generally.

        Rising Interest Rates Could Adversely Affect Cash Flow

              Advances under our credit facility bear interest at variable rates based upon LIBOR available at various interest periods, plus a certain spread dependent upon the Company's credit rating. Certain public issuances of our senior unsecured debt instruments also, from time to time, bear interest at floating rates. We may also borrow additional money with variable interest rates in the future. Increases in interest rates would increase our interest expenses under these debt instruments and would increase the costs of refinancing existing indebtedness and of issuing new debt. Accordingly, higher interest rates could adversely affect cash flow and our ability to service our debt and to make distributions to security holders.on our securities.

      15

      Control and Influence by Significant Shareholders Could be Exercised in a Manner Adverse to Other Shareholders

        General

              As of January 15, 2002, (1) Samuel Zell, the Chairman of the Board of the Company, and certain of the current holders of Units issued to affiliates of Mr. Zell owned in the aggregate approximately 3.1% of our common shares (Mr. Zell and these affiliates are described herein as the "Zell Original Owners"); and (2) our executive officers and trustees, excluding Mr. Zell (see disclosure above), owned approximately 5.7% of our common shares. These percentages assume all options are exercised for common shares and all Units are converted to common shares. In addition, the consent of certain affiliates of Mr. Zell is required for certain amendments to the Fifth Amended and Restated ERP Operating Limited Partnership Agreement of Limited Partnership (the "Partnership Agreement"). As a result of their security ownership and rights concerning amendments to the Partnership Agreement, Mr. Zell may have substantial influence over the Company. Although these security holders have not agreed to act together on any matter, they would be in a position to exercise even more influence over the Company's affairs if they were to act together in the future. This influence might be exercised in a manner that is inconsistent with the interests of other security holders.

      Environmental Problems are Possible and can be Costly

       

      Federal, state and local laws and regulations relating to the protection of the environment may require a current or previous owner or operator of real estate to investigate and clean up hazardous or toxic substances or petroleum product releases at such property.  The owner or operator may have to pay a governmental entity or third parties for property damage and for investigation and clean-up costs incurred by such parties in connection with the contamination. These laws typically impose clean-up responsibility and liability without regard to whether the owner or operator knew of or caused the presence of the contaminants. Even if more than one person may have been responsible for the contamination each person covered by the environmental laws may be held responsible for all of the clean-up costs incurred.  In addition, third parties may sue the owner or operator of a site for damages and costs resulting from environmental contamination emanating from that site.

       

      13


      Environmental laws also govern the presence, maintenance and removal of asbestos.  These laws require that owners or operators of buildings containing asbestos properly manage and maintain the asbestos, that they notify and train those who may come into contact with asbestos and that they undertake special precautions, including removal or other abatement, if asbestos would be disturbed during renovation or demolition of a building.  These laws may impose fines and penalties on building owners or operators who fail to comply with these requirements and may allow third parties to seek recovery from owners or operators for personal injury associated with exposure to asbestos fibers.

       

      Substantially all of our properties have been the subject of environmental assessments completed by qualified independent environmental consultant companies.  These environmental assessments have not revealed, nor are we aware of, any environmental liability that our management believes would have a material adverse effect on our business, results of operations, financial condition or liquidity.

       Recently

      Over the past two years, there hashave been an increasing number of lawsuits against owners and managers of multifamily properties other than the Company alleging personal injury and property damage caused by the presence of mold in residential real estate.  Some of these lawsuits have resulted in substantial monetary judgments or settlements.  Insurance carriers have reacted to these liability awards by excluding mold related claims from standard policies and pricing mold endorsements at prohibitively high rates.  We have adopted programs designed to minimize the existence of mold in any of our properties as well as guidelines for promptly addressing and resolving reports of mold to minimize any impact mold might have on residents or the property.

      16


      We cannot be assured that existing environmental assessments of our properties reveal all environmental liabilities, that any prior owner of any of our properties did not create a material environmental condition not known to us, or that a material environmental condition does not otherwise exist as to any one or more of our properties.

      Our PerformanceInsurance Policy Deductibles and Share Value are SubjectExclusions

                      In order to Risks Associated withpartially mitigate the Real Estate Industry

        General

              Realsubstantial increase in insurance costs in recent years, management has determined to gradually increase deductible and self insured retention amounts.  As of December 31, 2002, the Company property investments areinsurance policy (for Wholly Owned Properties) provides for a per occurrence deductible of $250,000 and self insured retention of $1 million per occurrence, subject to varying degreesa maximum annual aggregate self insured retention of risk$4 million.  The Company's liability and worker's compensation policies at December 31, 2002, provide for a $1 million per occurrence deductible.  While higher deductible and self insured retention amounts expose the Company to greater potential uninsured losses, management believes that the savings in insurance premium expense justifies this increased exposure.  Management anticipates that deductibles and self insured retention amounts will likely further increase for 2003 policy renewals.

      As a result of the terrorist attacks of September 11, 2001, insurance carriers have created exclusions for losses from terrorism from our “all risk” insurance policies.  While separate terrorism insurance coverage is available in certain instances, premiums for such coverage is generally very expensive, with very high deductibles.  Moreover, the terrorism insurance coverage that is available typically excludes coverage for losses from acts of foreign governments as well as nuclear, biological and chemical attacks.  The Company has determined that it is not economically prudent to obtain terrorism insurance to the extent otherwise available, especially given the significant risks that are relatively illiquid. Several factors may adversely affectnot covered by such insurance.  In the economic performance and valueevent of a terrorist attack impacting one or more of the properties, we could lose the revenues from the property, our properties. These factors include changescapital investment in the national, regionalproperty and local economic climate, local conditions suchpossibly face liability claims from residents or others suffering injuries or losses. The Company believes, however, that the number and geographic diversity of its portfolio helps to mitigate its exposure to the risks associated with potential terrorist attacks.

      Debt Financing, Preferred Shares and Preference Interests and Units Could Adversely Affect Our Performance

      General

      The Company’s total debt summary, as an oversupply of multifamily properties orDecember 31, 2002, included:

      14


      Debt Summary as of December 31, 2002

       

       

      $ Millions

       

      Weighted
      Average Rate

       

      Secured

       

      $

      2,928

       

      6.15

      %

      Unsecured

       

      2,596

       

      6.30

      %

      Total

       

      $

      5,524

       

      6.22

      %

       

       

       

       

       

       

      Fixed Rate*

       

      $

      4,776

       

      6.83

      %

      Floating Rate*

       

      748

       

      2.33

      %

      Total*

       

      $

      5,524

       

      6.22

      %

       

       

       

       

       

       

      Above Totals Include:

       

       

       

       

       

      Total Tax Exempt

       

      $

      985

       

      3.75

      %

      Unsecured Revolving Credit Facility

       

      $

      140

       

      1.98

      %

      * Net of the effect of any interest rate protection agreements.

      In addition to debt, we have issued $1.2 billion of combined liquidation value for the preferred shares of beneficial interest and preference interests and units, with a reduction in demand for our multifamily properties,weighted average dividend preference of 8.07% per annum.  Our use of debt and preferred equity financing creates certain risks, including the attractiveness of our properties to tenants, competition from other available multifamily property owners and changes in market rental rates.following.

      Scheduled Debt Payments Could Adversely Affect Our performance also depends on our ability to collect rent from tenants and to pay for adequate maintenance, insurance and other operating costs, including real estate taxes, which could increase over time. Also,Financial Condition

      In the expenses of owning and operating a property are not necessarily reduced when circumstances such as market factors and competition cause a reduction in income from the property.

        We May be Unable to Renew Leases or Relet Units as Leases Expire

              When our residents decide not to renew their leases upon expiration, we may not be able to relet their units. Even if the residents do renew or we can relet the units, the terms of renewal or reletting may be less favorable than current lease terms. Because virtually all of our leases are for apartments, they are generally for terms of no more than one year. If we are unable to promptly renew the leases or relet the units, or if the rental rates upon renewal or reletting are significantly lower than expected rates, then our results of operations and financial condition will be adversely affected. Consequently,future, our cash flow could be insufficient to meet required payments of principal and ability to service debt and make distributions to security holders would be reduced.

        New Acquisitions or Developments May Fail to Perform as Expected and Competition for Acquisitions May Result in Increased Prices for Properties

              We intend to continue to actively acquire and develop multifamily properties. Newly acquired or developed properties may fail to perform as expected. We may underestimate the costs necessary to bring an acquired property up to standards established for its intended market positioninterest or to develop a property. Additionally, we expect that other major real estate investors with significant capital will compete with us for attractive investment opportunities or may also develop properties in markets where we focuspay distributions on our development efforts. This competition may increase prices for multifamily properties. We may not be in a position or have the opportunity in the future to make suitable property acquisitions on favorable terms.securities at expected levels.

        Because Real Estate Investments Are Illiquid, We May Not Be Able To Sell Properties When Appropriate

       Real estate investments generally cannot be sold quickly.

      We may not be able to changerefinance existing debt (which in virtually all cases requires substantial principal payments at maturity) and, if we can, the terms of such refinancing might not be as favorable as the terms of existing indebtedness.  If principal payments due at maturity cannot be refinanced, extended or paid with proceeds of other capital transactions, such as new equity capital, our portfolio promptlycash flow will not be sufficient in responseall years to economicrepay all maturing debt.  As a result, we may be forced to postpone capital expenditures necessary for the maintenance of our properties and may have to dispose of one or other conditions. Thismore properties on terms that would otherwise be unacceptable to us.  The Company’s debt maturity schedule as of December 31, 2002 is as follows:

      Debt Maturity Schedule as of December 31, 2002

      Year

       

      $ Millions

       

      % of Total

       

      2003 

       

      $

      334

       

      6.1

      %

      2004 

       

      605

       

      11.0

      %

      2005*

       

      818

       

      14.8

      %

      2006 

       

      460

       

      8.3

      %

      2007 

       

      316

       

      5.7

      %

      2008 

       

      457

       

      8.3

      %

      2009 

       

      277

       

      5.0

      %

      2010 

       

      256

       

      4.6

      %

      2011 

       

      654

       

      11.8

      %

      2012+

       

      1,347

       

      24.4

      %

      Total

       

      $

      5,524

       

      100.0

      %

      * Includes $300 million with a final maturity of 2015 that is putable/callable in 2005 and $140 million related to the Company’s unsecured revolving credit facility.

      15


      Financial Covenants Could Adversely Affect the Company’s Financial Condition

      If a property we own is mortgaged to secure payment of indebtedness and we are unable to meet the mortgage payments, the holder of the mortgage could foreclose on the property, resulting in loss of income and asset value.  Foreclosure on mortgaged properties or an inability to respond promptly to changes in the performance of our investments could adversely affectrefinance existing indebtedness would likely have a negative impact on our financial condition and abilityresults of operations.  A foreclosure could also result in our recognition of taxable income without our actually receiving cash proceeds from the disposition of the property with which to make distributions to our security holders.

        Changes in Laws Could Affect Our Business

              We are generally not able to pass through to our residents under existing leases real estate taxes, income taxes and service or other taxes. Consequently, any such tax increases may adversely affect our financial condition and limit our ability to make distributions to our security holders. Similarly, changes

      17

      that increase our potential liability under environmental laws or our expenditures on environmental compliance wouldpay the tax.  This could adversely affect our cash flow and could make it more difficult for us to meet our REIT distribution requirements.

      The mortgages on our properties may contain customary negative covenants that, among other things, limit our ability, without the prior consent of the lender, to further mortgage the property and to reduce or change insurance coverage.  In addition, our unsecured credit facilities contain certain customary restrictions, requirements and other limitations on our ability to incur indebtedness.  The indentures under which a substantial portion of our debt was issued also contain certain financial and operating covenants including, among other things, maintenance of certain financial ratios, as well as limitations on our ability to incur secured and unsecured indebtedness (including acquisition financing), and to sell all or substantially all of our assets.  Our credit facility and indentures are cross-defaulted and also contain cross default provisions with other material indebtedness.  Our unsecured public debt covenants as of December 31, 2002 and 2001, respectively, are (terms are defined in the indentures):

      Unsecured Public Debt Covenants

       

       

      As Of
      12/31/02

       

      As Of
      12/31/01

       

      Total Debt to Adjusted
      Total Assets (not to exceed 60%)

       

      39.7

      %

      41.2

      %

       

       

       

       

       

       

      Secured Debt to Adjusted
      Total Assets (not to exceed 40%)

       

      21.0

      %

      23.6

      %

       

       

       

       

       

       

      Consolidated Income Available
      For Debt Service To Maximum
      Annual Service Charges
      (must be at least 1.5 to 1)

       

      3.16

       

      3.01

       

       

       

       

       

       

       

      Total Unsecured Assets to
      Unsecured Debt
      (must be at least 150%)

       

      380.8

      %

      359.9

      %

      Some of the properties were financed with tax-exempt bonds that contain certain restrictive covenants or deed restrictions.  We have retained an independent outside consultant to monitor compliance with the restrictive covenants and deed restrictions that affect these properties.  If these bond compliance requirements restrict our ability to increase our rental rates to attract low or moderate-income residents, or eligible/qualified residents, then our income from these properties may be limited.

      Our Degree of Leverage Could Limit Our Ability to Obtain Additional Financing

      Our Consolidated Debt-to-Total Market Capitalization Ratio was 39.8% as of December 31, 2002.  We have a policy of incurring indebtedness for borrowed money only through the Operating Partnership and its subsidiaries and only if upon such incurrence our debt to market capitalization

      16


      ratio would be approximately 50% or less.  Our degree of leverage could have important consequences to security holders.  For example, the degree of leverage could affect our ability to obtain additional financing in the future for working capital, capital expenditures, acquisitions, development or other general corporate purposes, making us more vulnerable to a downturn in business or the economy generally.

      Rising Interest Rates Could Adversely Affect Cash Flow

      Advances under our credit facility bear interest at variable rates based upon LIBOR at various interest periods, plus a spread dependent upon the Operating Partnership’s credit rating, or based upon bids received from the lending group.  Certain public issuances of our senior unsecured debt instruments also, from time to time, bear interest at floating rates.  We may also borrow additional money with variable interest rates in the future.  Increases in interest rates would increase our interest expenses under these debt instruments and would increase the costs of refinancing existing indebtedness and of issuing new debt.  Accordingly, higher interest rates could adversely affect cash flow and our ability to service our debt and to make distributions to security holders.

      We Depend on Our Key Personnel

      We depend on the efforts of the Chairman of our securities.Board of Trustees, Samuel Zell, and our executive officers, particularly Bruce W. Duncan, our President and Chief Executive Officer (“CEO”) and Gerald A. Spector, our Chief Operating Officer.  If they resign, our operations could be temporarily adversely effected.  Mr. Zell has entered into executive compensation and retirement benefit agreements with the Company.  Mr. Duncan and Mr. Spector have entered into Deferred Compensation Agreements with the Company that under certain conditions could provide both with a salary benefit after their respective termination of employment with the Company.  In addition, Mr. Zell and Mr. Spector have entered into Noncompetition Agreements with the Company and Mr. Duncan’s Employment Agreement contains covenants not to compete in favor of the Company.  Douglas Crocker II, our former CEO, retired effective January 1, 2003.

      Control and Influence by Significant Shareholders Could be Exercised in a Manner Adverse to Other Shareholders

      As of January 31, 2003, (1) Samuel Zell, the Chairman of the Board of the Company, and certain of the current holders of OP Units issued to affiliates of Mr. Zell owned in the aggregate approximately 3.1% of our common shares (Mr. Zell and these affiliates are described herein as the “Zell Original Owners”); and (2) our executive officers and trustees, excluding Mr. Zell (see disclosure above), owned approximately 5.0% of our common shares. These percentages assume all options are exercised for common shares and all OP Units are converted to common shares.  In addition, the consent of certain affiliates of Mr. Zell is required for certain amendments to the Fifth Amended and Restated Agreement of Limited Partnership of ERP Operating Limited Partnership (the “Partnership Agreement”).  As a result of their security ownership and rights concerning amendments to the Partnership Agreement, the Zell affiliates may have substantial influence over the Company.  Although these security holders have not agreed to act together on any matter, they would be in a position to exercise even more influence over the Company’s affairs if they were to act together in the future. This influence could conceivably be exercised in a manner that is inconsistent with the interests of other security holders.

      Shareholders'Shareholders’ Ability to Effect Changes in Control of the Company is Limited

        Provisions of Our Declaration of Trust and Bylaws Could Inhibit Changes in Control

       

      Certain provisions of our Declaration of Trust and Bylaws may delay or prevent a change in control of the Company or other transactions that could provide the security holders with a premium over the then-prevailing market price of their securities or which might otherwise be in the best interest of our security holders.  These include a staggered Board of Trustees and the 5% Ownership Limit described below.  See "—“—We Have a Share Ownership Limit for REIT Tax Purposes."”  Also, any future series of preferred shares of beneficial interest may have certain voting provisions that could delay or prevent a change of control or other transactions that might otherwise be in the interest of our security holders.

        We Have a Share Ownership Limit for REIT Tax Purposes

       

      To remain qualified as a REIT for federal income tax purposes, not more than 50% in value of our outstanding Shares may be owned, directly or indirectly, by five or fewer individuals at any time during the last half of any year.  To facilitate maintenance of our REIT qualification, our Declaration of Trust, subject to certain exceptions, prohibits ownership by any single shareholder of more than 5% of the lesser of the number or value of the outstanding class of common or preferred shares.  We refer to this restriction as the "Ownership“Ownership Limit."”  Absent any exemption or waiver granted by our Board of Trustees, securities acquired or held in violation of the Ownership Limit will be transferred to a trust for the exclusive benefit of a

      17


      designated charitable beneficiary, and the security holder'sholder’s rights to distributions and to vote would terminate.  A transfer of Shares may be void if it causes a person to violate the Ownership Limit.  The Ownership Limit could delay or prevent a change in control and, therefore, could adversely affect our security holders'holders’ ability to realize a premium over the then-prevailing market price for their Shares.

        Our Preferred Shares of Beneficial Interest May Affect Changes in Control

       

      Our Declaration of Trust authorizes the Board of Trustees to issue up to 100 million preferred shares of beneficial interest, and to establish the preferences and rights (including the right to vote and the right to convert into common shares) of any preferred shares issued.  The Board of Trustees may use its powers to issue preferred shares and to set the terms of such securities to delay or prevent a change in control of the Company, even if a change in control were in the interest of security holders.  As of December 31, 2001, 11,344,5212002, 10,524,034 preferred shares were issued and outstanding.

        Inapplicability of Maryland Law Limiting Certain Changes in Control

       

      Certain provisions of Maryland law applicable to real estate investment trusts prohibit "business combinations"“business combinations” (including certain issuances of equity securities) with any person who beneficially owns ten percent or more of the voting power of outstanding securities, or with an affiliate who, at any time within the two-year period prior to the date in question, was the beneficial owner of ten percent or more of the voting power of the trust'strust’s outstanding voting securities (an "Interested Shareholder"“Interested Shareholder”), or with an affiliate of an Interested Shareholder.  These prohibitions last for five years after the most recent date on which the Interested Shareholder became an Interested Shareholder.  After the five-year period, a business combination with an Interested Shareholder must be approved by two super-majority shareholder votes unless, among other conditions, holders of common shares receive a minimum price for their shares and the consideration is received in cash or in the same form as previously paid by the Interested Shareholder for its common shares.  As permitted by Maryland law, however, the Board of Trustees of the Company has opted out of these restrictions with respect to any business combination

      18

      involving the Zell Original Owners and persons acting in concert with any of the Zell Original Owners.  Consequently, the five-year prohibition and the super-majority vote requirements will not apply to a business combination involving us and/or any of them.  Such business combinations may not be in the best interest of our security holders.

      Our Success as a REIT is Dependent on Compliance With Federal Income Tax Requirements

        Our Failure to Qualify as a REIT Would Have Serious Adverse Consequences to Our Security Holders

       

      We believe that we have qualified for taxation as a REIT for federal income tax purposes since our taxable year ended December 31, 1992 based, in part, upon opinions of tax counsel received whenever we have issued equity securities or engaged in significant merger transactions.  We plan to continue to meet the requirements for taxation as a REIT.  Many of these requirements, however, are highly technical and complex.  We cannot, therefore, guarantee that we have qualified or will qualify in the future as a REIT.  The

      18


      determination that we are a REIT requires an analysis of various factual matters that may not be totally within our control.  For example, to qualify as a REIT, at least 95% of our gross income must come from sources that are itemized in the REIT tax laws.  We are also required to distribute to security holders at least 90% of our REIT taxable income excluding capital gains.  The fact that we hold our assets through ERP Operating Limited Partnership and its subsidiaries further complicates the application of the REIT requirements. Even a technical or inadvertent mistake could jeopardize our REIT status.  Furthermore, Congress and the IRS might make changes to the tax laws and regulations, and the courts might issue new rulings that make it more difficult, or impossible, for us to remain qualified as a REIT.  We do not believe, however, that any pending or proposed tax law changes would jeopardize our REIT status.

       

      If we fail to qualify as a REIT, we would be subject to federal income tax at regular corporate rates. Also, unless the IRS granted us relief under certain statutory provisions, we would remain disqualified as a REIT for four years following the year we first failed to qualify.  If we fail to qualify as a REIT, we would have to pay significant income taxes.  We, therefore, would have less money available for investments or for distributions to security holders.  This would likely have a significant adverse affect on the value of our securities.  In addition, we would no longer be required to make any distributions to security holders.

        We could be Disqualified as a REIT or Have to Pay Taxes if Our Merger Partners Did Not Qualify as REIT'sREIT’s

       

      If any of our recent merger partners had failed to qualify as a REIT throughout the duration of their existence, then they might have had undistributed "C“C corporation earnings and profits"profits” at the time of their merger with us.  If that was the case and we did not distribute those earnings and profits prior to the end of the year in which the merger took place, we might not qualify as a REIT.  We believe based, in part, upon opinions of legal counsel received pursuant to the terms of our merger agreements as well as our own investigations, among other things, that each of our merger partners qualified as a REIT and that, in any event, none of them had any undistributed "C“C corporation earnings and profits"profits” at the time of their merger with us.  If any of our merger partners failed to qualify as a REIT, an additional concern would be that they would have recognized taxable gain at the time they were merged with us.  We would be liable for the tax on such gain.  In this event, we would have to pay corporate income tax on any gain existing at the time of the applicable merger on assets acquired in the merger if the assets are sold within ten years of the merger. Finally, we could be precluded from electing REIT status for up to four years after the year in which the predecessor entity failed to qualify for REIT status.

      19

        Other Tax Liabilities

       

      Even if we qualify as a REIT, we will be subject to certain federal, state and local taxes on our income and property.  In addition, our third-party management operations, corporate housing business and condominium conversion business, which are conducted through subsidiaries, generally will be subject to federal income tax at regular corporate rates.

      We Depend on Our Key Personnel

              We depend on the efforts of the Chairman of our Board of Trustees, Samuel Zell, and our executive officers, particularly Douglas Crocker II and Gerald A. Spector. If they resign, our operations could be temporarily adversely effected. Mr. Zell and Mr. Crocker have entered into executive compensation agreements and retirement benefit agreements with the Company. Mr. Crocker and Mr. Spector have entered into Deferred Compensation Agreements with the Company that under certain conditions could provide both with a salary benefit after their respective termination of employment with the Company. In addition, Mr. Zell, Mr. Crocker and Mr. Spector have entered into Noncompetition Agreements with the Company. On August 23, 2001, the Company announced that it commenced an executive search for a new President as a part of its long-term succession planning effort.

      Compliance with REIT Distribution Requirements May Affect Our Financial Condition

        Distribution Requirements May Increase the Indebtedness of the Company

       

      We may be required from time to time, under certain circumstances, to accrue as income for tax purposes interest and rent earned but not yet received.  In such event, or upon our repayment of principal on debt, we could have taxable income without sufficient cash to enable us to meet the distribution requirements of a REIT.  Accordingly, we could be required to borrow funds or liquidate investments on adverse terms in order to meet these distribution requirements.

      19


      Federal Income Tax Considerations

        General

       

      The following discussion summarizes the federal income tax considerations material to a holder of common shares.  It is not exhaustive of all possible tax considerations. For example, it does not give a detailed discussion of any state, local or foreign tax considerations. The following discussion also does not address all tax matters that may be relevant to prospective shareholders in light of their particular circumstances.  Moreover, it does not address all tax matters that may be relevant to shareholders who are subject to special treatment under the tax laws, such as insurance companies, tax-exempt entities, financial institutions or broker-dealers, foreign corporations and persons who are not citizens or residents of the United States.

       

      The specific tax attributes of a particular shareholder could have a material impact on the tax considerations associated with the purchase, ownership and disposition of common shares. Therefore, it is essential that each prospective shareholder consult with his or her own tax advisors with regard to the application of the federal income tax laws to the shareholder'sshareholder’s personal tax situation, as well as any tax consequences arising under the laws of any state, local or foreign taxing jurisdiction.

       

      The information in this section is based on the current Internal Revenue Code, current, temporary and proposed Treasury regulations, the legislative history of the Internal Revenue Code, current administrative interpretations and practices of the Internal Revenue Service, including its practices and policies as set forth in private letter rulings, which are not binding on the Internal Revenue Service, and existing court decisions.  Future legislation, regulations, administrative interpretations and court decisions could change current law or adversely affect existing interpretations of current law.  Any change could apply retroactively.  Thus, it is possible that the Internal Revenue Service could challenge

      20


      the statements in this discussion, which do not bind the Internal Revenue Service or the courts, and that a court could agree with the Internal Revenue Service.

        Our Taxation

       

      We elected REIT status beginning with the year that ended December 31, 1992.  In any year in which we qualify as a REIT, we generally will not be subject to federal income tax on the portion of our REIT taxable income or capital gain that we distribute to our shareholders.  This treatment substantially eliminates the double taxation that applies to most corporations, which pay a tax on their income and then distribute dividends to shareholders who are in turn taxed on the amount they receive.

       

      We will be subject, however, to federal income tax at regular corporate rates upon our REIT taxable income or capital gain that we do not distribute to our shareholders. In addition, we will be subject to a 4% excise tax if we do not satisfy specific REIT distribution requirements.  We could also be subject to the "alternative“alternative minimum tax"tax” on our items of tax preference.  In addition, any net income from "prohibited transactions"“prohibited transactions” (i.e., dispositions of property, other than property held by a taxable REIT subsidiary, held primarily for sale to customers in the ordinary course of business) will be subject to a 100% tax.  We could also be subject to a 100% penalty tax on certain payments received from or on certain expenses deducted by a taxable REIT subsidiary if certain rules enacted as part of the REIT Modernization Act of 1999 are not complied with.  Moreover, we may be subject to taxes in certain situations and on certain transactions that we do not presently contemplate.

       

      We believe that we have qualified as a REIT for all of our taxable years beginning with 1992. We also believe that our current structure and method of operation is such that we will continue to qualify as a REIT.  However, given the complexity of the REIT qualification requirements, we cannot provide any assurance that the actual results of our operations have satisfied or will satisfy the requirements under the Internal Revenue Code for a particular year.

       

      20


      If we fail to qualify for taxation as a REIT in any taxable year, we will be subject to tax on our taxable income at regular corporate rates.  We also may be subject to the corporate "alternate“alternative minimum tax."” As a result, our failure to qualify as a REIT would significantly reduce the cash we have available to distribute to our shareholders.  Unless entitled to statutory relief, we would be disqualified from qualification as a REIT for the four taxable years following the year during which qualification was lost.  It is not possible to state whether we would be entitled to statutory relief.

       

      Tax legislation has recently been enacted which is intended to allow REITs to have greater flexibility in engaging in activities which previously had been prohibited by the REIT rules.  Among these changes was the establishment of "taxable“taxable REIT subsidiaries"subsidiaries” or "TRSs"“TRSs” which are corporations subject to tax as a regular "C"“C” corporation.  Generally, a taxable REIT subsidiary can own assets that cannot be owned by a REIT and can perform impermissible tenantresident services (discussed below), which would otherwise taint our rental income under the REIT income tests.  In enacting the taxable REIT subsidiary rules, Congress intended that the arrangements between a REIT and its taxable REIT subsidiaries be structured to ensure that a taxable REIT subsidiary will be subject to an appropriate level of federal income taxation. As a result, the Act imposes certain limits on the ability of a taxable REIT subsidiary to deduct interest payments made to us.  In addition, we will be obligated to pay a 100% penalty tax on some payments that we receive or on certain expenses deducted by the taxable REIT subsidiary if the economic arrangements between the REIT, the REIT's tenantsREIT’s residents and the taxable REIT subsidiary are not comparable to similar arrangements among unrelated parties.

       

      Our qualification and taxation as a REIT depend on our ability to satisfy various requirements under the Internal Revenue Code.  We are required to satisfy these requirements on a continuing basis through actual annual operating and other results.

      21


      Share Ownership Test and Organizational Requirement.Requirement.  In order to qualify as a REIT, our shares of beneficial interest must be held by a minimum of 100 persons for at least 335 days of a taxable year that is 12 months, or during a proportionate part of a taxable year of less than 12 months.  Also, not more than 50% in value of our shares of beneficial interest may be owned directly, or indirectly by applying certain constructive ownership rules, by five or fewer individuals during the last half of each taxable year.  In addition, we must meet certain other organizational requirements, including, but not limited to, that (i) the beneficial ownership in us is evidenced by transferable shares and (ii) we are managed by one or more trustees.  We believe that we have satisfied all of these tests and all other organizational requirements and that we will continue to do so in the future.  In order to help comply with the 100 person test and the 50% share ownership test discussed above, we have placed certain restrictions on the transfer of our shares that are intended to prevent further concentration of share ownership.  However, such restrictions may not prevent us from failing these requirements, and thereby failing to qualify as a REIT.

       

      Gross Income Tests.Tests.  To qualify as a REIT, we must satisfy two gross income tests.  First, at least 75% of our gross income for each taxable year must be derived directly or indirectly from investments in real estate and/or real estate mortgage, dividends paid by another REIT and from some types of temporary investments.  Second, at least 95% of our gross income for each taxable year must be derived from any combination of income qualifying under the 75% test and dividends, non-real estate mortgage interest, some payments under hedging instruments and gain from the sale or disposition of stock or securities.  To qualify as rents from real property for the purpose of satisfying the gross income tests, rental payments must generally be received from unrelated persons and not be based on the net income of the tenant.resident.  Also, the rent attributable to personal property must not exceed 15% of the total rent.  We may generally provide services to tenantsresidents without "tainting"“tainting” our rental income only if such services are "usually“usually or customarily rendered"rendered” in connection with the rental of real property and not otherwise considered "impermissible services"“impermissible services”.  If such services are impermissible, then we may generally provide them only if they are considered de minimis in amount, or are provided through an independent contractor from whom we derive no revenue and that meets other requirements, or through a taxable REIT subsidiary.  We believe that services provided to tenantsresidents by us either are usually or customarily rendered in connection with the rental of real property and not otherwise considered impermissible, or, if considered impermissible services, will

      21


      meet the de minimis test or will be provided by an independent contractor or taxable REIT subsidiary.  However, we cannot provide any assurance that the Internal Revenue Service will agree with these positions.

       

      Asset Tests.Tests.  In general, at the close of each quarter of our taxable year, we must satisfy four tests relating to the nature of our assets:  (1) at least 75% of the value of our total assets must be represented by real estate assets (which include for this purpose shares in other real estate investment trusts) and certain cash related items; (2) not more than 25% of our total assets may be represented by securities other than those in the 75% asset class; (3) except for equity investments in other REITs, qualified REIT subsidiaries (i.e., corporations owned 100% by a REIT that are not TRSs or REITs), or taxable REIT subsidiaries: (a) the value of any one issuer'sissuer’s securities owned by us may not exceed 5% of the value of our total assets and (b) we may not own more than 10% of the value of or the voting securities of any one issuer; and (4) not more than 20% of our total assets may be represented by securities of one or more taxable REIT subsidiaries.  Securities for purposes of the asset tests may include debt securities.  We currently own equity interests in certain entities that have elected to be taxed as REITs for federal income tax purposes and are not publicly traded.  If any such entity were to fail to qualify as a REIT, we would not meet the 10% voting stock limitation and the 10% value limitation and we would fail to qualify as a REIT.  We believe that we and each of the REITs we own an interest in have and will comply with the foregoing asset tests for REIT qualification.  However, we cannot provide any assurance that the Internal Revenue Service might not disagree with our determinations.

      22


      Annual Distribution Requirements.Requirements.  To qualify as a REIT, we are generally required to distribute dividends, other than capital gain dividends, to our shareholders each year in an amount at least equal to 90% (95% for taxable years prior to 2001) of our REIT taxable income.  These distributions must be paid either in the taxable year to which they relate, or in the following taxable year if declared before we timely file our tax return for the prior year and if paid with or before the first regular dividend payment date after the declaration is made.  We intend to make timely distributions sufficient to satisfy our annual distribution requirements.  To the extent that we do not distribute all of our net capital gain or distribute at least 90%, but less than 100% of our REIT taxable income, as adjusted, we are subject to tax on these amounts at regular corporate rates.   We will be subject to a 4% excise tax on the excess of the required distribution over the sum of amounts actually distributed and amounts retained for which federal income tax was paid, if we fail to distribute during each calendar year at least the sum of:  (1) 85% of our REIT ordinary income for the year; (2) 95% of our REIT capital gain net income for the year; and  (3) any undistributed taxable income from prior taxable years.  A REIT may elect to retain rather than distribute all or a portion of its net capital gains and pay the tax on the gains.  In that case, a REIT may elect to have its shareholders include their proportionate share of the undistributed net capital gains in income as long-term capital gains and receive a credit for their share of the tax paid by the REIT.  For purposes of the 4% excise tax described above, any retained amounts would be treated as having been distributed.

       

      Ownership of Partnership Interests By Us.Us.  As a result of our ownership of the Operating Partnership, we will be considered to own and derive our proportionate share of the assets and items of income of the Operating Partnership, respectively, for purposes of the REIT asset and income tests, including its share of assets and items of income of any subsidiaries that are partnerships or limited liability companies, provided that the Operating Partnership is taxed as a partnership and not as a "C"“C” corporation for federal tax purposes. Under the Internal Revenue Code, publicly traded partnerships are generally taxed as "C"“C” corporations, unless at least 90% of their gross income consists of "qualifying“qualifying income,"” such as interest, dividends, real property rents, and gains from the sale or other disposition of real property held for investment.  The Operating Partnership is treated as a publicly traded partnership, however it satisfies the 90% qualifying income test. If the Operating Partnership at any time were considered a publicly traded partnership and did not satisfy the 90% qualifying income test, then it would be taxed as a corporation for federal income tax purposes, which would jeopardize our status as a REIT.  A partnership is a "publicly“publicly traded partnership"partnership” if interests in such partnership are either traded on an established securities market or are "readily“readily tradable on a secondary market."market” and there are at least 500 partners at any time during the taxable year.  We believe that the Operating Partnership and all other partnerships in which we own an interest are not publicly traded partnerships. It is possible, however, that the IRS could successfully assert that the Operating Partnership is a publicly traded partnership as a result of the redemption right afforded to limited partners of the Operating Partnership. However, even if the Operating Partnership is classified as a publicly traded partnership, we believe that the Operating Partnership satisfies the 90% gross income test necessary to avoid taxation as a "C" corporation and, as a result, such determination would not adversely affect our REIT status.

       

      Our Management Company and Other Subsidiaries.Subsidiaries.  A small portion of the cash to be used by the

      22


      Operating Partnership to fund distributions to us is expected to come from payments of dividends from management companies and other subsidiaries of the Company that have elected TRS status.  These companies pay federal and state income tax at the full applicable corporate rates.  They will attempt to minimize the amount of these taxes, but we cannot guarantee whether or the extent to which, measures taken to minimize these taxes will be successful.  To the extent that these companies are required to pay taxes, the cash available for distribution from these management companies by us to shareholders will be reduced accordingly.

       

      State and Local Taxes.Taxes.  We may be subject to state or local taxation in various jurisdictions, including those in which we transact business or reside.  Our state and local tax treatment may not conform to the federal income tax consequence discussed above.  Consequently, prospective

      23


      shareholders should consult their own tax advisors regarding the effect of state and local tax laws on an investment in common shares.

        Taxation of Domestic Shareholders Subject to U.S. Tax

       

      General.  If we qualify as a REIT, distributions made to our taxable domestic shareholders with respect to their common shares, other than capital gain distributions, will be treated as ordinary income to the extent that the distributions come out of earnings and profits.  These distributions will not be eligible for the dividends received deduction for shareholders that are corporations.  In determining whether distributions are out of earnings and profits, we will allocate our earnings and profits first to preferred shares and second to the common shares.

       

      To the extent we make distributions to our taxable domestic shareholders in excess of our earnings and profits, such distributions will be considered a return of capital.  Such distributions will be treated as a tax freetax-free distribution and will reduce the tax basis of a shareholder'sshareholder’s common shares by the amount of the distribution so treated. To the extent that such distributions cumulatively exceed a taxable domestic shareholder'sshareholder’s tax basis, such distributions are taxable as a gain from the sale of his shares.  Shareholders may not include in their individual income tax returns any of our net operating losses or capital losses.

       

      Distributions made by us that we properly designate as capital gain dividends will be taxable to taxable domestic shareholders as gain from the sale or exchange of a capital asset held for more than one year.  This treatment applies only to the extent that the designated distributions do not exceed our actual net capital gain for the taxable year.  It applies regardless of the period for which a domestic shareholder has held his or her common shares.  Despite this general rule, corporate shareholders may be required to treat up to 20% of certain capital gain dividends as ordinary income.

       

      Generally, we will classify a portion of our designated capital gains dividend as a 20% rate gain distribution and the remaining portion as an unrecaptured Section 1250 gain distribution.  As the names suggest, a 20% rate gain distribution would be taxable to taxable domestic shareholders that are individuals, estates or trusts at a maximum rate of 20%.  An unrecaptured Section 1250 gain distribution would be taxable to taxable domestic shareholders that are individuals, estates or trusts at a maximum rate of 25%.

       

      If, for any taxable year, we elect to designate as capital gain dividends any portion of the dividends paid or made available for the year to holders of all classes of shares of beneficial interest, then the portion of the capital gains dividends that will be allocable to the holders of common shares will be the total capital gain dividends multiplied by a fraction.  The numerator of the fraction will be the total dividends paid or made available to the holders of the common shares for the year.  The denominator of the fraction will be the total dividends paid or made available to holders of all classes of shares of beneficial interest.

       

      In general, a shareholder will recognize gain or loss for federal income tax purposes on the sale or other disposition of common shares in an amount equal to the difference between:

        (a)

        the amount of cash and the fair market value of any property received in the sale or other disposition; and

        23



      (b)

      the shareholder'sshareholder’s adjusted tax basis in the common shares.

       

      The gain or loss will be capital gain or loss if the common shares were held as a capital asset.  Generally, the capital gain or loss will be long-term capital gain or loss if the common shares were held for more than one year.  The Taxpayer Relief Act of 1997 allows the IRS to issue regulations that would apply a capital gains tax rate of 25% to a portion of the capital gain realized by a noncorporate holder of REIT Shares.  The IRS has not issued these regulations.  However, if the IRS does issue these regulations, they could affect the taxation of gain and loss realized on the disposition of common

      24


      shares. Shareholders are urged to consult with their own tax advisors with respect to the impact of such rules on their capital gains tax.

       

      In general, a loss recognized by a shareholder upon the sale of common shares that were held for six months or less, determined after applying certain holding period rules, will be treated as long-term capital loss to the extent that the shareholder received distributions that were treated as long-term capital gains.  For shareholders who are individuals, trusts and estates, the long-term capital loss will be apportioned among the applicable long-term capital gain rates to the extent that distributions received by the shareholder were previously so treated.

       

      We may elect to retain (rather than distribute as is generally required) net capital gain for a taxable year and pay the income tax on that gain.  If we make this election, shareholders must include in income, as long-term capital gain, their proportionate share of the undistributed net capital gain. Shareholders will be treated as having paid their proportionate share of the tax paid by us on these gains. Accordingly, they will receive a credit or refund for the amount.  Shareholders will increase the basis in their common shares by the difference between the amount of capital gain included in their income and the amount of the tax they are treated as having paid. Our earnings and profits will be adjusted appropriately.

        Taxation of Domestic Tax-Exempt Shareholders

       

      Most tax-exempt organizations are not subject to federal income tax except to the extent of their unrelated business taxable income, which is often referred to as UBTI.  Unless a tax-exempt shareholder holds its common shares as debt financed property or uses the common shares in an unrelated trade or business, distributions to the shareholder should not constitute UBTI.  Similarly, if a tax-exempt shareholder sells common shares, the income from the sale should not constitute UBTI unless the shareholder held the shares as debt financed property or used the shares in a trade or business.

       

      However, for tax-exempt shareholders that are social clubs, voluntary employee benefit associations, supplemental unemployment benefit trusts, and qualified group legal services plans, income from owning or selling common shares will constitute UBTI unless the organization is able to properly deduct amounts set aside or placed in reserve so as to offset the income generated by its investment in common shares.  These shareholders should consult their own tax advisors concerning these set aside and reserve requirements which are set forth in the Internal Revenue Code.

       

      In addition, certain pension trusts that own more than 10% of a "pension-held REIT"“pension-held REIT” must report a portion of the distributions that they receive from the REIT as UBTI.  We have not been and do not expect to be treated as a pension-held REIT for purposes of this rule.

        Taxation of Foreign Shareholders

       

      The following is a discussion of certain anticipated United States federal income tax consequences of the ownership and disposition of common shares applicable to a foreign shareholder.  For purposes of this discussion, a "foreign shareholder"“foreign shareholder” is any person other than:

        (a)

        a citizen or resident of the United States;

        (b)

        a corporation or partnership created or organized in the United States or under the laws of the

        24


        United States or of any state thereof; or

        (c)

        an estate or trust whose income is includable in gross income for United States federal income tax purposes regardless of its source.

      Distributions by Us.Us

      Distributions by us to a foreign shareholder that are neither attributable to gain from sales or exchanges by us of United States real property interests nor designated by us as capital gains dividends will be treated as dividends of ordinary income to the extent that they are made out of our earnings and profits.  These distributions ordinarily will be subject to withholding of United

      25


      States federal income tax on a gross basis at a 30% rate, or a lower treaty rate, unless the dividends are treated as effectively connected with the conduct by the foreign shareholder of a United States trade or business. Please note that under certain treaties lower withholding rates generally applicable to dividends do not apply to dividends from REIT's.REIT’s.  Dividends that are effectively connected with a United States trade or business will be subject to tax on a net basis at graduated rates, and are generally not subject to withholding.  Certification and disclosure requirements must be satisfied before a dividend is exempt from withholding under this exemption.  A foreign shareholder that is a corporation also may be subject to an additional branch profits tax at a 30% rate or a lower treaty rate.

       

      We expect to withhold United States income tax at the rate of 30% on any distributions made to a foreign shareholder unless:

        (a)

        a lower treaty rate applies and any required form or certification evidencing eligibility for that reduced rate is filed with us; or

        (b)

        the foreign shareholder files an IRS Form W-8ECI with us claiming that the distribution is effectively connected income.

       

      A distribution in excess of our current or accumulated earnings and profits will not be taxable to a foreign shareholder to the extent that the distribution does not exceed the adjusted basis of the shareholder'sshareholder’s common shares.  Instead, the distribution will reduce the adjusted basis of the common shares.  To the extent that the distribution exceeds the adjusted basis of the common shares, it will give rise to gain from the sale or exchange of the shareholder'sshareholder’s common shares.  The tax treatment of this gain is described below.

       

      As a result of a legislative change made by the Small Business Job Protection Act of 1996, we may be required to withhold 10% of any distribution in excess of our earnings and profits.  Consequently, although we intend to withhold at a rate of 30%, or a lower applicable treaty rate, on the entire amount of any distribution, to the extent that we do not do so, distributions will be subject to withholding at a rate of 10%.  However, a foreign shareholder may seek a refund of the withheld amount from the IRS if it subsequently determined that the distribution was, in fact, in excess of our earnings and profits, and the amount withheld exceeded the foreign shareholder'sshareholder’s United States tax liability with respect to the distribution.

       

      Distributions to a foreign shareholder that we designate at the time of the distributions as capital gain dividends, other than those arising from the disposition of a United States real property interest, generally will not be subject to United States federal income taxation unless:

        (a)

        the investment in the common shares is effectively connected with the foreign shareholder'sshareholder’s United States trade or business, in which case the foreign shareholder will be subject to the same treatment as domestic shareholders, except that a shareholder that is a foreign corporation may also be subject to the branch profits tax, as discussed above; or

        (b)

        the foreign shareholder is a nonresident alien individual who is present in the United States for 183 days or more during the taxable year and has a "tax home"“tax home” in the United States, in which case the nonresident alien individual will be subject to a 30% tax on the individual'sindividual’s capital gains.

       

      25


      Under the Foreign Investment in Real Property Tax Act, which is known as FIRPTA, distributions to a foreign shareholder that are attributable to gain from sales or exchanges of United States real property interests will cause the foreign shareholder to be treated as recognizing the gain as income effectively connected with a United States trade or business. This rule applies whether or not a distribution is designated as a capital gain dividend.  Accordingly, foreign shareholders generally would be taxed on these distributions at the same rates applicable to U.S. shareholders, subject to a special alternative minimum tax in the case of nonresident alien individuals.  In addition, a foreign corporate shareholder might be subject to the branch profits tax discussed above.  We are required to withhold

      26


      35% of these distributions.  The withheld amount can be credited against the foreign shareholder'sshareholder’s United States federal income tax liability.

       

      Although the law is not entirely clear on the matter, it appears that amounts we designate as undistributed capital gains in respect of the common shares held by U.S. shareholders would be treated with respect to foreign shareholders in the same manner as actual distributions of capital gain dividends. Under that approach, foreign shareholders would be able to offset as a credit against the United States federal income tax liability their proportionate share of the tax paid by us on these undistributed capital gains.  In addition, foreign shareholders would be able to receive from the IRS a refund to the extent their proportionate share of the tax paid by us were to exceed their actual United States federal income tax liability.

      Sales of Common Shares.Shares

      Gain recognized by a foreign shareholder upon the sale or exchange of common shares generally will not be subject to United States taxation unless the shares constitute a "United“United States real property interest"interest” within the meaning of FIRPTA.  The common shares will not constitute a United States real property interest so long as we are a domestically controlled REIT.  A domestically controlled REIT is a REIT in which at all times during a specified testing period less than 50% in value of its stock is held directly or indirectly by foreign shareholders.  We believe that we are a domestically controlled REIT.  Therefore, we believe that the sale of common shares will not be subject to taxation under FIRPTA.  However, because common shares and preferred shares are publicly traded, we cannot guarantee that we will continue to be a domestically controlled REIT.  In any event, gain from the sale or exchange of common shares not otherwise subject to FIRPTA will be subject to U.S. tax, if either:

      (a)

        (a)
        the investment in the common shares is effectively connected with the foreign shareholder'sshareholder’s United States trade or business, in which case the foreign shareholder will be subject to the same treatment as domestic shareholders with respect to the gain; or

        (b)

        the foreign shareholder is a nonresident alien individual who is present in the United States for 183 days or more during the taxable year and has a tax home in the United States, in which case the nonresident alien individual will be subject to a 30% tax on the individual'sindividual’s capital gains.

       

      Even if we do not qualify as or cease to be a domestically controlled REIT, gain arising from the sale or exchange by a foreign shareholder of common shares still would not be subject to United States taxation under FIRPTA as a sale of a United States real property interest if:

        (a)

        the class or series of shares being sold is "regularly“regularly traded,"” as defined by applicable IRS regulations, on an established securities market such as the New York Stock Exchange; and

        (b)

        the selling foreign shareholder owned 5% or less of the value of the outstanding class or series of shares being sold throughout the five-year period ending on the date of the sale or exchange.

       

      If gain on the sale or exchange of common shares were subject to taxation under FIRPTA, the foreign shareholder would be subject to regular United States income tax with respect to the gain in the same manner

      26


      as a taxable U.S. shareholder, subject to any applicable alternative minimum tax, a special alternative minimum tax in the case of nonresident alien individuals and the possible application of the branch profits tax in the case of foreign corporations.  The purchaser of the common shares would be required to withhold and remit to the IRS 10% of the purchase price.


      Available Information

      You may access our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K and any amendments to any of those reports we file with the SEC free of charge at our website, www.equityapartments.com.  These reports are made available at our website as soon as reasonably practicable after we file them with the SEC.


      Item 2.2.  The Properties

       

      As of December 31, 2001,2002, the Company owned or had interestsinvestments in a portfolio of 1,076 multifamily1,039 Properties located in 36 states containing 224,801 apartmentconsisting of 223,591 units.  The Company's PropertiesCompany’s properties are more fully described as follows:

      Type
      		 Number of Properties
      		 Number of Units
      		 Average Number of Units
      		 Average Occupancy Percentage
      		 Average Monthly Rent Possible
      Garden 697 185,124 266 93.8% $868
      Mid/High-Rise 28 8,725 312 92.6% $1,424
      Ranch 351 30,952 88 92.4% $494
        
      		 
      		       
      Total 1,076 224,801       

       

      Type

       

      Number of
      Properties

       

      Number of
      Units

       

      Average
      Number
      of Units

       

      Average
      Occupancy
      Percentage

       

      Average
      Monthly Rent
      Possible

       

      Garden

       

      677

       

      180,225

       

      266

       

      92.5

      %

      $

      862

       

      Mid/High-Rise

       

      33

       

      10,199

       

      309

       

      88.4

      %

      $

      1,397

       

      Ranch

       

      328

       

      29,515

       

      90

       

      93.2

      %

      $

      500

       

      Military Housing

       

      1

       

      3,652

       

      3,652

       

      95.4

      %

      $

      973

       

      Total

       

      1,039

       

      223,591

       

       

       

       

       

       

       

      Resident leases are generally for twelve months in length and typically require security deposits.  The garden-style properties are generally defined as properties with two and/or three story buildings while the mid-rise/high-rise are defined as properties with greater than three story buildings.  These two property types typically provide residents with amenities, which may include a clubhouse, swimming pool, laundry facilities and cable television access. Certain of these properties offer additional amenities such as saunas, whirlpools, spas, sports courts and exercise rooms or other amenities.  The ranch-style properties are defined as single story properties, which do not provide additional amenities for residents other than common laundry facilities and cable television access.  The military housing properties are defined as those properties located on military bases.

       

      It is management'smanagement’s role to monitor compliance with Propertyproperty policies and to provide preventive maintenance of the Propertiesproperties including common areas, facilities and amenities.  The Company has a dedicated training and education department that creates and coordinates training and strategic implementation for the Company'sCompany’s property management personnel.  The Company believes that, due in part to its emphasis on training and employee quality, the Propertiesproperties historically have had high occupancy rates.

       

      The distribution of the Propertiesproperties throughout the United States reflects the Company'sCompany’s belief that geographic diversification helps insulate the portfolio from regional and economic influences.  At the same time, the Company has sought to create clusters of Propertiesproperties within each of its primary markets in order to achieve economies of scale in management and operation.  The Company may nevertheless acquire additional multifamily properties located anywhere in the continental United States.

       

      The following tables set forth certain information by type and state relating to the PropertiesCompany’s properties at December 31, 2001:2002:

      27


      GARDEN — STYLEGARDEN-STYLE PROPERTIES

       
      		  
      		  
      		  
      		 December 31, 2001
      State
      		 Number of
      Properties
      		 Number
      of Units
      		 Percentage of Total
      Units
      		 Average
      Occupancy
      Percentage
      		 Average Monthly
      Rent Possible per
      Unit
      Alabama 12 2,451 1.09%94.5%$523
      Arizona 56 16,219 7.21 91.6  768
      California 89 22,304 9.92 93.5  1,262
      Colorado 30 8,434 3.75 92.4  844
      Connecticut 25 2,766 1.23 95.9  845
      Florida 80 23,153 10.30 94.0  789
      Georgia 41 13,257 5.90 93.8  817
      Illinois 7 2,360 1.05 94.0  1,048
      Kansas 5 2,144 0.95 93.5  710
      Kentucky 4 1,342 0.60 88.0  595
      Maine 5 672 0.30 97.2  854
      Maryland 23 5,419 2.41 95.6  884
      Massachusetts 35 4,966 2.21 96.3  1,149
      Michigan 8 2,388 1.06 94.1  901
      Minnesota 18 4,035 1.79 93.8  968
      Missouri 8 1,590 0.71 92.3  682
      Nevada 7 2,078 0.92 91.0  726
      New Hampshire 1 390 0.17 93.8  1,036
      New Jersey 3 1,276 0.57 95.2  1,525
      New Mexico 4 1,073 0.48 93.4  695
      New York 1 300 0.13 89.6  1,852
      North Carolina 39 10,740 4.78 94.2  649
      Oklahoma 8 2,036 0.91 93.2  583
      Oregon 11 3,787 1.68 92.2  745
      Rhode Island 5 778 0.35 94.3  921
      South Carolina 6 1,021 0.45 92.7  562
      Tennessee 17 4,967 2.21 93.9  670
      Texas 82 25,423 11.31 95.0  744
      Utah 2 416 0.19 91.3  647
      Virginia 17 5,490 2.44 93.4  888
      Washington 44 10,568 4.70 93.2  859
      Wisconsin 4 1,281 0.57 93.3  951
        
      		 
      		 
      		     
      Total Garden-Style 697 185,124 82.35%    
        
      		 
      		 
      		 
      		 
      Average Garden-Style   266   93.8%$868
          
      		   
      		 

      29

       

       

       

       

       

       

       

       

      December 31, 2002

       

      State

       

      Number of
      Properties

       

      Number
      of Units

       

      Percentage of
      Total Units

       

      Average
      Occupancy
      Percentage

       

      Average
      Monthly Rent
      Possible per
      Unit

       

      Alabama

       

      12

       

      2,451

       

      1.10

      %

      94.1

      %

      $

      530

       

      Arizona

       

      51

       

      14,646

       

      6.55

       

      89.6

       

      765

       

      California

       

      88

       

      21,924

       

      9.81

       

      94.3

       

      1,260

       

      Colorado

       

      29

       

      8,175

       

      3.66

       

      91.8

       

      810

       

      Connecticut

       

      23

       

      2,705

       

      1.21

       

      95.4

       

      902

       

      Florida

       

      83

       

      24,277

       

      10.86

       

      92.7

       

      801

       

      Georgia

       

      38

       

      12,169

       

      5.44

       

      91.8

       

      789

       

      Illinois

       

      7

       

      2,360

       

      1.06

       

      94.2

       

      1,007

       

      Kansas

       

      5

       

      2,144

       

      0.96

       

      89.5

       

      690

       

      Kentucky

       

      4

       

      1,342

       

      0.60

       

      85.4

       

      582

       

      Maine

       

      5

       

      672

       

      0.30

       

      97.8

       

      889

       

      Maryland

       

      23

       

      5,419

       

      2.42

       

      94.7

       

      923

       

      Massachusetts

       

      34

       

      4,655

       

      2.08

       

      95.4

       

      1,097

       

      Michigan

       

      8

       

      2,388

       

      1.07

       

      87.3

       

      883

       

      Minnesota

       

      18

       

      4,035

       

      1.80

       

      91.2

       

      962

       

      Missouri

       

      8

       

      1,590

       

      0.71

       

      92.2

       

      676

       

      Nevada

       

      7

       

      2,078

       

      0.93

       

      89.3

       

      711

       

      New Hampshire

       

      1

       

      390

       

      0.17

       

      93.6

       

      1,051

       

      New Jersey

       

      2

       

      980

       

      0.44

       

      95.0

       

      1,578

       

      New Mexico

       

      3

       

      601

       

      0.27

       

      91.2

       

      749

       

      New York

       

      1

       

      300

       

      0.13

       

      93.3

       

      1,598

       

      North Carolina

       

      37

       

      10,176

       

      4.55

       

      91.9

       

      608

       

      Oklahoma

       

      8

       

      2,036

       

      0.91

       

      93.8

       

      569

       

      Oregon

       

      12

       

      4,051

       

      1.81

       

      91.3

       

      734

       

      Rhode Island

       

      5

       

      778

       

      0.35

       

      95.1

       

      945

       

      South Carolina

       

      6

       

      1,021

       

      0.46

       

      92.5

       

      540

       

      Tennessee

       

      14

       

      4,366

       

      1.95

       

      90.9

       

      671

       

      Texas

       

      79

       

      24,767

       

      11.08

       

      92.5

       

      735

       

      Utah

       

      2

       

      416

       

      0.19

       

      86.0

       

      643

       

      Virginia

       

      18

       

      5,778

       

      2.58

       

      93.0

       

      897

       

      Washington

       

      42

       

      10,254

       

      4.59

       

      91.0

       

      841

       

      Wisconsin

       

      4

       

      1,281

       

      0.57

       

      93.0

       

      948

       

       

       

       

       

       

       

       

       

       

       

       

       

      Total Garden-Style

       

      677

       

      180,225

       

      80.60

      %

       

       

       

       

      Average Garden-Style

       

       

       

      266

       

       

       

      92.5

      %

      $

      862

       

      28


      MID-RISE/HIGH-RISE PROPERTIES

       
      		  
      		  
      		  
      		 December 31, 2001
      State
      		 Number of
      Properties
      		 Number
      of Units
      		 Percentage of
      Total Units
      		 Average
      Occupancy
      Percentage
      		 Average
      Monthly Rent
      Possible per
      Unit
      California 2 415 0.18%80.7%$1,719
      Connecticut 2 407 0.18 92.5  2,202
      Florida 2 458 0.20 92.2  1,034
      Illinois 1 1,420 0.63 95.9  811
      Massachusetts 9 2,805 1.25 96.0  1,473
      Minnesota 1 163 0.07 96.9  1,340
      New Jersey 2 684 0.30 93.3  2,234
      Ohio 1 765 0.34 80.3  1,201
      Oregon 1 525 0.23 90.3  1,025
      Texas 2 333 0.15 96.9  1,079
      Virginia 1 277 0.12 96.0  1,202
      Washington 4 473 0.21 89.6  1,124
        
      		 
      		 
      		     
      Total Mid-Rise/High-Rise 28 8,725 3.88%    
        
      		 
      		 
      		 
      		 
      Average Mid-Rise/High-Rise   312   92.6%$1,424
          
      		   
      		 

      RANCH-STYLE PROPERTIES

      Alabama
       
      1
       
      69
       
      0.03
      %
      84.1
      %
      $
      402
      Florida 102 9,370 4.17 91.3  511
      Georgia 53 4,428 1.97 92.6  541
      Indiana 45 4,100 1.82 91.0  460
      Kentucky 23 1,808 0.80 92.2  452
      Maryland 4 413 0.18 92.8  576
      Michigan 21 1,720 0.77 96.3  575
      Ohio 84 7,510 3.34 93.8  462
      Pennsylvania 6 520 0.23 90.1  559
      South Carolina 3 269 0.12 86.7  447
      Tennessee 5 348 0.15 94.1  464
      West Virginia 4 397 0.18 93.6  422
        
      		 
      		 
      		     
      Total Ranch-Style 351 30,952 13.77%    
        
      		 
      		 
      		 
      		 
      Average Ranch-Style   88   92.4%$494
          
      		   
      		 
      Total EQR Residential Portfolio 1,076 224,801 100%    
        
      		 
      		 
      		     

      30

       

       

       

       

       

       

       

       

       

      December 31, 2002

       

      State

       

      Number of
      Properties

       

      Number
      of Units

       

      Percentage of
      Total Units

       

      Average
      Occupancy
      Percentage

       

      Average
      Monthly Rent
      Possible per
      Unit

       

      California

       

      1

       

      164

       

      0.07

      %

      75.6

      %

      $

      1,524

       

      Connecticut

       

      2

       

      407

       

      0.18

       

      87.5

       

      2,171

       

      Florida

       

      2

       

      458

       

      0.20

       

      94.0

       

      1,036

       

      Georgia

       

      1

       

      322

       

      0.14

       

      89.1

       

      1,306

       

      Illinois

       

      1

       

      1,305

       

      0.58

       

      93.9

       

      841

       

      Massachusetts

       

      10

       

      2,942

       

      1.32

       

      89.9

       

      1,464

       

      Minnesota

       

      1

       

      163

       

      0.07

       

      85.9

       

      1,344

       

      New Jersey

       

      3

       

      887

       

      0.40

       

      86.2

       

      1,994

       

      Ohio

       

      1

       

      765

       

      0.34

       

      74.4

       

      1,177

       

      Oregon

       

      1

       

      525

       

      0.23

       

      86.2

       

      1,007

       

      Texas

       

      3

       

      596

       

      0.27

       

      91.5

       

      1,067

       

      Virginia

       

      2

       

      865

       

      0.39

       

      94.4

       

      1,326

       

      Washington

       

      5

       

      800

       

      0.36

       

      85.5

       

      1,200

       

       

       

       

       

       

       

       

       

       

       

       

       

      Total Mid-Rise/High-Rise

       

      33

       

      10,199

       

      4.56

      %

       

       

       

       

      Average Mid-Rise/High-Rise

       

       

       

      309

       

       

       

      88.4

      %

      $

      1,397

       

      RANCH-STYLE PROPERTIES

      Alabama

       

      1

       

      69

       

      0.03

      %

      92.8

      %

      $

      396

       

      Florida

       

      99

       

      9,169

       

      4.10

       

      93.7

       

      518

       

      Georgia

       

      53

       

      4,428

       

      1.98

       

      93.4

       

      524

       

      Indiana

       

      44

       

      4,059

       

      1.82

       

      93.0

       

      467

       

      Kentucky

       

      21

       

      1,637

       

      0.73

       

      92.7

       

      451

       

      Maryland

       

      4

       

      414

       

      0.19

       

      94.4

       

      597

       

      Michigan

       

      17

       

      1,536

       

      0.69

       

      93.7

       

      601

       

      Ohio

       

      77

       

      7,187

       

      3.21

       

      92.5

       

      473

       

      Pennsylvania

       

      5

       

      469

       

      0.21

       

      91.6

       

      573

       

      South Carolina

       

      2

       

      187

       

      0.08

       

      86.7

       

      429

       

      Tennessee

       

      2

       

      146

       

      0.07

       

      98.6

       

      477

       

      West Virginia

       

      3

       

      214

       

      0.10

       

      95.0

       

      425

       

       

       

       

       

       

       

       

       

       

       

       

       

      Total Ranch-Style

       

      328

       

      29,515

       

      13.20

      %

       

       

       

       

      Average Ranch-Style

       

       

       

      90

       

       

       

      93.2

      %

      $

      500

       

      MILITARY HOUSING PROPERTIES

      Washington (Ft. Lewis)

       

      1

       

      3,652

       

      1.63

      %

      95.4

      %

      $

      973

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      Total Military Housing

       

      1

       

      3,652

       

      1.63

      %

       

       

       

       

      Average Military Housing

       

       

       

      3,652

       

       

       

      95.4

      %

      $

      973

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      Total Residential Portfolio

       

      1,039

       

      223,591

       

      100

      %

       

       

       

       

      29


      The properties currently under development are included in the following table.

      DEVELOPMENT PROJECTS as of December 31, 2002

       
      		 Location
      		 Number of
      Units
      		 Estimated
      Development
      Cost
      (in millions)
      		 EQR Funded
      as of
      12/31/2001
      (in millions)
      		 Estimated
      EQR Future
      Funding
      Obligation
      (in millions)
      		 Total EQR
      Funding
      Obligation
      (in millions)(1)
      		 Estimated
      Completion
      Date
      Joint Venture Projects Under Development              

      Ball Park Lofts
       
      Denver, CO
       
      355
       
      $
      56.4
       
      $
      14.1
       
       
      —
       
      $
      14.1
       
      4Q 2002
      Concord Center Concord, CA 263  52.3  9.9 $3.2  13.1 4Q 2003
      Eden Village Loudon County, VA 290  29.4  7.7  —  7.7 2Q 2002
      Hampden Town Center (2) Aurora, CO 444  44.8  11.2  —  11.2 Completed
      Highlands of Lombard Lombard, IL 403  67.1  6.5  10.3  16.8 3Q 2003
      Homestead at Canyon Park (2) Bothell, WA 200  24.4  6.1  —  6.1 Completed
      Hudson Pointe Jersey City, NJ 181  45.0  11.2  —  11.2 4Q 2002
      Legacy Towers Seattle, WA 327  87.7  22.0  —  22.0 3Q 2002
      Marina Bay I Quincy, MA 136  24.3  6.1  —  6.1 2Q 2002
      North Pier at Harborside Jersey City, NJ 297  94.2  22.9  0.6  23.5 2Q 2003
      Regents Court (2) San Diego, CA 251  39.4  9.8  —  9.8 Completed
      Renaissance on Piedmont Atlanta, GA 322  36.2  9.1  —  9.1 2Q 2002
      Reserve at Potomac Yard Alexandria, VA 588  67.5  17.4  —  17.4 1Q 2002
      Savannah at Park Place (2) Atlanta, GA 416  43.9  11.0  —  11.0 Completed
      Village Green at Harbour Pointe Mukilteo, WA 235  32.7  8.2  —  8.2 3Q 2002
      Warner Ridge I & II Woodland Hills, CA 315  75.0  18.8  —  18.8 3Q 2002
      Watermarke Irvine, CA 535  120.6  35.2  —  35.2 3Q 2003
      Westport Kansas, MO 288  34.7  8.7  —  8.7 3Q 2002
          
      		 
      		 
      		 
      		 
      		  
        Total 5,846 $975.6 $235.9 $14.1 $250.0  
          
      		 
      		 
      		 
      		 
      		  

      Consolidated Projects
       
       
       
       
       
       
       
       
       
       
       
       
       
       

      Centre Club II
       
      Ontario, CA
       
      100
       
      $
      11.6
       
      $
      7.2
       
      $
      4.4
       
      $
      11.6
       
      3Q 2002
      La Mirage IV (2) San Diego, CA 340  54.4  51.1  3.3  54.4 Completed
      Prospect Towers II Hackensack, NJ 203  43.1  31.4  11.7  43.1 2Q 2002
      Regatta I Marina Del Rey, CA 450  234.8  72.5  —  72.5 1Q 2003
          
      		 
      		 
      		 
      		 
      		  
        Total 1,093 $343.9 $162.2 $19.4 $181.6  
          
      		 
      		 
      		 
      		 
      		  
      Total Projects Under Development 6,939 $1,319.5 $398.1 $33.5 $431.6  
          
      		 
      		 
      		 
      		 
      		  

      (Amounts in millions except for project and unit amounts)

       

       

      Location

       

      Number
      of Units

       

      Estimated
      Development
      Cost

       

      Funded
      as of
      12/31/2002

       

      Estimated
      Future
      Funding
      Obligation

       

      Total
      Funding
      Obligation(1)

       

      Estimated
      Completion
      Date

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      Unconsolidated Projects

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      1210 Massachusetts Ave.

       

      Washington, DC

       

      142

       

      $

      36.3

       

      $

      11.4

       

      —

       

      $

      11.4

       

      2Q 2004

       

      13th & N Street

       

      Washington, DC

       

      170

       

      35.4

       

      12.4

       

      —

       

      12.4

       

      3Q 2003

       

      Ball Park Lofts

       

      Denver, CO

       

      355

       

      56.4

       

      14.1

       

      —

       

      14.1

       

      2Q 2003

       

      Bella Terra (Village Green at Harbour Pointe) (2)

       

      Mukilteo, WA

       

      235

       

      32.7

       

      8.2

       

      —

       

      8.2

       

      Completed

       

      Bella Vista I&II (Warner Ridge I&II)

       

      Woodland Hills, CA

       

      315

       

      80.9

       

      18.8

       

      $

      2.9

       

      21.7

       

      1Q03/1Q04

       

      Carrollton

       

      Carrollton, TX

       

      284

       

      21.9

       

      4.9

       

      0.6

       

      5.5

       

      3Q 2003

       

      City Place (Westport)

       

      Kansas City, MO

       

      288

       

      34.7

       

      8.7

       

      —

       

      8.7

       

      1Q 2003

       

      Concord Center

       

      Concord, CA

       

      259

       

      52.3

       

      13.1

       

      —

       

      13.1

       

      4Q 2003

       

      Highlands of Lombard

       

      Lombard, IL

       

      403

       

      67.1

       

      16.8

       

      —

       

      16.8

       

      3Q 2003

       

      Hudson Pointe

       

      Jersey City, NJ

       

      181

       

      45.0

       

      11.2

       

      —

       

      11.2

       

      1Q 2003

       

      Maples at Little River

       

      Haverhill, MA

       

      174

       

      28.0

       

      7.0

       

      —

       

      7.0

       

      3Q 2003

       

      Marina Bay I (2)

       

      Quincy, MA

       

      136

       

      24.8

       

      6.6

       

      —

       

      6.6

       

      Completed

       

      Marina Bay II

       

      Quincy, MA

       

      108

       

      22.8

       

      5.7

       

      —

       

      5.7

       

      4Q 2003

       

      North Pier at Harborside

       

      Jersey City, NJ

       

      297

       

      94.2

       

      23.5

       

      —

       

      23.5

       

      2Q 2003

       

      Olympus (Legacy Towers) (2)

       

      Seattle, WA

       

      327

       

      89.3

       

      22.1

       

      0.3

       

      22.4

       

      Completed

       

      Savannah Midtown (Piedmont) (2)

       

      Atlanta, GA

       

      322

       

      36.7

       

      9.6

       

      —

       

      9.6

       

      Completed

       

      Watermarke

       

      Irvine, CA

       

      535

       

      120.6

       

      35.2

       

      —

       

      35.2

       

      1Q 2004

       

      Water Terrace I (Regatta I)

       

      Marina Del Rey, CA

       

      450

       

      234.8

       

      72.5

       

      —

       

      72.5

       

      1Q 2003

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      Total Projects

       

       

       

      4,981

       

      $

      1,113.9

       

      $

      301.8

       

      $

      3.8

       

      $

      305.6

       

       

       

      (1)

      EQR's Funding Obligation                                  The Company’s funding obligation is generally between 25% and 30%35% of the Estimated Development Costestimated development cost for the Joint Venture Projects Under Development.

      unconsolidated projects.

      (2)

      Properties were substantially complete as of December 31, 2001.2002.  As such, these properties are also included in the outstanding property and unit counts.


      Item 3.3.  Legal Proceedings

       

      Only ordinary routine litigation incidental to the business, which is not deemed material, was initiated during the year ended December 31, 2001.2002.  As of December 31, 2001,2002, the Company is not aware of any other litigation threatened against the Company other than routine litigation arising out of the ordinary course of business, some of which is expected to be covered by liability insurance, none of which is expected to have a material adverse effect on the consolidated financial statements of the Company.


      Item 4.4.  Submission of Matters to a Vote of Security Holders

       At a Special Meeting of Shareholders of the Company held on December 12, 2001, the Company's common shareholders approved a proposal to increase the number of authorized Common Shares from 350.0 million to 1.0 billion. Of the 241,190,136 Common Shares represented at the meeting (being

      31


      89.07% of the total Common Shares outstanding and entitled to vote at the record date for the meeting), 214,301,620 Common Shares (79.14% of the total Common Shares outstanding and 88.85% of the Common Shares represented at the meeting) voted for the increase, 26,588,117 Common Shares voted against the increase and 300,399 Common shares abstained from the vote.None

      30


      PART II

      Item 5.5.  Market for Registrant'sRegistrant’s Common Equity and Related Shareholder Matters

       

      The following table sets forth, for the years indicated, the high and low sales prices for and the distributions paid on the Company'sCompany’s Common Shares, which trade on the New York Stock Exchange under the trading symbol EQR.

       
      		 Sales Price
      		  
       
      		 High
      		 Low
      		 Distributions
      2001         
      Fourth Quarter Ended December 31, 2001 $29.70 $24.87 $0.4325
      Third Quarter Ended September 30, 2001 $30.45 $27.46 $0.4325
      Second Quarter Ended June 30, 2001 $28.75 $25.15 $0.4075
      First Quarter Ended March 31, 2001 $27.66 $24.80 $0.4075

       
       
       
       
       
       
       
       
       
       
       
      		 Sales Price
      		  
       
      		 High
      		 Low
      		 Distributions
      2000         
      Fourth Quarter Ended December 31, 2000 $28.63 $22.25 $0.4075
      Third Quarter Ended September 30, 2000 $25.59 $23.38 $0.4075
      Second Quarter Ended June 30, 2000 $24.25 $20.00 $0.3800
      First Quarter Ended March 31, 2000 $22.25 $19.34 $0.3800

       

       

       

      Sales Price

       

       

       

       

       

      High

       

      Low

       

      Distributions

       

      2002

       

       

       

       

       

       

       

      Fourth Quarter Ended December 31, 2002

       

      $

      26.70

       

      $

      21.55

       

      $

      0.4325

       

      Third Quarter Ended September 30, 2002

       

      $

      28.81

       

      $

      22.40

       

      $

      0.4325

       

      Second Quarter Ended June 30, 2002

       

      $

      30.96

       

      $

      27.90

       

      $

      0.4325

       

      First Quarter Ended March 31, 2002

       

      $

      29.33

       

      $

      25.84

       

      $

      0.4325

       

       

       

       

       

       

       

       

       

       

       

      Sales Price

       

       

       

       

       

      High

       

      Low

       

      Distributions

       

      2001

       

       

       

       

       

       

       

      Fourth Quarter Ended December 31, 2001

       

      $

      29.70

       

      $

      24.87

       

      $

      0.4325

       

      Third Quarter Ended September 30, 2001

       

      $

      30.45

       

      $

      27.46

       

      $

      0.4325

       

      Second Quarter Ended June 30, 2001

       

      $

      28.75

       

      $

      25.15

       

      $

      0.4075

       

      First Quarter Ended March 31, 2001

       

      $

      27.66

       

      $

      24.80

       

      $

      0.4075

       

      The number of beneficial holders of Common Shares at January 15, 2002,31, 2003, was approximately 63,900.55,000.  The number of outstanding Common Shares as of January 15,31, 2003 was 271,671,082.

      Equity Compensation Plan Information

      The following table provides information as of December 31, 2002 was 271,918,700.with respect to the Company's Common Shares that may be issued under existing equity compensation plans.

      Plan Category

       

      Number of securities
      to be issued upon
      exercise of
      outstanding options,
      warrants and rights

       

      Weighted-average
      exercise price of
      outstanding options,
      warrants and rights

       

      Number of securities remaining
      available for future issuance
      under equity compensation
      plans (excluding securities
      reflected in column (a))

       

       

       

      (a)(2)

       

      (b)(2)

       

      (c)(3)

       

      Equity compensation plans approved by security holders(1)(4)

       

      12,811,218

       

      $

      23.63

       

      24,607,367

       

       

       

       

       

       

       

       

       

      Equity compensation plans not approved by security holders

       

      N/A

       

      N/A

       

      N/A

       

      (1)                                  Amounts shown in the above table include 9,722 shares (with a weighted average exercise price of $20.53) reserved for issuance upon exercise of outstanding options assumed by the Company as a result of its merger with Merry Land & Investment Company, Inc. and 65,243 shares (with a weighted average exercise price of $19.39) reserved for issuance upon exercise of options assumed by the Company as a result of its merger with Lexford Residential Trust.

      (2)                                  The amounts shown in columns (a) and (b) of the above table do not include 1,635,707 outstanding Common Shares (all of which are restricted and subject to vesting requirements) that were granted under

      31


      the Company's Fifth Amended and Restated 1993 Share Option and Share Award Plan (the "1993 Plan") and 1,664,173 outstanding Common Shares that have been sold to employees and trustees under the Company's 1996 Non-Qualified Employee Share Purchase Plan (the "ESPP").

      (3)                                  The amount shown in colum (c) of the above table includes the following:

      •                  Up to 1,145,712 Common Shares that may be granted under the 1993 Plan, of which only 25% may be in the form of restricted Common Shares;

      •                  Up to 23,125,828 Common Shares that may be granted under the Company's 2002 Share Incentive Plan (the "2002  Plan"), of which only 25% may be in the form of restricted Common Shares; and

      •   ��              Up to 335,827 Common Shares that may be sold to employees and trustees under the ESPP.

      (4)                                  The 2002 Plan provides that the number of securities available for issuance (inclusive of restricted shares previously granted and outstanding and shares underlying outstanding options) equals 7.5% of the Company’s outstanding Common Shares, calculated on a fully-diluted basis, determined annually on the first day of each calendar year.  On January 1, 2003, this amount equaled 23,125,828.  There were no options or restricted shares yet granted under the 2002 Plan as of December 31, 2002.

      Item 6.6.  Selected Financial Data

       

      The following table sets forth selected financial and operating information on a historical basis for the Company.  The following information should be read in conjunction with all of the financial statements and notes thereto included elsewhere in this Form 10-K.  The historical operating and balance sheet data have been derived from the historical Financial Statements of the Company audited by Ernst & Young LLP, independent auditors.  All amounts have also been restated in accordance with the discontinued operations provisions of SFAS No. 144.  Certain capitalized terms as used herein are defined in the Notes to the Consolidated Financial Statements.

      32


      EQUITY RESIDENTIAL PROPERTIES TRUST
      CONSOLIDATED HISTORICAL FINANCIAL INFORMATION

      (Financial information in thousands except for per share and property data)

       

       

      Year Ended December 31,

       

       

       

      2002

       

      2001

       

      2000

       

      1999

       

      1998

       

      OPERATING DATA:

       

       

       

       

       

       

       

       

       

       

       

      Total revenues

       

      $

      1,994,053

       

      $

      2,039,749

       

      $

      1,927,440

       

      $

      1,678,917

       

      $

      1,285,580

       

       

       

       

       

       

       

       

       

       

       

       

       

      Income before discontinued operations, extraordinary items and cumulative effect of change in accounting principle

       

      $

      301,532

       

      $

      362,201

       

      $

      321,558

       

      $

      276,987

       

      $

      217,583

       

       

       

       

       

       

       

       

       

       

       

       

       

      Net income

       

      $

      421,313

       

      $

      473,585

       

      $

      549,451

       

      $

      393,881

       

      $

      258,206

       

       

       

       

       

       

       

       

       

       

       

       

       

      Net income available to Common Shares

       

      $

      324,162

       

      $

      367,466

       

      $

      437,510

       

      $

      280,685

       

      $

      165,289

       

       

       

       

       

       

       

       

       

       

       

       

       

      Income before discontinued operations, extraordinary items and cumulative effect of change in accounting principle per share – basic

       

      $

      1.11

       

      $

      1.36

       

      $

      1.28

       

      $

      1.14

       

      $

      1.06

       

       

       

       

       

       

       

       

       

       

       

       

       

      Income before discontinued operations, extraordinary items and cumulative effect of change in accounting principle per share – diluted

       

      $

      1.10

       

      $

      1.34

       

      $

      1.27

       

      $

      1.13

       

      $

      1.05

       

       

       

       

       

       

       

       

       

       

       

       

       

      Net income per share – basic

       

      $

      1.19

       

      $

      1.37

       

      $

      1.69

       

      $

      1.15

       

      $

      0.83

       

       

       

       

       

       

       

       

       

       

       

       

       

      Net income per share – diluted

       

      $

      1.18

       

      $

      1.36

       

      $

      1.67

       

      $

      1.14

       

      $

      0.82

       

       

       

       

       

       

       

       

       

       

       

       

       

      Weighted average Common Shares outstanding – basic

       

      271,974

       

      267,349

       

      259,015

       

      244,350

       

      200,740

       

       

       

       

       

       

       

       

       

       

       

       

       

      Weighted average Common Shares outstanding – diluted

       

      297,969

       

      295,552

       

      291,266

       

      271,310

       

      225,156

       

       

       

       

       

       

       

       

       

       

       

       

       

      Distributions declared per Common Share outstanding

       

      $

      1.73

       

      $

      1.68

       

      $

      1.575

       

      $

      1.47

       

      $

      1.36

       

       

       

       

       

       

       

       

       

       

       

       

       

      BALANCE SHEET DATA (at end of period):

       

       

       

       

       

       

       

       

       

       

       

      Real estate, before accumulated depreciation

       

      $

      13,046,263

       

      $

      13,016,183

       

      $

      12,591,539

       

      $

      12,238,963

       

      $

      10,942,063

       

      Real estate, after accumulated depreciation

       

      $

      10,934,246

       

      $

      11,297,338

       

      $

      11,239,303

       

      $

      11,168,476

       

      $

      10,223,572

       

      Total assets

       

      $

      11,810,917

       

      $

      12,235,625

       

      $

      12,263,966

       

      $

      11,715,689

       

      $

      10,700,260

       

      Total debt

       

      $

      5,523,699

       

      $

      5,742,758

       

      $

      5,706,152

       

      $

      5,473,868

       

      $

      4,680,527

       

      Minority Interests

       

      $

      611,303

       

      $

      635,822

       

      $

      612,618

       

      $

      456,979

       

      $

      431,374

       

      Shareholders’ equity

       

      $

      5,197,123

       

      $

      5,413,950

       

      $

      5,619,547

       

      $

      5,504,934

       

      $

      5,330,447

       

       

       

       

       

       

       

       

       

       

       

       

       

      OTHER DATA:

       

       

       

       

       

       

       

       

       

       

       

      Total properties (at end of period)

       

      1,039

       

      1,076

       

      1,104

       

      1,064

       

      680

       

      Total apartment units (at end of period)

       

      223,591

       

      224,801

       

      227,704

       

      226,317

       

      191,689

       

       

       

       

       

       

       

       

       

       

       

       

       

      Funds from operations available to Common Shares and OP Units(1)(2)

       

      $

      738,342

       

      $

      786,719

       

      $

      726,172

       

      $

      619,603

       

      $

      458,806

       

       

       

       

       

       

       

       

       

       

       

       

       

      Cash flow provided by (used for):

       

       

       

       

       

       

       

       

       

       

       

      Operating activities

       

      $

      888,938

       

      $

      889,668

       

      $

      841,826

       

      $

      788,970

       

      $

      542,147

       

      Investing activities

       

      $

      (49,297

      )

      $

      57,429

       

      $

      (563,175

      )

      $

      (526,851

      )

      $

      (1,046,308

      )

      Financing activities

       

      $

      (861,369

      )

      $

      (919,266

      )

      $

      (283,996

      )

      $

      (236,967

      )

      $

      474,831

       

      (1)

       
      		 Year Ended December 31,
      		 
       
      		 2001
      		 2000
      		 1999
      		 1998
      		 1997
      		 
      OPERATING DATA:                
       Total revenues $2,170,643 $2,030,340 $1,742,627 $1,333,891 $747,078 
        
      		 
      		 
      		 
      		 
      		 
       Income before allocation to Minority Interests, income from investments in unconsolidated entities, net gain on sales of real estate, extraordinary items and cumulative effect of change in accounting principle $356,424 $395,937 $326,483 $251,927 $176,014 
        
      		 
      		 
      		 
      		 
      		 
       Net income $473,585 $549,451 $393,881 $258,206 $176,592 
        
      		 
      		 
      		 
      		 
      		 
       Net income available to Common Shares $367,466 $437,510 $280,685 $165,289 $117,580 
        
      		 
      		 
      		 
      		 
      		 
      Net income per share — basic $1.37 $1.69 $1.15 $0.83 $0.90 
        
      		 
      		 
      		 
      		 
      		 
      Net income per share — diluted $1.36 $1.67 $1.14 $0.82 $0.88 
        
      		 
      		 
      		 
      		 
      		 
      Weighted average Common Shares outstanding — basic  267,349  259,015  244,350  200,740  131,458 
        
      		 
      		 
      		 
      		 
      		 
      Weighted average Common Shares outstanding — diluted  295,552  291,266  271,310  225,156  148,562 
        
      		 
      		 
      		 
      		 
      		 
      Distributions declared per Common Share outstanding $1.680 $1.575 $1.470 $1.360 $1.275 
        
      		 
      		 
      		 
      		 
      		 
      BALANCE SHEET DATA (at end of period):                
       Real estate, before accumulated depreciation $13,016,183 $12,591,539 $12,238,963 $10,942,063 $7,121,435 
       Real estate, after accumulated depreciation $11,297,338 $11,239,303 $11,168,476 $10,223,572 $6,676,673 
       Total assets $12,235,625 $12,263,966 $11,715,689 $10,700,260 $7,094,631 
       Total debt $5,742,758 $5,706,152 $5,473,868 $4,680,527 $2,948,323 
       Minority Interests $635,822 $612,618 $456,979 $431,374 $273,404 
       Shareholders' equity $5,413,950 $5,619,547 $5,504,934 $5,330,447 $3,689,991 

      33

      OTHER DATA:                
       Total properties (at end of period)  1,076  1,104  1,064  680  489 
       Total apartment units (at end of period)  224,801  227,704  226,317  191,689  140,467 
       Adjusted net income available to Common Shares and OP Units (1)(3) $721,943 $740,246 $630,234 $437,309 $259,832 
       Funds from operations available to Common Shares and OP Units (2)(3) $786,719 $726,172 $619,603 $458,806 $270,763 
       Cash flow provided by (used for):                
        Operating activities $889,777 $842,601 $788,970 $542,147 $348,997 
        Investing activities $57,320 $(563,950)$(526,851)$(1,046,308)$(1,552,390)
        Financing activities $(919,266)$(283,996)$(236,967)$474,831 $1,089,417 
      (1)
      Adjusted Net Income ("ANI"       Funds from Operations (“FFO”) represents net income (loss) (computed in accordance with accounting principles generally accepted in the United States ("GAAP"(“GAAP”)), including gains or losses from sales of real estate, plus acquisition cost depreciation, plus amortization of goodwill, minus the accumulated acquisition cost depreciation on sold properties, plus/minus extraordinary items and plus the cumulative effect of change in accounting principle. Depreciation associated with replacements and capital improvements is deducted in calculating ANI. Acquisition cost depreciation represents depreciation for the initial cost of the property, including buildings and furniture, fixtures and equipment and depreciation on capital improvements identified in the acquisition underwriting and incurred in the first twenty-four months of ownership when the total exceeds $2,000 per unit.

      (2)
      Funds from Operations ("FFO") represents net income (loss) (computed in accordance with accounting principles generally accepted in the United States (("GAAP")), excluding gains or losses from sales of property, plus depreciation and amortization (after adjustments for non-real estate additions, Partially Owned Properties and Unconsolidated Properties), plus amortization of

      33


      goodwill and plus/minus extraordinary items, and plus the cumulative effect of change in accounting principle and impairment charges.  Adjustments also include net gain on sales of condominium units to third parties and net gain on sales of unconsolidated entities and for unconsolidated partnershipsdiscontinued operations related to depreciation, goodwill amortization, impairment on furniture rental business and joint ventures will be calculated to reflect funds from operationsnet gain on the same basis.sales.

      (2)

      (3)
      The Company believes that ANI and FFO areis helpful to investors as a supplemental measuresmeasure of the operating performance of a real estate company because, along with cash flows from operating activities, financing activities and investing activities, they provideit provides investors an understanding of the ability of the Company to incur and service debt and to make capital expenditures.  ANI and FFO in and of themselves doitself does not represent cash generated from operating activities in accordance with GAAP and therefore should not be considered an alternative to net income as an indication of the Company'sCompany’s performance or to net cash flows from operating activities as determined by GAAP as a measure of liquidity and areis not necessarily indicative of cash available to fund cash needs.  The Company'sCompany’s calculation of ANI and FFO may differ from the methodology for calculating ANI and FFO utilized by other real estate companies and may differ, for example, due to variations among the Company'sCompany’s and other real estate company'scompany’s accounting policies for replacement type items and, accordingly, may not be comparable to such other real estate companies.


      Item 7. Management's7.  Management’s Discussion and Analysis of Financial Condition and Results of Operations

      Overview

       

      The following discussion and analysis of the results of operations and financial condition of the Company should be read in connection with the Consolidated Financial Statements and Notes thereto. Due to the Company'sCompany’s ability to control the Operating Partnership and its subsidiaries other than entities owning interests in the Unconsolidated Properties and certain other entities in which the

      34


      Company has investments, the Operating Partnership and each such subsidiary entity has been consolidated with the Company for financial reporting purposes.  Capitalized terms used herein and not defined are as defined elsewhere in this Annual Report on Form 10-K for the year ended December 31, 2001.2002.

       

      Forward-looking statements in this Item 7 as well as Item 1 of this Annual Report on Form 10-K are intended to be made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  The words "believes"“believes”, "expects"“estimates”, “expects” and "anticipates"“anticipates” and other similar expressions that are predictions of or indicate future events and trends and which do not relate solely to historical matters identify forward-looking statements.  Such forward-looking statements are subject to risks and uncertainties, which could cause actual results, performance, or achievements of the Company to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements.  Factors that might cause such differences include, but are not limited to, the following:

        •

                          the total number of development units, cost of development and completion dates reflect the Company’s best estimates and are subject to uncertainties arising from changing economic conditions (such as the cost of labor and construction materials), competition and local government regulation;

        •alternative sources of capital to the Company or labor and materials required for maintenance, repair, capital expenditure or development are more expensive than anticipated;

        •

        occupancy levels and market rents may be adversely affected by national and local economic and market conditions including, without limitation, new construction of multifamily housing, continuing decline in employment, availability of low interest mortgages for single-family home buyers and the potential for geopolitical instability, all of which are beyond the Company'sCompany’s control; and

        •

        additional factors as discussed in Part I of the Annual Report on Form 10-K, particularly those under "Risk Factors"“Risk Factors”.

       

      Readers are cautioned not to place undue reliance on these forward-looking statements, which

      34


      speak only as of the date hereof.  The Company undertakes no obligation to publicly release any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.  Forward-looking statements and related uncertainties are also included in Note 7 to the Notes to Consolidated Financial Statements in this report.

      Results of Operations

       

      The following table summarizes the number of Propertiesproperties and related units for the year-to-date periods presented:

       
      		 Properties
      		 Units
      		 Purchase /
      Sale Price
      $ Millions
       At December 31, 1999 1,064 226,317   
      2000 Acquisitions 29 5,952 $743.4
      Grove Merger 60 7,308 $463.2
      2000 Dispositions (53)(12,813)$631.6
      2000 Completed Developments 4 940   
        
      		 
      		   
       At December 31, 2000 1,104 227,704   
      2001 Acquisitions 14 3,423 $388.1
      2001 Dispositions (49)(8,807)$416.9
      2001 Completed Developments 7 2,505   
      Unit Configuration Changes — (24)  
        
      		 
      		   
       At December 31, 2001 1,076 224,801   
        
      		 
      		   

       

       

       

      Properties

       

      Units

       

      Purchase /
      Sale Price
      $ Millions

       

      At December 31, 2000

       

      1,104

       

      227,704

       

       

       

      2001 Acquisitions

       

      14

       

      3,423

       

      $

      388.1

       

      2001 Dispositions

       

      (49

      )

      (8,807

      )

      $

      416.9

       

      2001 Completed Developments

       

      7

       

      2,505

       

       

       

      Unit Configuration Changes

       

      —

       

      (24

      )

       

       

      At December 31, 2001

       

      1,076

       

      224,801

       

       

       

      2002 Acquisitions

       

      12

       

      3,634

       

      $

      289.9

       

      Ft. Lewis Joint Venture

       

      1

       

      3,652

       

       

       

      2002 Dispositions

       

      (58

      )

      (10,713

      )

      $

      546.2

       

      2002 Completed Developments

       

      8

       

      2,201

       

       

       

      Unit Configuration Changes

       

      —

       

      16

       

       

       

      At December 31, 2002

       

      1,039

       

      223,591

       

       

       

      The Company'sCompany’s acquisition and disposition activity has impacted overall results of operations for the years ended December 31, 20012002 and 2000.2001.  Significant changes in revenues and expenses have resulted primarily from the consolidation of previously Unconsolidated Properties and the acquisition of Globe in July 2000, as well as the 2001 and the 2000 Acquired Properties,fourth quarter of 2002, the disposition of the furniture rental business on January 11, 2002, reduced rental income through increased concessions or reduced apartment rents and occupancy at many of our properties and the properties acquired and developments completed in 2001 and 2002, which have been partially offset by the disposition of theproperties disposed in 2001 and the 2000 Disposed Properties.2002.  Significant changechanges in expenses hashave also resulted from changes in insurance costs, general and administrative costs, impairment charges (furniture rental and unconsolidated technology investments) recorded in 2001.variable interest rates.  This impact is discussed in greater detail in the following paragraphs.

      35


      Properties that the Company owned for all of both 2002 and 2001 (the “2002 Same Store Properties”), which represented 188,027 units, impacted the Company’s results of operations.  Properties that the Company owned for all of both 2001 and 2000 (the "2001“2001 Same Store Properties"Properties”), which represented 181,951 units, impacted the Company's results of operations. Properties that the Company owned for all of both 2000 and 1999 (the "2000 Same Store Properties"), which represented 155,910 units, also impacted the Company'sCompany’s results of operations.  Both the 20012002 Same Store Properties and 20002001 Same Store Properties are discussed in the following paragraphs.

        Comparison of the year ended December 31, 2002 to the year ended December 31, 2001

        For the year ended December 31, 2002, income before allocation to Minority Interests, income (loss) from investments in unconsolidated entities, net gain on sales of unconsolidated entities, discontinued operations, extraordinary items and cumulative effect of change in accounting principle decreased by approximately $64.2 million when compared to the year ended December 31, 2001.

        Revenues from the 2002 Same Store Properties decreased primarily as a result of lower overall physical occupancy, increased concessions and lower rental rates charged to both new and renewal residents.  Property operating expenses from the 2002 Same Store Properties, which include property and maintenance,

        35


      real estate taxes and insurance and an allocation of property management expenses, remained relatively stable with increases in real estate taxes and insurance costs offset by a decrease in utility costs.  The following tables provide comparative revenue, expense, net operating income (“NOI”) and weighted average occupancy for the 2002 Same Store Properties:

      2002 Same Store Properties

      Year over Year Same Store Results

      $ in Millions – 188,027 Same Store Units

      Description

       

      Revenues

       

      Expenses

       

      NOI

       

       

       

       

       

       

       

       

       

      2002

       

      $

      1,768.0

       

      $

      663.3

       

      $

      1,104.7

       

      2001

       

      $

      1,815.9

       

      $

      658.3

       

      $

      1,157.6

       

      Change

       

      $

      (47.9

      )

      $

      5.0

       

      $

      (52.9

      )

      Change

       

      (2.6

      )%

      0.8

      %

      (4.6

      )%

      Same Store Occupancy Statistics

      Year 2002

      93.5

      %

      Year 2001

      94.5

      %

      Change

      (1.0

      )%

      For properties that the Company acquired prior to January 1, 2002 and expects to continue to own through December 31, 2003, the Company anticipates the following operating results for the full year ending December 31, 2003:

      2003 Same Store Operating Assumptions

      Physical Occupancy

      93.0%

      Revenue Change

      (3.9)% to (1.4)%

      Expense Change

      2.1% to 4.4%

      NOI Change

      (9.2)% to (3.7)%

      Dispositions

      $700 million

      These 2003 operating assumptions are based on current expectations and are forward-looking.

      Rental income from properties other than 2002 Same Store Properties increased by approximately $15.9 million primarily as a result of revenue from properties acquired in 2001 and 2002 and additional Partially Owned Properties consolidated in 2001 and the fourth quarter of 2002.

      Interest and other income decreased by approximately $7.0 million, primarily as a result of lower balances available for investment and related interest rates being earned on short-term investment accounts along with lower balances on deposit in tax-deferred exchange accounts.

      Interest income – investment in mortgage notes decreased by $8.8 million as a result of the consolidation of previously Unconsolidated Properties in July 2001.  No additional interest income will be recognized on such mortgage notes in future years as the Company now consolidates the results related to these previously Unconsolidated Properties.   See Note 8 in the Notes to Consolidated Financial Statements for further discussion.

      Property management expenses include off-site expenses associated with the self-management of the Company’s properties.  These expenses decreased by approximately $5.0 million or 6.5%.  This decrease is

      36


      primarily attributable to lower amounts accrued for employee bonuses and profit sharing for 2002 and lower headcount in 2002.

      Fee and asset management revenues, net of fee and asset management expenses, increased by $1.6 million as a result of managing additional units at Fort Lewis, Washington starting in April 2002.  As of December 31, 2002 and 2001, the Company managed 18,965 units and 16,539 units, respectively, for third parties and unconsolidated entities.

      The Company recorded impairment charges in 2002 on its corporate housing business and its technology investments of approximately $17.1 million and $1.2 million, respectively.  See Note 22 in the Notes to Consolidated Financial Statements for further discussion.

      Interest expense, including amortization of deferred financing costs, decreased approximately $15.5 million primarily due to lower variable interest rates and lower overall levels of debt.  During the year ended December 31, 2002, the Company capitalized interest costs of approximately $27.2 million as compared to $28.2 million for the year ended December 31, 2001.  This capitalization of interest primarily related to equity investments in unconsolidated entities engaged in development activities.  The effective interest cost on all indebtedness for the year ended December 31, 2002 was 6.54% as compared to 6.89% for the year ended December 31, 2001.

      General and administrative expenses, which include corporate operating expenses, increased approximately $11.1 million between the years under comparison.  This increase was primarily due to retirement plan expenses for certain key executives, restricted shares/awards granted to key employees, additional compensation charges and costs associated with the Company’s new President, higher state income taxes in Michigan and New Jersey and income taxes incurred by one of the Company’s taxable REIT subsidiaries which has an ownership interest in properties that in prior periods were classified as Unconsolidated Properties.

      Income (loss) from investments in unconsolidated entities decreased approximately $7.5 million between the periods under comparison.  This decrease is primarily the result of increased equity losses and unrealized losses on derivative instruments.

      Net gain on sales of discontinued operations decreased approximately $44.6 million between the periods under comparison.  This decrease is primarily the result of the properties sold in 2001 having a lower net carrying value at sale, which resulted in higher gain recognition for financial reporting purposes.

      Discontinued operations, net, increased approximately $53.0 million between the periods under comparison.  This increase is primarily attributable to a one-time $60.0 million impairment on the furniture rental business in 2001, which was subsequently sold in January 2002.  See Note 16 in the Notes to Consolidated Financial Statements for further discussion.

      Comparison of the year ended December 31, 2001 to the year ended December 31, 2000

       

      For the year ended December 31, 2001, income before allocation to Minority Interests, income (loss) from investments in unconsolidated entities, net gain on sales of real estate,unconsolidated entities, discontinued operations, extraordinary items and cumulative effect of change in accounting principle decreasedincreased by approximately $39.5$32.2 million when compared to the year ended December 31, 2000.

       

      Revenues from the 2001 Same Store Properties increased primarily as a result of higher rental rates charged to new residents and resident renewals and an increase in income from billing residents for their share of utility costs as well as other ancillary services provided to residents.  Property operating expenses from the 2001 Same Store Properties, which include property and maintenance, real estate taxes and insurance and an allocation of property management expenses, increased primarily attributable to a $5.4 million, or 5.6%, increase in utilities and an $8.2 million, or 5.5%, increase in payroll costs.  The following tables provide

      37


      comparative revenue, expenses,expense, net operating income and weighted average occupancy for the 2001 Same Store Properties:

      2001 Same Store Net Operating Income ("NOI")Properties

      Year over Year Same Store Results

      $ in Millions – 181,951 Same Store Units

      $ in Millions- 181,951 Same Store Units
      		 
      Description
      		 Revenues
      		 Expenses
      		 NOI
      		 

       

      Revenues

       

      Expenses

       

      NOI

       

       

       

       

       

       

       

       

      2001 $1,721.2 $626.4 $1,094.8 

       

      $

      1,721.2

       

      $

      626.4

       

      $

      1,094.8

       

      2000 $1,658.7 $604.1 $1,054.6 

       

      $

      1,658.7

       

      $

      604.1

       

      $

      1,054.6

       

       
      		 
      		 
      		 
      Change $62.5 $22.3 $40.2 

       

      $

      62.5

       

      $

      22.3

       

      $

      40.2

       

       
      		 
      		 
      		 
      Change 3.8% 3.7% 3.8%

       

      3.8

      %

      3.7

      %

      3.8

      %

      Same Store Occupancy Statistics

      2001 94.40%
      2000 94.91%
        
      		 
      Change (0.51%)

      Year 2001

      94.4

      %

      Year 2000

      94.9

      %

      Change

      (0.5

      )%

       For 2002 Properties which the Company acquired prior to December 31, 2000 and will continue to own through December 31, 2002, the Company expects to see revenue growth within a range of being slightly lower by 1.25% to slightly higher by as much as 0.5%; to maintain expense growth between a range of 1.0% to 1.5%; and expects NOI within a range of being slightly lower by 2.9% to slightly higher by 0.2%. These estimated changes are subject to certain risks and uncertainties including, but not limited to, maintaining an overall average occupancy rate of 93.0%.

      Rental income from properties other than 2001 Same Store Properties increased by approximately $57.4$54.6 million primarily as a result of revenue from the Company's 2001 and 2000 Acquired Properties, additional 2001 Partially Owned Properties, and the 2001 Disposition Properties.

       Interest income-investment in mortgage notes decreased by approximately $2.4 million as a result of the Company consolidating these previously Unconsolidated Properties in July 2001. The Company anticipates no additional interest income will be recognized on these mortgage notes in future years as the Company now consolidates the results related to these previously Unconsolidated Properties.

      36


      Interest and other income decreased by approximately $3.4 million, primarily as a result of lower balances available for investment and related interest rates being earned on the Company's short-term investment accounts.

       

      Interest income-investment in mortgage notes decreased by approximately $2.4 million as a result of the consolidation of previously Unconsolidated Properties in July 2001.   See Note 8 in the Notes to Consolidated Financial Statements for further discussion.

      Property management expenses include off-site expenses associated with the self-management of the Company'sCompany’s Properties.  These expenses increased by approximately $0.7 million or less than 1%.  The Company continuescontinued to acquire properties in major metropolitan areas and dispose of assets in smaller multi-family rental markets where the Company doesdid not have a significant management presence.  As a result, the Company was able to maintain off-site management expenses at a constant level between the two reporting periods.

       

      Fee and asset management revenues and fee and asset management expenses increased as a result of the Company continuing to manage Propertiesproperties that were sold and/or contributed to various unconsolidated joint venture entities.  As of December 31, 2001, the Company managed 16,539 units for third parties and the unconsolidated joint venture entities.

       Furniture income and furniture expenses are associated with

      Impairment on technology investments increased approximately $10.8 million between the operation of the furniture rental business assumed in connection with the Globe acquisition, which occurred in July 2000. Furniture expenses include a depreciation charge on furniture held in inventory and property and equipment directly related to the furniture business. The Company sold its furniture rental business for approximately $30.0 million on January 11, 2002.

              The Company recorded impairment charges in 2001 totaling approximately $71.8 million, of which $60.0 million is related to the furniture rental business and approximately $11.8 million is related to certain investments in technology entities.years under comparison.  See Footnote 20Note 22 in the Notes to the Consolidated Financial Statements for further discussion.

       

      Interest expense, including amortization of deferred financing costs, decreased approximately $11.0$10.6 million.  During 2001, the Company capitalized interest costs of approximately $28.2 million as compared to $17.7 million for the year ended 2000.  This capitalization of interest primarily related to equity investments in unconsolidated entities engaged in development activities.  The effective interest cost on all of the Company's indebtedness for the year ended December 31, 2001 was 6.90%6.89% as compared to 7.25% for the year ended December 31, 2000. For 2002, the Company expects to refinance approximately $550 million of indebtedness and to incur interest costs ranging from 6.5% to 7.0% per annum.

       

      38


      General and administrative expenses, which include corporate operating expenses, increased approximately $9.0 million between the years under comparison.  This increase was primarily due to the addition of corporate personnel, recruiting fees for the new President, retirement plan expenses for certain key executives, and higher overall compensation expenses including a current year expense associated with the vesting of restricted shares/awards to key employees earned over the past three years.

       

      Income (loss) from investments in unconsolidated entities increased approximately $1.5 million between the periods under comparison primarily as a result of an increase in the number of completed unconsolidated development projects.

      Net gain on sales of real estatediscontinued operations decreased approximately $49.1$49.5 million between the periods under comparison.  This decrease is primarily the result of aapproximately 8,800 fewer number of units sold during the year ended December 31, 2001 (11,818 units including the joint venture Properties) as compared to the year ended December 31, 2000 (20,648 units including the joint venture Properties).

        Comparison of the year ended December 31, 2000 to the year ended December 31, 1999

              For the year ended December 31, 2000, income before allocation to Minority Interests, income from investments in unconsolidated entities, net gain on sales of real estate, extraordinary items and cumulative effect of change in accounting principle increased by $69.5 million, or 21.3%, when compared to the year ended December 31, 1999.

      37

              Revenues from the 2000 Same Store Properties increased primarily as a result of higher rental rates charged to new residents and resident renewals and an increase in income from billing residents for their share of utility costs as well as other ancillary services provided to residents. Property operating expenses from the 2000 Same Store Properties, which include property and maintenance, real estate taxes and insurance and an allocation of property management expenses, increased primarily attributable to a $1.8 million, or 2.1%, increase in utilities and a $9.1 million, or 7.4% increase in payroll costs. The following tables provide comparative revenue, expenses, net operating income and weighted average occupancy for the 2000 Same Store Properties:

      Same Store Net Operating Income

      $        in Millions — 155,910 Same Store Units

      Description
      		 Revenues
      		 Expenses
      		 NOI
      		 
      2000 $1,471.4 $536.4 $935.0 
      1999 $1,406.4 $523.4 $883.0 
        
      		 
      		 
      		 
      Change $65.0 $13.0 $52.0 
        
      		 
      		 
      		 
      Change  4.6% 2.5% 5.9%

      Same Store Occupancy Statistics

      2000 94.94%
      1999 95.12%
        
      		 
      Change (0.18%)
        
      		 

              Rental income from properties other than 2000 Same Store Properties increased by approximately $178.3 million primarily as a result of revenue from the Company's corporate housing business and the acquisition of Properties during 2000, including the consolidation of previously Unconsolidated Properties.2000.

       Interest and other income increased by

      Discontinued operations, net, decreased approximately $12.0 million, primarily as a result of disposition proceeds earning interest in various tax deferred 1031 exchange accounts. These proceeds are invested in money market investments until the Company purchases additional multi-family properties.

              Property management expenses include expenses associated with the self-management of the Company's Properties. These expenses increased by approximately $14.8 million primarily due to the continued expansion of the Company's property management business and higher overall compensation expenses. During 2000, the Company incurred the full year impact of assuming the property management business of LFT and also assumed management offices in Cincinnati, Ohio and Norwood, Massachusetts related to the acquisition of Globe and Grove, respectively. Also included in compensation expense is the current year expense associated with the vesting of restricted shares/awards to key employees earned over the past year.

              Fee and asset management revenues and fee and asset management expenses increased as a result of the Company continuing to manage Properties that were either sold and/or contributed to various joint venture entities.

              Furniture income and furniture expenses are associated with the operation of the furniture rental business assumed in connection with the Globe acquisition, which occurred in July 2000. Furniture expenses include a depreciation charge on furniture held in inventory and property and equipment directly related to the furniture business.

      38


              The Company recorded impairment charges in 2000 totaling approximately $1.0 million related to certain investments in technology entities.

              Interest expense, including amortization of deferred financing costs, increased by approximately $37.5 million. During 2000, the Company capitalized interest costs of approximately $17.7 million as compared to $8.1 million for the year ended 1999. This capitalization of interest primarily related to equity investments in unconsolidated entities engaged in development activities. The effective interest cost on all of the Company's indebtedness for the year ended December 31, 2000 was 7.25% as compared to 7.05% for the year ended December 31, 1999.

              General and administrative expenses, which include corporate operating expenses, increased approximately $4.1$71.8 million between the periods under comparison.  This increase was primarily due to the addition of corporate personnel and higher overall compensation expenses including a current year expense associated with the awarding of restricted shares to key employees in 2000.

              Net gain on sales of real estate increased approximately $104.9 million between the periods under comparison. This increasedecrease is primarily the result ofattributable to a larger number of units sold during the year ended December 31, 2000 (20,648 units, including the joint venture Properties) as compared to the year ended December 31, 1999 (9,183 units).

              Net loss from extraordinary items increased approximately $5.1one-time $60.0 million related primarily to pre-payment penalties incurredimpairment on the refinancing of $208 millionfurniture rental business in mortgage debt.2001.  See Note 16 in the Notes to Consolidated Financial Statements for further discussion.

      Liquidity and Capital Resources

      For the Year Ended December 31, 20012002

       

      As of January 1, 2001,2002, the Company had approximately $23.8$51.6 million of cash and cash equivalents and $399.5$446.0 million available under its linesline of credit (net of $59.0 million which $53.5 million was restricted (notrestricted/dedicated to support letters of credit and not available to be drawn)for borrowing).  After taking into effect the various transactions discussed in the following paragraphs and the net cash provided by operating activities, the Company'sCompany’s cash and cash equivalents balance at December 31, 20012002 was approximately $51.6$29.9 million and the amount available on the Company'sCompany’s line of credit was $505.0$499.2 million (net of $60.8 million which $59.0 million was restricted (notrestricted/dedicated to support letters of credit and not available to be drawn)for borrowing).

       

      Part of the Company'sCompany’s acquisition and development funding strategy and the funding of the Company's investmentinvestments in various joint venturesunconsolidated entities is to utilize its linesline of credit and to subsequently repay the linesline of credit from the disposition of Properties,properties, retained cash flows or the issuance of additional equity or debt securities.  Continuing to utilize this strategy during the year ended 2001,December 31, 2002, the Company:

        •

        disposed of forty-nine Propertiesfifty-eight properties (including twosix Unconsolidated Properties) and two vacant parcels of land and received net proceeds of $399.1approximately $528.5 million;

        •

                          disposed of the furniture rental business on January 11, 2002 and received net proceeds of approximately $28.7 million;

        •issued $300.0$400.0 million of 6.625% fixed rate unsecured debt receiving net proceeds of $297.4$394.5 million;

        •

        sold and/or contributed eleven properties to a joint venture and received                  issued $50.0 million of 4.861% fixed rate unsecured debt receiving net proceeds of $167.6$49.9 million;

        •

        issued approximately 3.61.8 million Common Shares and received net proceeds of $74.4$39.0 million;

        and

        •

        issued $60.0 million of four new series of Preference Interests and received net proceeds of $58.5 million;

        •
        obtained $91.6$126.1 million in new mortgage financing; and

        •
        received $61.4 million of principal repayments on its investment in second and third mortgages on previously Unconsolidated Properties.
      financing.

       

      All of these proceeds were utilized to either:to:

        •

                          purchase additional properties;

        •repay the linesline of credit;

      39

          •
          redeem the Company's Series A and F Preferred Shares;

          •
          repay mortgage indebtedness on selected Properties;

          properties;

          •

          repay public unsecured debt;

          •                  repurchase and retire Common Shares;

          39



        •

                          invest in consolidated and unconsolidated development projects; and

        •invest in unconsolidated entities; and

        •
        purchase additional Properties.
        entities.

         

        During the year ended December 31, 2001,2002, the Company:

          •

          reducedacquired twelve properties utilizing cash of $258.3 million;

          •repaid $55.0 million on its line of credit borrowings by approximately $160.5 million as compared to its December 31, 2000 balance outstanding;

          credit;

          •

          funded $210.5 million to redeem all of its Series A and F Preferred Shares;

          •
          repaid approximately $364.2 million of mortgages due at or prior to maturity and/or at the disposition date of respective Properties;

          •
          funded a net of $174.6 million in accordance with its development and joint venture agreements; and

          •
          acquired fourteen Properties and vacant land utilizing cash of $297.8 million.

                The Company's total debt summary, as of December 31, 2001, included:

        Debt Summary as of December 31, 2001

         
        		 $ Millions
        		 Weighted
        Average Rate
        		 
        Secured $3,287 6.51%
        Unsecured  2,456 6.32%
          
        		 
        		 
         Total $5,743 6.43%
        Fixed Rate $4,847 7.02%
        Floating Rate  896 3.20%
          
        		 
        		 
         Total $5,743 6.43%
        Above Totals Include:      
         Total Tax Exempt $975 4.41%
         Unsecured Revolving Credit Facility $195 2.50%

                From January 1, 2002 through February 5, 2002, the Company:

          •
          disposed of four Properties consisting of 466 units for approximately $15.5 million;

          •
          disposed of the furniture rental business for approximately $30.0 million in cash;

          •
          repaid $1.9$407.7 million of mortgage debt at or prior to maturity on two Properties; and

          loans;

          •

          repaid $100.0 million of 9.375% fixed rate public notes at maturity.
        maturity;

        •repaid $125.0 million of 7.95% fixed rate public notes at maturity;

        •repaid $40.0 million of 7.25% fixed rate public notes at maturity;

        •repaid $4.7 million of other unsecured notes;

        •                  repurchased and retired approximately 5.1 million of its Common Shares for approximately $115.0 million;

        •                  funded a net of $62.8 million under its development agreements; and

        •funded $10.0 million in connection with its agreement with the U.S. Army for Fort Lewis military housing.

         During 2002,

        Depending on its analysis of market prices, economic conditions and other opportunities for the investment of available capital, the Company expects to fund approximately $33.5 million related to wholly owned developments and joint venture projects under development. In connection with one joint venture agreement, the Company has an obligation to fundmay repurchase up to an additional $6.5$85.0 million of its Common Shares pursuant to guarantee third party construction financing. the common share buyback program authorized by its Board of Trustees.

        The Company’s total debt summary and debt maturity schedule as of December 31, 2002, are as follows:

        Debt Summary as of December 31, 2002

         

         

        $ Millions

         

        Weighted
        Average Rate

         

        Secured

         

        $

        2,928

         

        6.15

        %

        Unsecured

         

        2,596

         

        6.30

        %

        Total

         

        $

        5,524

         

        6.22

        %

         

         

         

         

         

         

        Fixed Rate*

         

        $

        4,776

         

        6.83

        %

        Floating Rate*

         

        748

         

        2.33

        %

        Total*

         

        $

        5,524

         

        6.22

        %

         

         

         

         

         

         

        Above Totals Include:

         

         

         

         

         

        Total Tax Exempt

         

        $

        985

         

        3.75

        %

        Unsecured Revolving Credit Facility

         

        $

        140

         

        1.98

        %

        * Net of the effect of any interest rate protection agreements.

        40


        Debt Maturity Schedule as of December 31, 2002

        Year

         

        $ Millions

         

        % of Total

         

        2003

         

        $

        334

         

        6.1

        %

        2004

         

        605

         

        11.0

        %

        2005*

         

        818

         

        14.8

        %

        2006

         

        460

         

        8.3

        %

        2007

         

        316

         

        5.7

        %

        2008

         

        457

         

        8.3

        %

        2009

         

        277

         

        5.0

        %

        2010

         

        256

         

        4.6

        %

        2011

         

        654

         

        11.8

        %

        2012+

         

        1,347

         

        24.4

        %

        Total

         

        $

        5,524

         

        100.0

        %

        * Includes $300 million with a final maturity of 2015 that is putable/callable in 2005 and $140 million related to the Company’s unsecured revolving credit facility.

        The Company’s “Consolidated Debt-to-Total Market Capitalization Ratio” as of December 31, 2002 is presented in the following table.  The Company calculates the equity component of its market capitalization as the sum of (i) the total outstanding Common Shares and assumed conversion of all OP Units at the equivalent market value of the closing price of the Company’s Common Shares on the New York Stock Exchange; (ii) the “Common Share Equivalent” of all convertible preferred shares and preference interests/units; and (iii) the liquidation value of all perpetual preferred shares and preference interests outstanding.

        Capitalization as of December 31, 2002

        Total Debt

        $

        5,523,698,848

        Common Shares & OP Units

        293,396,124

        Common Share Equivalents (see below)

        14,947,898

        Total Outstanding at year-end

        308,344,022

        Common Share Price at December 31, 2002

        $

        24.58

        7,579,096,061

        Perpetual Preferred Shares Liquidation Value

        565,000,000

        Perpetual Preference Interests Liquidation Value

        211,500,000

        Total Market Capitalization

        $

        13,879,294,909

        Debt/Total Market Capitalization

        39.8

        %

        41


        Convertible Preferred Shares, Preference Interests and Junior Preference Units

        as of December 31, 2002

         

         

        Shares/Units

         

        Conversion
        Ratio

         

        Common
        Share
        Equivalents

         

        Preferred Shares:

         

         

         

         

         

         

         

        Series E

         

        2,548,114

         

        1.1128

         

        2,835,541

         

        Series G

         

        1,264,692

         

        8.5360

         

        10,795,408

         

        Series H

         

        51,228

         

        1.4480

         

        74,178

         

        Preference Interests:

         

         

         

         

         

         

         

        Series H

         

        190,000

         

        1.5108

         

        287,052

         

        Series I

         

        270,000

         

        1.4542

         

        392,634

         

        Series J

         

        230,000

         

        1.4108

         

        324,484

         

        Junior Preference Units:

         

         

         

         

         

         

         

        Series A

         

        56,616

         

        4.081600

         

        231,084

         

        Series B

         

        7,367

         

        1.020408

         

        7,517

         

         

         

         

         

         

         

         

         

        Total

         

         

         

         

         

        14,947,898

         

        The Company’s policy is to maintain a ratio of consolidated debt-to-total market capitalization of less than 50%.

        From January 1, 2003 through February 3, 2003, the Company:

        •                  acquired one property consisting of 226 units for approximately $41.0 million;

        •                  disposed of five properties consisting of 1,011 units for approximately $57.4 million;

        •                  refinanced the mortgage debt on eleven Partially Owned Properties and received additional cash proceeds of approximately $2.4 million; and

        •                  repaid $44.9 million of mortgage debt at/or prior to maturity.

        Off-Balance Sheet Arrangements and Contractual Obligations

        As of December 31, 2001,2002, the Company has 2218 projects underin various stages of development with estimated completion dates ranging from March 31, 2002 through December 31, 2003.June 30, 2004.  The three development agreements currently in place have the following key terms:

         For one joint venture agreement,

        •                  the Company's joint venturefirst development partner has the right, at any time following completion of a project, to stipulate a value for such project and offer to sell its interest in

        40


        the project to the Company based on such value.  If the Company chooses not to purchase the interest, it must agree to a sale of the project to an unrelated third party at such value.  The Company's joint ventureCompany’s partner must exercise this right as to all projects within five years after the receipt of the final certificate of occupancy on the last developed property.  The Company has an obligation to fund up to an additional $13.0 million to guarantee third party construction financing, if required.

         For

        •                        the second joint venture agreement, the Company's joint venturedevelopment partner has the right, at any time following completion of a project, to require the Company to purchase the joint venture partners'partners’ interest in that project at a mutually agreeable price.  If the Company and the joint venture partner are unable to agree on a price, both parties will obtain appraisals.  If the appraised values vary by more than 10%, both the Company and the joint ventureits partner will agree on a third appraiser to determine which original appraisal is closest to its determination of value.  The Company may elect at that time not to purchase the property and instead, authorize the joint ventureits partner to sell the project at or above the agreed-upon value to an unrelated third party.  Five years following the receipt of the final certificate of occupancy on the last developed property, any projects

        42


        remaining unsold must be purchased by the Company at the agreed-upon price.

         The

        •                        the third development partner has the exclusive right for six months following stabilization (generally defined as having achieved 90% occupancy for three consecutive months following the substantial completion of a project) to market a project for sale.  Thereafter, either the Company or its development partner may market a project for sale.  If the Company’s development partner proposes the sale, the Company may elect to purchase the project at the price proposed by its partner or defer the sale until two independent appraisers appraise the project.  If the two appraised values vary by more than 5%, a third appraiser will be chosen to determine the fair market value of the property.  Once a value has been determined, the Company may elect to purchase the property or authorize its development partner to sell the project at the agreed-upon value.

        In connection with one of its mergers, the Company provided a credit enhancement with respect to certain tax-exempt bonds issued to finance certain public improvements at a multifamily development project. As of February 3, 2003, this enhancement was still in effect at a commitment amount of $12.7 million.

        As of February 2003, the Company has a commitment to fund $6.1 million to Constellation Real Technologies, LLC, a real estate technology company.

        See also Note 9 in the Notes to Consolidated Financial Statements for additional discussion regarding the Company’s investments in unconsolidated entities.

        Capitalization of Fixed Assets and Improvements to Real Estate:

        Our policy of capitalizingwith respect to capital expenditures made for new assets, including newly acquired Properties, and the costs associated with placing these assets into service. Expenditures for improvements and renovationsis generally to capitalize expenditures that significantly enhanceimprove the value of existing assetsthe property or substantially extend the useful life of anthe component asset are also capitalized. Expenditures for in-the-unit replacement-type itemsof the property.  We track improvements to real estate in two major categories and several subcategories:

        •                  Replacements (inside the unit).  These include:

        •                  carpets and hardwood floors;

        •                  appliances;

        •                  mechanical equipment such as appliances, draperies, carpeting and floor coverings, mechanical equipment and certainindividual furnace/air units, hot water heaters, etc;

        •                  furniture and fixtures such as kitchen/bath cabinets, light fixtures, ceiling fans, sinks, tubs, toilets, mirrors, countertops, etc;

        •                  flooring such as vinyl, linoleum or tile; and

        •                  blinds/shades

        We typically capitalize for established properties approximately $260 to $290 per unit annually for inside the unit replacements. All replacements are also capitalized. Expenditures for ordinarydepreciated over a five-year estimated useful life.  We expense as incurred all maintenance and repairs are expensedturnover costs such as cleaning, interior painting of individual units and the repair of any replacement item noted above.

        •                  Building improvements (outside the unit).  These include:

        •                  roof replacement and major repairs;

        •                  paving or major resurfacing of parking lots, curbs and sidewalks;

        •                  amenities and common areas such as pools, exterior sports and playground equipment, lobbies, clubhouses, laundry rooms, alarm and security systems and offices;

        •                  major building mechanical equipment systems;

        •                  interior and exterior structural repair and exterior painting and siding;

        •                  major landscaping and grounds improvement; and

        •                  vehicles and office and maintenance equipment.

        We typically capitalize for established properties approximately $380 to operations as incurred. With respect to acquired Properties, the Company has determined that it generally spends $1,000$390 per unit duringannually for

        43


        outside the unit building improvements.  All building improvements are depreciated over a five to ten-year estimated useful life.  We expense as incurred all recurring expenditures that do not improve the value of the asset or extend its first three years of ownershipuseful life.

        For the year ended December 31, 2002, our actual improvements to fully improvereal estate totaled approximately $156.8 million.  This includes the following detail (amounts in thousands except for unit and enhance these Properties to meet the Company's standards. In regard to replacement-type items described above, the Company generally expects to spend $250 per unit on an annual recurring basis.amounts):

         During

        Capitalized Improvements to Real Estate

        For the Year Ended December 31, 2002

         

         

        Total Units
        (1)

         

        Replacements
        (2)

         

        Avg.
        Per
        Unit

         

        Building
        Improvements
        (3)

         

        Avg.
        Per
        Unit

         

        Total

         

        Avg.
        Per
        Unit

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

        Established Properties (4)

         

        171,913

         

        $

        49,903

         

        $

        290

         

        $

        65,985

         

        $

        384

         

        $

        115,888

         

        $

        674

         

        New Acquisition Properties (5)

         

        22,146

         

        5,542

         

        285

         

        8,691

         

        446

         

        14,233

         

        731

         

        Other (6)

         

        7,758

         

        5,787

         

         

         

        20,868

         

         

         

        26,655

         

         

         

        Total

         

        201,817

         

        $

        61,232

         

         

         

        $

        95,544

         

         

         

        $

        156,776

         

         

         

        (1)

        Total units exclude 21,774 unconsolidated units.

        (2)

        Replacements include new expenditures inside the units such as carpets and hardwood floors, appliances, mechanical equipment, fixtures, flooring and blinds/shades.

        (3)

        Building improvements include roof replacement, paving, amenities and common areas, building mechanical equipment systems, exterior painting and siding, major landscaping, vehicles and office and maintenance equipment.

        (4)

        Wholly Owned Properties acquired prior to January 1, 2000.

        (5)

        Wholly Owned Properties acquired during 2000, 2001 and 2002.  Per unit amounts are based on a weighted average of 19,478 units.

        (6)

        Includes properties either Partially Owned or sold during the period, commercial space, condominium conversions, and $9.1 million included in building improvements spent on six specific assets related to major renovations and repositioning of these assets.

        For the year ended December 31, 2001, the Company's totalour actual improvements to real estate approximatedtotaled approximately $150.9 million.  This includes the following detail (amounts in thousands except for unit and per unit amounts):

        Capitalized Improvements to Real Estate

        For the Year Ended December 31, 2001

         

         

        Total Units
        (1)

         

        Replacements
        (2)

         

        Avg.
        Per
        Unit

         

        Building
        Improvements
        (3)

         

        Avg.
        Per
        Unit

         

        Total

         

        Avg.
        Per
        Unit

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

        Established Properties (4)

         

        149,288

         

        $

        38,612

         

        $

        259

         

        $

        56,594

         

        $

        379

         

        $

        95,206

         

        $

        638

         

        New Acquisition Properties (5)

         

        50,290

         

        15,994

         

        330

         

        25,685

         

        531

         

        41,679

         

        861

         

        Other (6)

         

        7,051

         

        3,674

         

         

         

        10,369

         

         

         

        14,043

         

         

         

        Total

         

        206,629

         

        $

        58,280

         

         

         

        $

        92,648

         

         

         

        $

        150,928

         

         

         

        (1)                                  Total units exclude 18,172 unconsolidated units.

        (2)Replacements which include new carpeting,expenditures inside the units such as carpets and hardwood floors, appliances, mechanical equipment, fixtures, vinyl floorsflooring and blinds inside the unit approximated $56.0 million, or $276 per unit.blinds/shades.

        (3)                                  Building improvements for theinclude roof replacement, paving, amenities and common areas, building

        44


        mechanical equipment systems, exterior painting and siding, major landscaping, vehicles and office and maintenance equipment.

        (4)                                  Wholly Owned Properties acquired prior to January 1, 1999.

        (5)                                  Wholly Owned Properties acquired during 1999, 2000 and 2001 Acquired Properties approximated $26.4 million,2001.  Per unit amounts are based on a weighted average of 48,434 units.

        (6)                                  Includes properties either Partially Owned or $496 per unit. Building improvements for all ofsold during the Company's pre-1999 Acquired Properties approximated $57.2 million or $383 per unit. In addition, approximatelyperiod, commercial space, condominium conversions, and $7.2 million wasincluded in building improvements spent on twelve specific assets related to major renovations and repositioning of these assets. Also included

        We anticipate to capitalize annually an average of approximately $640 to $680 per unit for inside and outside the unit capital expenditures to our established properties.  The Company expects to fund approximately $150.0 million for capital expenditures for replacements and building improvements in total improvements to real estate was approximately $4.1 million on commercial/other assets and Partially Owned Properties. Such improvements to real estate were primarily funded from net cash provided by operating activities. Total improvements to real estate for 2002 are estimated at $135.0 million.2003.

         

        During the year ended December 31, 2001,2002, the Company'sCompany’s total non-real estate capital additions, such as computer software, computer equipment, and furniture and fixtures and leasehold improvements to the Company'sCompany’s property management offices and its corporate offices, was approximately $6.9$7.3 million.  SuchThe Company expects to fund approximately $4.9 million in total additions to non-real estate property for 2003.

        Improvements to real estate and additions to non-real estate property for both 2002 and 2001 were funded from net cash provided by operating activities. Total additions

        Derivative Instruments

        In the normal course of business, the Company is exposed to non-real estate property for 2002 are estimated at $6.8 million.the effect of interest rate changes.  The Company limits these risks by following established risk management policies and procedures including the use of derivatives to hedge interest rate risk on debt instruments.

         

        The Company has a policy of capitalizing expenditures made for rental furnitureonly entering into contracts with major financial institutions based upon their credit ratings and related propertyother factors.  When viewed in conjunction with the underlying and equipment.offsetting exposure that the derivatives are designed to hedge, the Company has not sustained a material loss from those instruments nor does it anticipate any material adverse effect on its net income or financial position in the future from the use of derivatives.

        The following table summarizes the consolidated derivative instruments at December 31, 2002 (dollar amounts are in thousands):

         

         

        Cash Flow
        Hedges

         

        Fair Value
        Hedges

         

        Forward
        Starting
        Swaps

         

        Offsetting
        Receive
        Floating
        Swaps/Caps

         

        Offsetting
        Pay
        Floating
        Swaps/Caps

         

        Current Notional Balance

         

        $

        400,000

         

        $

        120,000

         

        $

        250,000

         

        $

        255,118

         

        $

        255,118

         

        Lowest Possible Notional

         

        $

        400,000

         

        $

        120,000

         

        $

        250,000

         

        $

        251,410

         

        $

        251,410

         

        Highest Possible Notional

         

        $

        400,000

         

        $

        120,000

         

        $

        250,000

         

        $

        431,444

         

        $

        431,444

         

        Lowest Interest Rate

         

        3.65125

        %

        7.25000

        %

        5.06375

        %

        4.52800

        %

        4.45800

        %

        Highest Interest Rate

         

        5.81000

        %

        7.25000

        %

        5.42600

        %

        6.00000

        %

        6.00000

        %

        Earliest Maturity Date

         

        2003

         

        2005

         

        2013

         

        2003

         

        2003

         

        Latest Maturity Date

         

        2005

         

        2005

         

        2013

         

        2007

         

        2007

         

        Estimated Asset (Liability) Fair Value

         

        $

        (14,438

        )

        $

        9,069

         

        $

        (11,077

        )

        $

        (3,148

        )

        $

        3,025

         

        At December 31, 2002, certain unconsolidated development partnerships in which the Company invested had entered into swaps to hedge the interest rate risk exposure on unconsolidated floating rate construction mortgage loans.  The Company priorhas recorded its proportionate share of these hedges on its consolidated balance sheets.  These swaps have been designated as cash flow hedges with a current aggregate notional amount of $446.6million (notional amounts range from $169.2million to $555.9million over the saleterms of its furniture rental business, purchased furniturethe swaps) at interest rates ranging from 2.115% to replace furniture that had been sold and6.94% maturing at various

        45


        dates ranging from 2003 to maintain adequate levels of rental furniture to meet existing and new customer needs. Expenditures for property and equipment that significantly enhance the2005 with a net liability fair value of existing assets or substantially extend the useful life of an asset are also capitalized. Expenditures for ordinary maintenance and repairs related to property and equipment are expensed as incurred. For$13.9million.  During the year ended December 31, 2001, total additions2002, the Company recognized an unrealized loss of $1.1 million due to rental furnitureineffectiveness of certain of these unconsolidated development derivatives (included in income (loss) from investments in unconsolidated entities).

        41


        approximated $18.6On December 31, 2002, the net derivative instruments were reported at their fair value as other liabilities of approximately $16.6 million and property and equipment approximated $2.5as a reduction to investments in unconsolidated entities of approximately $13.9 million.  The furniture rental business was soldAs of December 31, 2002, there were approximately $42.8 million in deferred losses, net, included in accumulated other comprehensive loss.  Based on January 11, 2002.the estimated fair values of the net derivative instruments at December 31, 2002, the Company may recognize an estimated $17.7 million of accumulated other comprehensive loss as additional interest expense during the twelve months ending December 31, 2003, of which $7.9 million is related to the unconsolidated development partnerships.

         

        Other

        Minority Interests as of December 31, 2001 increased2002 decreased by $23.2$24.5 million when compared to December 31, 2000 principally as a result of the consolidation of twenty-one former Unconsolidated Properties and the issuance of $60.0 million of Preference Interests, partially offset by the conversions of OP Units into Common Shares.2001.  The primary factors that impacted this account in the Company'sCompany’s consolidated statements of operations and balance sheets during the year were:

          •

          distributions declared to Minority Interests, which amounted to $40.2$39.1 million for 20012002 (excluding Junior Preference Unit/Unit and Preference Interest distributions);

          •

          the allocation of income from operations to holders of OP Units in the amount of $32.8$26.9 million;

          •

          the allocation of Minority Interestsincome from operations to Partially Owned Properties in the amount of $2.2$1.9 million;

          •

          the conversion of OP Units into Common Shares; and

          •

          the issuance of Common Shares and OP Units Preference Units and Preference Interests during 2001.
        2002.

         

        Total distributions paid in 2001January 2003 amounted to $475.8$143.1 million (excluding distributions on Partially Owned Properties), which included certain distributions declared in the fourth quarter of 2001 and paid in 2002.

         

        The Company expects to meet its short-term liquidity requirements, including capital expenditures related to maintaining its existing Propertiesproperties and certain scheduled unsecured note and mortgage note repayments, generally through its working capital, net cash provided by operating activities and borrowings under its line of credit.  The Company considers its cash provided by operating activities to be adequate to meet operating requirements and payments of distributions.  The Company also expects to meet its long-term liquidity requirements, such as scheduled unsecured note and mortgage debt maturities, property acquisitions, financing of construction and development activities and capital improvements through the issuance of unsecured notes and equity securities, including additional OP Units, and proceeds received from the disposition of certain Properties. During March 2002, the Company anticipates the issuance of unsecured notes in the amount of approximately $300.0 million.properties.  In addition, the Company has certain unencumbered Propertiesproperties available to secure additional mortgage borrowings in the event that the public capital markets are unavailable to the Company or the cost of alternative sources of capital to the Company is too high.  TheseThe fair value of these unencumbered Propertiesproperties are in excess of the required value of unencumbered Properties the Company must maintain in order to comply with covenants under its unsecured notes and line of credit.

         

        On May 30, 2002, the Company obtained a new three-year $700.0 million unsecured revolving credit facility.  The Company has anew line of credit replaced the $700.0 million unsecured revolving credit facility that was scheduled to provideexpire in August 2002.  The prior existing revolving credit facility was terminated upon the Operating Partnership with potential borrowingsclosing of upthe new facility.  This new facility matures in May 2005 and will be used to $700 million.fund property acquisitions, costs for certain properties under development and short term liquidity requirements.  As of February 28, 2002, $262.03, 2003, $218.0 million was outstanding under this facility. This credit Facility is scheduled to expire in August 2002 and the Company has begun the process of replacing its line of credit with a new line of credit, which it believes will be on at least as favorable terms.facility.

         In connection with the Globe acquisition, the Company assumed a revolving credit facility with potential borrowings of up to $55.0 million. This credit facility was terminated on May 31, 2001.

                In connection with the Wellsford Merger, the Company provided a credit enhancement with respect to certain tax-exempt bonds issued to finance certain public improvements at a multifamily development project. As of February 28, 2002, this enhancement was still in effect at a commitment amount of $12.7 million.

        42

        Derivative Instruments and Hedging Activities

                In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company limits these risks by following established risk management policies and procedures including the use of derivatives to hedge interest rate risk on debt instruments.

                The Company has a policy of only entering into contracts with major financial institutions based upon their credit ratings and other factors. When viewed in conjunction with the underlying and offsetting exposure that the derivatives are designed to hedge, the Company has not sustained a material loss from those instruments nor does it anticipate any material adverse effect on its net income or financial position in the future from the use of derivatives to hedge interest rate risk on debt instruments.

                On January 1, 2001, the Company adopted SFAS No. 133 and its amendments (SFAS Nos. 137 and 138),Accounting for Derivative Instruments and Hedging Activities, which requires an entity to recognize all derivatives as either assets or liabilities in the statement of financial position and to measure those instruments at fair value. Additionally, the fair value adjustments will affect either shareholders' equity or net income depending on whether the derivative instruments qualify as a hedge for accounting purposes and, if so, the nature of the hedging activity. When the terms of an underlying transaction are modified, or when the underlying transaction is terminated or completed, all changes in the fair value of the instrument are marked-to-market with changes in value included in net income each period until the instrument matures. Any derivative instrument used for risk management that does not meet the hedging criteria of SFAS No. 133 is marked-to-market each period.

                As of January 1, 2001, the adoption of the new standard resulted in derivative instruments reported on the balance sheet as liabilities of approximately $6.6 million; an adjustment of approximately $5.3 million to accumulated other comprehensive loss, which are gains and losses not affecting retained earnings in the consolidated statement of shareholders' equity; and a charge of approximately $1.3 million as a cumulative effect of change in accounting principle in the consolidated statement of operations.

                At December 31, 2001, the Company had entered into swaps which have been designated as cash flow hedges with an aggregate notional amount of $626.4 million at interest rates ranging from 3.65% to 6.15% maturing at various dates ranging from 2003 to 2007 with a net liability fair value of $23.3 million; and swaps which have been designated as fair value hedges with an aggregate notional amount of $396.4 million at interest rates ranging from 4.46% to 7.25% maturing at various dates ranging from 2003 to 2011 with a net asset fair value of $4.6 million.

                At December 31, 2001, the Company's joint venture development partners had entered into swaps to hedge the interest rate risk exposure on unconsolidated floating rate construction mortgage loans. The Company has recorded its proportionate share of these qualifying hedges on its consolidated balance sheet. These swaps have been designated as cash flow hedges with a current aggregate notional amount of $302.5 million (notional amounts range from $139.7 million to $525.1 million over the terms of the swaps) at interest rates ranging from 4.13% to 7.35% maturing at various dates ranging from 2002 to 2005 with a net liability fair value of $10.4 million.

                As of December 31, 2001, there were approximately $32.6 million in deferred losses, net, included in accumulated other comprehensive loss. On December 31, 2001, the net derivative instruments were reported at their fair value as other liabilities of approximately $18.7 million and as a reduction to investment in unconsolidated entities of approximately $10.4 million. The Company expects to recognize an estimated $14.3 million of accumulated other comprehensive loss as additional interest expense during the twelve months ending December 31, 2002, of which $6.5 million is related to the development joint venture swaps.


        For the Year Ended December 31, 20002001

         

        As of January 1, 2000,2001, the Company had approximately $29.1$23.8 million of cash and cash equivalents

        46


        and $400$399.5 million available onunder its lines of credit, of which $65.8$53.5 million was restricted (not available to be drawn).  After taking into effect the various transactions discussed in the following paragraphs and the Company'snet cash provided by operating activities, the Company’s cash and cash equivalents balance at December 31, 20002001 was approximately $23.8$51.6 million and the amount available on the Company'sCompany’s line of credit was $399.5$505.0 million, of which $53.5$59.0 million was restricted (not available to be drawn).

         

        Part of the Company'sCompany’s acquisition and development funding strategy in funding the purchase of multifamily properties, funding its Properties in the development stage and the funding of the Company's investmentinvestments in joint venturesvarious unconsolidated entities is to utilize its linelines of credit and to subsequently repay the line of credit from the disposition of properties, retained cash flows or the issuance of additional equity or debt securities or the net proceeds from the disposition of Properties. Utilizingsecurities.  Continuing to utilize this strategy during 2000,the year ended 2001, the Company:

          •

          obtained mortgage financing on forty-six previously unencumbered Properties                  disposed of forty-nine properties (including two Unconsolidated Properties) and two vacant parcels of land and received net proceeds of $484.4$399.1 million;

          •

          disposed                  issued $300.0 million of fifty-three6.95% fixed rate unsecured debt receiving net proceeds of $297.4 million;

          •                  sold and/or contributed eleven properties (including the sale of the Company's entire interest in three Unconsolidated Properties)to a joint venture and received net proceeds of $631.2$167.6 million;

          •

          sold and/or contributed thirty-four properties to three separate joint ventures and received net proceeds of $97.0 million;

          •
          issued approximately 1.83.6 million Common Shares and received net proceeds of $32.9$74.4 million; and

          •

          issued five$60.0 million of four new series of Preference Interests and received net proceeds of $142.4 million.
        $58.5 million;

        •                  obtained $91.6 million in new mortgage financing; and

        •                  received $61.4 million of principal repayments on its investment in second and third mortgages on previously Unconsolidated Properties.

         

        All of these proceeds were utilized to either:

        •                  purchase additional properties;

        •                  repay the lines of credit;

        •                  redeem the Company’s Series A and F Preferred Shares;

        •                  repay mortgage indebtedness on selected properties;

        •                  repay public unsecured debt; and

        •                  invest in unconsolidated entities.

        During the year ended December 31, 2000,2001, the Company:

          •

          acquired fourteen properties and vacant land utilizing cash of $297.8 million;

          •repaid four unsecured note issues totaling $208.0 million;

          $160.5 million on its line of credit;

          •

          funded $210.5 million to redeem all of its Series A and F Preferred Shares;

          •repaid approximately $171.8$364.2 million of mortgage indebtedness on eighty-three Properties;

          mortgages loans; and

          •

          funded $160.9a net of $174.6 million related to theunder its development earnout, and joint venture agreements;

          •
          purchased twenty-eight Properties (excluding Grove) for a total purchase price of approximately $654.1 million;

          •
          funded $5.2 million to acquire all third party equity interests in eleven former Unconsolidated Properties;

          •
          funded $58.5 million related to the purchase of two separate vacant land parcels for future development;

          •
          funded $1.25 million to acquire an additional ownership interest in 14 former Unconsolidated Properties which, as a result, were reclassified as Partially Owned Properties; and

          •
          acquired $25.0 million of 8.25% preferred securities of WRP Convertible Trust I, an affiliate of WRP Newco.

        44agreements.

           

          The Company'sCompany’s total debt summary, as of December 31, 2000,2001, included:

          47


          Debt Summary as of December 31, 20002001

           

           

          $ Millions

           

          Weighted
          Average Rate

           

          Secured

           

          $

          3,287

           

          6.51

          %

          Unsecured

           

          2,456

           

          6.32

          %

          Total

           

          $

          5,743

           

          6.43

          %

           

           

           

           

           

           

          Fixed Rate*

           

          $

          4,847

           

          7.02

          %

          Floating Rate*

           

          896

           

          3.20

          %

          Total*

           

          $

          5,743

           

          6.43

          %

           

           

           

           

           

           

          Above Totals Include:

           

           

           

           

           

          Total Tax Exempt

           

          $

          975

           

          4.41

          %

          Unsecured Revolving Credit Facility

           

          $

          195

           

          2.50

          %

          *Net of the effect of any interest rate protection agreements.

           
          		 $ Millions
          		 Weighted
          Average Rate
          		 
          Secured $3,231 6.91%
          Unsecured  2,475 7.07%
            
          		 
          		 
           Total $5,706 6.98%
          Fixed Rate $4,885 7.13%
          Floating Rate  821 6.09%
            
          		 
          		 
           Total $5,706 6.98%
          Above Totals Include:      
          Total Tax Exempt $966 5.19%
          Unsecured Revolving Credit Facility $355 7.19%

          Critical Accounting Policies and Estimates

           

          The Company'sCompany’s significant accounting policies are described in Note 2 in the Notes to Consolidated Financial Statements.  These policies were followed in preparing the consolidated financial statements have been prepared in accordance with accounting principles generally accepted infor the United States, which require the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and the related disclosures. year ended December 31, 2002.

          The Company has identified six significant accounting policies as critical accounting policies.  These critical accounting policies are those that have the most impact on the reporting of our financial condition and those requiring significant judgments and estimates.  With respect to these critical accounting policies, management believes that the followingapplication of judgments and assessments is consistently applied and produces financial information that fairly presents the results of operations for all periods presented.  The six critical accounting policies among others, affect its more significant judgments and estimates used in the preparation of its consolidated financial statements.are:

          Impairment of Long-Lived Assets, Including Goodwill

           

          The Company periodically evaluates its long-lived assets, including its investments in real estate and goodwill, for impairment indicators.  The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions, expected holding period of each asset and legal factors.and environmental concerns.  Future events could occur which would cause the Company to conclude that impairment indicators exist and an impairment loss is warranted.

          Depreciation of Investment in Real Estate

           

          The Company depreciates the building component of its investment in real estate over a 30-year estimated useful life, building improvements over a 5-year to 10-year estimated useful life and both the furniture, fixtures and equipment and replacements components over a 5-year estimated useful life, all of which are judgmental determinations.

          Cost Capitalization

          See the Capitalization of Fixed Assets and Improvements to Real Estate section for discussion of the policy with respect to capitalization vs. expensing of fixed asset/repair and maintenance costs.  In addition, the Company capitalizes the payroll and associated costs of employees directly responsible for and who spend all of their time on the supervision of major capital projects.  These costs are reflected on the balance sheet as an increase to building.

          48


          The Company follows the guidance in SFAS No. 67, Accounting for Costs and Initial Rental Operations of Real Estate Projects, for all development projects and uses its professional judgment in determining whether such costs meet the criteria for capitalization or must be expensed as incurred.  The Company capitalizes interest, real estate taxes and insurance and payroll and associated costs for those individuals directly responsible for and who spend all of their time on development activities.  The Company expenses as incurred all payroll costs of employees working directly at our properties, except for costs that are incurred during the initial lease-up phase on a development project.  An allocated portion of payroll costs is capitalized based upon the occupancy of the project until stabilized occupancy is achieved.  Stabilized occupancy is always deemed to have occurred no later than one year from cessation of major development activities.  The incremental payroll and associated costs are capitalized to the projects under development based upon the effort directly identifiable with such projects.  These costs are reflected on the balance sheet as either construction in progress or a separate component of investments in unconsolidated entities.  The Company ceases the capitalization of such costs as the property becomes substantially complete and ready for its intended use.

          Fair Value of Financial Instruments, Including Derivative Instruments

           

          The valuation of financial instruments under SFAS No. 107 and SFAS No. 133 and its amendments (SFAS Nos. 137 and 138) requires the Company to make estimates and judgments that affect the fair value of the instruments.  The Company, where possible, bases the fair values of its financial instruments, including its derivative instruments, on listed market prices and third party quotes.  Where these are not available, the Company bases its estimates on other factors relevant to the financial instruments.

          Revenue Recognition

          Rental income attributable to leases is recorded when due from residents and is recognized monthly as it is earned, which is not materially different than on a straight-line basis.  Interest income is recorded on an accrual basis.  Leases entered into between a resident and a property for the rental of an apartment unit are generally year-to-year, renewable upon consent of both parties on an annual or monthly basis.

          The Company adopted the provisions of Staff Accounting Bulletin (“SAB”) No. 101, Stock-Based CompensationRevenue Recognition, effective October 1, 2000.  SAB No. 101 provides guidance on the recognition, presentation and disclosure of revenue in financial statements.

           

          Stock Option Compensation

          The Company has chosen to account for its stock-basedstock option compensation in accordance with APB No. 25, which results in no compensation expense for options issued with an exercise price equal to or exceeding the market value of the Company'sCompany’s Common Shares on the date of grant, instead of Statement

          45


          grant.  The Company will elect to expense its stock option compensation in accordance with SFAS No. 123 and its amendment (SFAS No. 148) effective in the first quarter of 2003, which wouldwill result in compensation expense being recorded based on the fair value of the stock-basedstock option compensation issued.

          Adjusted Net IncomeFunds From Operations

           

          For the year ended December 31, 2001, Adjusted Net Income ("ANI"2002, Funds From Operations (“FFO”) available to Common Shares and OP unitsUnits decreased $18.3$48.4 million, or 6.1%, as compared to the year ended December 31, 2000. For the year ended December 31, 2000, ANI available to Common Shares and OP Units increased $110.0 million, as compared to the year ended December 31, 1999.

                  The following is a reconciliation of net income available to Common Shares to ANI available to Common Shares and OP Units for the years ended December 31, 2001, 2000 and 1999:

          Adjusted Net Income
          (Amounts in thousands)

           
          		 Year Ended December 31,
          		 
           
          		 2001
          		 2000
          		 1999
          		 
          Net income available to Common Shares $367,466 $437,510 $280,685 
          Net income allocation to Minority Interest — Operating Partnership  32,829  41,761  29,536 
          Adjustments:          
           Acquisition cost depreciation*  379,751  364,177  346,497 
           Amortization of goodwill  3,779  1,760  — 
           Acquisition cost depreciation accumulated on sold properties  (62,708) (110,554) (26,935)
           Extraordinary items  (444) 5,592  451 
           Cumulative effect of change in accounting principle  1,270  —  — 
            
          		 
          		 
          		 
          ANI available to Common Shares and OP Units — basic** $721,943 $740,246 $630,234 
            
          		 
          		 
          		 
          *
          Acquisition cost depreciation represents depreciation for the initial cost of the property, including buildings and furniture, fixtures and equipment and depreciation on capital improvements identified in the acquisition underwriting and incurred in the first twenty-four months of ownership when the total cost exceeds $2,000 per unit.

          **
          Adjusted Net Income represents net income (loss) (computed in accordance with accounting principles generally accepted in the United States ("GAAP")), including gains or losses from sales of real estate, plus acquisition cost depreciation, plus amortization of goodwill, minus the accumulated acquisition cost depreciation on sold properties, plus/minus extraordinary items and plus the cumulative effect of change in accounting principle. Depreciation associated with replacements and capital improvements is deducted in calculating ANI.

                  The Company believes that ANI is helpful to investors as a supplemental measure of the operating performance of a real estate company because, along with cash flows from operating activities, financing activities and investing activities, it provides investors an understanding of the ability of the Company to incur and service debt and to make capital expenditures. ANI in and of itself does not represent cash generated from operating activities in accordance with GAAP and therefore should not be considered an alternative to net income as an indication of the Company's performance or to net cash flows from operating activities as determined by GAAP as a measure of liquidity and is not necessarily indicative of cash available to fund cash needs. The Company's calculation of ANI may differ from the methodology for calculating ANI utilized by other real estate companies and may differ, for example, due to variations among the Company's and other real estate companies' accounting policies for replacement type items and, accordingly, may not be comparable to such other real estate companies.

          46


          Funds From Operations

          2001. For the year ended December 31, 2001, Funds From Operations ("FFO")FFO available to Common Shares and OP Units increased $60.5 million, or 8.3%, as compared to the year ended December 31, 2000. For the year ended December 31, 2000, FFO available to Common Shares and OP Units increased $106.6 million, or 17.2%, as compared to the year ended December 31, 1999.2000:

           

          The following is a reconciliation of net income available to Common Shares to FFO available to Common Shares and OP Units for the years ended December 31, 2002, 2001 2000 and 1999:2000:

          49


          Funds From Operations

          (Amounts in thousands)

           

           

          Year Ended December 31,

           

           

           

          2002

           

          2001

           

          2000

           

          Net income available to Common Shares

           

          $

          324,162

           

          $

          367,466

           

          $

          437,510

           

          Net income allocation to Minority Interests – Operating Partnership

           

          26,862

           

          32,829

           

          41,761

           

          Adjustments:

           

           

           

           

           

           

           

          Depreciation

           

          462,341

           

          439,565

           

          427,799

           

          Depreciation – Non-real estate additions

           

          (9,213

          )

          (6,555

          )

          (6,716

          )

          Depreciation – Partially Owned Properties

           

          (7,706

          )

          (4,353

          )

          (1,476

          )

          Depreciation – Unconsolidated Properties

           

          19,872

           

          13,022

           

          2,720

           

          Amortization of goodwill

           

          —

           

          2,356

           

          —

           

          Extraordinary items

           

          792

           

          (444

          )

          5,592

           

          Cumulative effect of change in accounting principle

           

          —

           

          1,270

           

          —

           

          Impairment on corporate housing business

           

          17,122

           

          —

           

          —

           

          Impairment on technology investments

           

          1,162

           

          11,766

           

          1,000

           

          Net gain on sales of condominium units to third parties

           

          1,682

           

          —

           

          —

           

          Net gain on sales of unconsolidated entities

           

          (5,054

          )

          (387

          )

          —

           

          Discontinued Operations:

           

           

           

           

           

           

           

          Depreciation

           

          10,616

           

          17,667

           

          16,408

           

          Amortization of goodwill

           

          —

           

          1,423

           

          —

           

          Impairment on furniture rental business

           

          —

           

          60,000

           

          —

           

          Net gain on sales

           

          (104,296

          )

          (148,906

          )

          (198,426

          )

          FFO available to Common Shares and OP Units – basic(1)

           

          $

          738,342

           

          $

          786,719

           

          $

          726,172

           

          (1)

           
          		 Year Ended December 31,
          		 
           
          		 2001
          		 2000
          		 1999
          		 
          Net income available to Common Shares $367,466 $437,510 $280,685 
          Net income allocation to Minority Interest — Operating Partnership  32,829  41,761  29,536 
          Adjustments:          
           Depreciation/amortization*  463,125  438,735  402,466 
           Net gain on sales of real estate  (149,293) (198,426) (93,535)
           Extraordinary items  (444) 5,592  451 
           Cumulative effect of change in accounting principle  1,270  —  — 
           Impairment on furniture rental business  60,000  —  — 
           Impairment on technology investments  11,766  1,000  — 
            
          		 
          		 
          		 
          FFO available to Common Shares and OP Units — basic $786,719 $726,172 $619,603 
            
          		 
          		 
          		 
          *
          Includes $13,022, $2,720 and $1,009 for the years ended December 31, 2001, 2000 and 1999, respectively, related to the Company's share of depreciation from Unconsolidated Properties. Excludes $4,353 and $1,476 for the years ended December 31, 2001 and 2000, respectively, related to the minority interests' share of depreciation from Partially Owned Properties.

                       FFO represents net income (loss) (computed in accordance with accounting principles generally accepted in the United States (("GAAP"(“GAAP”)), excluding gains or losses from sales of property, plus depreciation and amortization (after adjustments for non-real estate additions, Partially Owned Properties and Unconsolidated Properties), plus amortization of goodwill and plus/minus extraordinary items, and plus the cumulative effect of change in accounting principle and impairment charges.  Adjustments also include net gain on sales of condominium units to third parties and net gain on sales of unconsolidated entities and for unconsolidated partnershipsdiscontinued operations related to depreciation, goodwill amortization, impairment on furniture rental business and joint ventures will be calculated to reflect funds from operationsnet gain on the same basis.sales.

           

          The Company believes that FFO is helpful to investors as a supplemental measure of the operating performance of a real estate company because, along with cash flows from operating activities, financing activities and investing activities, it provides investors an understanding of the ability of the Company to incur and service debt and to make capital expenditures.  FFO in and of itself does not represent cash generated from operating activities in accordance with GAAP and therefore should not be considered an alternative to net income as an indication of the Company'sCompany’s performance or to net cash flows from operating activities as determined by GAAP as a measure of liquidity and is not necessarily indicative of cash available to fund cash needs.  The Company'sCompany’s calculation of FFO may differ from the methodology for calculating FFO utilized by other real estate companies and may differ, for example, due to variations among the Company'sCompany’s and other real estate companies'companies’ accounting policies for replacement type items and, accordingly, may not be comparable to such other real estate companies.

          47



          Item 7A.  Quantitative and Qualitative Disclosure about Market Risk

           

          Market risks relating to the Company'sCompany’s operations result primarily from changes in short-term LIBOR interest rates.  The Company does not have any direct foreign exchange or other significant market risk.

           

          The Company'sCompany’s exposure to market risk for changes in interest rates relates primarily to the Company's unsecured line of credit.  The Company typically incurs fixed rate debt obligations to finance acquisitions and capital expenditures, while it typically incurs floating rate debt obligations to finance working capital needs and as a temporary measure in advance of securing long-term fixed rate financing.  The

          50


          Company continuously evaluates its level of floating rate debt with respect to total debt and other factors, including its assessment of the current and future economic environment.

           

          The Company also utilizes certain derivative financial instruments to limit market risk.  Interest rate protection agreements are used to convert floating rate debt to a fixed rate basis or vice versa.  Derivatives are used for hedging purposes rather than speculation.  The Company does not enter into financial instruments for trading purposes.   See also Note 14 to the Notes to Consolidated Financial Statements for additional discussion of derivative instruments.

           

          The fair values of the Company'sCompany’s financial instruments (including such items in the financial statement captions as cash and cash equivalents, other assets, lines of credit, accounts payable and accrued expenses, rents received in advance and other liabilities) approximate their carrying or contract values based on their nature, terms and interest rates that approximate current market rates.  The fair value of the Company'sCompany’s mortgage notes payable and unsecured notes approximates their carrying value at December 31, 2001.2002.

           

          The Company had total outstanding floating rate debt of approximately $896.0$748.0 million, or 15.6%13.5% of the Company's total debt at December 31, 2001,2002, including the effects of any interest rate protection agreements.  If market rates of interest on all of the Company's floating rate debt permanently increased by 3223 basis points (a 10% increase), the increase in interest expense on the Company's floating rate debt would decrease future earnings and cash flows by approximately $2.9 $1.7million.  If market rates of interest on all of the Company's floating rate debt permanently decreased by 3223 basis points (a 10% decrease), the decrease in interest expense on the Company's floating rate debt would increase future earnings and cash flows by approximately $2.9 $1.7million.

           

          These amounts were determined by considering the impact of hypothetical interest rates on the Company'sCompany’s financial instruments.  The foregoing assumptions apply to the entire amount of the Company'sCompany’s floating rate debt and does not differentiate among maturities.  These analyses do not consider the effects of the changes in overall economic activity that could exist in such an environment.  Further, in the event of a change of such magnitude, management would likely take actions to further mitigate its exposure to the change.  However, due to the uncertainty of the specific actions that would be taken and their possible effects, this analysis assumes no changes in the Company'sCompany’s financial structure or results other than interest expense.

           

          The Company cannot predict the effect of adverse changes in interest rates on its floating rate debt and, therefore, its exposure to market risk, nor can there be any assurance that fixed rate, long term debt will be available to the Company at advantageous pricing.  Consequently, future results may differ materially from the estimated adverse changes discussed above.


          Item 8.  Financial Statements and Supplementary Data

           

          See Index to Consolidated Financial Statements on page F-1 of this Form 10-K.


          Item 9.  Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

           

          None.

          48

          51



          PART III


          Items 10, 11, 12 and 13.

          Trustees and Executive Officers of the Registrant, Executive Compensation, Security Ownership of Certain Beneficial Owners and Management and Certain RelationshipRelationships and Related Transactions.

           

          The information required by Item 10, Item 11, Item 12 and Item 13 are incorporated by reference to, and will be contained in, the Company'sCompany’s definitive proxy statement, which the Company anticipates will be filed no later than April 30, 2002,2003, and thus these items have been omitted in accordance with General Instruction G(3) to Form 10-K.


          Item 14.  Disclosure Controls and Procedures

          Within 90 days prior to the filing date of this Annual Report on Form 10-K, the Company carried out an evaluation, under the supervision and with the participation of the Company’s management including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures pursuant to Exchange Act Rule 13a-14 and 15d-14.  Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures are effective in timely alerting them to material information.  There have been no significant changes to the internal controls of the Company or in other factors that could significantly affect the internal controls subsequent to the completion of this evaluation.


          PART IV

          Item 14.15.  Exhibits, Financial Statements, Schedules and Reports on Form 8-K

           (a)

                  (1 & 2) See Index to Financial Statements and Schedules on page F-1 of this Form 10-K.

          (a)

           

          (1 & 2) See Index to Financial Statements and Schedules on page F-1 of this Form 10-K.

          (3) Exhibits:


          2.1^



          Agreement and Plan of Merger and First Amendment Thereto by and between Equity Residential Properties Trust and Merry Land & Investment Company, Inc. dated as of July 8, 1998 and September 4, 1998, respectively.


          2.2^^



          Articles of Merger by and between Equity Residential Properties Trust and Merry Land & Investment Company, Inc.


          2.3^^^



          Agreement and Plan of Merger between Equity Residential Properties Trust and Lexford Residential Trust dated as of June 30, 1999.


          2.4^^^^



          Articles of Merger by and between Equity Residential Properties Trust and Lexford Residential Trust.


          2.5^^^^^



          Agreement and Plan of Merger among Grove Property Trust, Grove Operating, L.P. and ERP Operating Limited Partnership dated as of July 17, 2000.


          3.1+



          Second Amended and Restated Declaration of Trust of Equity Residential Properties Trust dated May 30, 1997 ("(“Declaration of Trust"Trust”).


          3.2++



          Articles Supplementary to Declaration of Trust dated September 22, 1997.


          3.3+++



          Articles Supplementary to Declaration of Trust dated September 30, 1998.


          3.4*****



          Articles Supplementary to Declaration of Trust dated September 27, 1999.


          3.5·



          Certificate of Correction to Articles Supplementary to Declaration of Trust dated July 6, 2000.


          3.6*****



          Articles Supplementary to Declaration of Trust dated March 3, 2000.


          3.7*****



          Articles Supplementary to Declaration of Trust dated March 23, 2000.


          3.8*****



          Articles Supplementary to Declaration of Trust dated May 1, 2000.


          3.9*****



          Articles Supplementary to Declaration of Trust dated August 11, 2000.


          3.10*****



          Articles Supplementary to Declaration of Trust dated December 8, 2000.


          3.11·



          Articles Supplementary to Declaration of Trust dated March 23, 2001.


          3.12

          52


          3.12·

          Articles Supplementary to Declaration of Trust dated June 22, 2001.


          3.13·



          Articles Supplementary to Declaration of Trust dated December 14, 2001.


          3.14·



          Articles of Amendment to Declaration of Trust dated December 12, 2001.


          3.15+

          3.15··

          Articles of Amendment to the Second Amended and Restated Declaration of Trust dated May 15, 2002.

          3.16++++



          Fourth Amended and Restated Bylaws of Equity Residential Properties Trust.


          4.1*



          Indenture, dated October 1, 1994, between the Operating Partnership, as obligor and The First National Bank of Chicago, as trustee.


          10.1**



          Fifth Amended and Restated Agreement of Limited Partnership of ERP Operating Limited Partnership.


          10.2***



          Noncompetition Agreement (Zell)(Zell).




          50


          10.3***



          Noncompetition Agreement (Crocker)(Crocker).


          10.4***



          Noncompetition Agreement (Spector)(Spector).


          10.5***



          Form of Noncompetition Agreement (other officers)officers).


          10.6***



          Amended and Restated Master Reimbursement Agreement, dated as of November 1, 1996 by and between Federal National Mortgage Association and EQR-Bond Partnership.


          10.7****

          10.7··



          Revolving Credit Agreement dated as of August 12, 1999May 29, 2002 among the Operating Partnership, the Banks listed therein, Bank of America, National Association, as administrative agent, The Chase Manhattan Bank, as syndication agent, Morgan Guaranty Trust Company of New York, as documentation agent, Banc of America Securities LLC, as joint lead arranger, and Chase Securities Inc., as joint lead arranger.


          10.8****

          First Amendment to Revolving Credit Agreement dated November 10, 1999 between the Operating Partnership, Bank of America, National Association, as administrative agent, TheJP Morgan Chase Manhattan Bank, as syndication agent, Morgan Guaranty Trust Company of New York, as documentation agent and the Banks listed as signatories thereto.banks named therein.


          10.8··

          Guaranty of Payment, dated as of May 29, 2002, between the Company and Bank of America, N.A., as administrative agent.

          10.9****



          Amended and Restated Limited Partnership Agreement of Lexford Properties, L.P.


          10.10·



          Amended and Restated Equity Residential Properties Trust Advantage Retirement Savings Plan, effective January 1, 2001.


          10.11···



          Equity Residential Properties Trust Amended and Restated 19932002 Share Option and Share Award Plan, as amended.Incentive Plan.


          10.12·



          Change in Control Agreement dated April 1, 2000 between the Company and Douglas Crocker II.

          10.13

          Form of Change in Control Agreement between the Company and other executive officers.


          10.14

          10.13·



          Form of Indemnification Agreement between the Company and each trustee and executive officer.


          10.15

          10.14



          Amended and Restated Executive Compensation Agreement dated October 18, 2001 between the Company and Samuel Zell.Zell dated March 5, 2003, but effective as of Janurary 1, 2003.


          10.16

          10.15·



          Amended and Restated Deferred Compensation Agreement between the Company and Douglas Crocker II dated as of January 21, 2002.


          10.17

          10.16·



          Amended and Restated Deferred Compensation Agreement between the Company and Gerald A. Spector dated January 1, 2002.


          10.18

          10.17·



          Retirement Benefits Agreement between Samuel Zell and the Company dated October 18, 2001.


          12

          10.18····


          Compensation Agreement between the Company and Bruce W. Duncan dated March 14, 2002.

          10.19


          First Amendment to Compensation Agreement between the Company and Bruce W. Duncan dated February 17, 2003.

          10.20

          Employment Agreement between the Company and Bruce W. Duncan dated as of January 20, 2003.

          10.21

          Deferred Compensation Agreement between the Company and Bruce W. Duncan dated as of January 20, 2003.

          10.22····

          Compensation Agreement between the Company and Douglas Crocker II dated April 10, 2002, but effective as of January 16, 2002.

          12

          Computation of Ratio of Earnings to Combined Fixed Charges


          21



          List of Subsidiaries of Equity Residential Properties Trust


          23.1



          Consent of Ernst & Young LLP


          24.1



          Power of Attorney for John W. Alexander dated February 27, 2002March 10, 2003.


          24.2



          Power of Attorney for Stephen O. Evans dated February 27, 2002March 3, 2003.


          24.3



          51


          24.3

          Power of Attorney for Errol R. Halperin dated March 4, 2002

          24.4

          Power of Attorney for Edward Lowenthal dated February 22, 2002March 3, 2003.


          24.5

          24.4



          Power of Attorney for Jeffrey H. Lynford dated March 4, 20023, 2003.

          53



          24.6

          24.5



          Power of Attorney for B. Joseph White dated February 20, 200228, 2003.


          24.7

          24.6



          Power of Attorney for Sheli Z. Rosenberg dated February 22, 2002March 6, 2003.


          24.8

          24.7



          Power of Attorney for Henry H. Goldberg dated March 1, 2002

          24.9

          Power of Attorney for James D. Harper, Jr. dated February 21, 2002March 4, 2003.


          24.10

          24.8



          Power of Attorney for Boone A. Knox dated February 20, 200228, 2003.


          24.11

          24.9



          Power of Attorney for Michael N. Thompson dated February 25, 2002March 3, 2003.


          24.12

          24.10



          Power of Attorney for Samuel Zell dated February 20, 2002March 13, 2003.


          24.13

          24.11



          Power of Attorney for Gerald A. Spector dated February 20,March 10, 2003.

          24.12

          Power of Attorney for Douglas Crocker II dated March 11, 2003.

          99.1

          Certification Pursuant to 18 U.S.C. Section 1350, as adopted, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Bruce W. Duncan, Chief Executive Officer of the Company.

          99.2

          Certification Pursuant to 18 U.S.C. Section 1350, as adopted, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of David J. Neithercut, Chief Financial Officer of the Company.

          ^

          Included as Appendix A in the Company'sCompany’s Form S-4 filed on September 14, 1998.


          ^^



          Included as Appendix B in the Company'sCompany’s Form S-4 filed on September 14, 1998.


          ^^^



          Included as Appendix A in the Company'sCompany’s Form S-4 filed on July 23, 1999.


          ^^^^



          Included as an exhibit to the Company'sCompany’s Form 8-K dated October 1, 1999, filed on October 5, 1999.


          ^^^^^



          Included as Appendix A to the Company'sCompany’s Form S-4, Registration No. 333-44576, filed on July 23, 2000.


          +



          Included as an exhibit to the Company'sCompany’s Form 8-K dated May 30, 1997, filed on June 5, 1997.


          ++



          Included as an exhibit to the Company'sCompany’s Form 8-A filed September 19, 1997.


          +++



          Included as an exhibit to the Company'sCompany’s Form 8-A filed October 16, 1998.


          ++++



          Included as an exhibit to the Company'sCompany’s Form 10-Q for the quarterly period ended June 30, 2001.


          *



          Included as an exhibit to the Operating Partnership'sPartnership’s Form 10/A, dated December 12, 1994, File No. 0-24920, and incorporated herein by reference.


          **



          Included as an exhibit to the Operating Partnership'sPartnership’s Form 8-K/A dated July 23, 1998, filed on August 18, 1998.


          ***



          Included as an exhibit to the Company'sCompany’s Form S-11 Registration Statement, File No. 33-63158, and incorporated herein by reference.


          ****



          Included as an exhibit to the Company'sCompany’s Form 10-K for the year ended December 31, 1999.


          *****



          Included as an exhibit to the Company'sCompany’s Form 10-K for the year ended December 31, 2000.

          ·

          Included as an exhibit to the Company’s Form 10-K for the year ended December 31, 2001.

          ··

          Included as an exhibit to the Company’s Form 10-Q for the quarterly period ended June 30, 2002.

          ···

          Included as an exhibit to the Company’s Form S-8 filed on January 21, 2003.

          ····

          Included as an exhibit to the Company’s Form 10-Q for the quarterly period ended March 31, 2002.

          (b)

          Reports on Form 8-K:  None.

          (c)

          Exhibits:  See Item 15(a)(3) above.

          (d)

          Financial Statement Schedules:  See Index to Financial Statements attached hereto on page F-1 of this Form 10-K.

          (b) Reports on Form 8-K:None.

          54

          (c) Exhibits:
          See Item 14(a)(3) above.

          (d) Financial Statement Schedules:SIGNATURESSee Index to Financial Statements attached hereto on page F-1 of this Form 10-K.

          52


          SIGNATURES

           

          Pursuant to the requirements of the Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on behalf by the undersigned thereunto duly authorized.




          EQUITY RESIDENTIAL PROPERTIES TRUST


          Date: March 7, 200214, 2003



          By:


          /s/


          By:

          Bruce W. Duncan



          /s/            DOUGLAS CROCKER II
          Douglas Crocker II

          Bruce W. Duncan

          President, Chief Executive Officer,
          Trustee and *Attorney-in-FactTrustee


          Date: March 7, 200214, 2003



          By:


          /s/


          By:

          /s/            DAVID J. NEITHERCUT      

          David J. Neithercut

          David J. Neithercut

          Executive Vice President and
          Chief Financial Officer


          Date: March 7, 200214, 2003



          By:


          /s/


          By:

          /s/            MICHAEL J. MCHUGH      

          Michael J. McHugh

          Michael J. McHugh

          Executive Vice President, Chief Accounting
          Officer, Treasurer and *Attorney-in-fact

           

          Pursuant to the requirements of the Securities Exchange Act of 1934, the following persons on behalf of the registrant and in the capacities and on the dates indicated have signed this report below.


          Date: March 7, 200214, 2003



          By:


          /s/


          By:

          Samuel Zell*



          /s/            SAMUEL ZELL      

          Samuel Zell

          Chairman of the Board of Trustees


          Date: March 7, 200214, 2003



          By:


          /s/


          By:

          Douglas Crocker II*



          Douglas Crocker II

          Vice Chairman of the Board of Trustees

          Date: March 14, 2003

          By:

          /s/GERALD

          Gerald A. SPECTOR      

          Spector*

          Gerald A. Spector

          Executive Vice President, Chief
          Operating Officer and Trustee


          Date: March 7, 200214, 2003



          By:


          /s/


          By:

          Sheli Z. Rosenberg*



          /s/            SHELI Z. ROSENBERG      

          Sheli Z. Rosenberg
          Trustee


          Trustee

          Date: March 7, 200214, 2003



          By:


          /s/


          By:

          James D. Harper*



          /s/            JAMES D. HARPER*      

          James D. Harper
          Trustee

          Trustee

          55


          SIGNATURES - - CONTINUED

          Date: March 7, 200214, 2003



          By:


          /s/


          By:

          John W. Alexander*



          /s/            ERROL R. HALPERIN*      
          Errol R. Halperin
          Trustee








          53


          Date: March 7, 2002



          By:

          /s/            JOHN W. ALEXANDER*      
          John W. Alexander
          Trustee


          Trustee

          Date: March 7, 200214, 2003



          By:


          /s/


          By:

          B. Joseph White*



          /s/            B. JOSEPH WHITE*      

          B. Joseph White
          Trustee


          Trustee

          Date: March 7, 200214, 2003



          By:


          /s/


          By:

          Jeffrey H. Lynford*



          /s/            HENRY H. GOLDBERG*      
          Henry H. Goldberg
          Trustee


          Date: March 7, 2002





          By:

          /s/            JEFFREY H. LYNFORD*      

          Jeffrey H. Lynford
          Trustee


          Trustee

          Date: March 7, 200214, 2003



          By:


          /s/


          By:

          Edward Lowenthal*



          /s/            EDWARD LOWENTHAL*      
          Edward Lowenthal
          Trustee


          Edward Lowenthal

          Trustee

          Date: March 7, 200214, 2003



          By:


          /s/


          By:

          Stephen O. Evans*



          /s/            STEPHEN O. EVANS*      

          Stephen O. Evans
          Trustee


          Trustee

          Date: March 7, 200214, 2003



          By:


          /s/


          By:

          Boone A. Knox*



          /s/            BOONE A. KNOX*      

          Boone A. Knox
          Trustee


          Trustee

          Date: March 7, 200214, 2003



          By:


          /s/


          By:

          Michael N. Thompson*



          /s/            MICHAEL N. THOMPSON*      

          Michael N. Thompson

          Trustee


          *By:


           /s/  Michael J. McHugh


          /s/            MICHAEL J. MCHUGH

          Michael J. McHugh
          as Attorney-in-fact





          54

          56


          CERTIFICATIONS

          I, Bruce W. Duncan, Chief Executive Officer of Equity Residential, certify that:

          1.               I have reviewed this annual report on Form 10-K of Equity Residential;

          2.               Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report.

          3.               Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this annual report;

          4.               The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

          a)              designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared;

          b)             evaluated the effectiveness of the registrant’s disclosure controls and procedures as of a date within 90 days prior to the filing date of this annual report (the “Evaluation Date”); and

          c)              presented in this annual report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of  the Evaluation Date;

          5.               The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing equivalent functions):

          a)              all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant’s ability to record, process, summarize and report financial data and have identified for the registrant’s auditors any material weaknesses in internal controls; and

          b)             any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls; and

          6.               The registrant’s other certifying officers and I have indicated in this annual report whether there were significant changes in internal controls or other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

          Date:  March 14, 2003

          /s/Bruce W. Duncan

          Chief Executive Officer

          57


          CERTIFICATIONS

          I, David J. Neithercut, Chief Financial Officer of Equity Residential, certify that:

          1.               I have reviewed this annual report on Form 10-K of Equity Residential;

          2.               Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report.

          3.               Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this annual report;

          4.               The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

          a)              designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared;

          b)             evaluated the effectiveness of the registrant’s disclosure controls and procedures as of a date within 90 days prior to the filing date of this annual report (the “Evaluation Date”); and

          c)              presented in this annual report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of  the Evaluation Date;

          5.               The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing equivalent functions):

          a)              all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant’s ability to record, process, summarize and report financial data and have identified for the registrant’s auditors any material weaknesses in internal controls; and

          b)             any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls; and

          6.   The registrant’s other certifying officers and I have indicated in this annual report whether there were  significant changes in internal controls or other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

          Date:  March 14, 2003

          /s/ David J. Neithercut

          Chief Financial Officer

          58


          EXHIBIT INDEX

          Exhibit

          Document

          10.14

          Amended and Restated Executive Compensation Agreement between the Company and Samuel Zell dated March 5, 2003, but effective January 1, 2003.

          10.19

          First Amendment to Compensation Agreement between the Company and Bruce W. Duncan dated February 17, 2003.

          10.20

          Employment Agreement between the Company and Bruce W. Duncan dated as of January 20, 2003.

          10.21

          Deferred Compensation Agreement between the Company and Bruce W. Duncan dated as of January 20, 2003.

          12

          Computation of Ratio of Earnings to Combined Fixed Charges

          21

          List of Subsidiaries of Equity Residential

          23.1

          Consent of Ernst & Young LLP

          24.1

          Power of Attorney for John W. Alexander dated March 10, 2003.

          24.2

          Power of Attorney for Stephen O. Evans dated March 3, 2003.

          24.3

          Power of Attorney for Edward Lowenthal dated March 3, 2003.

          24.4

          Power of Attorney for Jeffrey H. Lynford dated March 3, 2003.

          24.5

          Power of Attorney for B. Joseph White dated February 28, 2003.

          24.6

          Power of Attorney for Sheli Z. Rosenberg dated March 6, 2003.

          24.7

          Power of Attorney for James D. Harper, Jr. dated March 4, 2003.

          24.8

          Power of Attorney for Boone A. Knox dated February 28, 2003.

          24.9

          Power of Attorney for Michael N. Thompson dated March 3, 2003.

          24.10

          Power of Attorney for Samuel Zell dated March 13, 2003.

          24.11

          Power of Attorney for Gerald A. Spector dated March 10, 2003.

          24.12

          Power of Attorney for Douglas Crocker II dated March 11, 2003.

          99.1

          Certification pursuant to 18 U.S.C. Section 1350, as adopted, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Bruce W. Duncan, Chief Executive Officer of Registrant

          99.2

          Certification pursuant to 18 U.S.C. Section 1350, as adopted, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of David J. Neithercut, Chief Financial Officer of Registrant

          59


          INDEX TO FINANCIAL STATEMENTS AND SCHEDULE

          EQUITY RESIDENTIAL PROPERTIES TRUST


          		PAGE

          FINANCIAL STATEMENTS FILED AS PART OF THIS REPORT

          PAGE


          Report of Independent Auditors



          F-2


          Consolidated Balance Sheets as of December 31, 20012002 and 20002001



          F-3


          Consolidated Statements of Operations for the years ended December 31, 2002, 2001 2000 and 19992000



          F-4 to F-5


          Consolidated Statements of Cash Flows for the years ended December 31, 2002, 2001 2000 and 19992000



          F-6 to F-8


          Consolidated Statements of Changes in Shareholders'Shareholders’ Equity for the years ended December 31, 2002, 2001 2000 and 19992000



          F-9 to F-10


          Notes to Consolidated Financial Statements



          F-11 to F-44F-41


          SCHEDULE FILED AS PART OF THIS REPORT




          Schedule III—III - Real Estate and Accumulated Depreciation



          S-1 to S-14S-16

          F-1



          REPORT OF INDEPENDENT AUDITORS

          To the Board of Trustees and Shareholders

          Equity Residential Properties Trust

           

          We have audited the accompanying consolidated balance sheets of Equity Residential Properties Trust (the "Company"“Company”) as of December 31, 20012002 and 20002001 and the related consolidated statements of operations, changes in shareholders'shareholders’ equity and cash flows for each of the three years in the period ended December 31, 2001.2002.  Our audits also included the financial statement schedule listed in the accompanying index to financial statements and schedule.  These financial statements and schedule are the responsibility of the Company'sCompany’s management.  Our responsibility is to express an opinion on these financial statements and schedule 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 overall 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 consolidated financial position of Equity Residential Properties Trust at December 31, 20012002 and 2000,2001, and the consolidated results of its operations and its cash flows for each of the three years in the period ended December 31, 2001,2002, in conformity with accounting principles generally accepted in the United States. Also, in our opinion, the related financial statement schedule, when considered in relation to the basic financial statements taken as a whole, presents fairly in all material respects the information set forth therein.

           

          As discussed in Note 2 to the consolidated financial statements, in 2002 the Company changed its method of accounting for goodwill and discontinued operations and in 2001 the Company changed its method of accounting for derivative instruments and hedging activities.

                                /s/ ERNST & YOUNG LLP

          Chicago, Illinois
          February 5, 2002

          /s/ ERNST & YOUNG LLP

          Chicago, Illinois

          February 4, 2003

          F-2


          EQUITY RESIDENTIAL PROPERTIES TRUST

          CONSOLIDATED BALANCE SHEETS

          (Amounts in thousands except for share amounts)

           
          		 December 31,
          2001
          		 December 31,
          2000
          		 
          ASSETS       
          Investment in real estate       
           Land $1,840,170 $1,770,019 
           Depreciable property  11,096,847  10,782,311 
           Construction in progress  79,166  39,209 
            
          		 
          		 
             13,016,183  12,591,539 
           Accumulated depreciation  (1,718,845) (1,352,236)
            
          		 
          		 
          Investment in real estate, net of accumulated depreciation  11,297,338  11,239,303 
          Real estate held for disposition  3,371  51,637 
          Cash and cash equivalents  51,603  23,772 
          Investment in mortgage notes, net  —  77,184 
          Investments in unconsolidated entities  397,237  322,409 
          Rents receivable  2,400  1,801 
          Deposits — restricted  218,557  231,639 
          Escrow deposits — mortgage  76,700  70,470 
          Deferred financing costs, net  27,011  29,706 
          Rental furniture, net  20,168  60,183 
          Property and equipment, net  3,063  7,620 
          Goodwill, net  47,291  67,589 
          Other assets  90,886  80,653 
            
          		 
          		 
            Total assets $12,235,625 $12,263,966 
            
          		 
          		 
          LIABILITIES AND SHAREHOLDERS' EQUITY       
          Liabilities:       
           Mortgage notes payable $3,286,814 $3,230,611 
           Notes, net  2,260,944  2,120,079 
           Lines of credit  195,000  355,462 
           Accounts payable and accrued expenses  108,254  107,818 
           Accrued interest payable  62,360  51,877 
           Rents received in advance and other liabilities  83,005  100,819 
           Security deposits  47,644  46,272 
           Distributions payable  141,832  18,863 
            
          		 
          		 
            Total liabilities  6,185,853  6,031,801 
            
          		 
          		 
          Commitments and contingencies       
          Minority Interests:       
           Operating Partnership  379,898  415,838 
           Preference Interests  246,000  186,000 
           Junior Preference Units  5,846  7,896 
           Partially Owned Properties  4,078  2,884 
            
          		 
          		 
            Total Minority Interests  635,822  612,618 
            
          		 
          		 
          Shareholders' equity:       
           Preferred Shares of beneficial interest, $.01 par value; 100,000,000 shares authorized; 11,344,521 shares issued and outstanding as of December 31, 2001 and 20,003,166 shares issued and outstanding as of December 31, 2000  966,671  1,183,136 
           Common Shares of beneficial interest, $.01 par value; 1,000,000,000 shares authorized; 271,621,374 shares issued and outstanding as of December 31, 2001 and 265,232,750 shares issued and outstanding as of December 31, 2000  2,716  2,652 
           Paid in capital  4,892,744  4,753,371 
           Employee notes  (4,043) (4,346)
           Deferred compensation  (25,778) (14,915)
           Distributions in excess of accumulated earnings  (385,320) (300,351)
           Accumulated other comprehensive loss  (33,040) — 
            Total shareholders' equity  5,413,950  5,619,547 
            
          		 
          		 
            Total liabilities and shareholders' equity $12,235,625 $12,263,966 
            
          		 
          		 

           

           

          December 31,
          2002

           

          December 31,
          2001

           

          ASSETS

           

           

           

           

           

          Investment in real estate

           

           

           

           

           

          Land

           

          $

          1,803,577

           

          $

          1,840,170

           

          Depreciable property

           

          11,240,245

           

          11,096,847

           

          Construction in progress

           

          2,441

           

          79,166

           

           

           

          13,046,263

           

          13,016,183

           

          Accumulated depreciation

           

          (2,112,017

          )

          (1,718,845

          )

          Investment in real estate, net of accumulated depreciation

           

          10,934,246

           

          11,297,338

           

           

           

           

           

           

           

          Real estate held for disposition

           

          —

           

          3,371

           

          Cash and cash equivalents

           

          29,875

           

          51,603

           

          Investments in unconsolidated entities

           

          509,789

           

          397,237

           

          Rents receivable

           

          2,926

           

          2,400

           

          Deposits – restricted

           

          141,278

           

          218,557

           

          Escrow deposits – mortgage

           

          50,565

           

          76,700

           

          Deferred financing costs, net

           

          32,144

           

          27,011

           

          Rental furniture, net

           

          —

           

          20,168

           

          Property and equipment, net

           

          —

           

          3,063

           

          Goodwill, net

           

          30,000

           

          47,291

           

          Other assets

           

          80,094

           

          90,886

           

          Total assets

           

          $

          11,810,917

           

          $

          12,235,625

           

           

           

           

           

           

           

          LIABILITIES AND SHAREHOLDERS’ EQUITY

           

           

           

           

           

          Liabilities:

           

           

           

           

           

          Mortgage notes payable

           

          $

          2,927,614

           

          $

          3,286,814

           

          Notes, net

           

          2,456,085

           

          2,260,944

           

          Line of credit

           

          140,000

           

          195,000

           

          Accounts payable and accrued expenses

           

          99,563

           

          108,254

           

          Accrued interest payable

           

          63,151

           

          62,360

           

          Rents received in advance and other liabilities

           

          129,901

           

          83,005

           

          Security deposits

           

          45,333

           

          47,644

           

          Distributions payable

           

          140,844

           

          141,832

           

          Total liabilities

           

          6,002,491

           

          6,185,853

           

           

           

           

           

           

           

          Commitments and contingencies

           

           

           

           

           

          Minority Interests:

           

           

           

           

           

          Operating Partnership

           

          349,646

           

          379,898

           

          Preference Interests

           

          246,000

           

          246,000

           

          Junior Preference Units

           

          5,846

           

          5,846

           

          Partially Owned Properties

           

          9,811

           

          4,078

           

          Total Minority Interests

           

          611,303

           

          635,822

           

           

           

           

           

           

           

          Shareholders’ equity:

           

           

           

           

           

          Preferred Shares of beneficial interest, $0.01 par value;
          100,000,000 shares authorized; 10,524,034 shares issued and
          outstanding as of December 31, 2002 and 11,344,521 shares
          issued and outstanding as of December 31, 2001

           

          946,157

           

          966,671

           

          Common Shares of beneficial interest, $0.01 par value;
          1,000,000,000 shares authorized; 271,095,481 shares issued and
          outstanding as of December 31, 2002 and 271,621,374 shares
          issued and outstanding as of December 31, 2001

           

          2,711

           

          2,716

           

          Paid in capital

           

          4,839,218

           

          4,892,744

           

          Employee notes

           

          —

           

          (4,043

          )

          Deferred compensation

           

          (12,118

          )

          (25,778

          )

          Distributions in excess of accumulated earnings

           

          (535,056

          )

          (385,320

          )

          Accumulated other comprehensive loss

           

          (43,789

          )

          (33,040

          )

          Total shareholders’ equity

           

          5,197,123

           

          5,413,950

           

          Total liabilities and shareholders’ equity

           

          $

          11,810,917

           

          $

          12,235,625

           

          See accompanying notes

          F-3


          EQUITY RESIDENTIAL PROPERTIES TRUST

          CONSOLIDATED STATEMENTS OF OPERATIONS

          (Amounts in thousands except per share data)

           
          		 Year Ended December 31,
          		 
           
          		 2001
          		 2000
          		 1999
          		 
          REVENUES          
           Rental income $2,074,961 $1,955,046 $1,711,738 
           Fee and asset management  7,498  6,520  5,088 
           Interest income — investment in mortgage notes  8,786  11,192  12,559 
           Interest and other income  21,899  25,266  13,242 
           Furniture income  57,499  32,316  — 
            
          		 
          		 
          		 
            Total revenues  2,170,643  2,030,340  1,742,627 
            
          		 
          		 
          		 
          EXPENSES          
           Property and maintenance  549,010  502,796  414,026 
           Real estate taxes and insurance  192,598  182,479  171,289 
           Property management  77,132  76,416  61,626 
           Fee and asset management  7,345  5,157  3,587 
           Depreciation  457,232  444,207  408,688 
           Interest:          
            Expense incurred, net  355,250  366,622  330,548 
            Amortization of deferred financing costs  5,841  5,473  4,084 
           General and administrative  35,414  26,385  22,296 
           Furniture expenses  58,852  22,108  — 
           Amortization of goodwill  3,779  1,760  — 
           Impairment on furniture rental business  60,000  —  — 
           Impairment on technology investments  11,766  1,000  — 
            
          		 
          		 
          		 
            Total expenses  1,814,219  1,634,403  1,416,144 
            
          		 
          		 
          		 
          Income before allocation to Minority Interests, income from investments in unconsolidated entities, net gain on sales of real estate, extraordinary items and cumulative effect of change in accounting principle  356,424  395,937  326,483 
          Allocation to Minority Interests:          
           Operating Partnership  (32,829) (41,761) (29,536)
           Partially Owned Properties  (2,249) 132  — 
          Income from investments in unconsolidated entities  3,772  2,309  3,850 
          Net gain on sales of real estate  149,293  198,426  93,535 
            
          		 
          		 
          		 
          Income before extraordinary items and cumulative effect of change in accounting principle  474,411  555,043  394,332 
          Extraordinary items  444  (5,592) (451)
          Cumulative effect of change in accounting principle  (1,270) —  — 
            
          		 
          		 
          		 
          Net income  473,585  549,451  393,881 
          Preferred distributions  (106,119) (111,941) (113,196)
            
          		 
          		 
          		 
          Net income available to Common Shares $367,466 $437,510 $280,685 
            
          		 
          		 
          		 
          Net income per share — basic $1.37 $1.69 $1.15 
            
          		 
          		 
          		 
          Net income per share — diluted $1.36 $1.67 $1.14 
            
          		 
          		 
          		 
          Weighted average Common Shares outstanding — basic  267,349  259,015  244,350 
            
          		 
          		 
          		 
          Weighted average Common Shares outstanding — diluted  295,552  291,266  271,310 
            
          		 
          		 
          		 
          Distributions declared per Common Share outstanding $1.680 $1.575 $1.470 
            
          		 
          		 
          		 

           

           

          Year Ended December 31,

           

           

           

          2002

           

          2001

           

          2000

           

          REVENUES

           

           

           

           

           

           

           

          Rental income

           

          $

          1,969,617

           

          $

          2,001,637

           

          $

          1,884,530

           

          Fee and asset management

           

          9,582

           

          7,498

           

          6,520

           

          Interest and other income

           

          14,854

           

          21,828

           

          25,198

           

          Interest income – investment in mortgage notes

           

          —

           

          8,786

           

          11,192

           

          Total revenues

           

          1,994,053

           

          2,039,749

           

          1,927,440

           

           

           

           

           

           

           

           

           

          EXPENSES

           

           

           

           

           

           

           

          Property and maintenance

           

          515,481

           

          529,075

           

          483,716

           

          Real estate taxes and insurance

           

          199,350

           

          185,255

           

          175,726

           

          Property management

           

          72,121

           

          77,132

           

          76,416

           

          Fee and asset management

           

          7,842

           

          7,345

           

          5,157

           

          Depreciation

           

          462,341

           

          439,565

           

          427,799

           

          Interest:

           

           

           

           

           

           

           

          Expense incurred, net

           

          337,489

           

          352,903

           

          363,851

           

          Amortization of deferred financing costs

           

          5,748

           

          5,818

           

          5,432

           

          General and administrative

           

          46,492

           

          35,414

           

          26,385

           

          Impairment on corporate housing business

           

          17,122

           

          —

           

          —

           

          Impairment on technology investments

           

          1,162

           

          11,766

           

          1,000

           

          Amortization of goodwill

           

          —

           

          2,356

           

          1,080

           

          Total expenses

           

          1,665,148

           

          1,646,629

           

          1,566,562

           

          Income before allocation to Minority Interests, income (loss)
          from investments in unconsolidated entities, net gain on
          sales of unconsolidated entities, discontinued operations, extraordinary items and cumulative effect of change in accounting principle

           

          328,905

           

          393,120

           

          360,878

           

          Allocation to Minority Interests:

           

           

           

           

           

           

           

          Operating Partnership

           

          (26,862

          )

          (32,829

          )

          (41,761

          )

          Partially Owned Properties

           

          (1,867

          )

          (2,249

          )

          132

           

          Income (loss) from investments in unconsolidated entities

           

          (3,698

          )

          3,772

           

          2,309

           

          Net gain on sales of unconsolidated entities

           

          5,054

           

          387

           

          —

           

          Income before discontinued operations, extraordinary items and cumulative effect of change in accounting principle

           

          301,532

           

          362,201

           

          321,558

           

          Net gain on sales of discontinued operations

           

          104,296

           

          148,906

           

          198,426

           

          Discontinued operations, net

           

          16,277

           

          (36,696

          )

          35,059

           

          Income before extraordinary items and cumulative effect of change in accounting principle

           

          422,105

           

          474,411

           

          555,043

           

          Extraordinary items

           

          (792

          )

          444

           

          (5,592

          )

          Cumulative effect of change in accounting principle

           

          —

           

          (1,270

          )

          —

           

          Net income

           

          421,313

           

          473,585

           

          549,451

           

          Preferred distributions

           

          (97,151

          )

          (106,119

          )

          (111,941

          )

           

           

           

           

           

           

           

           

          Net income available to Common Shares

           

          $

          324,162

           

          $

          367,466

           

          $

          437,510

           

           

           

           

           

           

           

           

           

          Net income per share – basic

           

          $

          1.19

           

          $

          1.37

           

          $

          1.69

           

           

           

           

           

           

           

           

           

          Net income per share – diluted

           

          $

          1.18

           

          $

          1.36

           

          $

          1.67

           

           

           

           

           

           

           

           

           

          Weighted average Common Shares outstanding – basic

           

          271,974

           

          267,349

           

          259,015

           

           

           

           

           

           

           

           

           

          Weighted average Common Shares outstanding – diluted

           

          297,969

           

          295,552

           

          291,266

           

           

           

           

           

           

           

           

           

          Distributions declared per Common Share outstanding

           

          $

          1.73

           

          $

          1.68

           

          $

          1.575

           

          See accompanying notes

          F-4


          EQUITY RESIDENTIAL PROPERTIES TRUST

          CONSOLIDATED STATEMENTS OF OPERATIONS (Continued)

          (Amounts in thousands except per share data)

           
          		 Year Ended December 31,
           
          		 2001
          		 2000
          		 1999
          Comprehensive income:         
           Net income $473,585 $549,451 $393,881
           Other comprehensive income (loss) — derivative instruments:         
            Cumulative effect of change in accounting principle  (5,334) —  —
            Unrealized holding (losses) arising during the year  (17,909) —  —
            Equity in unrealized holding (losses) arising during the year — unconsolidated entities  (10,366) —  —
            Losses reclassified into earnings from other comprehensive income  569  —  —
            
          		 
          		 
           Comprehensive income $440,545 $549,451 $393,881
            
          		 
          		 

           

           

          Year Ended December 31,

           

           

           

          2002

           

          2001

           

          2000

           

          Comprehensive income:

           

           

           

           

           

           

           

           

           

           

           

           

           

           

           

          Net income

           

          $

          421,313

           

          $

          473,585

           

          $

          549,451

           

           

           

           

           

           

           

           

           

          Other comprehensive income (loss) – derivative instruments:

           

           

           

           

           

           

           

           

           

           

           

           

           

           

           

          Cumulative effect of change in accounting principle

           

          —

           

          (5,334

          )

          —

           

           

           

           

           

           

           

           

           

          Unrealized holding (losses) arising during the year

           

          (10,905

          )

          (17,909

          )

          —

           

           

           

           

           

           

           

           

           

          Equity in unrealized holding (losses) arising during the year – unconsolidated entities

           

          (689

          )

          (10,366

          )

          —

           

           

           

           

           

           

           

           

           

          Losses reclassified into earnings from other comprehensive income

           

          845

           

          569

           

          —

           

           

           

           

           

           

           

           

           

          Comprehensive income

           

          $

          410,564

           

          $

          440,545

           

          $

          549,451

           

          See accompanying notes

          F-5



          EQUITY RESIDENTIAL PROPERTIES TRUST

          CONSOLIDATED STATEMENTS OF CASH FLOWS

          (Amounts in thousands)

           
          		 Year Ended December 31,
          		 
           
          		 2001
          		 2000
          		 1999
          		 
          CASH FLOWS FROM OPERATING ACTIVITIES:          
          Net income $473,585 $549,451 $393,881 
          Adjustments to reconcile net income to net cash provided by operating activities:          
           Allocation to Minority Interests:          
            Operating Partnership  32,829  41,761  29,536 
            Partially Owned Properties  2,249  (132) — 
          Cumulative effect of change in accounting principle  1,270  —  — 
          Depreciation  467,942  449,584  408,688 
          Amortization of deferred financing costs  5,841  5,473  4,084 
          Amortization of discount on investment in mortgage notes  (2,256) (1,249) (1,165)
          Amortization of goodwill  3,779  1,760  — 
          Amortization of discounts and premiums on debt  (1,841) (2,332) (2,322)
          Amortization of deferred settlements on interest rate protection agreements  591  333  987 
          Impairment on furniture rental business  60,000  —  — 
          Impairment on technology investments  11,766  1,000  — 
          Income from investments in unconsolidated entities  (3,772) (2,309) (3,850)
          Net gain on sales of real estate  (149,293) (198,426) (93,535)
          Net loss (gain) on sales of property and equipment  109  (4) — 
          Extraordinary items  (444) 5,592  451 
          Unrealized gain on interest rate protection agreements  (223) —  — 
          Loss on sale of mortgage receivable  —  710  — 
          Book value of furniture sales and rental buyouts  11,411  6,345  — 
          Compensation paid with Company Common Shares  18,164  15,085  9,625 
          Changes in assets and liabilities:          
           (Increase) decrease in rents receivable  (399) (415) 3,559 
           (Increase) decrease in deposits — restricted  (10,468) 4,207  (9,953)
           Additions to rental furniture  (18,611) (13,661) — 
           (Increase) decrease in other assets  (17,694) (7,969) 54,820 
           (Decrease) in accounts payable and accrued expenses  (633) (4,843) (5,610)
           Increase (decrease) in accrued interest payable  10,293  3,104  (6,387)
           (Decrease) increase in rents received in advance and other liabilities  (4,315) (11,489) 7,963 
           (Decrease) increase in security deposits  (103) 1,025  (1,802)
            
          		 
          		 
          		 
           Net cash provided by operating activities  889,777  842,601  788,970 
            
          		 
          		 
          		 
          CASH FLOWS FROM INVESTING ACTIVITIES:          
           Investment in real estate  (394,039) (659,181) (632,474)
           Improvements to real estate  (150,927) (137,404) (134,716)
           Additions to non-real estate property  (6,920) (5,425) (7,219)
           Interest capitalized for real estate under development  (28,174) (17,650) (8,134)
           Proceeds from disposition of real estate, net  566,068  721,032  329,342 
           Investment in property and equipment  (2,461) (933) — 
           Principal receipts on investment in mortgage notes  61,419  7,885  4,229 
           Investments in unconsolidated entities  (142,565) (149,033) (37,114)
           Distributions from unconsolidated entities  28,332  19,243  7,125 
           Proceeds from refinancing of unconsolidated entities  24,404  1,695  — 
           Proceeds from disposition of unconsolidated entities  655  4,602  — 
           Repayments of equity from unconsolidated entities  7,336  —  — 
           Decrease (increase) in deposits on real estate acquisitions, net  52,340  (122,735) (25,563)
           Decrease (increase) in mortgage deposits  (1,626) 18,854  11,117 
           Purchase of management contract rights  —  (779) (285)

           

           

          Year Ended December 31,

           

           

           

          2002

           

          2001

           

          2000

           

          CASH FLOWS FROM OPERATING ACTIVITIES:

           

           

           

           

           

           

           

          Net income

           

          $

          421,313

           

          $

          473,585

           

          $

          549,451

           

          Adjustments to reconcile net income to net cash provided by operating activities:

           

           

           

           

           

           

           

          Allocation to Minority Interests:

           

           

           

           

           

           

           

          Operating Partnership

           

          26,862

           

          32,829

           

          41,761

           

          Partially Owned Properties

           

          1,867

           

          2,249

           

          (132

          )

          Cumulative effect of change in accounting principle

           

          —

           

          1,270

           

          —

           

          Depreciation

           

          472,956

           

          467,942

           

          449,584

           

          Amortization of deferred financing costs

           

          5,754

           

          5,841

           

          5,473

           

          Amortization of discount on investment in mortgage notes

           

          —

           

          (2,256

          )

          (1,249

          )

          Amortization of goodwill

           

          —

           

          3,779

           

          1,760

           

          Amortization of discounts and premiums on debt

           

          (822

          )

          (1,841

          )

          (2,332

          )

          Amortization of deferred settlements on interest rate protection agreements

           

          (306

          )

          591

           

          333

           

          Impairment on corporate housing business

           

          17,122

           

          —

           

          —

           

          Impairment on furniture rental business

           

          —

           

          60,000

           

          —

           

          Impairment on technology investments

           

          1,162

           

          11,766

           

          1,000

           

          Loss (income) from investments in unconsolidated entities

           

          3,698

           

          (3,772

          )

          (2,309

          )

          Net (gain) on sales of discontinued operations

           

          (104,296

          )

          (148,906

          )

          (198,426

          )

          Net (gain) on sales of unconsolidated entities

           

          (5,054

          )

          (387

          )

          —

           

          Extraordinary items

           

          792

           

          (444

          )

          5,592

           

          Unrealized loss (gain) on interest rate protection agreements

           

          328

           

          (223

          )

          —

           

          Book value of furniture sales and rental buyouts

           

          —

           

          11,411

           

          6,345

           

          Compensation paid with Company Common Shares

           

          25,796

           

          18,164

           

          15,085

           

           

           

           

           

           

           

           

           

          Changes in assets and liabilities:

           

           

           

           

           

           

           

          (Increase) in rents receivable

           

          (570

          )

          (399

          )

          (415

          )

          Decrease (increase) in deposits – restricted

           

          9,896

           

          (10,468

          )

          4,207

           

          Additions to rental furniture

           

          —

           

          (18,611

          )

          (13,661

          )

          Decrease (increase) in other assets

           

          14,531

           

          (17,694

          )

          (8,038

          )

          (Decrease) in accounts payable and accrued expenses

           

          (3,392

          )

          (633

          )

          (4,843

          )

          Increase in accrued interest payable

           

          406

           

          10,293

           

          3,104

           

          Increase (decrease) in rents received in advance and other liabilities

           

          3,046

           

          (4,315

          )

          (11,489

          )

          (Decrease) increase in security deposits

           

          (2,151

          )

          (103

          )

          1,025

           

          Net cash provided by operating activities

           

          888,938

           

          889,668

           

          841,826

           

           

           

           

           

           

           

           

           

          CASH FLOWS FROM INVESTING ACTIVITIES:

           

           

           

           

           

           

           

          Investment in real estate – acquisitions

           

          (258,269

          )

          (297,794

          )

          (625,796

          )

          Investment in real estate – development

           

          (109,077

          )

          (96,245

          )

          (33,385

          )

          Improvements to real estate

           

          (156,776

          )

          (150,927

          )

          (137,404

          )

          Additions to non-real estate property

           

          (7,301

          )

          (6,920

          )

          (5,425

          )

          Interest capitalized for real estate under development

           

          (10,006

          )

          (8,309

          )

          (1,405

          )

          Interest capitalized for unconsolidated entities under development

           

          (17,161

          )

          (19,865

          )

          (16,245

          )

          Proceeds from disposition of real estate, net

           

          478,675

           

          566,068

           

          721,032

           

          Proceeds from disposition of furniture rental business

           

          28,741

           

          —

           

          —

           

          Proceeds from disposition of unconsolidated entities

           

          49,862

           

          655

           

          4,602

           

          Proceeds from refinancing of unconsolidated entities

           

          4,375

           

          24,404

           

          1,695

           

          Investments in unconsolidated entities

           

          (105,758

          )

          (142,565

          )

          (149,033

          )

          Distributions from unconsolidated entities

           

          41,656

           

          35,668

           

          19,243

           

          Decrease (increase) in deposits on real estate acquisitions, net

           

          24,845

           

          52,340

           

          (122,735

          )

          Decrease (increase) in mortgage deposits

           

          27,425

           

          (1,626

          )

          18,854

           

          Business combinations, net of cash acquired

           

          (677

          )

          (8,785

          )

          (242,281

          )

          Consolidation of previously Unconsolidated Properties

           

           

          (40,113

          )

           

          52,841

           

           

          (5,083

          )

          Investment in property and equipment

           

          —

           

          (2,461

          )

          (933

          )

          Principal receipts on investment in mortgage notes

           

          —

           

          61,419

           

          7,885

           

          Other investing activities, net

           

          262

           

          (469

          )

          3,239

           

          Net cash (used for) provided by investing activities

           

          (49,297

          )

          57,429

           

          (563,175

          )

          See accompanying notes

          F-6


          EQUITY RESIDENTIAL PROPERTIES TRUST

          CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

          (Amounts in thousands)

           
          		 Year Ended December 31,
          		 
           
          		 2001
          		 2000
          		 1999
          		 
          CASH FLOWS FROM INVESTING ACTIVITIES (continued):          
           Consolidation of previously Unconsolidated Properties $52,841 $(5,083)$— 
           Business combinations, net of cash acquired  (8,785) (242,281) (18,274)
           Other investing activities, net  (578) 3,243  (14,885)
            
          		 
          		 
          		 
           Net cash provided by (used for) investing activities  57,320  (563,950) (526,851)
            
          		 
          		 
          		 
          CASH FLOWS FROM FINANCING ACTIVITIES:          
          Loan and bond acquisition costs  (4,483) (3,590) (9,522)
          Mortgage notes payable:          
           Proceeds, net  91,583  729,978  204,986 
           Lump sum payoffs  (364,229) (380,541) (105,846)
           Scheduled principal repayments  (32,671) (27,719) (21,147)
           Prepayment premiums/fees  (208) (5,801) (451)
          Notes, net:          
           Proceeds  299,316  —  298,014 
           Lump sum payoffs  (150,000) (208,000) (152,266)
           Scheduled principal repayments  (4,774) (498) — 
          Lines of credit:          
           Proceeds  738,491  808,637  1,372,000 
           Repayments  (898,953) (820,631) (1,388,383)
          (Payments) proceeds from settlement of interest rate protection agreements  (7,369) 7,055  1,380 
          Proceeds from sale of Common Shares  8,991  7,676  7,717 
          Proceeds from sale of Preferred Shares/Units  60,000  146,000  40,000 
          Proceeds from exercise of options  65,411  25,228  30,750 
          Common Shares repurchased and retired  —  —  (6,252)
          Redemption of Preferred Shares  (210,500) —  — 
          Payment of offering costs  (2,223) (3,944) (1,625)
          Distributions:          
           Common Shares  (335,534) (412,321) (364,183)
           Preferred Shares/Units  (110,194) (111,943) (113,153)
           Minority Interests — Operating Partnership  (30,067) (39,153) (37,580)
           Minority Interests — Partially Owned Properties  (32,156) (920) — 
          Principal receipts on employee notes, net  303  324  203 
          Principal receipts on other notes receivable, net  —  6,167  8,391 
            
          		 
          		 
          		 
            Net cash (used for) financing activities  (919,266) (283,996) (236,967)
            
          		 
          		 
          		 
          Net increase (decrease) in cash and cash equivalents  27,831  (5,345) 25,152 
          Cash and cash equivalents, beginning of year  23,772  29,117  3,965 
            
          		 
          		 
          		 
          Cash and cash equivalents, end of year $51,603 $23,772 $29,117 
            
          		 
          		 
          		 

           

           

          Year Ended December 31,

           

           

           

          2002

           

          2001

           

          2000

           

          CASH FLOWS FROM FINANCING ACTIVITIES:

           

           

           

           

           

           

           

          Loan and bond acquisition costs

           

          $

          (11,233

          )

          $

          (4,483

          )

          $

          (3,590

          )

          Mortgage notes payable:

           

           

           

           

           

           

           

          Proceeds

           

          126,144

           

          91,583

           

          729,978

           

          Lump sum payoffs

           

          (374,983

          )

          (364,229

          )

          (380,541

          )

          Scheduled principal repayments

           

          (32,731

          )

          (32,671

          )

          (27,719

          )

          Prepayment premiums/fees

           

          (792

          )

          (208

          )

          (5,801

          )

          Notes, net:

           

           

           

           

           

           

           

          Proceeds

           

          447,064

           

          299,316

           

          —

           

          Lump sum payoffs

           

          (265,000

          )

          (150,000

          )

          (208,000

          )

          Scheduled principal repayments

           

          (4,669

          )

          (4,774

          )

          (498

          )

          Line of credit:

           

           

           

           

           

           

           

          Proceeds

           

          776,500

           

          738,491

           

          808,637

           

          Repayments

           

          (831,500

          )

          (898,953

          )

          (820,631

          )

          Proceeds (payments) from settlement of interest rate protection agreements

           

          5,757

           

          (7,369

          )

          7,055

           

          Proceeds from sale of Common Shares

           

          9,411

           

          8,991

           

          7,676

           

          Proceeds from sale of Preference Interests

           

          —

           

          60,000

           

          146,000

           

          Proceeds from exercise of options

           

          29,578

           

          65,411

           

          25,228

           

          Common Shares repurchased and retired

           

          (115,004

          )

          —

           

          —

           

          Redemption of Preferred Shares

           

          —

           

          (210,500

          )

          —

           

          Payment of offering costs

           

          (207

          )

          (2,223

          )

          (3,944

          )

          Distributions:

           

           

           

           

           

           

           

          Common Shares

           

          (473,996

          )

          (335,534

          )

          (412,321

          )

          Preferred Shares

           

          (76,973

          )

          (91,751

          )

          (101,028

          )

          Preference Interests

           

          (20,238

          )

          (18,172

          )

          (10,478

          )

          Junior Preference Units

           

          (325

          )

          (271

          )

          (437

          )

          Minority Interests – Operating Partnership

           

          (39,607

          )

          (30,067

          )

          (39,153

          )

          Minority Interests – Partially Owned Properties

           

          (12,608

          )

          (32,156

          )

          (920

          )

          Principal receipts on employee notes, net

           

          4,043

           

          303

           

          324

           

          Principal receipts on other notes receivable, net

           

          —

           

          —

           

          6,167

           

          Net cash (used for) financing activities

           

          (861,369

          )

          (919,266

          )

          (283,996

          )

           

           

           

           

           

           

           

           

          Net (decrease) increase in cash and cash equivalents

           

          (21,728

          )

          27,831

           

          (5,345

          )

          Cash and cash equivalents, beginning of year

           

          51,603

           

          23,772

           

          29,117

           

          Cash and cash equivalents, end of year

           

          $

          29,875

           

          $

          51,603

           

          $

          23,772

           

          See accompanying notes

          F-7


          EQUITY RESIDENTIAL PROPERTIES TRUST

          CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

          (Amounts in thousands)

           
          		 Year Ended December 31,
          		 
           
          		 2001
          		 2000
          		 1999
          		 
          SUPPLEMENTAL INFORMATION:          
          Cash paid during the year for interest $380,745 $380,853 $341,936 
            
          		 
          		 
          		 
          Mortgage loans assumed through real estate acquisitions $91,623 $87,441 $69,885 
            
          		 
          		 
          		 
          Mortgage loans (assumed) by purchaser in real estate dispositions $30,396 $(345,762)$(12,500)
            
          		 
          		 
          		 
          Transfers to real estate held for disposition $3,371 $51,637 $12,868 
            
          		 
          		 
          		 
          Mortgage loans recorded as a result of consolidation of previously Unconsolidated Properties $301,502 $80,134 $— 
            
          		 
          		 
          		 
          Net (assets) liabilities recorded as a result of consolidation of previously Unconsolidated Properties $(20,839)$515 $— 
            
          		 
          		 
          		 
          Net real estate contributed in exchange for OP Units or preference units $— $4,071 $28,232 
            
          		 
          		 
          		 
          Refinancing of mortgage notes payable in favor of notes, net $— $— $92,180 
            
          		 
          		 
          		 
          Net (assets acquired) liabilities assumed through business combinations $— $(74,138)$(15,604)
            
          		 
          		 
          		 
          Mortgage loans assumed through business combinations $— $204,728 $499,654 
            
          		 
          		 
          		 
          Unsecured notes assumed through business combinations $— $39,564 $2,266 
            
          		 
          		 
          		 
          Lines of credit assumed through business combinations $— $67,456 $26,383 
            
          		 
          		 
          		 
          Valuation of Common Shares issued through business combinations $— $— $181,124 
            
          		 
          		 
          		 
          Valuation of OP Units issued through business combinations $— $37,228 $— 
            
          		 
          		 
          		 

           

           

          Year Ended December 31,

           

           

           

          2002

           

          2001

           

          2000

           

           

           

           

           

           

           

           

           

          SUPPLEMENTAL INFORMATION:

           

           

           

           

           

           

           

          Cash paid during the year for interest

           

          $

          365,782

           

          $

          380,745

           

          $

          380,853

           

           

           

           

           

           

           

           

           

          Mortgage loans assumed through real estate acquisitions

           

          $

          32,355

           

          $

          91,623

           

          $

          87,441

           

           

           

           

           

           

           

           

           

          Mortgage loans (assumed) by purchaser in real estate and furniture rental business dispositions

           

          $

          (9,924

          )

          $

          (30,396

          )

          $

          (345,762

          )

           

           

           

           

           

           

           

           

          Mortgage loans recorded as a result of consolidation of previously Unconsolidated Properties

           

          $

          18,100

           

          $

          301,502

           

          $

          80,134

           

           

           

           

           

           

           

           

           

          Net (assets) liabilities recorded as a result of consolidation of previously Unconsolidated Properties

           

          $

          43,897

           

          $

          (20,839

          )

          $

          515

           

           

           

           

           

           

           

           

           

          Mortgage loans contributed as a result of deconsolidation of previously Wholly Owned Properties

           

          $

          (118,376

          )

          $

          —

           

          $

          —

           

           

           

           

           

           

           

           

           

          Transfers to real estate held for disposition

           

          $

          —

           

          $

          3,371

           

          $

          51,637

           

           

           

           

           

           

           

           

           

          Net real estate contributed in exchange for OP Units or Junior Preference Units

           

          $

          —

           

          $

          —

           

          $

          4,071

           

           

           

           

           

           

           

           

           

          Net (assets acquired) through business combinations

           

          $

          —

           

          $

          —

           

          $

          (74,138

          )

           

           

           

           

           

           

           

           

          Mortgage loans assumed through business combinations

           

          $

          —

           

          $

          —

           

          $

          204,728

           

           

           

           

           

           

           

           

           

          Unsecured notes assumed through business combinations

           

          $

          —

           

          $

          —

           

          $

          39,564

           

           

           

           

           

           

           

           

           

          Lines of credit assumed through business combinations

           

          $

          —

           

          $

          —

           

          $

          67,456

           

           

           

           

           

           

           

           

           

          Valuation of OP Units issued through business combinations

           

          $

          —

           

          $

          —

           

          $

          37,228

           

          See accompanying notes

          F-8


          EQUITY RESIDENTIAL PROPERTIES TRUST

          CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

          (Amounts in thousands)

           
          		 Year Ended December 31,
          		 
           
          		 2001
          		 2000
          		 1999
          		 
          PREFERRED SHARES          
          Balance, beginning of year $1,183,136 $1,310,266 $1,410,574 
           Redemption of 93/8% Series A Cumulative Redeemable  (153,000) —  — 
           Conversion of Series E Cumulative Convertible  (5,845) (9,860) (75)
           Redemption of 9.65% Series F Cumulative Redeemable  (57,500) —  — 
           Conversion of 7.25% Series G Convertible Cumulative  —  (75) — 
           Conversion of 7.00% Series H Cumulative Convertible  (120) (2,215) (228)
           Conversion of 8.82% Series I Cumulative Convertible  —  —  (100,000)
           Conversion of 8.60% Series J Cumulative Convertible  —  (114,980) (5)
            
          		 
          		 
          		 
          Balance, end of year $966,671 $1,183,136 $1,310,266 
            
          		 
          		 
          		 
          COMMON SHARES, $.01 PAR VALUE          
          Balance, beginning of year $2,652 $2,550 $2,364 
           Issuance in connection with Mergers and acquisitions  —  —  80 
           Issuance through conversion of OP Units into Common Shares  18  18  24 
           Issuance through exercise of options  32  16  20 
           Issuance through restricted share and performance-based grants, net  7  2  6 
           Issuance through Share Purchase — DRIP Plan and Dividend Reinvestment — DRIP Plan  1  2  2 
           Issuance through Employee Share Purchase Plan  3  2  4 
           Issuance through conversion of Preferred Shares into Common Shares  3  62  52 
           Common Shares repurchased and retired  —  —  (2)
            
          		 
          		 
          		 
          Balance, end of year $2,716 $2,652 $2,550 
            
          		 
          		 
          		 
          PAID IN CAPITAL          
          Balance, beginning of year $4,753,371 $4,540,869 $4,175,747 
           Issuance of Common Shares in connection with Mergers and acquisitions  —  940  181,044 
           Issuance of Common Shares through conversion of OP Units into Common Shares  47,457  42,757  39,671 
           Issuance of Common Shares through exercise of options  65,379  25,212  30,730 
           Issuance through restricted share and performance-based grants, net  29,020  11,773  18,769 
           Issuance of Common Shares through Share Purchase — DRIP Plan  910  595  954 
           Issuance of Common Shares through Dividend Reinvestment — DRIP Plan  1,149  1,664  1,524 
           Issuance of Common Shares through Employee Share Purchase Plan  6,931  5,413  5,233 
           Issuance of Common Shares through 401(k) Plan  —  —  1,248 
           Issuance of Common Shares through conversion of Preferred Shares into Common Shares  5,962  127,068  100,256 
           Common Shares repurchased and retired  —  —  (6,250)
           Offering costs  (2,223) (3,944) (1,625)
           Receipts (advances) on other notes receivable, net  —  4,045  (4,045)
           Adjustment for Minority Interests ownership in Operating Partnership  (15,212) (3,021) (2,387)
            
          		 
          		 
          		 
          Balance, end of year $4,892,744 $4,753,371 $4,540,869 
            
          		 
          		 
          		 

           

           

          Year Ended December 31,

           

           

           

          2002

           

          2001

           

          2000

           

           

           

           

           

           

           

           

           

          PREFERRED SHARES

           

           

           

           

           

           

           

           

           

           

           

           

           

           

           

          Balance, beginning of year

           

          $

          966,671

           

          $

          1,183,136

           

          $

          1,310,266

           

          Redemption of 9 3/8% Series A Cumulative Redeemable

           

          —

           

          (153,000

          )

          —

           

          Conversion of 7.00% Series E Cumulative Convertible

           

          (20,442

          )

          (5,845

          )

          (9,860

          )

          Redemption of 9.65% Series F Cumulative Redeemable

           

          —

           

          (57,500

          )

          —

           

          Conversion of 7.25% Series G Convertible Cumulative

           

          (2

          )

          —

           

          (75

          )

          Conversion of 7.00% Series H Cumulative Convertible

           

          (70

          )

          (120

          )

          (2,215

          )

          Conversion of 8.60% Series J Cumulative Convertible

           

          —

           

          —

           

          (114,980

          )

          Balance, end of year

           

          $

          946,157

           

          $

          966,671

           

          $

          1,183,136

           

           

           

           

           

           

           

           

           

          COMMON SHARES, $0.01 PAR VALUE

           

           

           

           

           

           

           

           

           

           

           

           

           

           

           

          Balance, beginning of year

           

          $

          2,716

           

          $

          2,652

           

          $

          2,550

           

          Issuance through conversion of OP Units into Common Shares

           

          9

           

          18

           

          18

           

          Issuance through exercise of options

           

          15

           

          32

           

          16

           

          Issuance through restricted share and performance-based grants, net

           

          9

           

          7

           

          2

           

          Issuance through Share Purchase – DRIP Plan and Dividend Reinvestment – DRIP Plan

           

          1

           

          1

           

          2

           

          Issuance through Employee Share Purchase Plan

           

          3

           

          3

           

          2

           

          Issuance through conversion of Preferred Shares into Common Shares

           

          9

           

          3

           

          62

           

          Common Shares repurchased and retired

           

          (51

          )

          —

           

          —

           

          Balance, end of year

           

          $

          2,711

           

          $

          2,716

           

          $

          2,652

           

           

           

           

           

           

           

           

           

          PAID IN CAPITAL

           

           

           

           

           

           

           

           

           

           

           

           

           

           

           

          Balance, beginning of year

           

          $

          4,892,744

           

          $

          4,753,371

           

          $

          4,540,869

           

          Issuance of Common Shares in connection with Mergers and acquisitions

           

          —

           

          —

           

          940

           

          Issuance of Common Shares through conversion of OP Units into Common Shares

           

          14,759

           

          29,303

           

          30,029

           

          Issuance of Common Shares through exercise of options

           

          29,563

           

          65,379

           

          25,212

           

          Issuance through restricted share and performance-based grants, net

           

          12,127

           

          29,020

           

          11,773

           

          Issuance of Common Shares through Share Purchase – DRIP Plan

           

          861

           

          910

           

          595

           

          Issuance of Common Shares through Dividend Reinvestment – DRIP Plan

           

          1,172

           

          1,149

           

          1,664

           

          Issuance of Common Shares through Employee Share Purchase Plan

           

          7,374

           

          6,928

           

          5,413

           

          Issuance of Common Shares through conversion of Preferred Shares into Common Shares

           

          20,505

           

          5,962

           

          127,068

           

          Common Shares repurchased and retired

           

          (114,953

          )

          —

           

          —

           

          Offering costs

           

          (207

          )

          (2,223

          )

          (3,944

          )

          Other

           

          (29,017

          )

          —

           

          4,045

           

          Adjustment for Minority Interests ownership in Operating Partnership

           

          4,290

           

          2,945

           

          9,707

           

          Balance, end of year

           

          $

          4,839,218

           

          $

          4,892,744

           

          $

          4,753,371

           

           

           

           

           

           

           

           

           

          See accompanying notes

          F-9


          EQUITY RESIDENTIAL PROPERTIES TRUST

          CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Continued)

          (Amounts in thousands)

           
          		 Year Ended December 31,
          		 
           
          		 2001
          		 2000
          		 1999
          		 
          EMPLOYEE NOTES          
          Balance, beginning of year $(4,346)$(4,670)$(4,873)
           Principal receipts, net  303  324  203 
            
          		 
          		 
          		 
          Balance, end of year $(4,043)$(4,346)$(4,670)
            
          		 
          		 
          		 
          DEFERRED COMPENSATION          
          Balance, beginning of year $(14,915)$(18,225)$(7,827)
           Shares granted, net of cancellations  (29,027) (11,775) (20,023)
           Amortization of shares to compensation expense  18,164  15,085  9,625 
            
          		 
          		 
          		 
          Balance, end of year $(25,778)$(14,915)$(18,225)
            
          		 
          		 
          		 
          DISTRIBUTIONS IN EXCESS OF ACCUMULATED EARNINGS          
          Balance, beginning of year $(300,351)$(325,856)$(245,538)
           Net income  473,585  549,451  393,881 
           Common Share distributions  (452,435) (412,005) (361,003)
           Preferred Share distributions  (87,504) (100,855) (112,011)
           Preference Interest distributions  (18,263) (10,650) (836)
           Junior Preference Unit distributions  (352) (436) (349)
            
          		 
          		 
          		 
          Balance, end of year $(385,320)$(300,351)$(325,856)
            
          		 
          		 
          		 
          ACCUMULATED OTHER COMPREHENSIVE LOSS          
          Balance, beginning of year $— $— $— 
           Accumulated other comprehensive loss — derivative instruments:          
          Cumulative effect of change in accounting principle  (5,334) —  — 
            Unrealized holding (losses) arising during the year  (17,909) —  — 
            Equity in unrealized holding (losses) arising during the year — unconsolidated entities  (10,366) —  — 
            Losses reclassified into earnings from other comprehensive income  569  —  — 
            
          		 
          		 
          		 
          Balance, end of year $(33,040)$— $— 
            
          		 
          		 
          		 

           

           

          Year Ended December 31,

           

           

           

          2002

           

          2001

           

          2000

           

           

           

           

           

           

           

           

           

          EMPLOYEE NOTES

           

           

           

           

           

           

           

           

           

           

           

           

           

           

           

          Balance, beginning of year

           

          $

          (4,043

          )

          $

          (4,346

          )

          $

          (4,670

          )

          Principal receipts, net

           

          4,043

           

          303

           

          324

           

          Balance, end of year

           

          $

          —

           

          $

          (4,043

          )

          $

          (4,346

          )

           

           

           

           

           

           

           

           

          DEFERRED COMPENSATION

           

           

           

           

           

           

           

           

           

           

           

           

           

           

           

          Balance, beginning of year

           

          $

          (25,778

          )

          $

          (14,915

          )

          $

          (18,225

          )

          Shares granted, net of cancellations

           

          (12,136

          )

          (29,027

          )

          (11,775

          )

          Amortization of shares to compensation expense

           

          25,796

           

          18,164

           

          15,085

           

          Balance, end of year

           

          $

          (12,118

          )

          $

          (25,778

          )

          $

          (14,915

          )

           

           

           

           

           

           

           

           

          DISTRIBUTIONS IN EXCESS OF ACCUMULATED EARNINGS

           

           

           

           

           

           

           

           

           

           

           

           

           

           

           

          Balance, beginning of year

           

          $

          (385,320

          )

          $

          (300,351

          )

          $

          (325,856

          )

          Net income

           

          421,313

           

          473,585

           

          549,451

           

          Common Share distributions

           

          (473,898

          )

          (452,435

          )

          (412,005

          )

          Preferred Share distributions

           

          (76,615

          )

          (87,504

          )

          (100,855

          )

          Preference Interest distributions

           

          (20,211

          )

          (18,263

          )

          (10,650

          )

          Junior Preference Unit distributions

           

          (325

          )

          (352

          )

          (436

          )

          Balance, end of year

           

          $

          (535,056

          )

          $

          (385,320

          )

          $

          (300,351

          )

           

           

           

           

           

           

           

           

          ACCUMULATED OTHER COMPREHENSIVE LOSS

           

           

           

           

           

           

           

           

           

           

           

           

           

           

           

          Balance, beginning of year

           

          $

          (33,040

          )

          $

          —

           

          $

          —

           

          Accumulated other comprehensive loss – derivative instruments:

           

           

           

           

           

           

           

          Cumulative effect of change in accounting principle

           

          —

           

          (5,334

          )

          —

           

          Unrealized holding (losses) arising during the year

           

          (10,905

          )

          (17,909

          )

          —

           

          Equity in unrealized holding (losses) arising during the year – unconsolidated entities

           

          (689

          )

          (10,366

          )

          —

           

          Losses reclassified into earnings from other comprehensive income

           

          845

           

          569

           

          —

           

          Balance, end of year

           

          $

          (43,789

          )

          $

          (33,040

          )

          $

          —

           

          See accompanying notes

          F-10


          EQUITY RESIDENTIAL PROPERTIES TRUST

          NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

          1.Business and Formation of the Company

           

          Equity Residential Properties Trust,(“EQR”), formed in March 1993, ("EQR"), is a self-administered and self-managed equityfully integrated real estate investment trust ("REIT"). As used herein,company engaged in the term "Company" meansacquisition, ownership, management and operation of multifamily properties.  EQR and its subsidiaries, as the survivor of the mergers between EQR and each of Wellsford Residential Property Trust, Evans Withycombe Residential, Inc., Merry Land & Investment Company, Inc. and Lexford Residential Trust (collectively, the "Mergers"). The Company also includes the businesses formerly operated by Globe Business Resources, Inc. ("Globe") and Grove Property Trust ("Grove"). The Company completed the sale of its Globe furniture rental business on January 11, 2002. The Company has elected to be taxed as a REIT under Section 856(c) of the Internal Revenue Code 1986, as amended (the "Code"real estate investment trust (“REIT”).

           

          EQR is the general partner of, and as of December 31, 2001,2002 owned an approximate 92.1%92.4% ownership interest in, ERP Operating Limited Partnership, an Illinois limited partnership (the "Operating Partnership"“Operating Partnership”). The Company conducts substantially all of its business and owns substantially all of its assets through the Operating Partnership.   The Operating Partnership is, in turn, directly or indirectly, a partner, member or shareholder of numerous partnerships, limited liability companies and corporations which have been established primarily to own fee simple title to multifamily properties or to conduct property management activities and other businesses related to the ownership and operation of multifamily residential real estate.  References to the Company“Company” include EQR, the Operating Partnership and each of the partnerships, limited liability companies and corporations controlled by the Operating Partnership and/or EQR.

           The Company is engaged in the acquisition, ownership, management, operation and disposition of multifamily properties.

          As of December 31, 2001,2002, the Company owned or had interestsinvestments in a portfolio of 1,076 multifamily 1,039properties (individually a "Property" and collectively the "Properties") containing 224,801 apartment units located in 36 states consisting of the following:223,591 units.  An ownership breakdown includes:

           
          		 Number of
          Properties
          		 Number of
          Units
          Wholly Owned Properties 955 199,698
          Partially Owned Properties 36 6,931
          Unconsolidated Properties 85 18,172
            
          		 
          Total Properties 1,076 224,801
            
          		 

           

           

          Number of
          Properties

           

          Number of
          Units

           

          Wholly Owned Properties

           

          919

           

          194,886

           

          Partially Owned Properties (Consolidated)

           

          36

           

          6,931

           

          Unconsolidated Properties

           

          84

           

          21,774

           

          Total Properties

           

          1,039

           

          223,591

           

          The Company accounts“Wholly Owned Properties” are accounted for its ownership interest in the 955 "Wholly Owned Properties" under the consolidation method of accounting.  The Company beneficially owns 100% fee simple title to 948912 of the 955919 Wholly Owned Properties.  The Company has a leasehold estate ownership interest in one Property. As such, the Company owns the real estate building and improvements and leases the land underlying the improvements under a long-term ground lease that expires in 2066.2066 for one property.  This one Propertyproperty is consolidated and reflected as a real estate asset while the ground lease is accounted for as an operating lease in accordance with Statement of Financial Accounting Standards ("SFAS"(“SFAS”) No. 13,Accounting for Leases.  The Company owns the debt collateralized by two Propertiesproperties and owns an interest in the debt collateralized by the remaining four Properties.properties.  The Company consolidates its interest in these six Propertiesproperties in accordance with the accounting standards outlined in the AcSEC guidance for real estate acquisition, development and construction arrangements issued in the CPA letter dated February 10, 1986, and as such, reflects these assets as real estate in the consolidated financial statements.

          F-11


          The "Partially“Partially Owned Properties"Properties” are controlled and partially owned by the Company but have partners with minority interests and are accounted for under the consolidation method of accounting.  The "Unconsolidated Properties"“Unconsolidated Properties” are partially owned but not controlled by the Company andCompany. With the exception of one property, the Unconsolidated Properties consist of investments in partnership interests and/or subordinated mortgages that are accounted for under the equity method of accounting.  The remaining one property consists of an investment in a limited liability company that, as a result of the terms of the operating agreement, is accounted for as a management contract right with all fees recognized as fee and asset management revenue.  The above table does not include various uncompleted development properties.

          F-11


          2.                                      Summary of Significant Accounting Policies

            Basis of Presentation

                  The Mergers and acquisitions were accounted for as purchases in accordance with Accounting Principles Board Opinion No. 16. The fair value of the consideration given by the Company in the Mergers was used as the valuation basis for each of the combinations. The accompanying consolidated statements of operations and cash flows include the results of the Properties purchased through the Mergers and through acquisitions from their respective closing dates.

           

          Due to the Company'sCompany’s ability as general partner to control either through ownership or by contract the Operating Partnership and its subsidiaries, other than entities owningthat own controlling interests in the Unconsolidated Properties and certain other entities in which the Company has investments, the Operating Partnership and each such subsidiary has been consolidated with the Company for financial reporting purposes.  In July 2001, the Company acquired 100% of a management company entity, which had a controlling ownership interest in a portfolio of 21 previously Unconsolidated Properties.  Subsequent to this transaction, the Company consolidated these 21 Properties. properties.  In September 2001, the Company acquired the remaining 5% of the preferred stock it did not own and 100% of the voting common stock in two other management company entities.  As a result, the Company now wholly-owns these two entities.  The Company consolidated the results of these two entities prior to this transaction despite not having legal control, the effects of which were immaterial.

            In June 2001, the Financial Accounting Standards Board (“FASB”) issued SFAS No. 141, Business Combinations.  SFAS No. 141 requires all business combinations initiated after June 30, 2001 be accounted for under the purchase method of accounting.

            The Company’s mergers and acquisitions were accounted for as purchases in accordance with either Accounting Principles Board  (“APB”) Opinion No. 16, Business Combinations, or SFAS No. 141.  The fair value of the consideration given by the Company in the mergers were used as the valuation basis for each of the combinations.  The accompanying consolidated statements of operations and cash flows include the results of the properties purchased through the mergers and through acquisitions from their respective closing dates.

            Real Estate Assets and Depreciation of Investment in Real Estate

           

          Real estate is recorded at cost less accumulated depreciation less an adjustment, if any, for impairment.  A land value is assigned based on the purchase price if land is acquired separately or based on market research if acquired in a merger or in a single or portfolio acquisition.

           

          Depreciation is computed on a straight-line basis over the estimated useful lives of the assets.  The Company uses a 30-year estimated life for buildings and a five-year estimated life for initial furniture, fixtures and equipment.  Replacements inside a unit such as appliances and carpeting, are depreciated over a five-year estimated life.  Expenditures for ordinary maintenance and repairs are expensed to operations as incurred and significant renovations and improvements that improve and/or extend the useful life of the asset are capitalized over their estimated useful life, generally five to ten years.  Initial direct leasing costs are expensed as incurred as such expense approximates the deferral and amortization of initial direct leasing costs over the lease terms.  Property sales or dispositions are recorded when title transfers and sufficient consideration has been received by the Company.  Upon disposition, the related costs and accumulated depreciation are removed from the respective accounts.  Any gain or loss on sale of disposition is recognized in accordance with accounting principles generally accepted in the United States.

           

          The Company classifies real estate assets as real estate held for disposition when it is certain a property will be disposed.disposed of in accordance with SFAS No. 144 (see further discussion below).

          F-12


          The Company classifies Propertiesproperties under development and/or expansion and properties in the lease up phase as construction in progress until construction has been completed and all certificates of occupancy permits have been obtained.  The Company also classifies land relating to construction in progress as land on its balance sheet.sheets.

            F-12


          Impairment of Long-Lived Assets, Including Goodwill

          Asset Impairment

                  For real estate properties held for use,In June 2001, the Company follows the guidance inFASB issued SFAS No. 121,142, Goodwill and Other Intangible Assets.  SFAS No. 142 prohibits the amortization of goodwill and requires that goodwill be reviewed for impairment at least annually.  In August 2001, the FASB issued SFAS No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets.  SFAS Nos. 142 and 144 were effective for Long-Lived Assetsfiscal years beginning after December 15, 2001.  The Company adopted these standards effective January 1, 2002.  See Notes 16 and 22 for further discussion.

          The Company periodically evaluates its long-lived assets, including its investments in real estate and goodwill, for impairment indicators.  The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions, expected holding period of each asset and legal and environmental concerns.  Future events could occur which would cause the Company to be Disposed Of, in determining whetherconclude that impairment indicators exist and an impairment loss exists. The Company first determines whether any indicators of impairment exist. If indicators exist,is warranted.

          For long-lived assets to be held and used, the Company compares the expected future undiscounted cash flows for an operating propertythe long-lived asset against the carrying amount of that property.asset.  If the sum of the estimated undiscounted cash flows is less than the carrying amount of the property,asset, an impairment loss would be recorded for the difference between the estimated fair value and the carrying amount of the property.asset.

           

          For real estate propertieslong-lived assets to be disposed of, an impairment loss is recognized when the estimated fair value of the real estate,asset, less the estimated cost to sell, is less than the carrying amount of the real estateasset measured at the time it is certain that the Company has determined it will sell the property. Real estateasset.  Long-lived assets held for disposition isand the related liabilities are separately reported at the lower of itstheir carrying amountamounts or itstheir estimated fair value,values, less its costtheir costs to sell.sell, and are not depreciated after reclassification to real estate held for disposition.

           For all other assets, including property

          Goodwill and equipment and goodwill,investments in unconsolidated entities accounted for under the equity method of accounting are specifically excluded from the scope of SFAS No. 144.

          Prior to January 1, 2002, the Company alsofollowed the guidance in SFAS No. 121, Accountingfor the Impairment of Long-Lived Assets and Long-Lived Assets to be Disposed of.

          Prior to 2002, the Company amortized goodwill on a straight-line basis over a period of 20 years.  The accumulated amortization of goodwill was $5.5 million at December 31, 2001.

          Cost Capitalization

          See the Real Estate Assets and Depreciation of Investment in Real Estate section for discussion of the policy with respect to capitalization vs. expensing of fixed asset/repair and maintenance costs.  In addition, the Company capitalizes the payroll and associated costs of employees directly responsible for and who spend all of their time on the supervision of major capital projects.  These costs are reflected on the balance sheet as an increase to building.

          The Company follows the guidance in SFAS No. 12167, Accounting for Costs and Initial Rental Operations of Real Estate Projects, for all development projects and uses its professional judgment in determining whether an impairment loss exists.such costs meet the criteria for capitalization or must be expensed as incurred.  The Company reviews the current net book value taking into consideration existing businesscapitalizes interest, real estate taxes and economic conditions as well as projected operating cash flows. See Note 20insurance and payroll and associated costs for further discussion.

                  In August 2001, the Financial Accounting Standards Board ("FASB") issued SFAS No. 144,Accountingthose individuals directly responsible for the Impairment or Disposaland who spend all of Long-Lived Assets, which is effective for fiscal years beginning after December 15, 2001.their time on development activities.  The Company adoptedexpenses as incurred all payroll costs of employees working directly at our properties, except for costs that are incurred during the standard effective January 1, 2002, which did notinitial lease-up phase on a development project.  An allocated portion of payroll costs is capitalized based upon the occupancy of the project until stabilized occupancy is achieved.  Stabilized occupancy is always deemed to have any impactoccurred no later than one year from cessation of major development activities.  The incremental payroll and associated costs are capitalized to the projects under development based upon the effort directly identifiable with such projects.  These costs are reflected on the Company's financial conditionbalance sheet as either construction in progress or a separate component of investments in unconsolidated entities.  The Company ceases the capitalization of such costs as the property becomes substantially complete and results of operations.ready for its intended use.

            F-13


          Cash and Cash Equivalents

           

          The Company considers all demand deposits, money market accounts and investments in certificates of deposit and repurchase agreements purchased with a maturity of three months or less, at the date of purchase, to be cash equivalents.  The Company maintains its cash and cash equivalents at financial institutions.  The combined account balances at each institutionone or more institutions periodically exceed the Federal Depository Insurance Corporation ("FDIC"(“FDIC”) insurance coverage, and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage.  The Company believes that the risk is not significant, as the Company does not anticipate theirthe financial institutions’ non-performance.

            Deferred Financing Costs

           

          Deferred financing costs include fees and costs incurred to obtain the Company's linesCompany’s line of credit, long-term financings and costs for certain interest rate protection agreements.  These costs are amortized over the terms of the related debt.  Unamortized financing costs are written-off when debt is

          F-13

          retired before the maturity date.  The accumulated amortization of such deferred financing costs was $22.9$15.2 million and $17.7 $22.9million at December 31, 2002 and 2001, and 2000, respectively.

            Rental Furniture

           Rental furniture is stated at cost and depreciated on a straight-line basis at a rate

          Fair Value of 1% per month, which is designed to approximate an estimated useful life of four years with provision for a 50% residual value. The accumulated depreciation of rental furniture was $419,000 and $725,000 at December 31, 2001 and 2000, respectively.Financial Instruments, Including Derivative Instruments

            Property and Equipment

           Property and equipment is stated at cost. Depreciation expense is provided on a straight-line basis over estimated useful lives of three to ten years. The accumulated depreciation of property and equipment was $2.6 million and $1.1 million at December 31, 2001 and 2000, respectively.

            Goodwill

                  Goodwill is amortized on a straight-line basis over a period of 20 years. The Company periodically reviews goodwill for impairment and if a permanent decline in value has occurred, the Company would reduce its goodwill balance to fair value. The accumulated amortization of goodwill was $5.5 million and $1.8 million at December 31, 2001 and 2000, respectively.

                  In June 2001, the FASB issuedThe valuation of financial instruments under SFAS No. 142,107, Disclosures about Fair Value of Financial InstrumentsGoodwill, and Other Intangible Assets. SFAS No. 142 requires companies to eliminate the amortization of goodwill in favor of a periodic impairment based approach. SFAS No. 142 is effective133 and its amendments (SFAS Nos. 137 and 138), Accounting for fiscal years beginning after December 15, 2001. The Company adopted the standard effective January 1, 2002, which did not have a material impact on the Company's financial condition and results of operations.

            Derivative Instruments and Hedging Activities, requires the Company to make estimates and judgments that affect the fair value of the instruments.  The Company, where possible, bases the fair values of its financial instruments, including its derivative instruments, on listed market prices and third party quotes.  Where these are not available, the Company bases its estimates on other factors relevant to the financial instruments.

           

          In the normal course of business, the Company is exposed to the effect of interest rate changes.  The Company limits these risks by following established risk management policies and procedures including the use of derivatives to hedge interest rate risk on debt instruments.

           

          The Company has a policy of only entering into contracts with major financial institutions based upon their credit ratings and other factors.  When viewed in conjunction with the underlying and offsetting exposure that the derivatives are designed to hedge, the Company has not sustained a material loss from those instruments nor does it anticipate any material adverse effect on its net income or financial position in the future from the use of derivatives.

          On January 1, 2001, the Company adopted SFAS No. 133 and its amendments (SFAS Nos. 137 and 138),Accounting for Derivative Instruments and Hedging Activities, which requires an entity to recognize all derivatives as either assets or liabilities in the statement of financial position and to measure those instruments at fair value.  Additionally, the fair value adjustments will affect either shareholders'shareholders’ equity or net income depending on whether the derivative instruments qualify as a hedge for accounting purposes and, if so, the nature of the hedging activity.  When the terms of an underlying transaction are modified, or when the underlying transaction

          F-14


          is terminated or completed, all changes in the fair value of the instrument are marked-to-market with changes in value included in net income each period until

          F-14


          the instrument matures.  Any derivative instrument used for risk management that does not meet the hedging criteria of SFAS No. 133 is marked-to-market each period.  The Company does not use derivatives for trading or speculative purposes.

           

          As of January 1, 2001, the adoption of the new standard resulted in derivative instruments reported on the balance sheet as liabilities of approximately $6.6 million; an adjustment of approximately $5.3 million to accumulated other comprehensive loss, which are gains and losses not affecting retained earnings in the consolidated statementstatements of shareholders'shareholders’ equity; and a charge of approximately $1.3 million as a cumulative effect of change in accounting principle in the consolidated statementstatements of operations.

           At December 31, 2001, the Company had entered into swaps which have been designated as cash flow hedges with an aggregate notional amount of $626.4 million at interest rates ranging from 3.65125% to 6.15% maturing at various dates ranging from 2003 to 2007 with a net liability fair value of $23.3 million; and swaps which have been designated as fair value hedges with an aggregate notional amount of $396.4 million at interest rates ranging from 4.458% to 7.25% maturing at various dates ranging from 2003 to 2011 with a net asset fair value of $4.6 million.

                  At December 31, 2001, the Company's joint venture development partners had entered into swaps to hedge the interest rate risk exposure on unconsolidated floating rate construction mortgage loans. The Company has recorded its proportionate share of these qualifying hedges on its consolidated balance sheet. These swaps have been designated as cash flow hedges with a current aggregate notional amount of $302.5 million (notional amounts range from $139.7 million to $525.1 million over the terms of the swaps) at interest rates ranging from 4.13% to 7.35% maturing at various dates ranging from 2002 to 2005 with a net liability fair value of $10.4 million.

                  As of December 31, 2001, there were approximately $32.6 million in deferred losses, net, included in accumulated other comprehensive loss. On December 31, 2001, the net derivative instruments were reported at their fair value as other liabilities of approximately $18.7 million and as a reduction to investment in unconsolidated entities of approximately $10.4 million. The Company expects to recognize an estimated $14.3 million of accumulated other comprehensive loss as additional interest expense during the twelve months ending December 31, 2002, of which $6.5 million is related to the development joint venture swaps.

            Fair Value of Financial Instruments

          The fair values of the Company'sCompany’s financial instruments, (excluding the Company's investment in mortgage notes—see Note 8),other than derivative instruments, including cash and cash equivalents, mortgage notes payable, other notes payable, linesline of credit and other financial instruments, approximate their carrying or contract values.

            Revenue Recognition

           

          Rental income attributable to leases is recorded when due from residents and is recognized monthly as it is earned, which is not materially different than on a straight-line basis.  Interest income is recorded on an accrual basis.  Leases entered into between a resident and a Propertyproperty, for the rental of an apartment unit, are generally year-to-year, renewable upon consent of both parties on a year-to-yearan annual or month-to-monthmonthly basis.

           Leases of furniture generally have an initial term of three to six months in duration and can be extended by the customer on a month-to-month basis. Furniture rentals are accounted for as operating leases, and revenue is recorded in the month earned. For sales of furniture, as well as rental buyouts,

          F-15


          revenue and related cost of sales are recorded when the furniture is delivered or taken off lease. Revenues from both furniture rentals and sales are included in furniture income while the associated costs of those rentals and sales are included in furniture operating expenses in the consolidated statements of operations.

          The Company adopted the provisions of Staff Accounting Bulletin ("SAB"(“SAB”) No. 101,Revenue Recognition, effective October 1, 2000.  SAB No. 101 provides guidance on the recognition, presentation and disclosure of revenue in financial statements.  The adoption of SAB No. 101 did not have a material impact on the Company'sCompany’s financial condition and results of operations.

            Stock Option Compensation

            The Company has chosen to account for its stock option compensation in accordance with APB No. 25, Accounting for Stock Issued to Employees,which results in no compensation expense for options issued with an exercise price equal to or exceeding the market value of the Company’s Common Shares on the date of grant.  The Company will elect to expense its stock option compensation in accordance with SFAS No. 123 and its amendment (SFAS No. 148), Accounting for Stock Based Compensation, effective in the first quarter of 2003, which will result in compensation expense being recorded based on the fair value of the stock option compensation issued.

            Income Taxes

           

          Due to the structure of the Company as a REIT and the nature of the operations of the Propertiesproperties and management business, the results of operations generally contain no provision for federal income taxes. The Company is subject to certain state and local income, excise and franchise taxes.  The aggregate cost of land and depreciable property for federal income tax purposes as of December 31, 20012002 and 20002001 was approximately $8.6$8.7 billion and $9.0$8.6 billion, respectively.

           

          Effective in 2001, the Company has elected Taxable REIT Subsidiary ("TRS"(“TRS”) status for certain of its corporate subsidiaries.  The provisions for federal income taxes for these TRS entities were not material during 2002 and 2001 and were recognized as general and administrative expenses in the consolidated statements of operations.

           

          During the years ended December 31, 2002, 2001 and 2000, and 1999, the Company'sCompany’s tax treatment of

          F-15


          distributions were as follows:

           
          		 Year Ended December 31,
           
          		 2001
          		 2000
          		 1999
          Tax treatment of distributions:         
           Ordinary income $1.369 $1.528 $1.280
           Return of capital  —  —  0.130
           Long-term capital gain  0.220  0.016  0.044
           Unrecaptured section 1250 gain  0.091  0.031  0.016
          Distributions declared per Common Share outstanding $1.680 $1.575 $1.470

             

             

            Year Ended December 31,

             

             

             

            2002

             

            2001

             

            2000

             

            Tax treatment of distributions:

             

             

             

             

             

             

             

            Ordinary income

             

            $

            1.398

             

            $

            1.369

             

            $

            1.528

             

            Long-term capital gain

             

            0.212

             

            0.220

             

            0.016

             

            Unrecaptured section 1250 gain

             

            0.120

             

            0.091

             

            0.031

             

            Distributions declared per Common Share outstanding

             

            $

            1.730

             

            $

            1.680

             

            $

            1.575

             

            Minority Interests

           

          Operating Partnership: Net income is allocated to minority interests based on their respective ownership percentage of the Operating Partnership.  The ownership percentage is calculated by dividing the number of Operating Partnership Units ("units of limited partnership interest (“OP Units"Units”) held by the minority interests by the total OP Units held by the minority interests and the Company.EQR.  Issuance of additional common shares of beneficial interest, $0.01 par value per share (the "Common Shares"“Common Shares”), and OP Units changes the ownership interests of both the minority interests and the Company.EQR.  Such transactions and the proceeds therefrom are treated as capital transactions.

           

          Partially Owned Properties: The Company reflects minority interests in partially owned properties on the balance sheet for the portion of properties consolidated by the Company that are not wholly owned by the Company.  The earnings or losses from those properties attributable to the minority

          F-16


          interests are reflected as minority interests in partially owned properties in the consolidated statements of operations.

            Use of Estimates

           

          In preparation of the Company'sCompany’s financial statements in conformity with accounting principles generally accepted in the United States, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

            Reclassifications

           

          Reclassifications

          Certain reclassifications considered necessary for a fair presentation have been made to the previously reportedprior period financial statements in order to provide comparability withconform to the 2001 statements reported herein.current year presentation.  These reclassifications have not changed the results of operations or shareholders'shareholders’ equity.

            Reportable Segments

           The Company has one primary reportable business segment, which consists of investment in rental real estate. The Company's primary business is owning, managing and operating multifamily residential properties, which includes the generation of rental and other related income through the leasing of apartment units to residents.

          Other

           The primary financial measure for the Company's rental real estate segment is net operating income ("NOI"), which represents rental income less: 1) property and maintenance expense; 2) real estate taxes and insurance expense; and 3) property management expense (all as reflected in the accompanying statements of operations). Current year NOI is compared to prior year NOI and current year budgeted NOI as a measure of financial performance.

                  During the acquisition, development and/or disposition of real estate, the NOI return on total capitalized costs is the primary measure of financial performance (capitalization rate) the Company considers.

                  The Company's fee and asset management activity and furniture rental/sales activities are immaterial and do not meet the threshold requirements of a reportable segment as provided for in SFAS No. 131.

                  All revenues are from external customers and there is no customer who contributed 10% or more of the Company's total revenues during 2001, 2000 or 1999.

            Other

          In June 2001,April 2002, the FASB issued SFAS No. 141,145, Rescission of FASB Statements No. 4, 44 and 64, Amendment of FASB Statement No. 13, and Technical CorrectionsBusiness Combinations..  SFAS No. 141 requires companies to account for all business combinations using145, among other items, rescinds the purchase methodautomatic classification of accounting.costs incurred on debt extinguishment as extraordinary charges.  Instead, gains and losses from debt extinguishment should only be classified as extraordinary if they meet the “unusual and infrequently occurring” criteria outlined in APB No. 30.  SFAS No. 141145 is effective for fiscal years beginning after DecemberMay 15, 2001.2002.  The Company adoptedwill adopt the standard effective January 1, 2002, which did2003.

          In January 2003, the FASB issued Interpretation ("FIN") No. 46, Consolidation of Variable Interest Entities.  FIN No. 46 requires a variable interest entity to be consolidated by a company if that company is subject to a majority of the risk of loss from the variable interest entity's activities or entitled to receive a majority of the entity's residual returns or both.  The consolidation requirements of FIN No. 46 apply immediately to variable interest entities created after January 31, 2003 and apply to older entities in the first fiscal year or interim period beginning after June 15, 2003.  The Company will adopt FIN No. 46 in the third quarter of 2003 but has not yet determined the effect that adoption will have any impact on the Company'sits consolidated financial conditionposition and results of operations.

          F-17

          3.                                      Business Combinations

           On October 1, 1999, the Company acquired Lexford Residential Trust ("LFT")(the "LFT Merger"), which included 402 Properties containing 36,609 units and other related assets for a total purchase price of approximately $738 million. In connection with the LFT Merger, each outstanding common share of beneficial interest of LFT was converted into 0.926 of a Common Share of the Company. The purchase price consisted of 8.0 million Common Shares issued by the Company with a market value of $181.1 million, the assumption of mortgage indebtedness, a term loan and a line of credit in the amount of $528.3 million, the acquisition of other assets of approximately $40.9 million, the assumption of other liabilities of approximately $25.3 million and other merger related costs of approximately $24.5 million.

          On July 11, 2000, the Company acquired Globe Business Resources, Inc. (“Globe”) in an all

          F-16


          cash and debt transaction valued at $163.2 million.  Globe provided fully furnished short-term housing through an inventory of leased housing units to transferring or temporarily assigned corporate personnel, new hires, trainees, consultants and individual customers throughout the United States.  Additionally, Globe rentsleased and sellssold furniture to a diversified base of commercial and residential customers throughout the United States.  Shareholders of Globe received $13.00 per share, which approximated $58.7 million in cash based on the 4.5 million Globe shares outstanding.  In addition, the Company:

            •
            Acquired $94.8 million in other Globe assets and assumed $29.6 million in other Globe liabilities;

            •
            Allocated $68.4 million to goodwill;

            •
            Recorded acquisition costs of $4.5 million; and

            •
            Assumed $70.4 million in debt, which included $1.4 million in mortgage debt, $39.5 million in unsecured notes, and Globe's line of credit of $29.5 million outstanding.

           

          •

          Acquired $94.8 million in other Globe assets and assumed $29.6 million in other Globe liabilities;

          •

          Allocated $68.4 million to goodwill;

          •

          Recorded acquisition costs of $4.5 million; and

          •

          Assumed $70.4 million in debt, which included $1.4 million in mortgage debt, $39.5 million in unsecured notes, and Globe’s line of credit of $29.5 million outstanding.

          On July 21, 2000, the Company, through its Globe subsidiary, acquired Temporary Quarters, Inc., the leading corporate housing provider in Atlanta, Georgia, in a $3.3 million all cash transaction.

           

          During 2001 and prior to the one-year anniversary of the Globe acquisition, the Company recorded net increases to goodwill of $9.5 million to reallocate the original purchase price recorded at the acquisition date.  Also during 2001, the Company recorded a $60.0 million asset impairment charge related to its furniture rental business.  During 2002, the Company recorded a $17.1 million asset impairment charge related to Equity Corporate Housing (“ECH”).  See Note 20.Notes 16 and 22.

           

          On January 11, 2002, the Company sold the former Globe furniture rental business for approximately $30.0 million in cash, which approximated the net book value at the sale date.   The Company has retained ownership of the former Globe short-term furnished housing business, which is now known as Equity Corporate Housing.ECH.

           

          On October 31, 2000, the Company acquired Grove which included 60 properties containing 7,308 unitsProperty Trust (“Grove”) for a total purchase price of $463.2 million.million and succeeded to the ownership of 60 properties containing 7,308 units.  The Company:

            •

            Paid $17.00 per share or $141.6 million in cash to purchase the 8.3 million outstanding common shares of Grove;

            •

            Paid $17.00 per unit or $12.4 million in cash to purchase 0.7 million in Grove OP Units outstanding at the merger date;

            •

            Converted 2.1 million Grove OP Units to 1.6 million of the Operating Partnership'sPartnership’s OP Units using the conversion ratio of 0.7392 (after cash-out of fractional units).  The value of these converted OP Units totaled $37.2 million;

          F-18

              •
              Assumed $241.3 million in Grove debt, which included first and second mortgages totaling $203.4 million and Grove'sGrove’s line of credit totaling $38.0 million;

              million.   Grove’s line of credit and two mortgage loans totaling $7.8 million were paid off immediately after the closing;

              •

              Acquired $20.1 million in other Grove assets and assumed $11.2 million in other Grove liabilities, including a contingent earnout liability totaling $1.5 million.  This amount representsrepresented the estimated additional cash or OP Units required to be funded to the previous owners of Glen Meadow Apartments upon the transition of this property from subsidized to market rents; and

              •

              Recorded acquisition costs of $19.5 million.

             All of the amounts stated above related to these business combinations were based on management's best estimates, which were subject to adjustment within one year of the respective closing dates.

            4. Shareholders'Shareholders’ Equity and Minority Interests

             

            On October 11, 2001, the Company effected a two-for-one split of its Common Shares and OP Units to shareholders and unit holders of record as of September 21, 2001.  All Common Shares and OP Units presented have been retroactively adjusted to reflect the Common Share and OP Unit split.

             

            F-17


            The following table presents the changes in the Company'sCompany’s issued and outstanding Common Shares for the years ended December 31, 2002, 2001 2000 and 1999:2000:

             
            		 2001
            		 2000
            		 1999
            		 
            Common Shares outstanding at January 1, 265,232,750 254,901,596 236,460,018 
            Common Shares Issued:       
            Conversion of LFT common shares — — 8,037,434 
            Conversion of Series E Preferred Shares 260,078 438,810 3,338 
            Conversion of Series G Preferred Shares — 2,560 — 
            Conversion of Series H Preferred Shares 6,972 128,280 13,160 
            Conversion of all Series I Preferred Shares — — 5,133,594 
            Conversion of all Series J Preferred Shares — 5,644,024 244 
            Employee Share Purchase Plan 310,261 299,580 295,770 
            Dividend Reinvestment—DRIP Plan 42,649 69,504 72,264 
            Share Purchase—DRIP Plan 33,106 26,374 45,068 
            Exercise of options 3,187,217 1,370,186 2,026,384 
            Restricted share grants, net 730,982 475,862 613,000 
            Conversion of OP Units 1,817,359 1,875,974 2,435,642 
            Profit-sharing/401(k) Plan contribution — — 60,520 
            Common Shares Other:       
            Common Shares repurchased and retired — — (296,906)
            Common Shares other — — 2,066 
              
            		 
            		 
            		 
            Common Shares outstanding at December 31, 271,621,374 265,232,750 254,901,596 
              
            		 
            		 
            		 

             

             

             

            2002

             

            2001

             

            2000

             

             

             

             

             

             

             

             

             

            Common Shares outstanding at January 1,

             

            271,621,374

             

            265,232,750

             

            254,901,596

             

             

             

             

             

             

             

             

             

            Common Shares Issued:

             

             

             

             

             

             

             

            Conversion of Series E Preferred Shares

             

            909,873

             

            260,078

             

            438,810

             

            Conversion of Series G Preferred Shares

             

            70

             

            —

             

            2,560

             

            Conversion of Series H Preferred Shares

             

            4,050

             

            6,972

             

            128,280

             

            Conversion of all Series J Preferred Shares

             

            —

             

            —

             

            5,644,024

             

            Employee Share Purchase Plan

             

            324,238

             

            310,261

             

            299,580

             

            Dividend Reinvestment – DRIP Plan

             

            41,407

             

            42,649

             

            69,504

             

            Share Purchase – DRIP Plan

             

            31,354

             

            33,106

             

            26,374

             

            Exercise of options

             

            1,435,115

             

            3,187,530

             

            1,370,186

             

            Restricted share grants, net

             

            885,967

             

            730,982

             

            475,862

             

            Conversion of OP Units

             

            933,937

             

            1,817,359

             

            1,875,974

             

             

             

             

             

             

             

             

             

            Common Shares Other:

             

             

             

             

             

             

             

            Common Shares repurchased and retired

             

            (5,092,300

            )

            —

             

            —

             

            Common Shares other

             

            396

             

            (313

            )

            —

             

            Common Shares outstanding at December 31,

             

            271,095,481

             

            271,621,374

             

            265,232,750

             

            On December 12, 2001, the Company'sCompany’s shareholders approved an amendment to the Company'sCompany’s Declaration of Trust to increase the total number of authorized Common Shares from 350.0 million to 1.0 billion.

             

            On February 3, 1998, the Company filed with the SEC a Form S-3 Registration Statement to register $1$1.0 billion of equity securities.  The SEC declared this registration statement effective on

            F-19



            February 27, 1998.  In addition, the Company carried over $272$272.4 million related to the registration statement effective on August 4, 1997.  As of December 31, 2001,2002, $1.1 billion remained available for issuance under this registration statement.

             

            During October 2002, the Company repurchased 5,092,300 of its Common Shares on the open market at an average price of $22.58 per share.  The Company paid approximately $115.0 million for these shares, which were retired subsequent to the repurchase.

            The equity positions of various individuals and entities that contributed their properties to the Operating Partnership in exchange for a partnership interest are collectively referred to as the "Minority Interests—“Minority Interests – Operating Partnership"Partnership”.  As of December 31, 20012002 and 2000,2001, the Minority Interests—Interests – Operating Partnership held 23,197,19222,300,643 and 24,857,50223,197,192 OP Units, respectively.  As a result, the Minority Interests had a 7.87%7.6% and 8.57%7.9% interest in the Operating Partnership at December 31, 20012002 and 2000,2001, respectively.  Assuming conversion of all OP Units into Common Shares, total Common Shares outstanding at December 31, 20012002 and 20002001 would have been 293,396,124 and 294,818,566, and 290,090,252, respectively.  Subject to applicable securities law restrictions, the Minority Interests – Operating Partnership may exchange their OP Units for EQR Common Shares on a one-for-one basis.

             

            Net proceeds from the Company'sCompany’s Common Share and Preferred Share (see definition below) offerings are contributed by the Company to the Operating Partnership inPartnership.  In return for an increased ownership percentage and are treated as capital transactionsthose contributions, EQR receives a number of OP Units in the Company's consolidated financial statements.Operating Partnership equal to the number of Common Shares it has issued in the equity offering (or in the case of a preferred equity offering, a number of preference units in the Operating Partnership equal in number and having the same terms as the Preferred Shares issued in the equity offering).  As a result, the net offering proceeds from Common Shares are allocated between shareholders'shareholders’ equity and Minority Interests—Interests – Operating Partnership to account for the change in their respective percentage ownership of the underlying equity of the Operating Partnership.

             

            F-18


            The Company’s declaration of trust ofauthorizes the Company provides that the Company mayto issue up to 100,000,000 preferred shares of beneficial interest, $0.01 par value per share (the "Preferred Shares"“Preferred Shares”), with specific rights, preferences and other attributes as the Board of Trustees may determine, which may include preferences, powers and rights that are senior to the rights of holders of the Company'sCompany’s Common Shares.

            F-20



            The following table presents the Company'sCompany’s issued and outstanding Preferred Shares as of December 31, 20012002 and 2000:2001:

             
            		  
            		  
            		  
            		 Amounts in thousands
             
            		  
            		  
            		 Annual
            Dividend
            Rate per
            Share (3)
             
            		 Redemption
            Date (1)(2)
            		 Conversion
            Rate (2)
            		 December 31,
            2001
            		 December 31,
            2000
            Preferred Shares of beneficial interest,
            $.01 par value; 100,000,000 shares authorized:            		             

            93/8% Series A Cumulative Redeemable Preferred; liquidation value $25 per share; 0 and 6,120,000 shares issued and outstanding at December 31, 2001 and December 31, 2000, respectively
             
            6/1/00
             
            N/A
             
             
            (4
            )
            $
            —
             
            $
            153,000

            91/8% Series B Cumulative Redeemable Preferred; liquidation value $250 per share; 500,000 shares issued and outstanding at December 31, 2001 and December 31, 2000
             
            10/15/05
             
            N/A
             
            $
            22.81252
             
             
            125,000
             
             
            125,000

            91/8% Series C Cumulative Redeemable Preferred; liquidation value $250 per share; 460,000 shares issued and outstanding at December 31, 2001 and December 31, 2000
             
            9/9/06
             
            N/A
             
            $
            22.81252
             
             
            115,000
             
             
            115,000

            8.60% Series D Cumulative Redeemable Preferred; liquidation value $250 per share; 700,000 shares issued and outstanding at December 31, 2001 and December 31, 2000
             
            7/15/07
             
            N/A
             
            $
            21.50000
             
             
            175,000
             
             
            175,000

            Series E Cumulative Convertible Preferred; liquidation value $25 per share; 3,365,794 and 3,599,615 shares issued and outstanding at December 31, 2001 and December 31, 2000, respectively
             
            11/1/98
             
            1.1128
             
            $
            1.75000
             
             
            84,145
             
             
            89,990

             
             
             
             
             
             
             
             
             
             
             
             
             
             

            F-21

             

             

            Redemption
            Date(1)(2)

             

            Conversion
            Rate(2)

             

            Annual
            Dividend
            Rate per
            Share(3)

             

            Amounts in thousands

             

            December
            31, 2002

             

            December
            31, 2001

            Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized:

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

            9 1/8% Series B Cumulative Redeemable Preferred; liquidation value $250 per share; 500,000 shares issued and outstanding at December 31, 2002 and December 31, 2001

             

            10/15/05

             

            N/A

             

            $

            22.81252

             

            $

            125,000

             

            $

            125,000

             

             

             

             

             

             

             

             

             

             

             

             

             

            9 1/8% Series C Cumulative Redeemable Preferred; liquidation value $250 per share; 460,000 shares issued and outstanding  at December 31, 2002 and December 31, 2001

             

            9/9/06

             

            N/A

             

            $

            22.81252

             

            115,000

             

            115,000

             

             

             

             

             

             

             

             

             

             

             

             

             

            8.60% Series D Cumulative Redeemable Preferred; liquidation value $250 per share; 700,000 shares issued and outstanding at December 31, 2002 and December 31, 2001

             

            7/15/07

             

            N/A

             

            $

            21.50000

             

            175,000

             

            175,000

             

             

             

             

             

             

             

             

             

             

             

             

             

            7.00% Series E Cumulative Convertible Preferred; liquidation value $25 per share; 2,548,114 and 3,365,794 shares issued and outstanding at December 31, 2002 and December 31, 2001, respectively

             

            11/1/98

             

            1.1128

             

            $

            1.75000

             

            63,703

             

            84,145

             

             

             

             

             

             

             

             

             

             

             

             

             

            7 ¼% Series G Convertible Cumulative Preferred; liquidation value $250 per share; 1,264,692 and 1,264,700 shares issued and outstanding at December 31, 2002 and December 31, 2001, respectively

             

            9/15/02

             

            8.5360

             

            $

            18.12500

             

            316,173

             

            316,175

             

             

             

             

             

             

             

             

             

             

             

             

             

            7.00% Series H Cumulative Convertible Preferred; liquidation value $25 per share; 51,228 and 54,027 shares issued and outstanding at December 31, 2002 and December 31, 2001, respectively

             

            6/30/98

             

            1.4480

             

            $

            1.75000

             

            1,281

             

            1,351

             

             

             

             

             

             

             

             

             

             

             

             

             

            8.29% Series K Cumulative Redeemable Preferred; liquidation value $50 per share; 1,000,000 shares issued and outstanding at December 31, 2002 and December 31, 2001

             

            12/10/26

             

            N/A

             

            $

            4.14500

             

            50,000

             

            50,000

             

             

             

             

             

             

             

             

             

             

             

             

             

            7.625% Series L Cumulative Redeemable Preferred; liquidation value $25 per share; 4,000,000 shares issued and outstanding at December 31, 2002 and December 31, 2001

             

            2/13/03

             

            N/A

             

            $

            1.90625

             

            100,000

             

            100,000

             

             

             

             

             

             

             

             

             

            $

            946,157

             

            $

            966,671

             


            9.65% Series F Cumulative Redeemable Preferred; liquidation value $25 per share; 0 and 2,300,000 shares issued and outstanding at December 31, 2001 and December 31, 2000, respectively
             
            8/24/00
             
            N/A
             
             
            (4
            )
             
            —
             
             
            57,500

            71/4% Series G Convertible Cumulative Preferred; liquidation value $250 per share; 1,264,700 shares issued and outstanding at December 31, 2001 and December 31, 2000
             
            9/15/02
             
            8.5360
             
            $
            18.12500
             
             
            316,175
             
             
            316,175

            7.00% Series H Cumulative Convertible Preferred; liquidation value $25 per share; 54,027 and 58,851 shares issued and outstanding at December 31, 2001 and December 31, 2000, respectively
             
            6/30/98
             
            1.4480
             
            $
            1.75000
             
             
            1,351
             
             
            1,471

            8.29% Series K Cumulative Redeemable Preferred; liquidation value $50 per share; 1,000,000 shares issued and outstanding at December 31, 2001 and December 31, 2000
             
            12/10/26
             
            N/A
             
            $
            4.14500
             
             
            50,000
             
             
            50,000

            7.625% Series L Cumulative Redeemable Preferred; liquidation value $25 per share; 4,000,000 shares issued and outstanding at December 31, 2001 and December 31, 2000
             
            2/13/03
             
            N/A
             
            $
            1.90625
             
             
            100,000
             
             
            100,000

             
             
             
             
             
             
             
             
             

             

             
             
             
             
             
             
             
             
             
            $
            966,671
             
            $
            1,183,136

             
             
             
             
             
             
             
             
             

             

            (1)

            On or after the redemption date, redeemable preferred shares (Series B, C, D, K and L) may be redeemed for cash at the option of the Company, in whole or in part, at a redemption price equal to the liquidation price per share, plus accrued and unpaid distributions, if any.

            (2)

            On or after the redemption date, convertible preferred shares (Series E, G & H) may be redeemed under certain circumstances for cash or Common Shares at the option of the Company, in whole or in part, at various redemption prices per share based upon the contractual conversion rate, plus accrued and unpaid distributions, if any.  The conversion rate listed for Series G is the Preferred Share rate and the equivalent Depositary Share rate is 0.8536.

            F-19



            (3)

            Dividends on all series of Preferred Shares are payable quarterly at various pay dates.  Dividend rates listed for Series B, C, D and G are Preferred Share rates and the equivalent Depositary Share annual dividend rates are $2.281252, $2.281252, $2.15 and $1.8125, respectively.

            (4)
            On June 25, 2001, the Company redeemed all of its outstanding Series A and F Cumulative Redeemable Preferred Shares at their liquidation values for total cash consideration of $210.5 million.

            F-22

             

            The liquidation value of the Preference Interests and the Junior Preference Units (both as defined below) are included as separate components of Minority Interests in the consolidated balance sheets and the distributions incurred are included in preferred distributions in the consolidated statements of operations.

             During 2001, 2000 and 1999,

            Cumulative through December 31, 2002, the Company, through a subsidiary of the Operating Partnership, issued various series of Preference Interest seriesInterests with an equity value of $246.0 million receiving net proceeds of $239.9 million.  The following table presents the issued and outstanding Preference Interests as of December 31, 20012002 and December 31, 2000:2001:

             
            		  
            		  
            		  
            		 Amounts in Thousands
             
            		  
            		  
            		 Annual
            Dividend
            Rate per
            Unit(3)
             
            		 Redemption
            Date(1)(2)
            		 Conversion
            Rate(2)
            		 December 31,
            2001
            		 December 31,
            2000
            Preference Interests:             

            8.00% Series A Cumulative Redeemable Preference Interests; liquidation value $50 per unit; 800,000 units issued and outstanding at December 31, 2001 and December 31, 2000
             
            10/01/04
             
            N/A
             
            $
            4.0000
             
            $
            40,000
             
            $
            40,000

            8.50% Series B Cumulative Redeemable Preference Units; liquidation value $50 per unit; 1,100,000 units issued and outstanding at December 31, 2001 and December 31, 2000
             
            03/03/05
             
            N/A
             
            $
            4.2500
             
             
            55,000
             
             
            55,000

            8.50% Series C Cumulative Redeemable Preference Units; liquidation value $50 per unit; 220,000 units issued and outstanding at December 31, 2001 and December 31, 2000
             
            03/23/05
             
            N/A
             
            $
            4.2500
             
             
            11,000
             
             
            11,000

            8.375% Series D Cumulative Redeemable Preference Units; liquidation value $50 per unit; 420,000 units issued and outstanding at December 31, 2001 and December 31, 2000
             
            05/01/05
             
            N/A
             
            $
            4.1875
             
             
            21,000
             
             
            21,000

            8.50% Series E Cumulative Redeemable Preference Units; liquidation value $50 per unit; 1,000,000 units issued and outstanding at December 31, 2001 and December 31, 2000
             
            08/11/05
             
            N/A
             
            $
            4.2500
             
             
            50,000
             
             
            50,000

            8.375% Series F Cumulative Redeemable Preference Units; liquidation value $50 per unit; 180,000 units issued and outstanding at December 31, 2001 and December 31, 2000
             
            05/01/05
             
            N/A
             
            $
            4.1875
             
             
            9,000
             
             
            9,000

             
             
             
             
             
             
             
             
             
             
             
             
             
             

            F-23

             

             

            Redemption
            Date(1)(2)

             

            Conversion
            Rate(2)

             

            Annual
            Dividend
            Rate per
            Unit(3)

             

            Amounts in thousands

             

            December
            31, 2002

             

            December
            31, 2001

             

            Preference Interests:

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

            8.00% Series A Cumulative Redeemable Preference Interests; liquidation value $50 per unit; 800,000 units issued and outstanding at December 31, 2002 and December 31, 2001

             

            10/01/04

             

            N/A

             

            $

            4.0000

             

            $

            40,000

             

            $

            40,000

             

             

             

             

             

             

             

             

             

             

             

             

             

            8.50% Series B Cumulative Redeemable Preference Units; liquidation value $50 per unit; 1,100,000 units issued and outstanding at December 31, 2002 and December 31, 2001

             

            03/03/05

             

            N/A

             

            $

            4.2500

             

            55,000

             

            55,000

             

             

             

             

             

             

             

             

             

             

             

             

             

            8.50% Series C Cumulative Redeemable Preference Units; liquidation value $50 per unit; 220,000 units issued and outstanding at December 31, 2002 and December 31, 2001

             

            03/23/05

             

            N/A

             

            $

            4.2500

             

            11,000

             

            11,000

             

             

             

             

             

             

             

             

             

             

             

             

             

            8.375% Series D Cumulative Redeemable Preference Units; liquidation value $50 per unit; 420,000 units issued and outstanding at December 31, 2002 and December 31, 2001

             

            05/01/05

             

            N/A

             

            $

            4.1875

             

            21,000

             

            21,000

             

             

             

             

             

             

             

             

             

             

             

             

             

            8.50% Series E Cumulative Redeemable Preference Units; liquidation value $50 per unit; 1,000,000 units issued and outstanding at December 31, 2002 and December 31, 2001

             

            08/11/05

             

            N/A

             

            $

            4.2500

             

            50,000

             

            50,000

             

             

             

             

             

             

             

             

             

             

             

             

             

            8.375% Series F Cumulative Redeemable Preference Units; liquidation value $50 per unit; 180,000 units issued and outstanding at December 31, 2002 and December 31, 2001

             

            05/01/05

             

            N/A

             

            $

            4.1875

             

            9,000

             

            9,000

             

             

             

             

             

             

             

             

             

             

             

             

             

            7.875% Series G Cumulative Redeemable Preference Units; liquidation value $50 per unit; 510,000 units issued and outstanding at December 31, 2002 and December 31, 2001

             

            03/21/06

             

            N/A

             

            $

            3.9375

             

            25,500

             

            25,500

             

             

             

             

             

             

             

             

             

             

             

             

             

            7.625% Series H Cumulative Convertible Redeemable Preference Units; liquidation value $50 per unit; 190,000 units issued and outstanding at December 31, 2002 and December 31, 2001

             

            03/23/06

             

            1.5108

             

            $

            3.8125

             

            9,500

             

            9,500

             

             

             

             

             

             

             

             

             

             

             

             

             

            7.625% Series I Cumulative Convertible Redeemable Preference Units; liquidation value $50 per unit; 270,000 units issued and outstanding at December 31, 2002 and December 31, 2001

             

            06/22/06

             

            1.4542

             

            $

            3.8125

             

            13,500

             

            13,500

             

             

             

             

             

             

             

             

             

             

             

             

             

            7.625% Series J Cumulative Convertible Redeemable Preference Units; liquidation value $50 per unit; 230,000 units issued and outstanding at December 31, 2002 and December 31, 2001

             

            12/14/06

             

            1.4108

             

            $

            3.8125

             

            11,500

             

            11,500

             

             

             

             

             

             

             

             

             

            $

            246,000

             

            $

            246,000

             


            7.875% Series G Cumulative Redeemable Preference Units; liquidation value $50 per unit; 510,000 units issued and outstanding at December 31, 2001
             
            03/21/06
             
            N/A
             
            $
            3.9375
             
             
            25,500
             
             
            —

            7.625% Series H Cumulative Convertible Redeemable Preference Units; liquidation value $50 per unit; 190,000 units issued and outstanding at December 31, 2001
             
            03/23/06
             
            1.5108
             
            $
            3.8125
             
             
            9,500
             
             
            —

            7.625% Series I Cumulative Convertible Redeemable Preference Units; liquidation value $50 per unit; 270,000 units issued and outstanding at December 31, 2001
             
            06/22/06
             
            1.4542
             
            $
            3.8125
             
             
            13,500
             
             
            —

            7.625% Series J Cumulative Convertible Redeemable Preference Units; liquidation value $50 per unit; 230,000 units issued and outstanding at December 31, 2001
             
            12/14/06
             
            1.4108
             
            $
            3.8125
             
             
            11,500
             
             
            —
                     
            		 
                     $246,000 $186,000
                     
            		 

            (1)

            On or after the fifth anniversary of the respective issuance (the "Redemption Date"“Redemption Date”), all of the Preference Interests may be redeemed for cash at the option of the Company, in whole or in part, at any time or from

            F-20


            time to time, at a redemption price payable in cash, equal to the liquidation preference of $50.00 per unit plus the cumulative amount of accrued and unpaid distributions, if any.

            (2)

            On or after the tenth anniversary of the respective issuance (the "Conversion Date"“Conversion Date”), all of the Preference Interests are exchangeable at the option of the holder (in whole but not in part) on a one-for-one basis tofor a respective reserved series of EQR Preferred Shares.  In addition, on or after the Conversion Date, the convertible Preference Interests (Series H, I & J) may be converted under certain circumstances at the option of the holder (in whole but not in part) to Common Shares based upon the contractual conversion rate, plus accrued and unpaid distributions, if any.

            (3)

            Dividends on all series of Preference Interests are payable quarterly on March 25th, June 25th, September 25th,and December 25thof each year.

            F-24

             

            The following table presents the Operating Partnership'sPartnership’s issued and outstanding Junior Convertible Preference Units (the "Junior“Junior Preference Units"Units”) as of December 31, 20012002 and December 31, 2000:2001:

             
            		  
            		  
            		  
            		 Amounts in Thousands
             
            		  
            		  
            		 Annual
            Dividend
            Rate per
            Unit(3)
             
            		 Redemption
            Date
            		 Conversion
            Rate
            		 December 31,
            2001
            		 December 31,
            2000
            Junior Preference Units:             

            Series A Junior Convertible Preference Units; liquidation value $100 per unit; 56,616 and 77,123 units issued and outstanding at December 31, 2001 and December 31, 2000, respectively
             
            (1
            )
            4.0816
             
            $
            5.469344
             
            $
            5,662
             
            $
            7,712

            Series B Junior Convertible Preference Units; liquidation value $25 per unit; 7,367 units issued and outstanding at December 31, 2001 and December 31, 2000
             
            (2
            )
            (2
            )
            $
            2.000000
             
             
            184
             
             
            184

             
             
             
             
             
             
             
             
             

             

             
             
             
             
             
             
             
             
             
            $
            5,846
             
            $
            7,896

             
             
             
             
             
             
             
             
             

             

             

             

             

             

             

             

            Annual
            Dividend
            Rate per
            Unit(3)

             

             

             

             

             

             

             

             

             

             

             

             

             

             

            Redemption
            Date

             

            Conversion
            Rate

             

             

            Amounts in thousands

             

            December 31,
            2002

             

            December 31,
            2001

            Junior Preference Units:

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

            Series A Junior Convertible Preference Units; liquidation value $100 per unit; 56,616 units issued and outstanding at December 31, 2002 and December 31, 2001

             

             

            (1)

            4.0816

             

            $

            5.469344

             

            $

            5,662

             

            $

            5,662

             

             

             

             

             

             

             

             

             

             

             

             

             

            Series B Junior Convertible Preference Units; liquidation value $25 per unit; 7,367 units issued and outstanding at December 31, 2002 and December 31, 2001

             

             

            (2)

             

            (2)

            $

            2.000000

             

            184

             

            184

             

             

             

             

             

             

             

             

             

            $

            5,846

             

            $

            5,846

             

            (1)

            On the fifth anniversary of the respective issuance (the "Redemption Date"“Redemption Date”), the Series A Junior Preference Units shall be automatically converted into OP Units based upon the conversion rate.  Prior to the Redemption Date, the Operating Partnership or the holders may elect to convert the Series A Junior Preference Units to OP Units under certain circumstances based upon the conversion rate.

            (2)

            On or after the tenth anniversary of the issuance (the "Redemption Date"“Redemption Date”), the Series B Junior Preference Units may be converted into OP Units at the option of the Operating Partnership based on the contractual conversion rate.  Prior to the Redemption Date, the holders may elect to convert the Series B Junior Preference Units to OP Units under certain circumstances based on the contractual conversion rate.  The contractual conversion rate is based upon a ratio dependent upon the closing price of EQR'sEQR’s Common Shares.

            (3)

            Dividends on both series of Junior Preference Units are payable quarterly at various pay dates.

            F-25

            F-21


            5.Real Estate

            The following table summarizes the carrying amounts for investment in real estate as of December 31, 2002 and 2001 and 2000(Amounts are in thousands):

             
            		 2001
            		 2000
            		 
            Land $1,840,170 $1,770,019 
            Buildings and Improvements  10,577,332  10,338,971 
            Furniture, Fixtures and Equipment  519,515  443,340 
            Construction in Progress  79,166  39,209 
              
            		 
            		 
            Real Estate  13,016,183  12,591,539 
            Accumulated Depreciation  (1,718,845) (1,352,236)
              
            		 
            		 
            Real Estate, net $11,297,338 $11,239,303 
              
            		 
            		 

             

             

            2002

             

            2001

             

            Land

             

            $

            1,803,577

             

            $

            1,840,170

             

            Buildings and Improvements

             

            10,643,030

             

            10,577,332

             

            Furniture, Fixtures and Equipment

             

            597,215

             

            519,515

             

            Construction in Progress

             

            2,441

             

            79,166

             

            Real Estate

             

            13,046,263

             

            13,016,183

             

            Accumulated Depreciation

             

            (2,112,017

            )

            (1,718,845

            )

            Real Estate, net

             

            $

            10,934,246

             

            $

            11,297,338

             

            The following table summarizes the carrying amounts for the real estate held for disposition as of December 31, 2002 and 2001 and 2000(Amounts are in thousands):

             
            		 2001
            		 2000
            		 
            Land $361 $5,645 
            Buildings and Improvements  3,157  50,739 
            Furniture, Fixtures and Equipment  140  2,105 
              
            		 
            		 
            Real Estate  3,658  58,489 
            Accumulated Depreciation  (287) (6,852)
              
            		 
            		 
            Real Estate Held for Disposition $3,371 $51,637 
              
            		 
            		 

            F-26

             

             

             

            2002

             

            2001

             

            Land

             

            $

            —

             

            $

            361

             

            Buildings and Improvements

             

            —

             

            3,157

             

            Furniture, Fixtures and Equipment

             

            —

             

            140

             

            Real Estate

             

            —

             

            3,658

             

            Accumulated Depreciation

             

            —

             

            (287

            )

            Real Estate, net

             

            $

            —

             

            $

            3,371

             

            During the year ended December 31, 2002, the Company acquired the entire equity interest in the twelve properties listed below from unaffiliated parties, and one additional unit at an existing property, for a total purchase price of $289.9 million.

            Date
            Acquired

             

            Property

             

            Location

             

            Number of Units

             

            Acquisition Price
             (in thousands)

             

            03/28/02

             

            Isles at Sawgrass

             

            Sunrise, FL

             

            368

             

            $

            26,000

             

            04/24/02

             

            Center Pointe

             

            Beaverton, OR

             

            264

             

            19,100

             

            04/30/02

             

            Mira Flores

             

            Palm Beach Gardens, FL

             

            352

             

            29,250

             

            05/15/02

             

            Gramercy Park

             

            Houston, TX

             

            384

             

            26,000

             

            05/31/02

             

            Enclave at Winston Park

             

            Coconut Creek, FL

             

            278

             

            25,450

             

            05/31/02

             

            St. Andrews at Winston Park

             

            Coconut Creek, FL

             

            284

             

            25,450

             

            06/21/02

             

            Westside Villas VII

             

            Los Angeles, CA

             

            53

             

            15,250

             

            07/17/02

             

            Savannah Lakes

             

            Boynton Beach, FL

             

            466

             

            37,400

             

            08/01/02

             

            Cove at Fisher’s Landing

             

            Vancouver, WA

             

            253

             

            17,800

             

            08/08/02

             

            Avon Place (condo unit)

             

            Avon, CT

             

            1

             

            69

             

            08/09/02

             

            Montevista

             

            Dallas, TX

             

            350

             

            23,675

             

            11/21/02

             

            Stone Oak

             

            Houston, TX

             

            318

             

            20,000

             

            11/26/02

             

            Providence at Kirby

             

            Houston, TX

             

            263

             

            24,500

             

             

             

             

             

             

             

            3,634

             

            $

            289,944

             

            During the fourth quarter of 2002, the Company paid $40.1 million in cash and used tax-deferred (1031) exchange proceeds of $42.3 million to acquire the remaining third-party equity interests it did not previously own in two properties containing 826 units.  These properties were accounted for under the equity method of accounting and subsequent to these purchases were consolidated.  Accordingly, the Company recorded an additional $102.1 million in investment in real estate.

            On December 31, 2002, the Company contributed one of its development properties to one of its development partners, retaining a 50% common equity ownership interest.  As a result of this contribution, the Company no longer can exercise sole control over the major decisions (such as sale and/or financing/refinancing) regarding this property.  Effective with the contribution, the Company will account for this project under the equity method of accounting.  No gain or loss on sale was recognized as the contribution was effectuated at carryover basis.  As a result of this transaction, the Company reduced investment in real estate by $203.7 million (of which land and construction in progress were reduced by

            F-22


            $60.6 million and $143.1 million, respectively), reduced mortgage debt by $118.4 million and increased investments in unconsolidated entities by $80.7 million.

            During the year ended December 31, 2001, the Company acquired the fourteen properties and one parcel of land listed below from unaffiliated partiescontaining 3,421 units for a total purchase price of $387.8 million:million.

            Date Acquired
            		 Property
            		 Location
            		 Number
            Of Units
            		 Acquisition Price
            (In Thousands)
            01/04/01 Suerte San Diego, CA 272 $37,500
            02/08/01 Westside Villas VI Los Angeles, CA 18  4,550
            02/15/01 Riverview Norwalk, CT 92  9,600
            03/15/01 Grand Reserve at Eagle Valley Woodbury, MN 394  54,250
            03/22/01 Legends at Preston Morrisville, NC 382  30,200
            03/30/01 Mission Hills Oceanside, CA 282  26,750
            03/30/01 River Oaks Oceanside, CA 280  26,250
            05/18/01 Promenade at Aventura Aventura, FL 296  43,000
            08/13/01 Vacant Land Westwood, MA 0  600
            08/22/01 Shadetree West Palm Beach, FL 76  1,948
            08/22/01 Suntree West Palm Beach, FL 67  1,944
            09/26/01 Palladia Hillsboro, OR 497  51,250
            10/15/01 Vista Del Lago Dallas, TX 296  23,650
            11/08/01 Eastbridge Dallas, TX 169  15,325
            11/13/01 Talleyrand Crescent Tarrytown, NY 300  61,000
                  
            		 
                  3,421 $387,817
                  
            		 

            On July 2, 2001, the Company acquired an additional ownership interest in 21 previously Unconsolidated Properties containing 3,896 units.  Prior to July 2, 2001, the Company accounted for this portfolio as an investment in mortgage notes (see Note 8).  As a result of this additional ownership acquisition, the Company acquired a controlling interest, and as such, now consolidates these properties for financial reporting purposes.  The Company recorded additional investments in real estate totaling $258.9 million in connection with this transaction.

             

            During the years ended December 31, 2002, 2001 and 2000, the Company capitalized $10.0 million, $8.3 million and $1.4 million, respectively, in interest costs related to wholly-owned development projects (which reduced interest expense incurred in the consolidated statements of operations).

            6.                                      Real Estate Dispositions

            During the year ended December 31, 2000,2002, the Company acquired 29 Properties and three parcelsdisposed of land containing 5,952 units forthe fifty-eight properties listed below to unaffiliated parties.  The Company recognized a total purchase pricenet gain on sales of $743.4discontinued operations of approximately $104.3 million and a net gain on sales of unconsolidated entities of approximately $5.1 million.

            Date
            Disposed

             

            Property

             

            Location

             

            Number
            Of Units

             

            Disposition
            Price
            (in thousands)

             

            01/17/02

             

            Ravenwood

             

            Mauldin, SC

             

            82

             

            $

            2,425

             

            01/24/02

             

            Larkspur I & II

             

            Moraine, OH

             

            45

             

            899

             

            01/31/02

             

            Springwood II

             

            Austintown, OH

             

            43

             

            900

             

            02/21/02

             

            Scottsdale Courtyards

             

            Scottsdale, AZ

             

            274

             

            26,500

             

            04/11/02

             

            Applegate

             

            Lordstown, OH

             

            39

             

            723

             

            04/11/02

             

            Applerun

             

            Warren, OH

             

            48

             

            1,054

             

            04/11/02

             

            Brunswick

             

            Cortland, OH

             

            59

             

            1,424

             

            05/01/02

             

            The Landings

             

            Memphis, TN

             

            292

             

            10,300

             

            05/03/02

             

            Waterbury

             

            Clarksville, TN

             

            54

             

            1,385

             

            05/09/02

             

            Arboretum

             

            Tucson, AZ

             

            496

             

            25,000

             

            05/09/02

             

            Orange Grove Village

             

            Tucson, AZ

             

            400

             

            17,400

             

            05/09/02

             

            Village at Tanque Verde

             

            Tucson, AZ

             

            217

             

            9,100

             

            05/14/02

             

            Canyon Crest Views

             

            Riverside, CA

             

            178

             

            20,450

             

            05/14/02

             

            Merrimac Woods

             

            Costa Mesa, CA

             

            123

             

            12,950

             

            05/14/02

             

            Sierra Canyon

             

            Santa Clarita, CA

             

            232

             

            23,500

             

            05/15/02

             

            Meadowood

             

            Wellsville, OH

             

            40

             

            812

             

            05/23/02

             

            Pine Meadow

             

            Greensboro, NC

             

            204

             

            7,550

             

            05/23/02

             

            Palms at South Shore

             

            League City, TX

             

            240

             

            12,850

             

            05/31/02

             

            California Gardens

             

            Jacksonville, FL

             

            71

             

            1,468

             

            05/31/02

             

            Westcreek

             

            Jacksonville, FL

             

            86

             

            2,282

             

            06/19/02

             

            Apple Run

             

            Hillsdale, MI

             

            39

             

            1,047

             

            07/02/02

             

            Cedar Ridge

             

            Arlington, TX

             

            121

             

            5,500

             

            07/02/02

             

            Fielder Crossing

             

            Arlington, TX

             

            119

             

            4,100

             

            07/09/02

             

            Vacant Land

             

            Detroit, MI

             

            —

             

            10

             

            07/11/02

             

            Stonehenge

             

            Tecumseh, MI

             

            48

             

            1,238

             

            07/11/02

             

            Ashgrove

             

            Marshall, MI

             

            51

             

            1,314

             

            F-23


            07/12/02

             

            Mill Village

             

            Randolph, MA

             

            311

             

            $

            31,800

             

            07/18/02

             

            Meadowood I

             

            Jackson, MI

             

            47

             

            1,450

             

            07/24/02

             

            Mountain Run

             

            Albuquerque,  NM

             

            472

             

            21,500

             

            07/30/02

             

            Celebration at Westchase

             

            Houston, TX

             

            367

             

            16,150

             

            07/30/02

             

            Pleasant Ridge

             

            Arlington, TX

             

            63

             

            2,605

             

            07/31/02

             

            Cedargate I & II

             

            Bowling Green, KY

             

            117

             

            3,020

             

            08/15/02

             

            The Cedars

             

            Charlotte, NC

             

            360

             

            14,800

             

            08/29/02

             

            Bourbon Square (Retail)

             

            Palatine, IL

             

            —

             

            1,200

             

            09/30/02

             

            River Bend

             

            Tampa, FL

             

            296

             

            11,200

             

            10/29/02

             

            Brunswick I & II

             

            Morgantown, WV

             

            183

             

            5,400

             

            10/31/02

             

            Harvest Grove

             

            Conyers, GA

             

            376

             

            18,900

             

            10/31/02

             

            Pinney Brook

             

            Ellington, CT

             

            35

             

            1,475

             

            10/31/02

             

            Arbor Commons

             

            Ellington, CT

             

            28

             

            1,800

             

            11/15/02

             

            Knox Landing

             

            Knoxville, TN

             

            85

             

            1,841

             

            11/15/02

             

            Woodlands

             

            Franklin, KY

             

            56

             

            1,050

             

            11/19/02

             

            Ridgetree I & II

             

            Dallas, TX

             

            798

             

            27,375

             

            11/20/02

             

            Palatka Oaks I & II

             

            Palatka, FL

             

            57

             

            1,225

             

            12/05/02

             

            Parkwood East

             

            Fort Collins, CO

             

            259

             

            18,650

             

            12/16/02

             

            Alderwood Park

             

            Lynwood, WA

             

            188

             

            12,410

             

            12/16/02

             

            Ridgegate

             

            Kent, WA

             

            153

             

            10,087

             

            12/16/02

             

            Ridgetop, The

             

            Silverdale, WA

             

            221

             

            13,234

             

            12/16/02

             

            Wellington

             

            Silverdale, WA

             

            240

             

            15,635

             

            12/20/02

             

            Ridgeway Commons

             

            Memphis, TN

             

            127

             

            5,200

             

            12/20/02

             

            Farmington Gates

             

            Germantown, TN

             

            182

             

            9,450

             

            12/23/02

             

            Fountain Creek

             

            Phoenix, AZ

             

            186

             

            8,950

             

            12/23/02

             

            Wycliffe Court

             

            Murfreesboro, TN

             

            63

             

            1,600

             

            12/27/02

             

            Polos, The

             

            Fort Myers, FL

             

            328

             

            19,483

             

            12/27/02

             

            Windridge

             

            Dunwood, GA

             

            272

             

            14,100

             

            Various

             

            Four Lakes Condo Units

             

            Lisle, IL

             

            115

             

            12,535

             

             

             

            Wholly Owned Properties

             

             

             

            9,586

             

            496,306

             

            01/31/02

             

            Mount Laurel Crossing*

             

            Mt. Laurel, NJ

             

            296

             

            11,317

             

            04/23/02

             

            Foxton*

             

            Seymour, IN

             

            39

             

            —

             

            08/13/02

             

            Chase Knolls*

             

            Los Angeles, CA

             

            —

             

            23,479

             

            10/31/02

             

            Newberry*

             

            Grove City, PA

             

            52

             

            400

             

            11/08/02

             

            Hidden Pointe*

             

            Atlanta, GA

             

            440

             

            —

             

            11/15/02

             

            Regents Court*

             

            San Diego, CA

             

            251

             

            14,528

             

            11/26/02

             

            Greenleaf*

             

            Toledo, OH

             

            49

             

            138

             

             

             

            Unconsolidated Properties

             

             

             

            1,127

             

            49,862

             

            Total

             

             

             

             

             

            10,713

             

            $

            546,168

             

            * Represents the acquisitionCompany’s share of the Grove portfolio. In addition, the Company paid $6.5 million to acquire interests in 25 Properties containing 3,820 units, which previously were accounted for under the equity method of accounting and subsequent to these purchases were consolidated. Accordingly, the Company recorded an additional $90.7 million in investments in real estate.

            6. Real Estate Dispositionsnet disposition proceeds.

             

            During the year ended December 31, 2001, the Company disposed of the forty-sevensold forty-nine properties and two vacant parcels of land listed belowcontaining 8,807 units to unaffiliated parties. When combined with gains fromparties for a total sales price of $416.9 million.  Including the

            F-27


            joint venture and unconsolidated property sales discussed below, the Company recognized a net gain on sales of discontinued operations of approximately $149.3$148.9 million and a net gain on these sales.sales of unconsolidated entities of approximately $0.4 million.

            Date Acquired
            		 Property
            		 Location
            		 Number
            Of Units
            		 Disposition Price
            (In Thousands)
            01/17/01 Meadowood II Indianapolis, IN 74 $1,300
            01/31/01 Concorde Bridge Overland Park, KS 248  15,600
            02/01/01 Springs of Country Woods Salt Lake City, UT 590  31,000
            02/22/01 Riverview Estates Napoleon, OH 90  1,750
            02/26/01 Chelsea Court Sandusky, OH 62  1,600
            02/27/01 Concord Square Lawrenceburg, IN 48  1,200
            02/28/01 Canyon Creek Tucson, AZ 242  9,220
            03/06/01 Gentian Oaks Columbus, GA 62  1,620
            03/06/01 Holly Park Columbus, GA 66  1,730
            03/06/01 Stratford Lane I Columbus, GA 67  1,750
            03/07/01 Estate on Quarry Lake Austin, TX 302  25,232
            03/08/01 Meadowood Crawfordsville, IN 64  1,300
            03/14/01 Mill Run Statesboro, GA 88  2,350
            03/15/01 Laurel Court Fremont, OH 69  1,450
            03/15/01 Regency Woods West Des Moines, IA 200  9,350
            03/22/01 Vacant Land Richmond, VA 0  11,200
            04/16/01 Rosewood Tampa, FL 66  1,650
            04/25/01 Parkcrest Southfield, MI 210  12,950
            04/27/01 Westwood Newark, OH 14  222
            04/30/01 Desert Park Las Vegas, NV 368  9,900
            05/15/01 Carleton Court Erie, PA 60  1,461
            05/16/01 River Oak Louisville, KY 268  14,650
            06/07/01 Willowood Milledgeville, GA 61  1,550
            06/14/01 Quail Cove Salt Lake City, UT 420  20,000
            06/15/01 Beckford Place Wapakoneta, OH 40  830
            06/27/01 The Birches Lima, OH 58  1,120
            06/28/01 Pelican Pointe I and II Jacksonville, FL 160  4,150
            06/28/01 Vacant Land Jacksonville, FL 0  217
            06/28/01 Camden Way I and II Kingsland, GA 118  2,000
            07/11/01 Plantation Houston, TX 232  12,875
            07/12/01 Wood Crest Villas Westland, MI 458  20,450
            07/17/01 Hampshire Court Bluffton, IN 45  1,064
            07/17/01 Meadowood Logansport, IN 42  993
            07/17/01 Westwood Rochester, IN 42  993
            07/19/01 Vista Pointe Irving, TX 231  17,200
            07/31/01 Cedarwood Sabina, OH 31  385
            08/09/01 Olentangy Commons Columbus, OH 827  53,000
            08/31/01 Greenglen II Lima, OH 54  1,095
            09/28/01 Glenview Huntsville, AL 90  1,687
            10/11/01 Apple Run II Columbus, OH 50  1,000

            F-28

            10/16/01 Camellia Court WA Court House, OH 40  675
            10/26/01 Applegate Chillicothe, OH 41  639
            11/01/01 Chaparral Largo, FL 444  19,500
            11/08/01 Bay Club Phoenix, AZ 420  17,300
            11/28/01 Foxchase Grand Prairie, TX 260  11,400
            11/30/01 Walker Place Dallas, TX 67  1,346
            12/10/01 Falls Tampa, FL 240  8,300
            12/11/01 7979 Westheimer Houston, TX 459  21,750
            12/27/01 Park Knoll Marietta, GA 484  36,200
                  
            		 
                  8,672 $416,204
                  
            		 

             On February 23,

            During 2001, the Company entered into a joint venture with an unaffiliated joint venture partner ("JVP"(“JVP”).  At closing, the Company sold and/or contributed eleven wholly owned properties containing 3,011 units valued at $202.5 million to the joint venture encumbered with $20.2 million in

            F-24


            mortgage loans obtained on February 16, 2001.  An additional $123.6 million of mortgage loans was obtained by the joint venture.  The JVP contributed cash in an amount equal to 75% of the equity in the joint venture, which was then distributed to the Company.  The Company retained a 25% interest in the joint venture along with the right to manage the properties.  In accordance with the respective joint venture organization documents, the Company and the JVP both shall have the right, but not the obligation, to infuse additional cash into the joint venture.  There are no other agreements that require the Company or the JVP to infuse cash into the joint venture.  In addition, the Company and the JVP have not guaranteed the mortgage indebtedness of the joint venture.  As a result, the Company recognized 75% of the gain on the sales and/or contributions of property to the joint venture, which totaled approximately $36.2 million.  The Company has classified its initial $3.4 million 25% interest in the joint venture (at carryover basis) as investments in unconsolidated entities and accounted for it under the equity method of accounting.

             During 2001, the Company sold its entire interest in two Unconsolidated Properties containing 135 units for approximately $0.7 million.

                    During the year ended December 31, 2000, the Company sold fifty properties containing 12,436 units to unaffiliated parties for a total sales price of $626.7 million. Including the joint venture sales discussed below, the Company recognized a net gain of approximately $198.4 million.

                    During 2000, the Company entered into three separate joint ventures with an unaffiliated JVP. At closing, the Company sold and/or contributed thirty-four wholly owned properties containing 7,835 units valued at $473.4 million to the joint ventures encumbered with $341.0 million in mortgage loans. The JVP contributed cash in an amount equal to 75% of the equity in the joint ventures, which was then distributed to the Company. The Company retained a 25% interest in the joint venture along with the right to manage the properties. In accordance with the respective joint venture organization documents, the Company and the JVP both shall have the right, but not the obligation, to infuse additional cash into each joint venture. There are no other agreements that require the Company or the JVP to infuse cash into each joint venture. In addition, the Company and the JVP have not guaranteed the mortgage

            F-29


            indebtedness of each joint venture. As a result, the Company recognized 75% of the gain on the sales and/or contributions of property to the joint ventures, which totaled approximately $70.2 million. The Company has classified its initial $10.7 million 25% interest in the joint ventures (at carryover basis) as investments in unconsolidated entities and accounted for them under the equity method of accounting.

                    During 2000, the Company also sold its entire interest in three Unconsolidated Properties containing 377 units for approximately $4.6 million.

            7.Commitments to Acquire/Dispose of Real Estate

             

            As of December 31, 2001,2002, in addition to the property that was subsequently acquired as discussed in Note 24, the Company has nothad entered into any separate agreements to acquire additionaltwo multifamily properties.properties containing 694 units from unaffiliated parties.  The Company expects a combined purchase price of approximately $73.0 million, including the assumption of mortgage indebtedness of approximately $35.2 million.

            As of December 31, 2001,2002, in addition to the Propertiesproperties that were subsequently disposed of as discussed in Note 22,24, the Company had entered into separate agreements to dispose of twenty-eightthirty-eight multifamily properties containing 5,6857,313 units to unaffiliated parties.  The Company expects a combined disposition price of approximately $317.2$348.6 million.

            The closings of these pending transactions are subject to certain contingencies and conditions, therefore, there can be no assurance that these transactions will be consummated or that the final terms thereof will not differ in material respects from those summarized in the preceding paragraphs.

            8.                                   Investment in Mortgage Notes, Net

             

            In 1995, the Company invested $89 million in various partnership interests and subordinated mortgages collateralized by 21 Properties consisting of 3,896 units.  Prior to the consolidation of these Properties,properties, the Company received $61.4 million in cash during 2001 as partial repayment of its investment in these mortgage notes.

             

            On July 2, 2001, the Company acquired an additional ownership interest in the 21 entities that own the Unconsolidated Properties.  As a result of this additional ownership interest, the Company now has a controlling interest, and as such, consolidates these properties for financial reporting purposes.

                    The unamortized balance of the discount on the notes at December 31, 2001 and 2000 was zero and $3.6 million, respectively.

            During 2001, and 2000, the Company amortized $2.3 million, and $1.2 million, respectively.which represented a portion of the original discount when the notes were purchased.  This discount was being amortized utilizing the effective yield method based on the expected life of the investment.

             The fair value of the mortgage notes as of December 31, 2001 and 2000 was estimated to be approximately zero and $80.8 million, respectively, compared to the Company's carrying value of zero and $77.2 million, respectively.

            F-30


            9.                                      Investments in Unconsolidated Entities

             

            The Company has entered intoco-invested in various joint venture agreementsproperties with unrelated third party companies.parties.  The following table summarizes the Company'sCompany’s investments in unconsolidated entities as of December 31, 20012002 (amounts in thousands except for project and unit amounts):

             
            		 Institutional
            Joint
            Ventures
            		 Stabilized
            Development Joint Ventures(1)
            		 Development
            Joint Ventures
            		 Lexford/
            Other
            		 Totals
            Total projects  45  9  18(2) 27  99
              
            		 
            		 
            		 
            		 
            Total units  10,846  2,667  5,846(2) 3,348  22,707
              
            		 
            		 
            		 
            		 
            EQR's percentage ownership of mortgage notes payable  25.0% 80.2% 100.0% 15.6%  
            EQR's share of mortgage notes payable(4) $121,200 $150,123 $269,109(3)$10,542 $550,974
              
            		 
            		 
            		 
            		 

            F-25


             

             

            Institutional
            Joint
            Ventures

             

            Stabilized
            Development
            Projects(1)

             

            Projects
            Under Development

             

            Lexford/
            Other

             

            Totals

             

             

             

             

             

             

             

             

             

             

             

             

             

            Total projects

             

            45

             

            11

             

            18

            (2)

            23

             

            97

             

             

             

             

             

             

             

             

             

             

             

             

             

            Total units

             

            10,846

             

            3,483

             

            4,981

            (2)

            2,773

             

            22,083

             

             

             

             

             

             

             

             

             

             

             

             

             

            Company’s percentage ownership of outstanding debt

             

            25.0

            %

            100.0

            %

            100.0

            %

            11.1

            %

             

             

             

             

             

             

             

             

             

             

             

             

             

             

            Company’s share of outstanding debt(4)

             

            $

            121,200

             

            $

            268,283

             

            $

            468,645

            (3)

            $

            5,512

             

            $

            863,640

             

            (1)

            The Company determines a project to be stabilized once it has maintained an average physical occupancy of 90% or more for a three-month period.

            (2)

            Includes fourfourteen projects under development consisting of 1,3113,961 units, which are completed and not yet stabilized, but are included in the Company'sCompany’s property/unit counts at December 31, 2001. The remaining 14 properties containing 4,5352002.   Totals also exclude Fort Lewis Military Housing consisting of one property and 3,652 units, arewhich is not included inaccounted for under the Company's property/unit counts at December 31, 2001.

            (3)
            Represents the amount funded and outstanding asequity method of December 31, 2001.accounting.

            (3)                    A total of $718,745$786.9 million is available for funding under thesethis construction loans.

            debt, of which $468.6 million was funded and outstanding at December 31, 2002.

            (4)

            EQR                    As of January 30, 2003, the Company has funded $57.5$51.0 million as additional collateral for certain of these loanson selected debt (see Note 10).  All remaining debt is non-recourse to EQR.
            the Company.

             

            Investments in unconsolidated entities includesinclude the Unconsolidated Properties as well as various uncompleted development joint venture properties.properties under construction or pending construction.  The Company does not consolidate these entities as it does not have the ability to exercise unilateralsole control overof the major decisions (such as sale and/or financing/refinancing) regarding these entities..  The Company's legalCompany’s common equity ownership interests in these entities range from 1.5%4.5% to 57.0%50.0% at December 31, 2001.2002.

            These investments are accounted for utilizing the equity method of accounting.  Under the equity method of accounting, the net equity investment of the Company is reflected on the consolidated balance sheets and after the project is completed, the consolidated statements of operations include the Company'sCompany’s share of net income or loss from the unconsolidated entity.  Prior to the project being completed, the Company capitalizedcapitalizes interest on its equity contribution in accordance with the provisions of SFAS No. 58,Capitalization of Interest Cost in Financial Statements That Include Investments Accounted for by the Equity Method.  During the years ended December 31, 2002, 2001 2000 and 1999,2000, the Company capitalized $17.2 million, $19.9 million $16.2 million, and $6.6$16.2 million, respectively, in interest cost related to its unconsolidated joint venture development projects (which reduced interest expense incurred in the consolidated statements of operations).

             

            The Company generally contributes between 25% and 30%35% of the constructionproject cost of the unconsolidated projects under development, joint venture projects, with the remaining cost financed through third-party construction mortgages.

            F-31

            10. Deposits—                               Deposits - - Restricted

             

            As of December 31, 2002, deposits-restricted totaled $141.3 million and primarily included the following:

            F-26


            •                  deposits in the amount of $51.0 million held in third party escrow accounts to provide collateral for third party construction financing in connection with unconsolidated development projects;

            •                  approximately $25.4 million in tax-deferred (1031) exchange proceeds; and

            •                  approximately $64.9 million for resident security, utility, and other deposits.

            As of December 31, 2001, deposits-restricted totaled $218.6 million and primarily included the following:

              •

              deposits in the amount of $57.5 million held in third party escrow accounts to provide collateral for third party construction financing in connection with unconsolidated development joint venture agreements;

              projects;

              •

              approximately $86.5 million in tax-deferred (1031) exchange proceeds; and

              •

              approximately $74.6 million for tenantresident security, utility, and other deposits.

             

            11.                               Mortgage Notes Payable

            As of December 31, 2000, deposits-restricted totaled $231.6 million and primarily included the following:

              •
              deposits in the amount of $39.5 million held in third party escrow accounts to provide collateral for third party construction financing in connection with unconsolidated development joint venture agreements;

              •
              approximately $127.8 million in tax-deferred (1031) exchange proceeds; and

              •
              approximately $64.3 million for tenant security, utility, and other deposits.

            11. Mortgage Notes Payable

                    As of December 31, 2001,2002, the Company had outstanding mortgage indebtedness of approximately $3.3$2.9 billion.

             

            During the year ended December 31, 2001,2002, the Company:

              •

              repaid $364.2$407.7 million of mortgages due at or prior to maturity and/or at the disposition date of the respective Property;

              mortgage loans;

              •

              assumed $91.6$50.5 million of mortgage debt on certain properties in connection with their acquisitions;

              acquisitions and/or consolidations;

              •

              disposed of $30.4$128.3 million of mortgage debt assumed by the purchaser in connection with the disposition of certain properties;

              properties and the furniture rental business;

              •

              obtained $26.0$30.0 million of new mortgage debtloans on previously unencumberedcertain properties;

              and

              •

              obtained $301.5 million of new mortgage debt on previously Unconsolidated Properties; and

              •
              received $65.6$96.1 million in construction loan draw proceedsloans on certain properties.

             

            As of December 31, 2001,2002, scheduled maturities for the Company'sCompany’s outstanding mortgage indebtedness were at various dates through October 1, 2033.  TheAt December 31, 2002, the interest rate range on the Company'sCompany’s mortgage debt was 1.50%1.29% to 12.465% at December 31, 2001..  During the year ended December 31, 2001,2002, the weighted average interest rate on the Company'sCompany’s mortgage debt was 6.54%6.35%.

            F-32


            The historical cost, net of accumulated depreciation, of encumbered properties was $4.1 billion and $4.9 billion at December 31, 2002 and 2001, respectively.

             

            Aggregate payments of principal on mortgage notes payable for each of the next five years and thereafter are as follows (amounts in thousands):

            Year
            		 Total
            2002 $233,993
            2003  111,576
            2004  176,971
            2005  216,365
            2006  236,183
            Thereafter  2,310,736
            Net Unamortized Premiums/Discounts  990
              
            Total $3,286,814
              

             

            Year

             

            Total

             

            2003

             

            $

            123,603

             

            2004

             

            185,232

             

            2005

             

            184,539

             

            2006

             

            255,452

             

            2007

             

            161,001

             

            Thereafter

             

            2,017,071

             

            Net Unamortized Premiums/Discounts

             

            716

             

            Total

             

            $

            2,927,614

             

            As of December 31, 2000,2001, the Company had outstanding mortgage indebtedness of approximately $3.2$3.3 billion.

             

            During the year ended December 31, 2000,2001, the Company:

              •

              recorded $65.1                  repaid $396.9 million of mortgage debt in connection with the consolidation of the Guilford portfolio on January 1, 2000;

              loans;

              •

              repaid $171.8                  assumed $91.6 million of mortgage debt on eighty-three Properties;certain properties in connection with their acquisitions;

              F-27



            •

            obtained $148.3$301.5 million of new mortgage debt on eleven previously unencumberedunconsolidated properties;

            •

            settled on a $100 million forward starting swap and received approximately $7.1 million. This amount is being amortized over the life                  disposed of the financing for the eleven previously unencumbered Properties that occurred on March 20, 2000;

            •
            assumed $87.4$30.4 million of mortgage debt on nine propertiesassumed by the purchaser in connection with their acquisitions;

            the disposition of certain properties;

            •

            obtained $88.3$26.0 million of new mortgage debt on previously unencumbered properties; and

            •                  received $65.6 million in construction loan commitmentsdraw proceeds on two properties, of which $29.1 million is currently outstanding;

            •
            recorded $15.0 million of mortgage debt in connection with the consolidation of the CNL Portfolio and Springtree Apartments;

            •
            recorded $1.4 million of mortgage debt in connection with the Globe acquisition;

            •
            recorded $203.4 million of mortgage debt in connection with the Grove acquisition;

            •
            disposed of five properties, in which $4.8 million of mortgage debt was assumed by the purchasers; and

            •
            refinanced $208.8 million of debt on 16 existingcertain properties.

             

            As of December 31, 2000,2001, scheduled maturities for the Company'sCompany’s outstanding mortgage indebtedness were at various dates through October 1, 2033.  TheAt December 31, 2001, the interest rate range on the Company'sCompany’s mortgage debt was 3.95%1.50% to 12.465% at December 31, 2000..  During the year ended December 31, 2000,2001, the weighted average interest rate on the Company'sCompany’s mortgage debt was 6.89%6.54%.


            12. Notes

             

            12.                               Notes

            The following tables summarize the Company'sCompany’s unsecured note balances and certain interest rate and maturity date information as of and for the years ended December 31, 2002 and 2001, and 2000, respectively:

             
            		 December 31, 2001
             
            		 Net Principal
            Balance
            		 Interest Rate
            Ranges
            		 Weighted
            Average
            Interest Rate
            		 Maturity
            Date Ranges
             
            		 (Amounts Are In Thousands)

            Fixed Rate Public Notes $2,033,276 5.0% - 9.375% 6.96% 2002 - 2026
            Floating Rate Public Note  99,888 (1)5.15% 2003
            Fixed Rate Tax-Exempt Bonds  127,780 4.75% - 5.20% 5.07% 2024 - 2029
              
            		      
            Totals $2,260,944      
              
            		      
             
            		 December 31, 2000
             
            		 Net Principal
            Balance
            		 Interest Rate
            Ranges
            		 Weighted
            Average
            Interest Rate
            		 Maturity
            Date Ranges
             
            		 (Amounts Are In Thousands)

            Fixed Rate Public Notes $1,892,481 5.0% - 9.375% 6.93% 2001 - 2026
            Floating Rate Public Note  99,818 (1)7.28% 2003
            Fixed Rate Tax-Exempt Bonds  127,780 4.75% - 5.20% 5.07% 2024 - 2029
              
            		      
            Totals $2,120,079      
              
            		      

            December 31, 2002
            (Amounts are in thousands)

             

            Net Principal Balance

             

            Interest Rate
            Ranges

             

            Weighted
            Average
            Interest Rate

             

            Maturity
            Date Ranges

             

             

             

             

             

             

             

             

             

             

             

            Fixed Rate Public Notes

             

            $

            2,228,350

             

            4.861% - 7.75%

             

            6.63

            %

            2003 - 2026

             

            Floating Rate Public Note

             

            99,955

             

             

            (1)

            2.61

            %

            2003

             

            Fixed Rate Tax-Exempt Bonds

             

            127,780

             

            4.75% - 5.20%

             

            5.07

            %

            2024-2029

             

             

             

             

             

             

             

             

             

             

             

            Totals

             

            $

            2,456,085

             

             

             

             

             

             

             

            December 31, 2001
            (Amounts are in thousands)

             

            Net Principal Balance

             

            Interest Rate
            Ranges

             

            Weighted
            Average
            Interest Rate

             

            Maturity
            Date Ranges

             

             

             

             

             

             

             

             

             

             

             

            Fixed Rate Public Notes

             

            $

            2,033,276

             

            5.0% - 9.375%

             

            6.96

            %

            2002 - 2026

             

            Floating Rate Public Note

             

            99,888

             

             

            (1)

            5.15

            %

            2003

             

            Fixed Rate Tax-Exempt Bonds

             

            127,780

             

            4.75% - 5.20%

             

            5.07

            %

            2024-2029

             

             

             

             

             

             

             

             

             

             

             

            Totals

             

            $

            2,260,944

             

             

             

             

             

             

             

            (1)

            The interest rate on this note was LIBOR (reset quarterly) plus a spread equal to 0.63% and 0.65% at both December 31, 20012002 and December 31, 2000, respectively.
            2001.

             

            As of December 31, 2002, the Company had outstanding unsecured notes of approximately $2.5 billion net of a $6.0 million discount and including a $8.6 million premium.

            As of December 31, 2001, the Company had outstanding unsecured notes of approximately $2.3 billion net of a $3.8 million discount and including a $2.9 million premium.

             As of December 31, 2000, the Company had outstanding unsecured notes of approximately $2.1 billion net of a $3.7 million discount and including a $5.0 million premium.

            On August 25, 2000, the Operating Partnership filed with the SEC a Form S-3 Registration Statement to register $1.0 billion of debt securities.  The SEC declared this registration statement effective on September 8, 2000.  In addition, the Operating Partnership carried over $430$430.0 million related to the registration statement effective on February 27, 1998.  As of December 31, 2001, $1.13 billion2002, $680.0 million remained available for issuance under this registration statement.

             

            During the year ended December 31, 2002, the Company:

            •                  issued $400.0 million of ten-year 6.625% fixed-rate public notes and $50.0 million of five-year 4.861% fixed rate public notes, receiving net proceeds of $444.4 million;   

            F-28


            •                  repaid $100.0 million of 9.375% fixed rate public notes at maturity;

            •                  repaid $125.0 million of 7.95% fixed rate public notes at maturity; and

            •                  repaid $40.0 million of 7.25% fixed rate public notes at maturity.

            During the year ended December 31, 2001, the Company and/or the Operating Partnership:Company:

              •

              issued $300.0 million of ten-year 6.95% fixed-rate public notes; and

              •

              paid off at maturity fixed rate 6.55% public notes                  repaid $150.0 million of $150.0 million.

                    During the year ended December 31, 2000, the Company and/or the Operating Partnership:

              •
              assumed $39.5 million in unsecured notes;

              •
              paid off at maturity fixed rate 7.25% public notes of $55.0 million;

              •
              paid off at maturity fixed rate 6.15% public notes of $145.0 million; and

              •
              paid off $8.0 million in6.55% fixed rate public notes.

            F-34notes at maturity.

               

              Aggregate payments of principal on unsecured notes payable for each of the next five years and thereafter are as follows (amounts in thousands):

              Year

               

              Total

               

              2003

               

              $210,347

               

              2004

               

              419,643

               

              2005*

               

              493,534

               

              2006

               

              204,085

               

              2007

               

              154,918

               

              Thereafter

               

              970,945

               

              Net Unamortized Premiums

               

              8,619

               

              Net Unamortized Discounts

               

              (6,006

              )

              Total

               

              $2,456,085

               

              Year
              		 Total
              		 
              2002 $269,863 
              2003  194,286 
              2004  419,286 
              2005*  494,286 
              2006  204,286 
              Thereafter  679,810 
              Net Unamortized Premiums  2,905 
              Net Unamortized Discounts  (3,778)
                
              		 
              Total $2,260,944 
                
              		 

              *Includes $300 million with a final maturity of 2015 that is putable/callable in 2005.

              13. Lines                               Line of Credit

               The

              On May 30, 2002, the Company hasobtained a new three-year $700.0 million unsecured revolving credit facility to provide the Operating Partnership with potential borrowings of up to $700.0 million. Thismaturing May 29, 2005.  The new line of credit maturesreplaced the $700.0 million unsecured revolving credit facility that was scheduled to expire in August 2002.  The prior existing revolving credit facility was terminated upon the closing of the new facility.  Advances under the new credit facility bear interest at variable rates based upon LIBOR at various interest periods, plus a spread dependent upon the Company'sOperating Partnership’s credit rating. Asrating, or based upon bids received from the lending group.  EQR has guaranteed the Operating Partnership’s line of February 5, 2002, $320.0 million was outstanding under this facility at a weighted average interest ratecredit up to the maximum amount and for the full term of 2.43%.the facility.

               

              As of December 31, 2002 and 2001, and 2000, $195.0$140.0 million and $355.5$195.0 million, respectively, was outstanding and $59.0$60.8 million and $53.5$59.0 million, respectively, was restricted (not(dedicated to support letters of credit and not available to be drawn)for borrowing) on the linesline of credit.  During the years ended December 31, 20012002 and 2000,2001, the weighted average interest rate was 5.03%2.30% and 7.52%5.03%, respectively.

               

              In connection with the Globe acquisition, the Company assumed a revolving credit facility with potential borrowings of up to $55.0 million.  On May 31, 2001, this credit facility was terminated.

               In connection with

              14.Derivative Instruments

              The following table summarizes the Grove acquisition,consolidated derivative instruments at December 31, 2002 (dollar amounts are in thousands):

              F-29


               

               

              Cash Flow
              Hedges

               

              Fair Value
              Hedges

               

              Forward
              Starting
              Swaps

               

              Offsetting
              Receive
              Floating Swaps/Caps

               

              Offsetting
              Pay
              Floating
              Swaps/Caps

               

              Current Notional Balance

               

              $

              400,000

               

              $

              120,000

               

              $

              250,000

               

              $

              255,118

               

              $

              255,118

               

              Lowest Possible Notional

               

              $

              400,000

               

              $

              120,000

               

              $

              250,000

               

              $

              251,410

               

              $

              251,410

               

              Highest Possible Notional

               

              $

              400,000

               

              $

              120,000

               

              $

              250,000

               

              $

              431,444

               

              $

              431,444

               

              Lowest Interest Rate

               

              3.65125

              %

              7.25000

              %

              5.06375

              %

              4.52800

              %

              4.45800

              %

              Highest Interest Rate

               

              5.81000

              %

              7.25000

              %

              5.42600

              %

              6.00000

              %

              6.00000

              %

              Earliest Maturity Date

               

              2003

               

              2005

               

              2013

               

              2003

               

              2003

               

              Latest Maturity Date

               

              2005

               

              2005

               

              2013

               

              2007

               

              2007

               

              Estimated Asset (Liability) Fair Value

               

              $

              (14,438

              )

              $

              9,069

               

              $

              (11,077

              )

              $

              (3,148

              )

              $

              3,025

               

              At December 31, 2002, certain unconsolidated development partnerships in which the Company assumedinvested had entered into swaps to hedge the interest rate risk exposure on unconsolidated floating rate construction mortgage loans.  The Company has recorded its proportionate share of these hedges on its consolidated balance sheets.  These swaps have been designated as cash flow hedges with a linecurrent aggregate notional amount of credit that had$446.6million (notional amounts range from $169.2million to $555.9million over the terms of the swaps) at interest rates ranging from 2.115% to 6.94% maturing at various dates ranging from 2003 to 2005 with a net liability fair value of $13.9million.  During the year ended December 31, 2002, the Company recognized an outstanding balanceunrealized loss of $1.1 million due to ineffectiveness of certain of these unconsolidated development derivatives (included in income (loss) from investments in unconsolidated entities).

              On December 31, 2002, the net derivative instruments were reported at their fair value as other liabilities of approximately $38.0$16.6 million and as a reduction to investments in unconsolidated entities of approximately $13.9 million.  On OctoberAs of December 31, 2000,2002, there were approximately $42.8 million in deferred losses, net, included in accumulated other comprehensive loss.  Based on the estimated fair values of the net derivative instruments at December 31, 2002, the Company repaid this outstanding balance and terminated this facility.may recognize an estimated $17.7 million of accumulated other comprehensive loss as additional interest expense during the twelve months ending December 31, 2003, of which $7.9 million is related to the unconsolidated development partnerships.

              F-35


              14. 15.Calculation of Net Income Per Weighted Average Common Share

               

              The following tables set forth the computation of net income per share—share – basic and net income per share—share – diluted:

               
              		 Year Ended December 31,
              		 
               
              		 2001
              		 2000
              		 1999
              		 
               
              		 (Amounts In Thousands Except Per Share Amounts)

              		 
              Numerator:          
              Income before allocation to Minority Interests, income from investments in unconsolidated entities, net gain on sales of real estate, extraordinary items, cumulative effect of change in accounting principle and preferred distributions $356,424 $395,937 $326,483 
              Allocation to Minority Interests:          
               Operating Partnership  (32,829) (41,761) (29,536)
               Partially Owned Properties  (2,249) 132  — 
              Income from investments in unconsolidated entities  3,772  2,309  3,850 
              Preferred distributions  (106,119) (111,941) (113,196)
                
              		 
              		 
              		 
              Income before net gain on sales of real estate, extraordinary items and cumulative effect of change in accounting principle  218,999  244,676  187,601 
              Net gain on sales of real estate  149,293  198,426  93,535 
              Extraordinary items  444  (5,592) (451)
              Cumulative effect of change in accounting principle  (1,270) —  — 
                
              		 
              		 
              		 
              Numerator for net income per share—basic  367,466  437,510  280,685 
              Effect of dilutive securities:          
               Allocation to Minority Interests—Operating Partnership  32,829  41,761  29,536 
               Distributions on convertible preferred shares/units  445  7,385  — 
                
              		 
              		 
              		 
              Numerator for net income per share—diluted $400,740 $486,656 $310,221 
                
              		 
              		 
              		 
              Denominator:          
              Denominator for net income per share—basic  267,349  259,015  244,350 
              Effect of dilutive securities:          
               OP Units  24,013  24,906  25,652 
               Convertible preferred shares/units  339  4,763  — 
               Share options/restricted shares  3,851  2,582  1,308 
                
              		 
              		 
              		 
              Denominator for net income per share—diluted  295,552  291,266  271,310 
                
              		 
              		 
              		 
              Net income per share—basic $1.37 $1.69 $1.15 
                
              		 
              		 
              		 
              Net income per share—diluted $1.36 $1.67 $1.14 
                
              		 
              		 
              		 

              F-36

              Net income per share—basic:          
              Income before net gain on sales of real estate, extraordinary items and cumulative effect of change in accounting principle per share — basic $0.86 $1.01 $0.80 
              Net gain on sales of real estate  0.51  0.70  0.35 
              Extraordinary items  —  (0.02) — 
              Cumulative effect of change in accounting principle  —  —  — 
                
              		 
              		 
              		 
              Net income per share—basic $1.37 $1.69 $1.15 
                
              		 
              		 
              		 
              Net income per share—diluted:          
              Income before net gain on sales of real estate, extraordinary items and cumulative effect of change in accounting principle per share—diluted $0.85 $1.01 $0.80 
              Net gain on sales of real estate  0.51  0.68  0.34 
              Extraordinary items  —  (0.02) — 
              Cumulative effect of change in accounting principle  —  —  — 
                
              		 
              		 
              		 
              Net income per share—diluted $1.36 $1.67 $1.14 
                
              		 
              		 
              		 

               

              F-30


               

               

              Year Ended December 31,

               

               

               

              2002

               

              2001

               

              2000

               

               

               

              (Amounts in thousands except per share amounts)

               

              Numerator:

               

               

               

               

               

               

               

              Income before allocation to Minority Interests, income (loss) from investments in unconsolidated entities, net gain on sales of unconsolidated entities, discontinued operations, extraordinary items, cumulative effect of change in accounting principle and preferred distributions

               

              $

              328,905

               

              $

              393,120

               

              $

              360,878

               

               

               

               

               

               

               

               

               

              Allocation to Minority Interests:

               

               

               

               

               

               

               

              Operating Partnership

               

              (26,862

              )

              (32,829

              )

              (41,761

              )

              Partially Owned Properties

               

              (1,867

              )

              (2,249

              )

              132

               

              Income (loss) from investments in unconsolidated entities

               

              (3,698

              )

              3,772

               

              2,309

               

              Preferred distributions

               

              (97,151

              )

              (106,119

              )

              (111,941

              )

               

               

               

               

               

               

               

               

              Income before net gain on sales of unconsolidated entities, discontinued operations, extraordinary items and cumulative effect of change in accounting principle

               

              199,327

               

              255,695

               

              209,617

               

               

               

               

               

               

               

               

               

              Net gain on sales of unconsolidated entities

               

              5,054

               

              387

               

              —

               

              Net gain on sales of discontinued operations

               

              104,296

               

              148,906

               

              198,426

               

              Discontinued operations, net

               

              16,277

               

              (36,696

              )

              35,059

               

              Extraordinary items

               

              (792

              )

              444

               

              (5,592

              )

              Cumulative effect of change in accounting principle

               

              —

               

              (1,270

              )

              —

               

               

               

               

               

               

               

               

               

              Numerator for net income per share – basic

               

              324,162

               

              367,466

               

              437,510

               

               

               

               

               

               

               

               

               

              Effect of dilutive securities:

               

               

               

               

               

               

               

              Allocation to Minority Interests - Operating Partnership

               

              26,862

               

              32,829

               

              41,761

               

              Distributions on convertible preferred shares/units

               

              —

               

              445

               

              7,385

               

               

               

               

               

               

               

               

               

              Numerator for net income per share –  diluted

               

              $

              351,024

               

              $

              400,740

               

              $

              486,656

               

               

               

               

               

               

               

               

               

              Denominator:

               

               

               

               

               

               

               

              Denominator for net income per share – basic

               

              271,974

               

              267,349

               

              259,015

               

               

               

               

               

               

               

               

               

              Effect of dilutive securities:

               

               

               

               

               

               

               

              OP Units

               

              22,663

               

              24,013

               

              24,906

               

              Convertible preferred shares/units

               

              —

               

              339

               

              4,763

               

              Share options/restricted shares

               

              3,332

               

              3,851

               

              2,582

               

               

               

               

               

               

               

               

               

              Denominator for net income per share –  diluted

               

              297,969

               

              295,552

               

              291,266

               

               

               

               

               

               

               

               

               

              Net income per share – basic

               

              $

              1.19

               

              $

              1.37

               

              $

              1.69

               

               

               

               

               

               

               

               

               

              Net income per share – diluted

               

              $

              1.18

               

              $

              1.36

               

              $

              1.67

               

              F-31


               

               

              Year Ended December 31,

               

               

               

              2002

               

              2001

               

              2000

               

               

               

              (Amounts in thousands except per share amounts)

               

               

               

               

               

               

               

               

               

              Net income per share – basic:

               

               

               

               

               

               

               

              Income before net gain on sales of unconsolidated entities, discontinued operations, extraordinary items and cumulative effect of change in accounting principle per share – basic

               

              $

              0.77

               

              $

              0.99

               

              $

              0.89

               

              Net gain on sales of unconsolidated entities

               

              0.02

               

              —

               

              —

               

              Net gain on sales of discontinued operations

               

              0.35

               

              0.51

               

              0.70

               

              Discontinued operations, net

               

              0.05

               

              (0.13

              )

              0.12

               

              Extraordinary items

               

              —

               

              —

               

              (0.02

              )

              Cumulative effect of change in accounting principle

               

              —

               

              —

               

              —

               

               

               

               

               

               

               

               

               

              Net income per share – basic

               

              $

              1.19

               

              $

              1.37

               

              $

              1.69

               

               

               

               

               

               

               

               

               

              Net income per share – diluted:

               

               

               

               

               

               

               

              Income before net gain on sales of unconsolidated entities, discontinued operations, extraordinary items and cumulative effect of change in accounting principle per share – diluted

               

              $

              0.76

               

              $

              0.98

               

              $

              0.89

               

              Net gain on sales of unconsolidated entities

               

              0.02

               

              —

               

              —

               

              Net gain on sales of discontinued operations

               

              0.35

               

              0.50

               

              0.68

               

              Discontinued operations, net

               

              0.05

               

              (0.12

              )

              0.12

               

              Extraordinary items

               

              —

               

              —

               

              (0.02

              )

              Cumulative effect of change in accounting principle

               

              —

               

              —

               

              —

               

               

               

               

               

               

               

               

               

              Net income per share – diluted

               

              $

              1.18

               

              $

              1.36

               

              $

              1.67

               

              All net income per share-basic amounts have been calculated prior to considering any allocation for Minority Interests - Operating Partnership due to the ability of the OP Unit holders to exchange their OP Units for Common Shares on a one-for-one basis.

              Convertible preferred shares/units that could be converted into 15,335,977, 15,122,162 13,138,716 and 24,046,10213,138,716 weighted average Common Shares for the years ended December 31, 2002, 2001 2000 and 1999,2000, respectively, were outstanding but were not included in the computation of diluted earnings per share because the effects would be anti-dilutive.

              On October 11, 2001, the Company effected a two-for-one split of its Common Shares and OP Units to shareholders and unitholders of record as of September 21, 2001.  All per share and OP Unit data and numbers of Common Shares and OP Units have been retroactively adjusted to reflect the Common Share and OP Unit split.

              For additional disclosures regarding the employee share options and restricted shares, see Note 15.17.

              15.16.                               Discontinued Operations

              The Company has presented separately as discontinued operations in all periods the results of operations for all assets disposed of on or after January 1, 2002 (the date of adoption of SFAS No. 144) and for all assets classified as real estate held for disposition as of December 31, 2002.  In addition, net gain on sales of properties in 2001 and 2000 have been classified as discontinued operations in the accompanying consolidated statements of operations.

              The components of discontinued operations are outlined below and include the results of operations for the respective periods that the Company owned such assets during each of the years ended December 31, 2002, 2001 and 2000, including the following:

              •                  the sale of the furniture rental business on January 11, 2002; and

              •                  the Wholly Owned Properties sold during 2002 (see Note 6).

              F-32


               

               

              Year Ended December 31,

               

               

               

              2002

               

              2001

               

              2000

               

               

               

              (Amounts in thousands)

               

               

               

               

               

               

               

               

               

              REVENUES

               

               

               

               

               

               

               

              Rental income

               

              $

              46,571

               

              $

              73,324

               

              $

              70,516

               

              Interest and other income

               

              21

               

              71

               

              68

               

              Furniture income

               

              1,361

               

              57,499

               

              32,316

               

              Total revenues

               

              47,953

               

              130,894

               

              102,900

               

               

               

               

               

               

               

               

               

              EXPENSES

               

               

               

               

               

               

               

              Property and maintenance

               

              14,076

               

              19,935

               

              19,080

               

              Real estate taxes and insurance

               

              4,695

               

              7,343

               

              6,753

               

              Depreciation

               

              10,615

               

              17,667

               

              16,408

               

              Interest expense incurred, net

               

              981

               

              2,347

               

              2,771

               

              Amortization of deferred financing costs

               

              6

               

              23

               

              41

               

              Amortization of goodwill

               

              —

               

              1,423

               

              680

               

              Impairment on furniture rental business

               

              —

               

              60,000

               

              —

               

              Furniture expenses

               

              1,303

               

              58,852

               

              22,108

               

              Total expenses

               

              31,676

               

              167,590

               

              67,841

               

               

               

               

               

               

               

               

               

              Discontinued operations, net

               

              $

              16,277

               

              $

              (36,696

              )

              $

              35,059

               

              The Company disposed of its furniture rental business for $30.0 million and received net proceeds of $28.7 million.  After giving effect to a previously recorded impairment loss, no gain/loss on sale was recognized as the net book value at the sale date approximated the sales price.

              For the year ended December 31, 2001, the Company recorded $60.0 million of asset impairment charges related to its furniture rental business.  These charges were the result of a review of the existing intangible and tangible assets reflected on the consolidated balance sheet as of September 30, 2001.  The Company reviewed the current net book value taking into consideration existing business and economic conditions as well as projected cash flows.  The impairment loss includes the write-down of the following assets: a) goodwill of approximately $26.0 million; b) rental furniture, net of approximately $28.6 million; c) property and equipment, net of approximately $4.5 million; and d) other assets of approximately $0.9 million.

              17.                               Share Option and Share Award Plan

               

              Pursuant to the Company'sCompany’s Fifth Amended and Restated 1993 Share Option and Share Award Plan (the "Fifth“Fifth Amended Option and Award Plan"Plan”), officers, directors,trustees, key employees and consultants of the Company may be offered the opportunity to acquire Common Shares through the grant of share options ("Options"(“Options”) including non-qualified share options ("NQSOs"(“NQSOs”), incentive share options ("ISOs"(“ISOs”) and share appreciation rights ("SARs"(“SARs”) or may be granted restricted or non-restricted shares.  Additionally, under the Fifth Amended Option and Award Plan, officers and key employees of the Company may be awarded Common Shares, subject to conditions and restrictions as described in the Fifth Amended Option and Award Plan.  Finally, certain executive officers of the Company are subject to the Company'sCompany’s performance based restricted share grant agreement.plan.  Options and SARs are sometimes referred to herein as "Awards"“Awards”.

               

              The Company has reserved 25,000,000 Common Shares for issuance under the Fifth Amended Option and Award Plan.  The Options generally are granted at the fair market value of the Company'sCompany’s Common Shares at the date of grant, vest over a three year period, are exercisable upon vesting and expire ten years from the date of grant.  The exercise price for all Options under the Fifth Amended

              F-37


              Option and Award Plan shall not be less than the fair market value of the underlying Common Shares at the time the Option is granted.  The Fifth Amended Option and Award Plan will terminate at such time as no further

              F-33


              Common Shares are available for issuance upon the exercise of Options and all outstanding Options have expired or been exercised.  The Board of Trustees may at any time amend or terminate the Fifth Amended Option and Award Plan, but termination will not affect Awards previously granted.  Any Options, which had vested prior to such a termination, would remain exercisable by the holder thereof.

               

              As to the Options that have been granted through December 31, 2001,2002, generally, one-third are exercisable one year after the initial grant, one-third are exercisable two years following the date such Options were granted and the remaining one-third are exercisable three years following the date such Options were granted.

               

              As to the restricted shares that have been awarded through December 31, 2001,2002, these shares generally vest three years from the award date.  During the three-year period of restriction, the employee receives quarterly dividend payments on their shares.  If employment is terminated prior to the lapsing of the restriction, the shares are canceled.  In addition, each year the Company’s executive officers receive performance-based awards.  Three years after grant, restricted shares may be issued based upon the total return (Common Share dividends and funds from operations (“FFO”) growth per share) of the Company.  One-half of any such restricted shares are then subject to vesting over an additional two-year period.  The performance-based awards generally are expensed over a five-year period based upon the Company’s estimates of the number of shares expected to be awarded.

              During the years ended December 31, 2002, 2001 and 2000, the Company issued 470,028awarded, net of cancellations, 885,967 shares (at a weighted average grant price of $27.22), 730,982 shares (at a weighted average grant price of $25.98) and 520,962475,862 shares (at a weighted average grant price of $21.40), respectively, for both the restricted shares. Theand performance-based awards generally vest over a five-year period.share plans.  For the three years ended December 31, 2002, 2001 and 2000, the Company recorded as compensation expense $15.2 million, $8.0 million and $6.7 million, respectively, as general and administrative expenses and $9.6 million, $8.9 million and $7.4 million, respectively, as property management expenses related to all restricted and performance-based share plans.

              The Company has elected to apply the provisions of Accounting Principles Board ("APB") OpinionAPB No. 25Accounting for Stock Issued to Employees ("APB No. 25"), in the computation of compensation expense.  Under APB No. 25's25’s intrinsic value method, compensation expense is determined by computing the excess of the market price of the shares over the exercise price on the measurement date.  For the Company'sCompany’s share options, the intrinsic value on the measurement date (or grant date) is zero, and no compensation expense is recognized.  For the Company'sCompany’s restricted shares, the Company determines the intrinsic value on the measurement date and accordingly recognizes a compensation expense for such shares.  SFAS No. 123Accounting for Stock-Based Compensation ("Statement No. 123"), requires the Company to disclose pro forma net income and income per share as if a fair value based accounting method had been used in the computation of compensation expense.  The fair value of the options computed under StatementSFAS No. 123 would be recognized over the vesting period of the options.  The fair value for the Company's optionsCompany’s Options was estimated at the time the optionsOptions were granted using the Black Scholes option pricing model with the following weighted-average assumptions for 2002, 2001 and 2000, and 1999, respectively: average risk-free interest rates of 4.43%4.55%, 6.22%4.43% and 5.84%6.22%; dividend yields of 6.17%6.46%, 6.83%6.17% and 6.89%6.83%; volatility factors of the expected market price of the Company'sCompany’s Common Shares of 0.208, 0.204 0.207 and 0.209;0.207; and a weighted-average expected life of the optionsOptions of seven years.

               

              The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable.  In addition, option valuation models require the input of highly subjective assumptions including the expected stock price volatility. Because the Company'sCompany’s Options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, in management'smanagement’s opinion, the existing models do not necessarily provide a reliable single measure of the fair value of its Options.

              F-38

              F-34


               

              For purposes of pro forma disclosures, the estimated fair value of the Options is amortized to expense over the Options'Options’ vesting period.  The following is the pro forma information for the three years ended December 31, 2002, 2001 2000 and 1999:2000:

               
              		 2001
              		 2000
              		 1999
              Pro forma net income available to Common Shares $361,337 $429,350 $271,114
              Pro forma net income per weighted average Common Share outstanding—basic $1.35 $1.66 $1.11

               

               

               

              2002

               

              2001

               

              2000

               

              Pro forma net income available to
              Common Shares

               

              $

              318,018

               

              $

              361,985

               

              $

              430,479

               

              Pro forma net income per weighted average
              Common Share outstanding – basic

               

              $

              1.17

               

              $

              1.35

               

              $

              1.66

               

              The table below summarizes the Option activity of the Fifth Amended Option and Award Plan and options assumed in connection with Mergersmergers (the "Merger Options"“Merger Options”) for the three years ended December 31, 2002, 2001 2000 and 1999:2000:

               
              		 Common
              Shares Subject to
              Options or Awards
              		 Weighted Average
              Exercise Price
              Per Common Share
              Balance at December 31, 1998 12,527,829 $20.25
              Options granted 2,980,156 $20.34
              Merger Options (assumed) 78,240 $19.47
              Options exercised (1,151,730)$14.44
              Merger Options exercised (874,654)$19.10
              Options canceled (785,255)$22.90
              Merger Options canceled (286,738)$20.71
                
              		 
              Balance at December 31, 1999 12,487,848 $20.70
              Options granted 2,172,582 $21.22
              Options exercised (1,164,624)$17.48
              Merger Options exercised (205,562)$17.67
              Options canceled (587,767)$21.28
              Merger Options canceled (27,648)$18.79
                
              		 
              Balance at December 31, 2000 12,674,829 $21.11
              Options granted 2,844,838 $26.48
              Options exercised (3,125,870)$20.31
              Merger Options exercised (57,660)$15.26
              Options canceled (167,916)$22.55
              Merger Options canceled (1,622)$20.17
                
              		 
              Balance at December 31, 2001 12,166,599 $22.59
                
              		 

               

               

               

              Common
              Shares Subject to
              Options or Awards

               

              Weighted Average
              Exercise Price
              Per Common Share

               

              Balance at December 31, 1999

               

              12,487,848

               

              $

              20.70

               

              Options granted

               

              2,172,582

               

              $

              21.22

               

              Options exercised

               

              (1,164,624

              )

              $

              17.48

               

              Merger Options exercised

               

              (205,562

              )

              $

              17.67

               

              Options canceled

               

              (588,017

              )

              $

              21.28

               

              Merger Options canceled

               

              (27,648

              )

              $

              18.79

               

              Balance at December 31, 2000

               

              12,674,579

               

              $

              21.11

               

              Options granted

               

              2,844,838

               

              $

              26.48

               

              Options exercised

               

              (3,125,870

              )

              $

              20.31

               

              Merger Options exercised

               

              (57,660

              )

              $

              15.26

               

              Options canceled

               

              (167,916

              )

              $

              22.55

               

              Merger Options canceled

               

              (1,622

              )

              $

              20.17

               

              Balance at December 31, 2001

               

              12,166,349

               

              $

              22.59

               

              Options granted

               

              2,261,720

               

              $

              27.24

               

              Options exercised

               

              (1,425,494

              )

              $

              20.36

               

              Merger Options exercised

               

              (13,621

              )

              $

              19.66

               

              Options canceled

               

              (177,736

              )

              $

              24.90

               

              Balance at December 31, 2002

               

              12,811,218

               

              $

              23.63

               

              As of December 31, 2002, 2001 and 2000, and 1999, 7,295,314 shares8,252,203 Options (with a weighted average exercise price $22.25), 7,291,897 Options (with a weighted average exercise price of $21.62), and 7,897,038 sharesOptions (with a weighted average exercise price of $20.76) and 6,313,751 shares (with a weighted average exercise price of $19.18) were exercisable, respectively.  Exercise prices for Options outstanding as of December 31, 20012002 ranged from $13.00 to $27.60$29.00 for the Fifth Amended Option and Award Plan and $2.76$9.55 to $24.84$24.30 for the Merger Options.

              16. Employee Plans

              On May 15, 2002, the shareholders of EQR approved the Company’s 2002 Share Incentive Plan.  The Company has initially reserved 23,125,828 Common Shares for issuance under this plan, which is subject to adjustment each January 1 of the plan’s existence.  No awards may be granted under the 2002 Share Incentive Plan after February 20, 2012.  No awards were granted under this plan during 2002.

              F-35


              18.                               Employee Plans

              The Company established an Employee Share Purchase Plan whereby(the “ESPP”) to provide employees and trustees and employees of the Company mayability to annually acquire up to $100,000 of Common Shares of the Company.  The aggregate number of Common Shares available under the Employee Share Purchase PlanESPP shall not exceed 2,000,000, subject to adjustment by the Board of Trustees.  The Common Shares may be

              F-39


              purchased quarterly at a price equal to 85% of the lesser of: (a) the closing price for a share on the last day of such quarter; and (b) the greater of: (i) the closing price for a share on the first day of such quarter, and (ii) the average closing price for a share for all the business days in the quarter.  During 2002, the Company issued 324,238 Common Shares at net prices that ranged from $21.65 per share to $24.43 per share and received proceeds of approximately $7.4 million.  During 2001, the Company issued 310,261 Common Shares at net prices that ranged from $21.76 per share to $23.69 per share and raisedreceived proceeds of approximately $6.9 million in connection therewith.million.  During 2000, the Company issued 299,580 Common Shares at net prices that ranged from $17.06 per share to $20.51 per share and raisedreceived proceeds of approximately $5.4 million in connection therewith. During 1999, the Company issued 295,770 Common Shares at net prices that ranged from $17.19 per share to $18.36 per share and raised approximately $5.2 million in connection therewith.million.

               

              The Company has established a defined contribution plan (the "401(k) Plan"“401(k) Plan”) that providesto provide retirement benefits for employees that meet minimum employment criteria.  The Company contributes 100% of the first 4% of eligible compensation that a participant contributes to the 401(k) Plan.  Participants are vested in the Company'sCompany’s contributions over five years.  The Company made contributions in the amount of $2.3$3.1 million and $2.3 million for the years ended December 31, 19992001 and 2000, respectively, and expects to make contributions in the amount of approximately $3.4$3.9 million for the year ended December 31, 2001.2002.

              The Company may also elect to make an annual discretionary profit-sharing contribution as a percentage of each individual employee’s eligible compensation under the 401(k) Plan.  The Company made contributions in the amount of $2.6 million and $3.2 million for the years ended December 31, 2001 and 2000, respectively, and will not make a contribution for the year ended December 31, 2002.

              The Company established a supplemental executive retirement savings plan (the “SERP”) to provide certain officers and trustees an opportunity to defer a portion of their eligible compensation in order to save for retirement and for the education of their children.  The SERP is restricted to investments in Company Common Shares, certain marketable securities that have been specifically approved, and cash equivalents.  The deferred compensation liability represented in the SERP and the securities issued to fund such deferred compensation liability are consolidated by the Company and carried on the Company’s balance sheet, and the Company’s Common Shares held in the SERP are accounted for as a reduction to paid in capital.

              17.19.                               Distribution Reinvestment and Share Purchase Plan

               

              On November 3, 1997, the Company filed with the SEC a Form S-3 Registration Statement to register 14,000,000 Common Shares pursuant to a Distribution Reinvestment and Share Purchase Plan (the "DRIP Plan"“DRIP Plan”).  The registration statement was declared effective on November 25, 1997.

               

              The DRIP Plan of the Company provides holders of record and beneficial owners of Common Shares and Preferred Shares and limited partnership interests in the Operating Partnership with a simple and convenient method of investing cash distributions in additional Common Shares (which is referred to herein as the "Dividend Reinvestment—“Dividend Reinvestment – DRIP Plan"Plan”).  Common Shares may also be purchased on a monthly basis with optional cash payments made by participants in the DRIP Plan and interested new investors, not currently shareholders of the Company, at the market price of the Common Shares less a discount ranging between 0% and 5%, as determined in accordance with the DRIP Plan (which is referred to herein as the "Share Purchase—“Share Purchase – DRIP Plan"Plan”).  Common Shares purchased under the DRIP Plan may, at the option of the Company, be directly issued by the Company or purchased by the Company’s transfer agent in the open market using participants’ funds.

              F-36

              18.

              20.                               Transactions with Related Parties

              Certain officers of the Company purchased Common Shares in prior years which were financed with loans made by the Company at various rates ranging from 6.15% to 7.93% per annum and at one month LIBOR plus 2.0% per annum.  Scheduled maturities arewere at various dates through 2005.  These employee notes were repaid in full during 2002.  The amountsamount outstanding at December 31, 2001 and 2000 arewas $4.0 million and $4.3 million, respectively.million.

               The Company also entered into executive compensation, deferred compensation and share distribution agreements with certain officers of the Company that resulted in the Company recognizing compensation expense of $3.7 million, $0.9 million and $1.1 million for the years ended December 31, 2001, 2000 and 1999, respectively.

              In connection with certain Mergers,mergers, the Company agreed to make consulting payments to certain individuals who had been employees of the companies acquired and who became trustees of the Company subsequent to the applicable merger dates.  During the years ended December 31, 2002, 2001 2000 and 1999,2000, the Company made payments pursuant to these agreements of $400,000,$166,667, $400,000 and $625,000,$400,000, respectively.  TheThere are no remaining future payments to be made under these agreements as of December 31, 2001 are approximately $167,000.2002.

              F-40


              The Company occupies office space at various office buildings that are owned and/or managed by Equity Office Properties Trust, a company of which EQR's chairmanEQR’s Chairman of the boardBoard of Trustees is also chairmanChairman of the board.Board.  Amounts incurred for such office space for the years ended December 31, 2002, 2001 2000 and 1999,2000, respectively, were $1,763,946, $1,935,013 $1,781,069 and $1,466,569.$1,686,030.

               Artery Property Management, Inc., a real estate property management company ("APMI") in which a trustee of the Company is a two-thirds owner and chairman of the board of directors, provided the Company consulting services with regard to property acquisitions and additional business opportunities. In connection with the acquisition of certain Properties from this trustee and his affiliates during 1995, the Company made a loan to this trustee and APMI of $15,212,000 evidenced by two notes and secured by 931,090 OP Units. At December 31, 2000, no amounts were outstanding under these notes and all OP Units were released from their pledges.

                      During 1999, the Company acquired eight Properties and the related management agreements from affiliates of the aforementioned trustee for an aggregate purchase price of approximately $110.2 million, including the assumption of approximately $44.3 million of mortgage indebtedness. The purchase price also included the issuance of 28,795 Series A Junior Convertible Preference Units in the Operating Partnership, which have a liquidation value of $100 per unit and are exchangeable for OP Units under certain circumstances. On June 29, 1999, this trustee received 8,462 of these units with a liquidation value of approximately $0.8 million.

              The Company paid legal fees to a law firm of which one of the Company'sCompany’s former trustees (individual was a trustee through May 15, 2002) is a partner in the amounts of $0.3 million, $1.7 million $3.6 million and $1.6$3.6 million for the years ended December 31, 2002, 2001 2000 and 1999,2000, respectively.

               

              In addition, the Company has provided acquisition, asset and property management services to certain related entities for properties not owned by the Company.  Fees received for providing such services were approximately $0.7 million, $0.8 million $1.7 million and $2.5$1.7 million for the years ended December 31, 2002, 2001 2000 and 1999,2000, respectively.

              19.21.                               Commitments and Contingencies

               

              The Company, as an owner of real estate, is subject to various environmental laws of Federal, state and local governments.environmental laws.  Compliance by the Company with existing laws has not had a material adverse effect on the Company'sCompany’s financial condition and results of operations.  However, the Company cannot predict the impact of new or changed laws or regulations on its current Propertiesproperties or on properties that it may acquire in the future.

               

              The Company does not believe there is any litigation threatened against the Company other than routine litigation arising out of the ordinary course of business, some of which is expected to be covered by liability insurance, none of which is expected to have a material adverse effect on the consolidated financial statements of the Company.

               In regards to

              As of December 31, 2002, the fundingCompany has 18 projects in various stages of Properties in the development and/or earnout stage and the joint venture agreements with multifamily residential real estate developers, theestimated completion dates ranging through June 30, 2004.  The Company funded a net total of $174.6$62.8 million during the year ended December 31, 2001.2002 for the development of multifamily properties pursuant to its agreements with developers.  The Company expects to fund approximately $33.5$3.8 million in connection with these Propertiesproperties beyond 2001. In connection with one joint venture agreement,2002.  The three development agreements currently in place have the Company has an obligation to fund up to an additional $6.5 million to guarantee third party construction financing. As of December 31, 2001, following key terms:

              •the Company has 22 projects underfirst development with estimated completion dates ranging from March 31, 2002 through December 31, 2003.

              F-41


                      For one joint venture agreement, the Company's joint venture partner has the right, at any time following completion of a project, to stipulate a value for such project and offer to sell its interest in the project to the Company based on such value.  If the Company chooses not to purchase the interest, it must agree to a sale of the project to an unrelated third party at such value.  The Company's joint ventureCompany’s partner must

              F-37


              exercise this right as to all projects within five years after the receipt of the final certificate of occupancy on the last developed property.  The Company has an obligation to fund up to an additional $13.0 million to guarantee third party construction financing, if required.

                      For

              •     the second joint venture agreement, the Company's joint venturedevelopment partner has the right, at any time following completion of a project, to require the Company to purchase the joint venture partners'partners’ interest in that project at a mutually agreeable price.  If the Company and the joint venture partner are unable to agree on a price, both parties will obtain appraisals.  If the appraised values vary by more than 10%, both the Company and the joint ventureits partner will agree on a third appraiser to determine which original appraisal is closest to its determination of value.  The Company may elect at that time not to purchase the property and instead, authorize the joint ventureits partner to sell the project at or above the agreed-upon value to an unrelated third party.  Five years following the receipt of the final certificate of occupancy on the last developed property, any projects remaining unsold must be purchased by the Company at the agreed-upon price.

              •                  the third development partner has the exclusive right for six months following stabilization (generally defined as having achieved 90% occupancy for three consecutive months following the substantial completion of a project) to market a project for sale.  Thereafter, either the Company or its development partner may market a project for sale.  If the Company’s development partner proposes the sale, the Company may elect to purchase the project at the price proposed by its partner or defer the sale until two independent appraisers appraise the project.  If the two appraised values vary by more than 5%, a third appraiser will be chosen to determine the fair market value of the property.  Once a value has been determined, the Company may elect to purchase the property or authorize its development partner to sell the project at the agreed-upon value.

              In connection with the Wellsford Merger,one of its mergers, the Company provided a credit enhancement with respect to certain tax-exempt bonds issued to finance certain public improvements at a multifamily development project.  As of December 31, 2001,2002, this enhancement was still in effect at a commitment amount of $12.7 million.

              During the years ended December 31, 2002, 2001 and 2000, and 1999, total operating lease payments incurred for office space, including a portion of real estate taxes, insurance, repairs and utilities, aggregated $4,709,363, $4,929,018 $4,074,672 and $3,271,513$4,074,672 respectively.

              The minimum basic aggregate rental commitment under the Company'sCompany’s operating leases in years following December 31, 20012002 is as follows:

              Year
              		 Amount
              2002 $7,674,793
              2003  6,905,471
              2004  5,060,667
              2005  3,839,367
              2006  2,498,409
              Thereafter  8,776,436
                
              Total $34,755,143
                

              20. Asset Impairment

              Year

               

              Amount

               

              2003

               

              $

              5,362,814

               

              2004

               

              4,727,298

               

              2005

               

              3,495,552

               

              2006

               

              2,416,862

               

              2007

               

              1,893,301

               

              Thereafter

               

              6,651,059

               

              Total

               

              $

              24,546,886

               

                      ForThe Company has entered into a retirement benefits agreement with its Chairman of the yearBoard of Trustees and deferred compensation agreements with two of its executive officers and its former Chief Executive Officer and current Vice Chairman of the Board of Trustees.  During the years ended December 31, 2002, 2001, and 2000, the Company recorded $60.0recognized compensation expense of $5.1 million, of asset impairment charges$3.7 million and $0.9 million, respectively, related to its Globe furniture rental business. These charges were the result of a review of the existing intangible and tangible assets reflectedthese agreements.  The projected commitment under these agreements based on the consolidated balance sheet as of September 30, 2001. The impairment loss is reflected on the statement of operations in total expenses and includes the write-down of the following assets: a) goodwill of approximately $26.0 million; b) rental furniture, net of approximately $28.6 million; c) property and equipment, net of approximately $4.5 million; and d) other assets of approximately $0.9 million.estimated retirement dates are:

              F-42

              F-38


              Year

               

              Amount

               

              2003

               

              $

               820,000

               

              2004

               

              1,353,000

               

              2005

               

              1,386,825

               

              2006

               

              1,421,496

               

              2007

               

              2,225,783

               

              Thereafter

               

              28,166,957

               

              Total

               

              $

              35,374,061

               

               

              22.                               Asset Impairment

              For the years ended December 31, 2002, 2001 and 2000, the Company recorded approximately $1.2 million, $11.8 million and $1.0 million, respectively, of asset impairment charges related to its technology investments. These charges were the result of a review of the existing investments reflected on the consolidated balance sheet.  The Company reviewed the current relative value of each investment based on existing economic conditions and current events. These impairment losses are reflected on the statementconsolidated statements of operations in total expenses and include the write-down of assets classified as other assets and investments in unconsolidated entities.

              For the year ended December 31, 2002, the Company recorded approximately $17.1 million of asset impairment charges related to ECH.  Following the guidance in SFAS No. 142, these charges were the result of the Company’s decision to reduce the carrying value of ECH to $30.0 million, given the continued weakness in the economy and management’s expectations for near-term performance, and were determined based upon a discounted cash flow analysis of the business.  This impairment loss is reflected on the consolidated statements of operations as impairment on corporate housing business and on the consolidated balance sheets as a reduction in goodwill, net.

              21.23.                               Reportable Segments

               

              Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by senior management.  Senior management decides how resources are allocated and assesses performance on a monthly basis.

               

              The Company'sCompany’s primary business is owning, managing, and operating multifamily residential properties, which includes the generation of rental and other related income through the leasing of apartment units to residents.residents and includes ECH.  Senior management evaluates the performance of each of our apartment communities on an individual basis, however, each of our apartment communities has similar economic characteristics, residents, and products and services so they have been aggregated into one reportable segment.  The Company'sCompany’s rental real estate segment comprises approximately 95.6%98.8%, 96.3%98.1% and 98.2%97.8% of total revenues for the years ended December 31, 2002, 2001 2000 and 1999,2000, respectively.  The Company'sCompany’s rental real estate segment comprises approximately 99.8%99.7% and 98.7%99.4% of total assets at December 31, 20012002 and 2000,2001, respectively.

               

              The primary financial measure for the Company'sCompany’s rental real estate segment is net operating income ("NOI"(“NOI”), which represents rental income less: 1) property and maintenance expense; 2) real estate taxes and insurance expense; and 3) property management expense (all as reflected in the accompanying statements of operations).  Current year NOI is compared to prior year NOI and current year budgeted NOI as a measure of financial performance.  NOI from our rental real estate totaled approximately $1.3 billion, $1.2 billion and $1.1 billion$1.2billion for each of the three years ended December 31, 2002, 2001 2000 and 1999, respectively.2000.

               

              During the acquisition, development and/or disposition of real estate, the Company considers its NOI return on total capitalized costs isinvestment as the primary measure of financial performance (capitalization rate) the Company considers.performance.

               

              F-39


              The Company'sCompany’s fee and asset management activity and furniture rental/sales activities areis immaterial and dodoes not meet the threshold requirements of a reportable segment as provided for in SFAS No. 131.

              All revenues are from external customers and there is no customer who contributed 10% or more of the Company’s total revenues during the three years ended December 31, 2002, 2001 or 2000.

              22.24.                               Subsequent EventsEvents/Other

               

              During the year ended December 31, 2002, the Company entered into an agreement with the U.S. Army with an initial cash investment of $10.0 million and assumed management of 3,652 multifamily units at Fort Lewis, Washington.

              Subsequent to December 31, 20012002 and through February 5, 2002,3, 2003, the Company:

                •

                disposed of four Properties                  acquired one property consisting of 466226 units for approximately $15.5$41.0 million;

                •

                disposed of its furniture rental businessfive properties consisting of 1,011 units for approximately $30.0$57.4 million;

                •

                                  refinanced the mortgage debt on eleven Partially Owned Properties and received additional cash proceeds of approximately $2.4 million; and

                •repaid $1.9$44.9 million of mortgage debt at/or prior to maturity on two Properties; and

                •
                repaid $100.0 million of 9.375% fixed rate public notes at maturity.

              23.25.                               Quarterly Financial Data (Unaudited)

               

              The following unaudited quarterly data has been prepared on the basis of a December 31 year-end.  All per share and weighted average Common SharesShare outstanding amounts have been restated as a result of the Company'sCompany’s two-for-one split of its Common Shares.  All amounts have also been restated in accordance with the discontinued operations provisions of SFAS No 144.  Amounts are in thousands, except for per share amounts.

              F-43

              2002

               

              First
              Quarter
              3/31

               

              Second
              Quarter
              6/30

               

              Third
              Quarter
              9/30

               

              Fourth
              Quarter
              12/31

               

              Total revenues

               

              $

              498,838

               

              $

              502,732

               

              $

              499,575

               

              $

              492,908

               

               

               

               

               

               

               

               

               

               

               

              Net gain on sales of discontinued operations

               

              $

              2,816

               

              $

              25,630

               

              $

              32,763

               

              $

              43,087

               

               

               

               

               

               

               

               

               

               

               

              Discontinued operations, net

               

              $

              6,853

               

              $

              5,049

               

              $

              2,823

               

              $

              1,552

               

               

               

               

               

               

               

               

               

               

               

              Income before extraordinary items and cumulative effect of change in accounting principle

               

              $

              100,975

               

              $

              113,668

               

              $

              88,661

               

              $

              118,801

               

               

               

               

               

               

               

               

               

               

               

              Net income

               

              $

              100,878

               

              $

              113,297

               

              $

              88,661

               

              $

              118,477

               

               

               

               

               

               

               

               

               

               

               

              Net income available to Common Shares

               

              $

              76,353

               

              $

              89,041

               

              $

              64,473

               

              $

              94,295

               

               

               

               

               

               

               

               

               

               

               

              Net income per share – basic

               

              $

              0.28

               

              $

              0.33

               

              $

              0.24

               

              $

              0.35

               

               

               

               

               

               

               

               

               

               

               

              Net income per share – diluted

               

              $

              0.28

               

              $

              0.32

               

              $

              0.23

               

              $

              0.35

               

               

               

               

               

               

               

               

               

               

               

              Weighted average Common Shares Outstanding – basic

               

              271,094

               

              273,146

               

              273,943

               

              269,706

               

              F-40


              2001

               

              First
              Quarter
              3/31

               

              Second
              Quarter
               6/30

               

              Third
              Quarter
              9/30

               

              Fourth
              Quarter
              12/31

               

              Total revenues

               

              $

              504,720

               

              $

              510,659

               

              $

              518,627

               

              $

              505,743

               

               

               

               

               

               

               

               

               

               

               

              Net gain on sales of discontinued operations

               

              $

              41,778

               

              $

              4,448

               

              $

              53,567

               

              $

              49,113

               

               

               

               

               

               

               

               

               

               

               

              Discontinued operations, net

               

              $

              6,472

               

              $

              5,855

               

              $

              (53,781

              )

              $

              4,758

               

               

               

               

               

               

               

               

               

               

               

              Income before extraordinary items and cumulative effect of change in accounting principle

               

              $

              136,239

               

              $

              103,136

               

              $

              93,979

               

              $

              141,057

               

               

               

               

               

               

               

               

               

               

               

              Net income

               

              $

              135,280

               

              $

              102,931

               

              $

              93,851

               

              $

              141,523

               

               

               

               

               

               

               

               

               

               

               

              Net income available to Common Shares

               

              $

              106,754

               

              $

              74,038

               

              $

              69,511

               

              $

              117,163

               

               

               

               

               

               

               

               

               

               

               

              Net income per share – basic

               

              $

              0.40

               

              $

              0.28

               

              $

              0.26

               

              $

              0.43

               

               

               

               

               

               

               

               

               

               

               

              Net income per share – diluted

               

              $

              0.40

               

              $

              0.27

               

              $

              0.26

               

              $

              0.43

               

               

               

               

               

               

               

               

               

               

               

              Weighted average Common Shares Outstanding – basic

               

              265,198

               

              266,357

               

              268,253

               

              269,529

               

              F-41


              2001
              		 First Quarter
              3/31
              		 Second Quarter
              6/30
              		 Third Quarter
              9/30
              		 Fourth Quarter
              12/31
              Total revenues ** $538,251 $544,861 $552,961 $538,342
                
              		 
              		 
              		 
              Income before extraordinary items and cumulative effect of change in accounting principle $136,239 $103,136 $93,979 $141,057
                
              		 
              		 
              		 
              Net income $135,280 $102,931 $93,851 $141,523
                
              		 
              		 
              		 
              Net income available to Common Shares $106,754 $74,038 $69,511 $117,163
                
              		 
              		 
              		 
              Net income per share—basic $0.40 $0.28 $0.26 $0.43
                
              		 
              		 
              		 
              Net income per share—diluted $0.40 $0.27 $0.26 $0.43
                
              		 
              		 
              		 
              Weighted average Common Shares Outstanding—basic  265,198  266,358  268,253  269,529
                
              		 
              		 
              		 
              2000
              		 First Quarter
              3/31
              		 Second Quarter
              6/30
              		 Third Quarter
              9/30
              		 Fourth Quarter
              12/31
              Total revenues ** $481,853 $488,806 $532,394 $529,596
                
              		 
              		 
              		 
              Income before extraordinary items and cumulative effect of change in accounting principle* $101,139 $152,659 $169,316 $131,929
                
              		 
              		 
              		 
              Net income* $101,139 $152,659 $169,316 $126,337
                
              		 
              		 
              		 
              Net income available to Common Shares * $72,751 $125,393 $141,373 $97,993
                
              		 
              		 
              		 
              Net income per share—basic * $0.28 $0.49 $0.54 $0.37
                
              		 
              		 
              		 
              Net income per share—diluted * $0.28 $0.48 $0.53 $0.37
                
              		 
              		 
              		 
              Weighted average Common Shares Outstanding—basic  255,597  258,144  262,825  262,644
                
              		 
              		 
              		 
              *
              For the quarter ended September 30, 2000, Income before extraordinary items and cumulative effect of change in accounting principle, Net income, Net income available to Common Shares, Net income per share—basic, and Net income per share—diluted have been adjusted to reflect the correction of the amounts previously reported on the Company's quarterly report on Form 10-Q for the quarter ended September 30, 2000 related to the gain on disposition of properties, net. The amounts for Income before extraordinary items and cumulative effect of change in accounting principle, Net income, Net income available to Common Shares, Net income per share—basic, and Net income per share—diluted for the quarter ended September 30, 2000 have been reduced by $36,659, $36,659, $36,659, $0.135, and $0.135, respectively.

              **
              Includes income from investments in unconsolidated entities.

              F-44

              EQUITY RESIDENTIAL PROPERTIES TRUST

              Schedule III —- Real Estate and Accumulated Depreciation

              December 31, 20012002

              Description

               

               

               

              Initial Cost to
              Company

               

              Cost Capitalized
              Subsequent to
              Acquisition
              (Improvements, net)(E)

               

              Apartment Name

               

              Location

               

              Encumbrances

               

              Land

               

              Building &
              Fixtures

               

              Land

               

              Building &
              Fixtures

               

              2300 Elliott

               

              Seattle, WA

               

              $

               —

               

              $

               796,800.00

               

              $

               7,173,725.29

               

              $

               —

               

              $

               4,250,487.67

               

              2900 on First

               

              Seattle, WA(G)

               

              —

               

              1,177,700.00

               

              10,600,359.93

               

              —

               

              2,613,785.47

               

              740 River Drive

               

              St. Paul, MN

               

              6,086,347.60

               

              1,626,700.00

               

              11,234,942.51

               

              —

               

              2,076,829.64

               

              929 House

               

              Cambridge, MA(G)

               

              4,782,524.96

               

              3,252,993.36

               

              21,745,594.74

               

              —

               

              802,719.01

               

              Abington Glen

               

              Abington, MA

               

              —

               

              553,105.38

               

              3,697,396.23

               

              —

               

              153,221.08

               

              Acacia Creek

               

              Scottsdale, AZ

               

               

              (Q)

              6,121,856.00

               

              35,380,171.95

               

              —

               

              1,338,852.05

               

              Acadia Court

               

              Bloomington, IN

               

              1,998,470.48

               

              257,483.69

               

              2,268,652.90

               

              —

               

              335,302.16

               

              Acadia Court II

               

              Bloomington, IN

               

              —

               

              253,635.67

               

              2,234,631.66

               

              —

               

              198,754.43

               

              Adams Farm

               

              Greensboro, NC

               

              —

               

              2,350,000.00

               

              30,073,196.71

               

              —

               

              825,958.25

               

              Adelaide Park

               

              Norcross, GA

               

              —

               

              2,546,500.00

               

              11,009,665.73

               

              —

               

              1,071,825.44

               

              Alborada

               

              Fremont, CA

               

              —

               

              24,310,000.00

               

              59,214,128.76

               

              —

               

              386,802.08

               

              Altamonte

               

              San Antonio, TX

               

               

              (M)

              1,665,070.00

               

              14,986,473.86

               

              —

               

              1,693,189.16

               

              Ambergate (FL)

               

              W. Palm Beach, FL

               

              —

               

              730,000.00

               

              1,687,743.10

               

              —

               

              129,334.69

               

              Amberidge

               

              Roseville, MI

               

              —

               

              130,844.19

               

              1,152,879.92

               

              —

               

              116,827.32

               

              Amberton

               

              Manassas, VA

               

              10,705,000.00

               

              900,600.00

               

              9,072,491.96

               

              —

               

              936,439.67

               

              Amberwood (OH)

               

              Massillon, OH

               

              859,244.95

               

              126,226.92

               

              1,112,288.75

               

              —

               

              163,667.78

               

              Amberwood I (FL)

               

              Lake City, FL

               

              —

               

              101,744.04

               

              896,376.92

               

              —

               

              44,297.95

               

              Amesbury I

               

              Reynoldsbury, OH

               

              1,194,940.00

               

              143,039.49

               

              1,260,232.82

               

              —

               

              183,660.58

               

              Amesbury II

               

              Reynoldsbury, OH

               

              —

               

              180,588.07

               

              1,591,228.65

               

              —

               

              146,873.46

               

              Amhurst (Tol)

               

              Toledo, OH

               

              —

               

              161,853.71

               

              1,426,107.57

               

              —

               

              61,379.53

               

              Amhurst I (OH)

               

              Dayton, OH

               

              —

               

              152,573.92

               

              1,344,352.53

               

              —

               

              207,107.06

               

              Amhurst II (OH)

               

              Dayton, OH

               

              —

               

              159,416.42

               

              1,404,632.41

               

              —

               

              129,643.14

               

              Andover Court

               

              Mt. Vernon, OH

               

              —

               

              123,874.81

               

              1,091,272.11

               

              —

               

              176,925.52

               

              Annhurst (IN)

               

              Indianapolis, IN

               

              1,223,953.17

               

              189,235.25

               

              1,667,468.73

               

              —

               

              173,749.91

               

              Annhurst (MD) (REIT)

               

              Belcamp, MD

               

              1,272,107.07

               

              232,575.00

               

              2,093,165.14

               

              —

               

              57,534.23

               

              Annhurst (PA)

               

              Clairton, PA

               

              —

               

              307,952.45

               

              2,713,396.72

               

              —

               

              243,347.15

               

              Annhurst II (OH)

               

              Gahanna, OH

               

              —

               

              116,738.63

               

              1,028,594.58

               

              —

               

              177,105.63

               

              Annhurst III (OH)

               

              Gahanna, OH

               

              —

               

              134,788.03

               

              1,187,629.47

               

              —

               

              120,624.45

               

              Apple Ridge I

               

              Circleville, OH

               

              1,008,377.00

               

              139,299.72

               

              1,227,582.35

               

              —

               

              88,331.83

               

              Apple Ridge III

               

              Circleville, OH

               

              —

               

              72,585.34

               

              639,355.94

               

              —

               

              42,922.53

               

              Applegate (Col)

               

              Columbus, IN

               

              —

               

              171,829.10

               

              1,514,001.64

               

              —

               

              84,541.06

               

              Applegate I (IN)

               

              Muncie, IN

               

              890,746.58

               

              138,505.63

               

              1,220,385.53

               

              —

               

              147,750.12

               

              Applegate II (IN)

               

              Muncie, IN

               

              1,202,296.00

               

              180,016.68

               

              1,586,143.14

               

              —

               

              108,887.98

               

              Applewood I

               

              Deland, FL

               

              2,094,714.04

               

              235,230.48

               

              2,072,993.86

               

              —

               

              344,077.49

               

              Aragon Woods

               

              Indianapolis, IN

               

              1,045,311.20

               

              157,790.97

               

              1,390,010.45

               

              —

               

              78,880.93

               

              Arbor Glen

               

              Ypsilanti, MI

               

              6,728,128.28

               

              1,096,064.41

               

              9,887,635.23

               

              —

               

              1,014,089.98

               

              Arbor Terrace

               

              Sunnyvale, CA

               

               

              (R)

              9,057,300.00

               

              18,483,641.96

               

              —

               

              581,361.73

               

              Arboretum (GA)

               

              Atlanta, GA

               

              —

               

              4,682,300.00

               

              15,913,018.18

               

              —

               

              1,069,438.67

               

              Arboretum (MA)

               

              Canton, MA

               

               

              (M)

              4,685,900.00

               

              10,992,750.95

               

              —

               

              471,639.42

               

              Arbors at Century Center

               

              Memphis, TN

               

              —

               

              2,521,700.00

               

              15,236,996.38

               

              —

               

              1,029,202.11

               

              Arbors of Brentwood

               

              Nashville, TN

               

               

              (K)

              404,670.00

               

              13,536,366.74

               

              —

               

              2,008,645.13

               

              Arbors of Hickory Hollow

               

              Antioch, TN

               

               

              (K)

              202,985.00

               

              6,937,208.87

               

              —

               

              2,482,906.83

               

              Arbors of Las Colinas

               

              Irving, TX

               

              —

               

              1,663,900.00

               

              14,977,079.82

               

              —

               

              2,157,307.09

               

              Ashford Hill

               

              Reynoldsbury, OH

               

              1,355,118.97

               

              184,985.30

               

              1,630,021.10

               

              —

               

              244,740.57

               

              Ashgrove (IN)

               

              Indianapolis, IN

               

              —

               

              172,923.97

               

              1,523,548.66

               

              —

               

              74,875.12

               

              Ashgrove (KY)

               

              Louisville, KY

               

              —

               

              171,815.79

               

              1,514,034.38

               

              —

               

              144,030.23

               

              Ashgrove (OH)

               

              Franklin, OH

               

              1,213,725.61

               

              157,534.56

               

              1,387,687.13

               

              —

               

              175,625.40

               

              Ashgrove I (MI)

               

              Sterling Hts, MI

               

              3,136,409.61

               

              403,579.77

               

              3,555,987.60

               

              —

               

              202,314.31

               

              Ashgrove II (MI)

               

              Sterling Hts, MI

               

              2,211,948.03

               

              311,912.27

               

              2,748,287.00

               

              —

               

              109,006.65

               

              Ashton, The

               

              Corona Hills, CA

               

              —

               

              2,594,264.00

               

              33,042,397.56

               

              —

               

              1,418,152.00

               

              Aspen Crossing

               

              Silver Spring, MD

               

              —

               

              2,880,000.00

               

              8,551,377.19

               

              —

               

              632,503.62

               

              Astorwood (REIT)

               

              Stuart, FL

               

              1,583,878.86

               

              233,150.00

               

              2,098,338.21

               

              —

               

              235,673.84

               

              Audubon Village

               

              Tampa, FL

               

              —

               

              3,576,000.00

               

              26,121,908.57

               

              —

               

              750,320.60

               

              Autumn Cove

               

              Lithonia, GA

               

              —

               

              187,220.29

               

              1,649,514.80

               

              —

               

              79,520.37

               

              Autumn Creek

               

              Cordova, TN

               

              —

               

              1,681,900.00

               

              9,345,281.88

               

              —

               

              601,243.79

               

              Auvers Village

               

              Orlando, FL

               

              —

               

              3,840,000.00

               

              29,322,242.96

               

              —

               

              1,371,526.52

               

              Avon Place

               

              Avon,CT

               

               

              (P)

              1,788,943.42

               

              12,323,920.09

               

              —

               

              123,271.38

               

              Balcones Club

               

              Austin, TX

               

              —

               

              2,185,500.00

               

              10,119,231.65

               

              —

               

              1,209,702.60

               

              Barrington

               

              Clarkston, GA

               

              980,947.84

               

              144,459.10

               

              1,272,842.11

               

              —

               

              110,240.83

               

              Bay Ridge

               

              San Pedro, CA

               

              —

               

              2,401,300.00

               

              2,176,963.16

               

              —

               

              256,863.18

               

              Bayside

               

              Sebring, FL

               

              —

               

              73,462.83

               

              647,287.62

               

              —

               

              149,457.54

               

              Bayside at the Islands

               

              Gilbert, AZ

               

              —

               

              3,306,484.00

               

              15,573,006.00

               

              —

               

              909,776.61

               

              Beach Club

               

              Fort Myers, FL

               

              —

               

              2,080,000.00

               

              14,800,928.05

               

              —

               

              1,028,838.68

               

              Bear Canyon

               

              Tucson, AZ

               

              —

               

              1,660,608.00

               

              11,228,523.59

               

              —

               

              302,495.32

               

              Beckford Place (IN)

               

              New Castle, IN

               

              689,417.41

               

              99,045.91

               

              872,702.38

               

              —

               

              98,247.34

               

              Beckford Place (Pla)

               

              The Plains, OH

               

              —

               

              161,160.76

               

              1,420,001.96

               

              —

               

              90,659.41

               

              Beckford Place I (OH)

               

              N Canton, OH

               

              —

               

              168,425.60

               

              1,484,248.06

               

              —

               

              143,441.68

               

              Beckford Place II (OH)

               

              N Canton, OH

               

              —

               

              172,134.32

               

              1,516,690.93

               

              —

               

              64,764.99

               

              Bel Aire I

               

              Miami, FL

               

              —

               

              188,342.67

               

              1,658,995.16

               

              —

               

              192,869.86

               

              Bel Aire II

               

              Miami, FL

               

              —

               

              136,416.15

               

              1,201,075.48

               

              —

               

              155,596.17

               

              Bell Road I & II

               

              Nashville, TN

               

              —

               

              3,100,000.00

               

              1,120,214.13

               

              —

               

              —

               

              Bellevue Meadows

               

              Bellevue, WA

               

              —

               

              4,507,100.00

               

              12,574,814.34

               

              —

               

              434,767.25

               

              Belmont Crossing

               

              Riverdale, GA

               

              —

               

              1,580,000.00

               

              18,449,044.76

               

              —

               

              545,924.64

               

              Belmont Landing

               

              Riverdale, GA

               

              —

               

              2,120,000.00

               

              21,651,256.11

               

              —

               

              594,724.62

               

              Beneva Place

               

              Sarasota, FL

               

              8,700,000.00

               

              1,344,000.00

               

              9,665,446.61

               

              —

               

              327,464.55

               

              Bermuda Cove

               

              Jacksonville, FL

               

              —

               

              1,503,000.00

               

              19,561,895.89

               

              —

               

              762,247.76

               

              Berry Pines

               

              Milton, FL

               

              —

               

              154,085.80

               

              1,299,938.75

               

              —

               

              275,620.86

               

              Bishop Park

               

              Winter Park, FL

               

              —

               

              2,592,000.00

               

              17,990,435.90

               

              —

               

              1,638,320.09

               

              Blue Swan

               

              San Antonio, TX

               

              —

               

              1,425,500.00

               

              7,591,291.62

               

              —

               

              772,844.37

               

              Blueberry Hill I

               

              Leesburg, FL

               

              —

               

              140,369.75

               

              1,236,710.45

               

              —

               

              95,471.32

               

              Boulder Creek

               

              Wilsonville, OR

               

               

              (S)

              3,554,400.00

               

              11,481,773.38

               

              —

               

              991,702.22

               

              Bourbon Square

               

              Palatine, IL

               

              25,334,401.70

               

              3,899,744.12

               

              35,113,275.78

               

              —

               

              6,579,238.65

               

              Bradford Apartments

               

              Newington, CT

               

               

              (P)

              401,090.83

               

              2,681,210.11

               

              —

               

              73,778.55

               

              Bramblewood

               

              San Jose, CA

               

              —

               

              5,190,700.00

               

              9,659,184.34

               

              —

               

              304,966.87

               

              Description

               

              Gross Amount Carried
              at Close of
              Period 12/31/02

               

              Total(B)

               

              Accumulated
              Depreciation

               

              Date of
              Construction

               

              Life Used to
              Compute
              Depreciation
              in Latest
              Income
              Statement(C)

               

              Apartment Name

               

              Location

              Land

               

              Building &
              Fixtures(A)

              2300 Elliott

               

              Seattle, WA

               

              $

              796,800.00

               

              $

              11,424,212.96

               

              $

              12,221,012.96

               

              $

              (3,199,765.22

              )

              1992

               

              30 Years

               

              2900 on First

               

              Seattle, WA(G)

               

              1,177,700.00

               

              13,214,145.40

               

              14,391,845.40

               

              (3,471,548.06

              )

              1989-91

               

              30 Years

               

              740 River Drive

               

              St. Paul, MN

               

              1,626,700.00

               

              13,311,772.15

              ��

              14,938,472.15

               

              (2,873,694.40

              )

              1962

               

              30 Years

               

              929 House

               

              Cambridge, MA(G)

               

              3,252,993.36

               

              22,548,313.75

               

              25,801,307.11

               

              (1,721,820.85

              )

              1975

               

              30 Years

               

              Abington Glen

               

              Abington, MA

               

              553,105.38

               

              3,850,617.31

               

              4,403,722.69

               

              (327,502.79

              )

              1968

               

              30 Years

               

              Acacia Creek

               

              Scottsdale, AZ

               

              6,121,856.00

               

              36,719,024.00

               

              42,840,880.00

               

              (7,155,514.61

              )

              1988-1994

               

              30 Years

               

              Acadia Court

               

              Bloomington, IN

               

              257,483.69

               

              2,603,955.06

               

              2,861,438.75

               

              (358,772.94

              )

              1985

               

              30 Years

               

              Acadia Court II

               

              Bloomington, IN

               

              253,635.67

               

              2,433,386.09

               

              2,687,021.76

               

              (319,030.26

              )

              1986

               

              30 Years

               

              Adams Farm

               

              Greensboro, NC

               

              2,350,000.00

               

              30,899,154.96

               

              33,249,154.96

               

              (4,864,753.24

              )

              1987

               

              30 Years

               

              Adelaide Park

               

              Norcross, GA

               

              2,546,500.00

               

              12,081,491.17

               

              14,627,991.17

               

              (2,221,685.67

              )

              1972/1976

               

              30 Years

               

              Alborada

               

              Fremont, CA

               

              24,310,000.00

               

              59,600,930.84

               

              83,910,930.84

               

              (5,684,192.88

              )

              1999

               

              30 Years

               

              Altamonte

               

              San Antonio, TX

               

              1,665,070.00

               

              16,679,663.02

               

              18,344,733.02

               

              (5,414,752.68

              )

              1985

               

              30 Years

               

              Ambergate (FL)

               

              W. Palm Beach, FL

               

              730,000.00

               

              1,817,077.79

               

              2,547,077.79

               

              (177,298.63

              )

              1987

               

              30 Years

               

              Amberidge

               

              Roseville, MI

               

              130,844.19

               

              1,269,707.24

               

              1,400,551.43

               

              (158,488.59

              )

              1985

               

              30 Years

               

              Amberton

               

              Manassas, VA

               

              900,600.00

               

              10,008,931.63

               

              10,909,531.63

               

              (2,939,722.97

              )

              1986

               

              30 Years

               

              Amberwood (OH)

               

              Massillon, OH

               

              126,226.92

               

              1,275,956.53

               

              1,402,183.45

               

              (171,479.13

              )

              1987

               

              30 Years

               

              Amberwood I (FL)

               

              Lake City, FL

               

              101,744.04

               

              940,674.87

               

              1,042,418.91

               

              (122,560.90

              )

              1981

               

              30 Years

               

              Amesbury I

               

              Reynoldsbury, OH

               

              143,039.49

               

              1,443,893.40

               

              1,586,932.89

               

              (188,426.32

              )

              1986

               

              30 Years

               

              Amesbury II

               

              Reynoldsbury, OH

               

              180,588.07

               

              1,738,102.11

               

              1,918,690.18

               

              (223,079.02

              )

              1987

               

              30 Years

               

              Amhurst (Tol)

               

              Toledo, OH

               

              161,853.71

               

              1,487,487.10

               

              1,649,340.81

               

              (184,370.40

              )

              1983

               

              30 Years

               

              Amhurst I (OH)

               

              Dayton, OH

               

              152,573.92

               

              1,551,459.59

               

              1,704,033.51

               

              (224,696.30

              )

              1979

               

              30 Years

               

              Amhurst II (OH)

               

              Dayton, OH

               

              159,416.42

               

              1,534,275.55

               

              1,693,691.97

               

              (202,019.27

              )

              1981

               

              30 Years

               

              Andover Court

               

              Mt. Vernon, OH

               

              123,874.81

               

              1,268,197.63

               

              1,392,072.44

               

              (174,983.57

              )

              1982

               

              30 Years

               

              Annhurst (IN)

               

              Indianapolis, IN

               

              189,235.25

               

              1,841,218.64

               

              2,030,453.89

               

              (261,283.77

              )

              1985

               

              30 Years

               

              Annhurst (MD) (REIT)

               

              Belcamp, MD

               

              232,575.00

               

              2,150,699.37

               

              2,383,274.37

               

              (157,668.40

              )

              1984

               

              30 Years

               

              Annhurst (PA)

               

              Clairton, PA

               

              307,952.45

               

              2,956,743.87

               

              3,264,696.32

               

              (380,991.41

              )

              1984

               

              30 Years

               

              Annhurst II (OH)

               

              Gahanna, OH

               

              116,738.63

               

              1,205,700.21

               

              1,322,438.84

               

              (169,484.96

              )

              1986

               

              30 Years

               

              Annhurst III (OH)

               

              Gahanna, OH

               

              134,788.03

               

              1,308,253.92

               

              1,443,041.95

               

              (163,402.70

              )

              1988

               

              30 Years

               

              Apple Ridge I

               

              Circleville, OH

               

              139,299.72

               

              1,315,914.18

               

              1,455,213.90

               

              (172,950.52

              )

              1987

               

              30 Years

               

              Apple Ridge III

               

              Circleville, OH

               

              72,585.34

               

              682,278.47

               

              754,863.81

               

              (85,210.56

              )

              1982

               

              30 Years

               

              Applegate (Col)

               

              Columbus, IN

               

              171,829.10

               

              1,598,542.70

               

              1,770,371.80

               

              (205,551.29

              )

              1982

               

              30 Years

               

              Applegate I (IN)

               

              Muncie, IN

               

              138,505.63

               

              1,368,135.65

               

              1,506,641.28

               

              (179,500.68

              )

              1984

               

              30 Years

               

              Applegate II (IN)

               

              Muncie, IN

               

              180,016.68

               

              1,695,031.12

               

              1,875,047.80

               

              (222,384.04

              )

              1987

               

              30 Years

               

              Applewood I

               

              Deland, FL

               

              235,230.48

               

              2,417,071.35

               

              2,652,301.83

               

              (389,896.19

              )

              1982

               

              30 Years

               

              Aragon Woods

               

              Indianapolis, IN

               

              157,790.97

               

              1,468,891.38

               

              1,626,682.35

               

              (194,594.61

              )

              1986

               

              30 Years

               

              Arbor Glen

               

              Ypsilanti, MI

               

              1,096,064.41

               

              10,901,725.21

               

              11,997,789.62

               

              (2,205,769.84

              )

              1990

               

              30 Years

               

              Arbor Terrace

               

              Sunnyvale, CA

               

              9,057,300.00

               

              19,065,003.69

               

              28,122,303.69

               

              (3,092,973.51

              )

              1979

               

              30 Years

               

              Arboretum (GA)

               

              Atlanta, GA

               

              4,682,300.00

               

              16,982,456.85

               

              21,664,756.85

               

              (3,467,640.20

              )

              1970

               

              30 Years

               

              Arboretum (MA)

               

              Canton, MA

               

              4,685,900.00

               

              11,464,390.37

               

              16,150,290.37

               

              (1,962,091.43

              )

              1989

               

              30 Years

               

              Arbors at Century Center

               

              Memphis, TN

               

              2,521,700.00

               

              16,266,198.49

               

              18,787,898.49

               

              (2,936,369.05

              )

              1988/1990

               

              30 Years

               

              Arbors of Brentwood

               

              Nashville, TN

               

              404,670.00

               

              15,545,011.87

               

              15,949,681.87

               

              (5,379,764.98

              )

              1986

               

              30 Years

               

              Arbors of Hickory Hollow

               

              Antioch, TN

               

              202,985.00

               

              9,420,115.70

               

              9,623,100.70

               

              (3,942,993.17

              )

              1986

               

              30 Years

               

              Arbors of Las Colinas

               

              Irving, TX

               

              1,663,900.00

               

              17,134,386.91

               

              18,798,286.91

               

              (6,048,698.78

              )

              1984/85

               

              30 Years

               

              Ashford Hill

               

              Reynoldsbury, OH

               

              184,985.30

               

              1,874,761.67

               

              2,059,746.97

               

              (254,218.27

              )

              1986

               

              30 Years

               

              Ashgrove (IN)

               

              Indianapolis, IN

               

              172,923.97

               

              1,598,423.78

               

              1,771,347.75

               

              (200,537.94

              )

              1983

               

              30 Years

               

              Ashgrove (KY)

               

              Louisville, KY

               

              171,815.79

               

              1,658,064.61

               

              1,829,880.40

               

              (203,183.59

              )

              1984

               

              30 Years

               

              Ashgrove (OH)

               

              Franklin, OH

               

              157,534.56

               

              1,563,312.53

               

              1,720,847.09

               

              (202,061.81

              )

              1983

               

              30 Years

               

              Ashgrove I (MI)

               

              Sterling Hts, MI

               

              403,579.77

               

              3,758,301.91

               

              4,161,881.68

               

              (470,052.98

              )

              1985

               

              30 Years

               

              Ashgrove II (MI)

               

              Sterling Hts, MI

               

              311,912.27

               

              2,857,293.65

               

              3,169,205.92

               

              (346,912.07

              )

              1987

               

              30 Years

               

              Ashton, The

               

              Corona Hills, CA

               

              2,594,264.00

               

              34,460,549.56

               

              37,054,813.56

               

              (6,494,487.39

              )

              1986

               

              30 Years

               

              Aspen Crossing

               

              Silver Spring, MD

               

              2,880,000.00

               

              9,183,880.81

               

              12,063,880.81

               

              (1,471,940.01

              )

              1979

               

              30 Years

               

              Astorwood (REIT)

               

              Stuart, FL

               

              233,150.00

               

              2,334,012.05

               

              2,567,162.05

               

              (167,248.89

              )

              1983

               

              30 Years

               

              Audubon Village

               

              Tampa, FL

               

              3,576,000.00

               

              26,872,229.17

               

              30,448,229.17

               

              (4,338,974.79

              )

              1990

               

              30 Years

               

              Autumn Cove

               

              Lithonia, GA

               

              187,220.29

               

              1,729,035.17

               

              1,916,255.46

               

              (210,969.49

              )

              1985

               

              30 Years

               

              Autumn Creek

               

              Cordova, TN

               

              1,681,900.00

               

              9,946,525.67

               

              11,628,425.67

               

              (2,056,589.27

              )

              1991

               

              30 Years

               

              Auvers Village

               

              Orlando, FL

               

              3,840,000.00

               

              30,693,769.48

               

              34,533,769.48

               

              (4,832,635.72

              )

              1991

               

              30 Years

               

              Avon Place

               

              Avon,CT

               

              1,788,943.42

               

              12,447,191.47

               

              14,236,134.89

               

              (963,897.75

              )

              1973

               

              30 Years

               

              Balcones Club

               

              Austin, TX

               

              2,185,500.00

               

              11,328,934.25

               

              13,514,434.25

               

              (2,402,690.33

              )

              1984

               

              30 Years

               

              Barrington

               

              Clarkston, GA

               

              144,459.10

               

              1,383,082.94

               

              1,527,542.04

               

              (179,325.23

              )

              1984

               

              30 Years

               

              Bay Ridge

               

              San Pedro, CA

               

              2,401,300.00

               

              2,433,826.34

               

              4,835,126.34

               

              (536,036.90

              )

              1987

               

              30 Years

               

              Bayside

               

              Sebring, FL

               

              73,462.83

               

              796,745.16

               

              870,207.99

               

              (132,119.27

              )

              1982

               

              30 Years

               

              Bayside at the Islands

               

              Gilbert, AZ

               

              3,306,484.00

               

              16,482,782.61

               

              19,789,266.61

               

              (3,211,217.52

              )

              1989

               

              30 Years

               

              Beach Club

               

              Fort Myers, FL

               

              2,080,000.00

               

              15,829,766.73

               

              17,909,766.73

               

              (2,660,542.34

              )

              1990

               

              30 Years

               

              Bear Canyon

               

              Tucson, AZ

               

              1,660,608.00

               

              11,531,018.91

               

              13,191,626.91

               

              (2,198,022.36

              )

              1996

               

              30 Years

               

              Beckford Place (IN)

               

              New Castle, IN

               

              99,045.91

               

              970,949.72

               

              1,069,995.63

               

              (123,373.22

              )

              1984

               

              30 Years

               

              Beckford Place (Pla)

               

              The Plains, OH

               

              161,160.76

               

              1,510,661.37

               

              1,671,822.13

               

              (189,910.88

              )

              1982

               

              30 Years

               

              Beckford Place I (OH)

               

              N Canton, OH

               

              168,425.60

               

              1,627,689.74

               

              1,796,115.34

               

              (205,823.60

              )

              1983

               

              30 Years

               

              Beckford Place II (OH)

               

              N Canton, OH

               

              172,134.32

               

              1,581,455.92

               

              1,753,590.24

               

              (194,254.48

              )

              1985

               

              30 Years

               

              Bel Aire I

               

              Miami, FL

               

              188,342.67

               

              1,851,865.02

               

              2,040,207.69

               

              (225,502.86

              )

              1985

               

              30 Years

               

              Bel Aire II

               

              Miami, FL

               

              136,416.15

               

              1,356,671.65

               

              1,493,087.80

               

              (162,878.98

              )

              1986

               

              30 Years

               

              Bell Road I & II

               

              Nashville, TN

               

              3,100,000.00

               

              1,120,214.13

               

              4,220,214.13

               

              —

               

              (F)

               

              30 Years

               

              Bellevue Meadows

               

              Bellevue, WA

               

              4,507,100.00

               

              13,009,581.59

               

              17,516,681.59

               

              (2,155,631.12

              )

              1983

               

              30 Years

               

              Belmont Crossing

               

              Riverdale, GA

               

              1,580,000.00

               

              18,994,969.40

               

              20,574,969.40

               

              (2,971,754.33

              )

              1988

               

              30 Years

               

              Belmont Landing

               

              Riverdale, GA

               

              2,120,000.00

               

              22,245,980.73

               

              24,365,980.73

               

              (3,530,319.43

              )

              1988

               

              30 Years

               

              Beneva Place

               

              Sarasota, FL

               

              1,344,000.00

               

              9,992,911.16

               

              11,336,911.16

               

              (1,621,632.19

              )

              1986

               

              30 Years

               

              Bermuda Cove

               

              Jacksonville, FL

               

              1,503,000.00

               

              20,324,143.65

               

              21,827,143.65

               

              (3,217,912.43

              )

              1989

               

              30 Years

               

              Berry Pines

               

              Milton, FL

               

              154,085.80

               

              1,575,559.61

               

              1,729,645.41

               

              (229,261.27

              )

              1985

               

              30 Years

               

              Bishop Park

               

              Winter Park, FL

               

              2,592,000.00

               

              19,628,755.99

               

              22,220,755.99

               

              (3,318,641.00

              )

              1991

               

              30 Years

               

              Blue Swan

               

              San Antonio, TX

               

              1,425,500.00

               

              8,364,135.99

               

              9,789,635.99

               

              (1,883,558.34

              )

              1985-1994

               

              30 Years

               

              Blueberry Hill I

               

              Leesburg, FL

               

              140,369.75

               

              1,332,181.77

               

              1,472,551.52

               

              (181,436.46

              )

              1986

               

              30 Years

               

              Boulder Creek

               

              Wilsonville, OR

               

              3,554,400.00

               

              12,473,475.60

               

              16,027,875.60

               

              (2,855,862.79

              )

              1991

               

              30 Years

               

              Bourbon Square

               

              Palatine, IL

               

              3,899,744.12

               

              41,692,514.43

               

              45,592,258.55

               

              (14,927,809.44

              )

              1984-87

               

              30 Years

               

              Bradford Apartments

               

              Newington, CT

               

              401,090.83

               

              2,754,988.66

               

              3,156,079.49

               

              (228,623.70

              )

              1964

               

              30 Years

               

              Bramblewood

               

              San Jose, CA

               

              5,190,700.00

               

              9,964,151.21

               

              15,154,851.21

               

              (1,652,930.11

              )

              1986

               

              30 Years

               

              S - 1


               
              		  
              		  
              		 Initial Cost to
              Company
              		 Cost Capitalized
              Subsequent to
              (Improvements, net) (H)
              		 Gross Amount Carried
              at Close of
              Period 12/31/01
              		  
              Description
              		  
              		 Life Used to
              Compute
              Depreciation in
              Latest Income
              Statement (C)
              Apartment Name
              		 Location
              		 Encumbrances
              		 Land
              		 Building &
              Fixtures
              		 Land
              		 Building &
              Fixtures
              		 Land
              		 Building &
              Fixtures (A)
              		 Total (B)
              		 Accumulated
              Depreciation
              		 Date of
              Construction
              2300 Elliott Seattle, WA $— $796,800.00 $7,173,725.29 $— $3,923,239.78 $796,800.00 $11,096,965.07 $11,893,765.07 $(2,416,996.49)1992 30 Years
              2900 on First Combined Seattle, WA  —  1,177,700.00  10,600,359.93  —  2,519,058.53  1,177,700.00  13,119,418.46  14,297,118.46  (2,807,924.91)1989-91 30 Years
              740 River Drive St. Paul, MN  6,293,458.72  1,626,700.00  11,234,942.51  —  1,740,794.97  1,626,700.00  12,975,737.48  14,602,437.48  (2,162,161.00)1962 30 Years
              929 House Cambridge, MA  4,940,230.82  3,252,993.36  21,745,594.74  —  461,887.86  3,252,993.36  22,207,482.60  25,460,475.96  (902,334.73)1975 30 Years
              Abington Glen Abington, MA  —  553,105.38  3,697,396.23  —  106,919.59  553,105.38  3,804,315.82  4,357,421.20  (171,575.15)1968 30 Years
              Acacia Creek Scottsdale, AZ  17,355,488.42  6,121,856.00  35,380,171.95  —  1,190,668.45  6,121,856.00  36,570,840.40  42,692,696.40  (5,651,247.04)1988-1994 30 Years
              Acadia Court Bloomington, IN  2,032,526.13  257,483.69  2,268,652.90  —  273,104.90  257,483.69  2,541,757.80  2,799,241.49  (225,394.98)1985 30 Years
              Acadia Court II Bloomington, IN  1,742,486.95  253,635.67  2,234,631.66  —  175,656.52  253,635.67  2,410,288.18  2,663,923.85  (209,170.58)1986 30 Years
              Adams Farm Greensboro, NC  —  2,350,000.00  30,073,196.71  —  683,587.04  2,350,000.00  30,756,783.75  33,106,783.75  (3,647,151.44)1987 30 Years
              Alborada Fremont, CA  —  24,310,000.00  59,214,128.76  —  210,358.72  24,310,000.00  59,424,487.48  83,734,487.48  (3,580,726.33)1999 30 Years
              Alderwood Park Lynnwood, WA  —  3,767,400.00  8,110,529.50  —  502,834.73  3,767,400.00  8,613,364.23  12,380,764.23  (1,171,197.66)1982 30 Years
              Altamonte San Antonio, TX  (P) 1,665,070.00  14,986,473.86  —  1,452,560.34  1,665,070.00  16,439,034.20  18,104,104.20  (4,749,901.77)1985 30 Years
              Ambergate (FL) W. Palm Beach, FL  —  730,000.00  1,687,743.10  —  109,180.90  730,000.00  1,796,924.00  2,526,924.00  (99,670.88)1987 30 Years
              Amberidge Roseville, MI  —  130,844.19  1,152,879.92  —  54,420.28  130,844.19  1,207,300.20  1,338,144.39  (104,218.06)1985 30 Years
              Amberton Manassas, VA  10,705,000.00  900,600.00  9,072,491.96  —  706,506.62  900,600.00  9,778,998.58  10,679,598.58  (2,551,050.24)1986 30 Years
              Amberwood (OH) Massillon, OH  869,304.26  126,226.92  1,112,288.75  —  92,996.87  126,226.92  1,205,285.62  1,331,512.54  (111,003.47)1987 30 Years
              Amberwood I (FL) Lake City, FL  383,816.60  101,744.04  896,376.92  —  37,770.91  101,744.04  934,147.83  1,035,891.87  (82,024.82)1981 30 Years
              Amesbury I Reynoldsbury, OH  1,203,005.76  143,039.49  1,260,232.82  —  92,858.75  143,039.49  1,353,091.57  1,496,131.06  (122,976.23)1986 30 Years
              Amesbury II Reynoldsbury, OH  1,228,816.69  180,588.07  1,591,228.65  —  86,735.44  180,588.07  1,677,964.09  1,858,552.16  (147,704.16)1987 30 Years
              Amhurst (Tol) Toledo, OH  —  161,853.71  1,426,107.57  —  40,108.44  161,853.71  1,466,216.01  1,628,069.72  (123,735.82)1983 30 Years
              Amhurst I (OH) Dayton, OH  —  152,573.92  1,344,352.53  —  185,676.22  152,573.92  1,530,028.75  1,682,602.67  (143,170.32)1979 30 Years
              Amhurst II (OH) Dayton, OH  —  159,416.42  1,404,632.41  —  109,535.53  159,416.42  1,514,167.94  1,673,584.36  (132,823.35)1981 30 Years
              Andover Court Mt. Vernon, OH  —  123,874.81  1,091,272.11  —  162,532.21  123,874.81  1,253,804.32  1,377,679.13  (112,285.60)1982 30 Years
              Annhurst (IN) Indianpolis, IN  1,242,003.88  189,235.25  1,667,468.73  —  123,571.62  189,235.25  1,791,040.35  1,980,275.60  (173,260.21)1985 30 Years
              Annhurst (MD) (REIT) Belcamp, MD  1,300,789.66  232,575.00  2,093,165.14  —  23,646.06  232,575.00  2,116,811.20  2,349,386.20  (76,949.36)1984 30 Years
              Annhurst (PA) Clairton, PA  1,876,558.39  307,952.45  2,713,396.72  —  214,522.22  307,952.45  2,927,918.94  3,235,871.39  (248,877.21)1984 30 Years
              Annhurst II (OH) Gahanna, OH  —  116,738.63  1,028,594.58  —  164,022.75  116,738.63  1,192,617.33  1,309,355.96  (108,714.70)1986 30 Years
              Annhurst III (OH) Gahanna, OH  —  134,788.03  1,187,629.47  —  48,975.96  134,788.03  1,236,605.43  1,371,393.46  (108,673.05)1988 30 Years
              Apple Ridge I Circleville, OH  1,015,881.78  139,299.72  1,227,582.35  —  66,067.79  139,299.72  1,293,650.14  1,432,949.86  (115,225.21)1987 30 Years
              Apple Ridge III Circleville, OH  559,140.58  72,585.34  639,355.94  —  32,718.29  72,585.34  672,074.23  744,659.57  (57,042.09)1982 30 Years
              Apple Run (MI) Hillsdale, MI  —  87,459.26  770,361.39  —  31,437.08  87,459.26  801,798.47  889,257.73  (70,299.49)1982 30 Years
              Applegate (Col) Columbus, IN  —  171,829.10  1,514,001.64  —  65,636.49  171,829.10  1,579,638.13  1,751,467.23  (136,423.58)1982 30 Years
              Applegate (Lor) Lordstown, OH  —  66,488.13  585,832.90  —  24,164.30  66,488.13  609,997.20  676,485.33  (55,603.86)1982 30 Years
              Applegate I (IN) Muncie, IN  903,188.90  138,505.63  1,220,385.53  —  105,295.09  138,505.63  1,325,680.62  1,464,186.25  (116,782.82)1984 30 Years
              Applegate II (IN) Muncie, IN  1,210,435.97  180,016.68  1,586,143.14  —  82,723.40  180,016.68  1,668,866.54  1,848,883.22  (147,918.81)1987 30 Years
              Applerun (War) Warren, OH  —  113,303.19  999,076.55  —  32,385.10  113,303.19  1,031,461.65  1,144,764.84  (90,429.48)1983 30 Years
              Applewood I Deland, FL  2,130,409.78  235,230.48  2,072,993.86  —  277,759.48  235,230.48  2,350,753.34  2,585,983.82  (250,417.43)1982 30 Years
              Aragon Woods Indianpolis, IN  1,066,854.35  157,790.97  1,390,010.45  —  59,804.88  157,790.97  1,449,815.33  1,607,606.30  (130,339.69)1986 30 Years
              Arbor Commons Ellington, CT  —  151,352.24  1,011,758.71  —  6,711.65  151,352.24  1,018,470.36  1,169,822.60  (45,609.67)1975 30 Years
              Arbor Glen Ypsilanti, MI  6,870,150.58  1,096,064.41  9,887,635.23  —  672,029.37  1,096,064.41  10,559,664.60  11,655,729.01  (1,718,903.26)1990 30 Years
              Arbor Terrace Sunnyvale, CA  12,085,730.30  9,057,300.00  18,483,641.96  —  472,797.49  9,057,300.00  18,956,439.45  28,013,739.45  (2,360,277.94)1979 30 Years
              Arboretum (AZ) Tucson, AZ  (M) 3,453,446.00  19,020,018.80  —  923,264.14  3,453,446.00  19,943,282.94  23,396,728.94  (3,300,100.27)1987 30 Years
              Arboretum (GA) Atlanta, GA  —  4,682,300.00  15,913,018.18  —  901,304.69  4,682,300.00  16,814,322.87  21,496,622.87  (2,703,297.01)1970 30 Years
              Arboretum (MA) Canton, MA  (P) 4,685,900.00  10,992,750.95  —  357,084.59  4,685,900.00  11,349,835.54  16,035,735.54  (1,497,099.11)1989 30 Years
              Arbors at Century Center Memphis, TN  —  2,521,700.00  15,236,996.38  —  793,239.51  2,521,700.00  16,030,235.89  18,551,935.89  (2,202,357.98)1988/1990 30 Years
              Arbors of Brentwood Nashville, TN  (D) 404,670.00  13,536,366.74  —  1,268,112.87  404,670.00  14,804,479.61  15,209,149.61  (4,747,744.84)1986 30 Years
              Arbors of Hickory Hollow Antioch, TN  (D) 202,985.00  6,937,208.87  —  2,028,187.27  202,985.00  8,965,396.14  9,168,381.14  (3,499,815.01)1986 30 Years
              Arbors of Las Colinas Irving, TX  —  1,663,900.00  14,977,079.82  —  1,906,997.69  1,663,900.00  16,884,077.51  18,547,977.51  (5,367,565.74)1984/85 30 Years
              Ashford Hill Reynoldsbury, OH  1,375,055.10  184,985.30  1,630,021.10  —  183,157.35  184,985.30  1,813,178.45  1,998,163.75  (165,186.07)1986 30 Years
              Ashgrove (IN) Indianpolis, IN  —  172,923.97  1,523,548.66  —  43,542.41  172,923.97  1,567,091.07  1,740,015.04  (135,728.64)1983 30 Years
              Ashgrove (KY) Louisville, KY  1,012,102.90  171,815.79  1,514,034.38  —  47,847.74  171,815.79  1,561,882.12  1,733,697.91  (132,955.68)1984 30 Years
              Ashgrove (Mar) Marshall, MI  819,091.34  119,822.73  1,055,968.80  —  112,280.41  119,822.73  1,168,249.21  1,288,071.94  (104,006.81)1983 30 Years
              Ashgrove (OH) Franklin, OH  1,231,160.75  157,534.56  1,387,687.13  —  108,659.58  157,534.56  1,496,346.71  1,653,881.27  (132,333.39)1983 30 Years
              Ashgrove I (MI) Sterling Hts, MI  3,189,856.77  403,579.77  3,555,987.60  —  145,389.46  403,579.77  3,701,377.06  4,104,956.83  (314,254.20)1985 30 Years
              Ashgrove II (MI) Sterling Hts, MI  2,243,721.49  311,912.27  2,748,287.00  —  71,579.68  311,912.27  2,819,866.68  3,131,778.95  (234,003.55)1987 30 Years
              Ashton, The Corona Hills, CA  —  2,594,264.00  33,042,397.56  —  1,076,279.07  2,594,264.00  34,118,676.63  36,712,940.63  (5,099,980.23)1986 30 Years
              Aspen Crossing Silver Spring, MD  —  2,880,000.00  8,551,377.19  —  483,808.47  2,880,000.00  9,035,185.66  11,915,185.66  (1,059,577.11)1979 30 Years
              Astorwood (REIT) Stuart, FL  1,606,002.78  233,150.00  2,098,338.21  —  55,748.60  233,150.00  2,154,086.81  2,387,236.81  (80,024.31)1983 30 Years
              Audubon Village Tampa, FL  —  3,576,000.00  26,121,908.57  —  650,140.11  3,576,000.00  26,772,048.68  30,348,048.68  (3,270,148.24)1990 30 Years
              Autumn Cove Lithonia, GA  —  187,220.29  1,649,514.80  —  47,894.09  187,220.29  1,697,408.89  1,884,629.18  (141,209.36)1985 30 Years
              Autumn Creek Cordova, TN  (E) 1,681,900.00  9,345,281.88  —  505,411.20  1,681,900.00  9,850,693.08  11,532,593.08  (1,625,301.70)1991 30 Years
              Auvers Village Orlando, FL  —  3,840,000.00  29,322,242.96  —  892,365.82  3,840,000.00  30,214,608.78  34,054,608.78  (3,607,659.89)1991 30 Years
              Avon Place Avon,CT  6,342,236.00  1,788,943.42  12,253,956.09  —  91,888.57  1,788,943.42  12,345,844.66  14,134,788.08  (508,502.87)1973 30 Years
              Balcones Club Austin, TX  —  2,185,500.00  10,119,231.65  —  1,008,550.34  2,185,500.00  11,127,781.99  13,313,281.99  (1,812,193.21)1984 30 Years
              Barrington Clarkston, GA  994,650.06  144,459.10  1,272,842.11  —  78,906.36  144,459.10  1,351,748.47  1,496,207.57  (118,843.32)1984 30 Years
              Bay Ridge San Pedro, CA  —  2,401,300.00  2,176,963.16  —  216,549.96  2,401,300.00  2,393,513.12  4,794,813.12  (420,001.92)1987 30 Years
              Bayside Sebring, FL  —  73,462.83  647,287.62  —  127,233.31  73,462.83  774,520.93  847,983.76  (82,493.57)1982 30 Years
              Bayside at the Islands Gilbert, AZ  —  3,306,484.00  15,573,006.00  —  772,162.94  3,306,484.00  16,345,168.94  19,651,652.94  (2,499,291.07)1989 30 Years
              Beach Club Fort Myers, FL  —  2,080,000.00  14,800,928.05  —  743,096.79  2,080,000.00  15,544,024.84  17,624,024.84  (1,979,602.85)1990 30 Years
              Bear Canyon Tucson, AZ  —  1,660,608.00  11,228,523.59  —  215,008.18  1,660,608.00  11,443,531.77  13,104,139.77  (1,736,577.10)1996 30 Years
              Beckford Place (IN) New Castle, IN  699,047.38  99,045.91  872,702.38  —  61,752.08  99,045.91  934,454.46  1,033,500.37  (80,949.67)1984 30 Years
              Beckford Place (Pla) The Plains, OH  —  161,160.76  1,420,001.96  —  66,080.17  161,160.76  1,486,082.13  1,647,242.89  (127,138.53)1982 30 Years
              Beckford Place I (OH) N Canton, OH  1,119,591.20  168,425.60  1,484,248.06  —  120,962.43  168,425.60  1,605,210.49  1,773,636.09  (134,514.76)1983 30 Years
              Beckford Place II (OH) N Canton, OH  1,185,501.38  172,134.32  1,516,690.93  —  48,170.14  172,134.32  1,564,861.07  1,736,995.39  (130,129.87)1985 30 Years
              Bel Aire I Miami, FL  —  188,342.67  1,658,995.16  —  53,343.17  188,342.67  1,712,338.33  1,900,681.00  (146,046.81)1985 30 Years
              Bel Aire II Miami, FL  —  136,416.15  1,201,075.48  —  31,378.01  136,416.15  1,232,453.49  1,368,869.64  (105,308.09)1986 30 Years
              Bell Road I & II Nashville, TN  —  3,100,000.00  1,120,214.13  —  —  3,100,000.00  1,120,214.13  4,220,214.13  — (O) 30 Years
              Bellevue Meadows Bellevue, WA  —  4,507,100.00  12,574,814.34  —  371,036.03  4,507,100.00  12,945,850.37  17,452,950.37  (1,646,943.48)1983 30 Years
              Belmont Crossing Riverdale, GA  —  1,580,000.00  18,449,044.76  —  331,350.46  1,580,000.00  18,780,395.22  20,360,395.22  (2,232,203.29)1988 30 Years
              Belmont Landing Riverdale, GA  —  2,120,000.00  21,651,256.11  —  445,990.93  2,120,000.00  22,097,247.04  24,217,247.04  (2,656,824.04)1988 30 Years
              Beneva Place Sarasota, FL  8,700,000.00  1,344,000.00  9,665,446.61  —  258,654.53  1,344,000.00  9,924,101.14  11,268,101.14  (1,217,541.15)1986 30 Years
              Bermuda Cove Jacksonville, FL  —  1,503,000.00  19,561,895.89  —  476,154.12  1,503,000.00  20,038,050.01  21,541,050.01  (2,410,212.98)1989 30 Years
              Berry Pines Milton, FL  —  154,085.80  1,299,938.75  —  231,162.78  154,085.80  1,531,101.53  1,685,187.33  (145,551.42)1985 30 Years
              Bishop Park Winter Park, FL  —  2,592,000.00  17,990,435.90  —  1,498,505.61  2,592,000.00  19,488,941.51  22,080,941.51  (2,472,521.66)1991 30 Years
              Blue Swan San Antonio, TX  (E) 1,425,500.00  7,591,291.62  —  668,053.35  1,425,500.00  8,259,344.97  9,684,844.97  (1,479,001.18)1985-1994 30 Years
              Blueberry Hill I Leesburg, FL  712,801.99  140,369.75  1,236,710.45  —  74,087.32  140,369.75  1,310,797.77  1,451,167.52  (119,407.33)1986 30 Years
              Boulder Creek Wilsonville, OR  8,068,000.00  3,554,400.00  11,481,773.38  —  712,285.17  3,554,400.00  12,194,058.55  15,748,458.55  (2,312,570.84)1991 30 Years
              Bourbon Square Palatine, IL  25,912,868.28  3,985,300.00  35,870,193.94  —  6,048,268.54  3,985,300.00  41,918,462.48  45,903,762.48  (13,314,462.52)1984-87 30 Years
              Bourbon Square-RET Palatine, IL  —  —  —  —  63,389.58  —  63,389.58  63,389.58  (16,341.84)1984-87 30 Years
              Bradford Apartments Newington, CT  1,957,653.00  401,090.83  2,681,210.11  —  30,327.28  401,090.83  2,711,537.39  3,112,628.22  (119,626.76)1964 30 Years
              Bramblewood San Jose, CA  —  5,190,700.00  9,659,184.34  —  229,572.05  5,190,700.00  9,888,756.39  15,079,456.39  (1,265,858.20)1986 30 Years
              Branchwood Winter Park, FL  —  324,068.53  2,855,396.92  —  250,092.22  324,068.53  3,105,489.14  3,429,557.67  (263,851.00)1981 30 Years
              Brandon Court Bloomington, IN  1,376,824.48  170,635.75  1,503,486.89  —  244,454.61  170,635.75  1,747,941.50  1,918,577.25  (149,071.27)1984 30 Years
              Brandywine E. Winter Haven, FL  578,225.41  88,126.47  776,490.28  —  24,887.14  88,126.47  801,377.42  889,503.89  (70,050.48)1981 30 Years
              Breckinridge Lexington, KY  —  1,648,300.00  14,845,714.75  —  679,732.58  1,648,300.00  15,525,447.33  17,173,747.33  (2,578,856.91)1986-1987 30 Years
              Brentwood Vancouver, WA  —  1,357,221.39  12,202,521.39  —  1,148,388.52  1,357,221.39  13,350,909.91  14,708,131.30  (3,586,113.93)1990 30 Years
              Breton Mill Houston, TX  —  212,820.00  8,547,262.73  —  981,575.58  212,820.00  9,528,838.31  9,741,658.31  (3,000,325.77)1986 30 Years
              Briar Knoll Apts Vernon, CT  5,970,067.49  928,971.99  6,209,987.58  —  68,903.86  928,971.99  6,278,891.44  7,207,863.43  (276,449.61)1986 30 Years
              Briarwood (CA) Sunnyvale, CA  13,813,603.07  9,991,500.00  22,247,278.39  —  302,591.17  9,991,500.00  22,549,869.56  32,541,369.56  (2,708,341.26)1985 30 Years
              Bridford Lakes Greensboro, NC  —  2,265,314.00  27,073,465.75  —  87,396.23  2,265,314.00  27,160,861.98  29,426,175.98  (2,983,346.18)1999 30 Years
              Bridge Creek Wilsonville, OR  —  1,299,890.00  11,690,113.58  —  1,883,935.38  1,299,890.00  13,574,048.96  14,873,938.96  (4,404,842.78)1987 30 Years
              Bridgeport Raleigh, NC  —  1,296,700.00  11,666,278.32  —  880,145.26  1,296,700.00  12,546,423.58  13,843,123.58  (3,900,619.53)1990 30 Years
              Bridgewater at Wells Crossing Orange Park, FL  —  2,160,000.00  13,347,548.89  —  373,064.81  2,160,000.00  13,720,613.70  15,880,613.70  (1,069,735.14)1986 30 Years
              Brierwood Jacksonville, FL  —  551,900.00  4,965,855.71  —  1,059,121.11  551,900.00  6,024,976.82  6,576,876.82  (1,553,828.28)1974 30 Years
              Brittany Square Tulsa, OK  —  625,000.00  4,050,961.00  —  1,212,761.35  625,000.00  5,263,722.35  5,888,722.35  (3,189,606.65)1982 30 Years
              Broadview Oaks (REIT) Pensacola, FL  1,868,932.10  201,000.00  1,809,184.92  —  41,415.97  201,000.00  1,850,600.89  2,051,600.89  (70,916.19)1985 30 Years
              Broadway Garland, TX  5,969,822.72  1,443,700.00  7,790,989.43  —  901,951.36  1,443,700.00  8,692,940.79  10,136,640.79  (1,337,155.57)1983 30 Years
              Brookdale Village Naperville, IL  11,175,000.00  3,276,000.00  16,293,470.97  —  537,190.91  3,276,000.00  16,830,661.88  20,106,661.88  (1,545,302.43)1986 30 Years
              Brookfield Salt Lake City, UT  —  1,153,000.00  5,682,452.92  —  340,413.09  1,153,000.00  6,022,866.01  7,175,866.01  (1,034,964.74)1985 30 Years
              Brookridge Centreville, VA  (E) 2,521,500.00  16,003,838.95  —  682,137.71  2,521,500.00  16,685,976.66  19,207,476.66  (2,628,438.42)1989 30 Years
              Brookside (CO) Boulder, CO  —  3,600,400.00  10,211,158.98  —  195,108.31  3,600,400.00  10,406,267.29  14,006,667.29  (1,351,134.93)1993 30 Years
              Brookside (MD) Frederick, MD  7,951,414.83  2,736,000.00  8,173,436.48  —  307,925.35  2,736,000.00  8,481,361.83  11,217,361.83  (881,397.75)1993 30 Years
              Brookside II (MD) Frederick, MD  —  2,450,800.00  6,913,202.43  —  690,662.52  2,450,800.00  7,603,864.95  10,054,664.95  (1,135,748.80)1979 30 Years
              Brookside Place Stockton, CA  4,658,000.00  625,000.00  4,380,055.81  —  19,981.15  625,000.00  4,400,036.96  5,025,036.96  (95,544.88)1981 30 Years
              Brooksyde Apts West Hartford, CT  1,937,190.00  594,711.19  3,975,522.58  —  86,514.85  594,711.19  4,062,037.43  4,656,748.62  (174,775.45)1945 30 Years
              Brunswick (OH) (REIT) Cortland, OH  —  190,000.00  1,713,388.64  —  25,462.03  190,000.00  1,738,850.67  1,928,850.67  (68,928.59)1985 30 Years
              Brunswick I (WV) Morgantown, WV  1,634,490.04  241,739.37  2,129,979.31  —  115,784.41  241,739.37  2,245,763.72  2,487,503.09  (196,851.16)1986 30 Years
              Brunswick II (WV) Morgantown, WV  1,238,596.57  202,928.23  1,788,318.88  —  57,800.24  202,928.23  1,846,119.12  2,049,047.35  (159,421.20)1987 30 Years
              Burgundy Studios Middletown, CT  1,821,650.00  395,238.20  2,642,086.50  —  109,251.39  395,238.20  2,751,337.89  3,146,576.09  (126,317.23)1973 30 Years
              Burwick Farms Howell, MI  9,597,189.97  1,104,600.00  9,932,206.94  —  479,855.93  1,104,600.00  10,412,062.87  11,516,662.87  (1,764,035.85)1991 30 Years
              Calais Arlington, TX  —  1,118,900.00  10,070,076.01  —  709,779.69  1,118,900.00  10,779,855.70  11,898,755.70  (1,995,364.48)1986 30 Years
              California Gardens Jacksonville, FL  —  105,528.18  929,869.29  —  103,411.76  105,528.18  1,033,281.05  1,138,809.23  (100,116.04)1987 30 Years

              Description

               

               

               

              Initial Cost to
              Company

               

              Cost Capitalized
              Subsequent to
              Acquisition
              (Improvements, net)(E)

               

              Apartment Name

               

              Location

               

              Encumbrances

               

              Land

               

              Building &
              Fixtures

               

              Land

               

              Building &
              Fixtures

               

              Branchwood

               

              Winter Park, FL

               

              —

               

              324,068.53

               

              2,855,396.92

               

              —

               

              296,593.15

               

              Brandon Court

               

              Bloomington, IN

               

              —

               

              170,635.75

               

              1,503,486.89

               

              —

               

              288,105.09

               

              Brandywine E.

               

              Winter Haven, FL

               

              568,389.28

               

              88,126.47

               

              776,490.28

               

              —

               

              45,853.03

               

              Breckinridge

               

              Lexington, KY

               

              —

               

              1,648,300.00

               

              14,845,714.75

               

              —

               

              1,067,668.77

               

              Brentwood

               

              Vancouver, WA

               

              —

               

              1,357,221.39

               

              12,202,521.39

               

              —

               

              1,265,784.22

               

              Breton Mill

               

              Houston, TX

               

              —

               

              212,820.00

               

              8,547,262.73

               

              —

               

              1,099,856.21

               

              Briar Knoll Apts

               

              Vernon, CT

               

              5,904,791.83

               

              928,971.99

               

              6,209,987.58

               

              —

               

              188,764.11

               

              Briarwood (CA)

               

              Sunnyvale, CA

               

              13,644,104.84

               

              9,991,500.00

               

              22,247,278.39

               

              —

               

              342,289.22

               

              Bridford Lakes

               

              Greensboro, NC

               

              —

               

              2,265,314.00

               

              27,073,465.75

               

              —

               

              143,655.21

               

              Bridge Creek

               

              Wilsonville, OR

               

              —

               

              1,299,890.00

               

              11,690,113.58

               

              —

               

              2,128,775.63

               

              Bridgeport

               

              Raleigh, NC

               

              —

               

              1,296,700.00

               

              11,666,278.32

               

              —

               

              1,088,142.67

               

              Bridgewater at Wells Crossing

               

              Orange Park, FL

               

              —

               

              2,160,000.00

               

              13,347,548.89

               

              —

               

              756,159.11

               

              Brierwood

               

              Jacksonville, FL

               

              —

               

              551,900.00

               

              4,965,855.71

               

              —

               

              1,199,762.21

               

              Brittany Square

               

              Tulsa, OK

               

              —

               

              625,000.00

               

              4,050,961.00

               

              —

               

              1,355,163.68

               

              Broadview Oaks (REIT)

               

              Pensacola, FL

               

              1,842,765.38

               

              201,000.00

               

              1,809,184.92

               

              —

               

              164,748.98

               

              Broadway

               

              Garland, TX

               

              5,892,280.94

               

              1,443,700.00

               

              7,790,989.43

               

              —

               

              1,045,838.06

               

              Brookdale Village

               

              Naperville, IL

               

              10,991,722.03

               

              3,276,000.00

               

              16,293,470.97

               

              —

               

              886,523.98

               

              Brookfield

               

              Salt Lake City, UT

               

              —

               

              1,153,000.00

               

              5,682,452.92

               

              —

               

              515,205.52

               

              Brookridge

               

              Centreville, VA

               

              —

               

              2,521,500.00

               

              16,003,838.95

               

              —

               

              849,148.67

               

              Brookside (CO)

               

              Boulder, CO

               

              —

               

              3,600,400.00

               

              10,211,158.98

               

              —

               

              243,320.39

               

              Brookside (MD)

               

              Frederick, MD

               

              7,812,687.14

               

              2,736,000.00

               

              8,173,436.48

               

              —

               

              570,240.66

               

              Brookside II (MD)

               

              Frederick, MD

               

              —

               

              2,450,800.00

               

              6,913,202.43

               

              —

               

              784,128.43

               

              Brookside Place

               

              Stockton, CA

               

              4,658,000.00

               

              625,000.00

               

              4,656,690.78

               

              —

               

              121,115.35

               

              Brooksyde Apts

               

              West Hartford, CT

               

               

              (P)

              594,711.19

               

              3,975,522.58

               

              —

               

              166,382.08

               

              Burgundy Studios

               

              Middletown, CT

               

               

              (P)

              395,238.20

               

              2,642,086.50

               

              —

               

              138,520.22

               

              Burwick Farms

               

              Howell, MI

               

               

              (Q)

              1,104,600.00

               

              9,932,206.94

               

              —

               

              587,381.29

               

              Calais

               

              Arlington, TX

               

              —

               

              1,118,900.00

               

              10,070,076.01

               

              —

               

              880,235.24

               

              Cambridge at Hickory Hollow

               

              Antioch, TN

               

               

              (J)

              3,240,800.00

               

              17,900,032.88

               

              —

               

              773,569.56

               

              Cambridge Commons I

               

              Indianapolis, IN

               

              —

               

              179,139.19

               

              1,578,077.45

               

              —

               

              273,978.21

               

              Cambridge Commons II

               

              Indianapolis, IN

               

              844,998.64

               

              141,845.25

               

              1,249,511.25

               

              —

               

              210,407.37

               

              Cambridge Commons III

               

              Indianapolis, IN

               

              —

               

              98,124.94

               

              864,737.63

               

              —

               

              168,970.86

               

              Cambridge Estates

               

              Norwich,CT

               

              —

               

              590,184.84

               

              3,945,264.85

               

              —

               

              117,976.00

               

              Cambridge Village

               

              Lewisville, TX

               

              —

               

              801,300.00

               

              8,762,606.48

               

              —

               

              761,676.50

               

              Camellero

               

              Scottsdale, AZ

               

              —

               

              1,924,900.00

               

              17,324,592.87

               

              —

               

              3,643,304.47

               

              Camellia Court I (Col)

               

              Columbus, OH

               

              —

               

              133,058.78

               

              1,172,392.84

               

              —

               

              133,292.26

               

              Camellia Court I (Day)

               

              Dayton, OH

               

              1,055,461.46

               

              131,858.32

               

              1,162,065.53

               

              —

               

              155,078.28

               

              Camellia Court II (Col)

               

              Columbus, OH

               

              910,416.72

               

              118,420.87

               

              1,043,416.87

               

              —

               

              112,796.96

               

              Camellia Court II (Day)

               

              Dayton, OH

               

              —

               

              131,570.85

               

              1,159,282.59

               

              —

               

              103,927.52

               

              Candlelight I

               

              Brooksville, FL

               

              582,447.48

               

              105,000.27

               

              925,166.77

               

              —

               

              86,714.96

               

              Candlelight II

               

              Brooksville, FL

               

              575,370.55

               

              95,061.25

               

              837,593.20

               

              —

               

              96,415.40

               

              Canterbury

               

              Germantown, MD

               

              31,680,000.00

               

              2,781,300.00

               

              28,442,497.98

               

              —

               

              2,137,880.66

               

              Canterbury Crossings

               

              Lake Mary, FL

               

              —

               

              273,670.75

               

              2,411,537.51

               

              —

               

              108,944.30

               

              Canterchase

               

              Nashville, TN

               

              —

               

              863,600.00

               

              7,762,804.13

               

              —

               

              972,953.54

               

              Canyon Creek (CA)

               

              San Ramon, CA

               

              28,000,000.00

               

              5,425,000.00

               

              16,989,210.10

               

              —

               

              358,033.93

               

              Canyon Crest

               

              Santa Clarita, CA

               

              —

               

              2,370,000.00

               

              10,141,878.44

               

              —

               

              525,313.32

               

              Canyon Ridge

               

              San Diego, CA

               

              —

               

              4,869,448.00

               

              11,955,063.50

               

              —

               

              427,375.28

               

              Capital Ridge (REIT)

               

              Tallahassee, FL

               

              —

               

              177,900.00

               

              1,601,157.16

               

              —

               

              123,094.59

               

              Cardinal, The

               

              Greensboro, NC

               

              —

               

              1,281,200.00

               

              11,850,556.68

               

              —

               

              415,510.48

               

              Carleton Court (WV)

               

              Cross Lanes, WV

               

              1,259,937.52

               

              196,222.37

               

              1,728,932.91

               

              —

               

              127,229.85

               

              Carmel Terrace

               

              San Diego, CA

               

              —

               

              2,288,300.00

               

              20,596,280.88

               

              —

               

              1,017,628.09

               

              Carolina Crossing

               

              Greenville, SC

               

              —

               

              550,200.00

               

              4,949,618.55

               

              —

               

              562,965.61

               

              Carriage Hill

               

              Dublin, GA

               

              —

               

              131,910.67

               

              1,162,576.76

               

              —

               

              55,212.90

               

              Carriage Homes at Wyndham

               

              Glen Allen, VA

               

              —

               

              1,736,000.00

               

              27,476,005.88

               

              —

               

              249,470.28

               

              Casa Capricorn

               

              San Diego, CA

               

              —

               

              1,262,700.00

               

              11,365,093.09

               

              —

               

              1,064,170.37

               

              Casa Ruiz

               

              San Diego, CA

               

              —

               

              3,922,400.00

               

              9,389,153.21

               

              —

               

              947,962.55

               

              Cascade at Landmark

               

              Alexandria, VA

               

              —

               

              3,603,400.00

               

              19,657,553.75

               

              —

               

              1,533,325.59

               

              Catalina Shores

               

              Las Vegas, NV

               

              —

               

              1,227,000.00

               

              11,042,866.93

               

              —

               

              1,141,607.10

               

              Cedar Crest

               

              Overland Park, KS

               

               

              (R)

              2,160,700.00

               

              19,424,617.27

               

              —

               

              2,908,333.99

               

              Cedar Glen

               

              Reading, MA

               

              4,432,007.84

               

              1,248,505.45

               

              8,346,003.34

               

              —

               

              123,348.79

               

              Cedar Hill

               

              Knoxville, TN

               

              1,413,125.00

               

              204,792.35

               

              1,804,443.80

               

              —

               

              154,837.43

               

              Cedargate (GA)

               

              Lawrenceville, GA

               

              —

               

              205,043.45

               

              1,806,656.21

               

              —

               

              42,536.68

               

              Cedargate (MI)

               

              Michigan City, IN

               

              768,509.69

               

              120,378.15

               

              1,060,662.66

               

              —

               

              60,655.97

               

              Cedargate (She)

               

              Shelbyville, KY

               

              1,144,831.50

               

              158,685.33

               

              1,398,040.66

               

              —

               

              108,775.03

               

              Cedargate I (Cla)

               

              Clayton, OH

               

              1,189,237.36

               

              159,599.20

               

              1,406,492.86

               

              —

               

              166,624.53

               

              Cedargate I (IN)

               

              Bloomington, IN

               

              —

               

              191,650.35

               

              1,688,648.45

               

              —

               

              159,431.99

               

              Cedargate I (OH)

               

              Lancaster, OH

               

              2,198,700.18

               

              240,586.83

               

              2,119,432.15

               

              —

               

              257,957.47

               

              Cedargate II (IN)

               

              Bloomington, IN

               

              —

               

              165,040.72

               

              1,454,188.64

               

              —

               

              120,815.10

               

              Cedargate II (OH)

               

              Lancaster, OH

               

              685,158.40

               

              87,618.08

               

              771,911.76

               

              —

               

              100,691.46

               

              Cedarwood I (Bel)

               

              Belpre, OH

               

              —

               

              82,081.62

               

              722,449.49

               

              —

               

              39,511.51

               

              Cedarwood I (FL)

               

              Ocala, FL

               

              104,000.00

               

              119,469.60

               

              1,052,657.37

               

              —

               

              128,236.34

               

              Cedarwood I (IN)

               

              Goshen, IN

               

              1,847,634.16

               

              251,744.93

               

              2,218,126.20

               

              —

               

              228,194.78

               

              Cedarwood I (KY)

               

              Lexington, KY

               

              —

               

              106,680.72

               

              939,874.44

               

              —

               

              150,640.08

               

              Cedarwood II (FL)

               

              Ocala, FL

               

              —

               

              98,372.48

               

              866,768.77

               

              —

               

              67,618.09

               

              Cedarwood II (KY)

               

              Lexington, KY

               

              969,000.00

               

              106,724.20

               

              940,356.51

               

              —

               

              143,412.09

               

              Cedarwood III (KY)

               

              Lexington, KY

               

              —

               

              102,491.11

               

              902,659.39

               

              —

               

              110,895.47

               

              CenterPointe

               

              Beaverton, OR

               

              —

               

              3,432,000.00

               

              15,708,852.54

               

              —

               

              1,449,212.75

               

              Centre Club

               

              Ontario, CA

               

              —

               

              5,616,000.00

               

              23,485,891.14

               

              —

               

              534,755.78

               

              Centre Club II

               

              Ontario, CA

               

              —

               

              1,820,000.00

               

              9,516,938.27

               

              —

               

              3,652.60

               

              Centre Lake III

               

              Miami, FL

               

              —

               

              685,601.35

               

              6,039,979.05

               

              —

               

              728,324.50

               

              Champion Oaks

               

              Houston, TX

               

              —

               

              931,900.00

               

              8,389,393.77

               

              —

               

              958,039.09

               

              Champions Club

               

              Glen Allen, VA

               

              —

               

              954,000.00

               

              12,417,167.33

               

              —

               

              512,382.29

               

              Chandler Court

               

              Chandler, AZ

               

              —

               

              1,353,100.00

               

              12,175,172.59

               

              —

               

              1,986,188.92

               

              Chantecleer Lakes

               

              Naperville, IL

               

              —

               

              6,689,400.00

               

              16,332,279.04

               

              —

               

              1,127,212.15

               

              Chardonnay Park

               

              Redmond, WA

               

              3,289,455.09

               

              1,297,500.00

               

              6,709,092.62

               

              —

               

              674,516.23

               

              Charing Cross

               

              Bowling Green, OH

               

              —

               

              154,584.44

               

              1,362,057.38

               

              —

               

              131,712.30

               

              S-1

              Description

               

              Gross Amount Carried
              at Close of
              Period 12/31/02

               

              Total(B)

               

              Accumulated
              Depreciation

               

              Date of
              Construction

               

              Life Used to
              Compute
              Depreciation
              in Latest
              Income
              Statement(C)

               

              Apartment Name

               

              Location

              Land

               

              Building &
              Fixtures(A)

              Branchwood

               

              Winter Park, FL

               

              324,068.53

               

              3,151,990.07

               

              3,476,058.60

               

              (405,502.38

              )

              1981

               

              30 Years

               

              Brandon Court

               

              Bloomington, IN

               

              170,635.75

               

              1,791,591.98

               

              1,962,227.73

               

              (240,897.75

              )

              1984

               

              30 Years

               

              Brandywine E.

               

              Winter Haven, FL

               

              88,126.47

               

              822,343.31

               

              910,469.78

               

              (105,033.79

              )

              1981

               

              30 Years

               

              Breckinridge

               

              Lexington, KY

               

              1,648,300.00

               

              15,913,383.52

               

              17,561,683.52

               

              (3,269,880.10

              )

              1986-1987

               

              30 Years

               

              Brentwood

               

              Vancouver, WA

               

              1,357,221.39

               

              13,468,305.61

               

              14,825,527.00

               

              (4,108,939.39

              )

              1990

               

              30 Years

               

              Breton Mill

               

              Houston, TX

               

              212,820.00

               

              9,647,118.94

               

              9,859,938.94

               

              (3,421,526.29

              )

              1986

               

              30 Years

               

              Briar Knoll Apts

               

              Vernon, CT

               

              928,971.99

               

              6,398,751.69

               

              7,327,723.68

               

              (529,659.75

              )

              1986

               

              30 Years

               

              Briarwood (CA)

               

              Sunnyvale, CA

               

              9,991,500.00

               

              22,589,567.61

               

              32,581,067.61

               

              (3,529,754.51

              )

              1985

               

              30 Years

               

              Bridford Lakes

               

              Greensboro, NC

               

              2,265,314.00

               

              27,217,120.96

               

              29,482,434.96

               

              (3,933,130.04

              )

              1999

               

              30 Years

               

              Bridge Creek

               

              Wilsonville, OR

               

              1,299,890.00

               

              13,818,889.21

               

              15,118,779.21

               

              (5,011,120.31

              )

              1987

               

              30 Years

               

              Bridgeport

               

              Raleigh, NC

               

              1,296,700.00

               

              12,754,420.99

               

              14,051,120.99

               

              (4,409,859.29

              )

              1990

               

              30 Years

               

              Bridgewater at Wells Crossing

               

              Orange Park, FL

               

              2,160,000.00

               

              14,103,708.00

               

              16,263,708.00

               

              (1,642,245.52

              )

              1986

               

              30 Years

               

              Brierwood

               

              Jacksonville, FL

               

              551,900.00

               

              6,165,617.92

               

              6,717,517.92

               

              (1,904,230.66

              )

              1974

               

              30 Years

               

              Brittany Square

               

              Tulsa, OK

               

              625,000.00

               

              5,406,124.68

               

              6,031,124.68

               

              (3,452,725.42

              )

              1982

               

              30 Years

               

              Broadview Oaks (REIT)

               

              Pensacola, FL

               

              201,000.00

               

              1,973,933.90

               

              2,174,933.90

               

              (151,993.45

              )

              1985

               

              30 Years

               

              Broadway

               

              Garland, TX

               

              1,443,700.00

               

              8,836,827.49

               

              10,280,527.49

               

              (1,801,059.82

              )

              1983

               

              30 Years

               

              Brookdale Village

               

              Naperville, IL

               

              3,276,000.00

               

              17,179,994.95

               

              20,455,994.95

               

              (2,239,335.97

              )

              1986

               

              30 Years

               

              Brookfield

               

              Salt Lake City, UT

               

              1,153,000.00

               

              6,197,658.44

               

              7,350,658.44

               

              (1,309,197.33

              )

              1985

               

              30 Years

               

              Brookridge

               

              Centreville, VA

               

              2,521,500.00

               

              16,852,987.62

               

              19,374,487.62

               

              (3,331,704.58

              )

              1989

               

              30 Years

               

              Brookside (CO)

               

              Boulder, CO

               

              3,600,400.00

               

              10,454,479.37

               

              14,054,879.37

               

              (1,752,699.67

              )

              1993

               

              30 Years

               

              Brookside (MD)

               

              Frederick, MD

               

              2,736,000.00

               

              8,743,677.14

               

              11,479,677.14

               

              (1,261,896.28

              )

              1993

               

              30 Years

               

              Brookside II (MD)

               

              Frederick, MD

               

              2,450,800.00

               

              7,697,330.86

               

              10,148,130.86

               

              (1,519,839.53

              )

              1979

               

              30 Years

               

              Brookside Place

               

              Stockton, CA

               

              625,000.00

               

              4,777,806.13

               

              5,402,806.13

               

              (301,436.41

              )

              1981

               

              30 Years

               

              Brooksyde Apts

               

              West Hartford, CT

               

              594,711.19

               

              4,141,904.66

               

              4,736,615.85

               

              (339,671.48

              )

              1945

               

              30 Years

               

              Burgundy Studios

               

              Middletown, CT

               

              395,238.20

               

              2,780,606.72

               

              3,175,844.92

               

              (245,809.12

              )

              1973

               

              30 Years

               

              Burwick Farms

               

              Howell, MI

               

              1,104,600.00

               

              10,519,588.23

               

              11,624,188.23

               

              (2,221,537.00

              )

              1991

               

              30 Years

               

              Calais

               

              Arlington, TX

               

              1,118,900.00

               

              10,950,311.25

               

              12,069,211.25

               

              (2,466,978.50

              )

              1986

               

              30 Years

               

              Cambridge at Hickory Hollow

               

              Antioch, TN

               

              3,240,800.00

               

              18,673,602.44

               

              21,914,402.44

               

              (3,719,177.23

              )

              1997

               

              30 Years

               

              Cambridge Commons I

               

              Indianapolis, IN

               

              179,139.19

               

              1,852,055.66

               

              2,031,194.85

               

              (288,564.16

              )

              1986

               

              30 Years

               

              Cambridge Commons II

               

              Indianapolis, IN

               

              141,845.25

               

              1,459,918.62

               

              1,601,763.87

               

              (222,217.38

              )

              1987

               

              30 Years

               

              Cambridge Commons III

               

              Indianapolis, IN

               

              98,124.94

               

              1,033,708.49

               

              1,131,833.43

               

              (172,280.79

              )

              1988

               

              30 Years

               

              Cambridge Estates

               

              Norwich,CT

               

              590,184.84

               

              4,063,240.85

               

              4,653,425.69

               

              (333,458.63

              )

              1977

               

              30 Years

               

              Cambridge Village

               

              Lewisville, TX

               

              801,300.00

               

              9,524,282.98

               

              10,325,582.98

               

              (2,135,449.65

              )

              1987

               

              30 Years

               

              Camellero

               

              Scottsdale, AZ

               

              1,924,900.00

               

              20,967,897.34

               

              22,892,797.34

               

              (6,711,144.61

              )

              1979

               

              30 Years

               

              Camellia Court I (Col)

               

              Columbus, OH

               

              133,058.78

               

              1,305,685.10

               

              1,438,743.88

               

              (176,737.77

              )

              1981

               

              30 Years

               

              Camellia Court I (Day)

               

              Dayton, OH

               

              131,858.32

               

              1,317,143.81

               

              1,449,002.13

               

              (184,513.98

              )

              1981

               

              30 Years

               

              Camellia Court II (Col)

               

              Columbus, OH

               

              118,420.87

               

              1,156,213.83

               

              1,274,634.70

               

              (148,592.66

              )

              1984

               

              30 Years

               

              Camellia Court II (Day)

               

              Dayton, OH

               

              131,570.85

               

              1,263,210.11

               

              1,394,780.96

               

              (161,969.15

              )

              1982

               

              30 Years

               

              Candlelight I

               

              Brooksville, FL

               

              105,000.27

               

              1,011,881.73

               

              1,116,882.00

               

              (134,524.48

              )

              1982

               

              30 Years

               

              Candlelight II

               

              Brooksville, FL

               

              95,061.25

               

              934,008.60

               

              1,029,069.85

               

              (137,096.98

              )

              1985

               

              30 Years

               

              Canterbury

               

              Germantown, MD

               

              2,781,300.00

               

              30,580,378.64

               

              33,361,678.64

               

              (9,010,626.91

              )

              1986

               

              30 Years

               

              Canterbury Crossings

               

              Lake Mary, FL

               

              273,670.75

               

              2,520,481.81

               

              2,794,152.56

               

              (308,966.06

              )

              1983

               

              30 Years

               

              Canterchase

               

              Nashville, TN

               

              863,600.00

               

              8,735,757.67

               

              9,599,357.67

               

              (2,379,613.81

              )

              1985

               

              30 Years

               

              Canyon Creek (CA)

               

              San Ramon, CA

               

              5,425,000.00

               

              17,347,244.03

               

              22,772,244.03

               

              (1,027,338.17

              )

              1984

               

              30 Years

               

              Canyon Crest

               

              Santa Clarita, CA

               

              2,370,000.00

               

              10,667,191.76

               

              13,037,191.76

               

              (1,510,591.80

              )

              1993

               

              30 Years

               

              Canyon Ridge

               

              San Diego, CA

               

              4,869,448.00

               

              12,382,438.78

               

              17,251,886.78

               

              (2,331,729.52

              )

              1989

               

              30 Years

               

              Capital Ridge (REIT)

               

              Tallahassee, FL

               

              177,900.00

               

              1,724,251.75

               

              1,902,151.75

               

              (127,298.07

              )

              1983

               

              30 Years

               

              Cardinal, The

               

              Greensboro, NC

               

              1,281,200.00

               

              12,266,067.16

               

              13,547,267.16

               

              (2,649,958.24

              )

              1994

               

              30 Years

               

              Carleton Court (WV)

               

              Cross Lanes, WV

               

              196,222.37

               

              1,856,162.76

               

              2,052,385.13

               

              (239,743.87

              )

              1985

               

              30 Years

               

              Carmel Terrace

               

              San Diego, CA

               

              2,288,300.00

               

              21,613,908.97

               

              23,902,208.97

               

              (6,400,399.66

              )

              1988-89

               

              30 Years

               

              Carolina Crossing

               

              Greenville, SC

               

              550,200.00

               

              5,512,584.16

               

              6,062,784.16

               

              (1,201,496.58

              )

              1988-89

               

              30 Years

               

              Carriage Hill

               

              Dublin, GA

               

              131,910.67

               

              1,217,789.66

               

              1,349,700.33

               

              (158,220.02

              )

              1985

               

              30 Years

               

              Carriage Homes at Wyndham

               

              Glen Allen, VA

               

              1,736,000.00

               

              27,725,476.16

               

              29,461,476.16

               

              (4,105,532.57

              )

              1999

               

              30 Years

               

              Casa Capricorn

               

              San Diego, CA

               

              1,262,700.00

               

              12,429,263.46

               

              13,691,963.46

               

              (2,882,378.24

              )

              1981

               

              30 Years

               

              Casa Ruiz

               

              San Diego, CA

               

              3,922,400.00

               

              10,337,115.76

               

              14,259,515.76

               

              (2,106,148.99

              )

              1976-1986

               

              30 Years

               

              Cascade at Landmark

               

              Alexandria, VA

               

              3,603,400.00

               

              21,190,879.34

               

              24,794,279.34

               

              (4,349,124.95

              )

              1990

               

              30 Years

               

              Catalina Shores

               

              Las Vegas, NV

               

              1,227,000.00

               

              12,184,474.03

               

              13,411,474.03

               

              (3,892,990.80

              )

              1989

               

              30 Years

               

              Cedar Crest

               

              Overland Park, KS

               

              2,160,700.00

               

              22,332,951.26

               

              24,493,651.26

               

              (6,069,610.49

              )

              1986

               

              30 Years

               

              Cedar Glen

               

              Reading, MA

               

              1,248,505.45

               

              8,469,352.13

               

              9,717,857.58

               

              (661,131.16

              )

              1980

               

              30 Years

               

              Cedar Hill

               

              Knoxville, TN

               

              204,792.35

               

              1,959,281.23

               

              2,164,073.58

               

              (249,114.38

              )

              1986

               

              30 Years

               

              Cedargate (GA)

               

              Lawrenceville, GA

               

              205,043.45

               

              1,849,192.89

               

              2,054,236.34

               

              (223,172.16

              )

              1983

               

              30 Years

               

              Cedargate (MI)

               

              Michigan City, IN

               

              120,378.15

               

              1,121,318.63

               

              1,241,696.78

               

              (145,040.73

              )

              1983

               

              30 Years

               

              Cedargate (She)

               

              Shelbyville, KY

               

              158,685.33

               

              1,506,815.69

               

              1,665,501.02

               

              (190,307.62

              )

              1984

               

              30 Years

               

              Cedargate I (Cla)

               

              Clayton, OH

               

              159,599.20

               

              1,573,117.39

               

              1,732,716.59

               

              (205,420.59

              )

              1984

               

              30 Years

               

              Cedargate I (IN)

               

              Bloomington, IN

               

              191,650.35

               

              1,848,080.44

               

              2,039,730.79

               

              (237,488.19

              )

              1983

               

              30 Years

               

              Cedargate I (OH)

               

              Lancaster, OH

               

              240,586.83

               

              2,377,389.62

               

              2,617,976.45

               

              (308,000.72

              )

              1982

               

              30 Years

               

              Cedargate II (IN)

               

              Bloomington, IN

               

              165,040.72

               

              1,575,003.74

               

              1,740,044.46

               

              (199,857.85

              )

              1985

               

              30 Years

               

              Cedargate II (OH)

               

              Lancaster, OH

               

              87,618.08

               

              872,603.22

               

              960,221.30

               

              (120,717.73

              )

              1983

               

              30 Years

               

              Cedarwood I (Bel)

               

              Belpre, OH

               

              82,081.62

               

              761,961.00

               

              844,042.62

               

              (99,701.97

              )

              1980

               

              30 Years

               

              Cedarwood I (FL)

               

              Ocala, FL

               

              119,469.60

               

              1,180,893.71

               

              1,300,363.31

               

              (159,545.51

              )

              1978

               

              30 Years

               

              Cedarwood I (IN)

               

              Goshen, IN

               

              251,744.93

               

              2,446,320.98

               

              2,698,065.91

               

              (316,976.26

              )

              1983/84

               

              30 Years

               

              Cedarwood I (KY)

               

              Lexington, KY

               

              106,680.72

               

              1,090,514.52

               

              1,197,195.24

               

              (153,954.66

              )

              1984

               

              30 Years

               

              Cedarwood II (FL)

               

              Ocala, FL

               

              98,372.48

               

              934,386.86

               

              1,032,759.34

               

              (120,360.95

              )

              1980

               

              30 Years

               

              Cedarwood II (KY)

               

              Lexington, KY

               

              106,724.20

               

              1,083,768.60

               

              1,190,492.80

               

              (150,696.12

              )

              1986

               

              30 Years

               

              Cedarwood III (KY)

               

              Lexington, KY

               

              102,491.11

               

              1,013,554.86

               

              1,116,045.97

               

              (136,708.05

              )

              1986

               

              30 Years

               

              CenterPointe

               

              Beaverton, OR

               

              3,432,000.00

               

              17,158,065.29

               

              20,590,065.29

               

              (474,597.59

              )

              1996

               

              30 Years

               

              Centre Club

               

              Ontario, CA

               

              5,616,000.00

               

              24,020,646.92

               

              29,636,646.92

               

              (1,926,150.41

              )

              1994

               

              30 Years

               

              Centre Club II

               

              Ontario, CA

               

              1,820,000.00

               

              9,520,590.87

               

              11,340,590.87

               

              (175,281.71

              )

              2002

               

              30 Years

               

              Centre Lake III

               

              Miami, FL

               

              685,601.35

               

              6,768,303.55

               

              7,453,904.90

               

              (816,358.99

              )

              1986

               

              30 Years

               

              Champion Oaks

               

              Houston, TX

               

              931,900.00

               

              9,347,432.86

               

              10,279,332.86

               

              (3,111,046.47

              )

              1984

               

              30 Years

               

              Champions Club

               

              Glen Allen, VA

               

              954,000.00

               

              12,929,549.62

               

              13,883,549.62

               

              (2,083,407.05

              )

              1988

               

              30 Years

               

              Chandler Court

               

              Chandler, AZ

               

              1,353,100.00

               

              14,161,361.51

               

              15,514,461.51

               

              (4,117,660.75

              )

              1987

               

              30 Years

               

              Chantecleer Lakes

               

              Naperville, IL

               

              6,689,400.00

               

              17,459,491.19

               

              24,148,891.19

               

              (3,535,914.99

              )

              1986

               

              30 Years

               

              Chardonnay Park

               

              Redmond, WA

               

              1,297,500.00

               

              7,383,608.85

               

              8,681,108.85

               

              (1,471,436.39

              )

              1982-1989

               

              30 Years

               

              Charing Cross

               

              Bowling Green, OH

               

              154,584.44

               

              1,493,769.68

               

              1,648,354.12

               

              (191,971.03

              )

              1978

               

              30 Years

               

              S - 2

              Cambridge at Hickory Hollow Antioch, TN  (R) 3,240,800.00  17,900,032.88  —  513,242.28  3,240,800.00  18,413,275.16  21,654,075.16  (2,965,734.61)1997 30 Years
              Cambridge Commons I Indianapolis, IN  —  179,139.19  1,578,077.45  —  210,338.44  179,139.19  1,788,415.89  1,967,555.08  (187,197.62)1986 30 Years
              Cambridge Commons II Indianapolis, IN  861,295.19  141,845.25  1,249,511.25  —  154,090.97  141,845.25  1,403,602.22  1,545,447.47  (144,312.12)1987 30 Years
              Cambridge Commons III Indianapolis, IN  —  98,124.94  864,737.63  —  133,275.05  98,124.94  998,012.68  1,096,137.62  (110,942.99)1988 30 Years
              Cambridge Estates Norwich,CT  —  590,184.84  3,945,264.85  —  25,087.07  590,184.84  3,970,351.92  4,560,536.76  (174,036.95)1977 30 Years
              Cambridge Village Lewisville, TX  —  801,300.00  8,762,606.48  —  663,182.98  801,300.00  9,425,789.46  10,227,089.46  (1,697,467.32)1987 30 Years
              Camellero Scottsdale, AZ  —  1,924,900.00  17,324,592.87  —  3,494,494.86  1,924,900.00  20,819,087.73  22,743,987.73  (5,603,901.17)1979 30 Years
              Camellia Court I (Col) Columbus, OH  —  133,058.78  1,172,392.84  —  93,286.27  133,058.78  1,265,679.11  1,398,737.89  (116,861.41)1981 30 Years
              Camellia Court I (Day) Dayton, OH  1,070,204.43  131,858.32  1,162,065.53  —  118,662.37  131,858.32  1,280,727.90  1,412,586.22  (119,439.33)1981 30 Years
              Camellia Court II (Col) Columbus, OH  923,011.23  118,420.87  1,043,416.87  —  84,918.62  118,420.87  1,128,335.49  1,246,756.36  (97,910.95)1984 30 Years
              Camellia Court II (Day) Dayton, OH  —  131,570.85  1,159,282.59  —  80,999.22  131,570.85  1,240,281.81  1,371,852.66  (107,320.86)1982 30 Years
              Candlelight I Brooksville, FL  590,813.82  105,000.27  925,166.77  —  60,225.25  105,000.27  985,392.02  1,090,392.29  (87,123.23)1982 30 Years
              Candlelight II Brooksville, FL  584,331.27  95,061.25  837,593.20  —  80,781.76  95,061.25  918,374.96  1,013,436.21  (89,164.49)1985 30 Years
              Canterbury Germantown, MD  31,680,000.00  2,781,300.00  28,442,497.98  —  1,836,582.23  2,781,300.00  30,279,080.21  33,060,380.21  (7,888,491.45)1986 30 Years
              Canterbury Crossings Lake Mary, FL  —  273,670.75  2,411,537.51  —  75,544.31  273,670.75  2,487,081.82  2,760,752.57  (207,373.46)1983 30 Years
              Canterchase Nashville, TN  5,479,694.72  863,600.00  7,762,804.13  —  846,786.55  863,600.00  8,609,590.68  9,473,190.68  (1,991,930.62)1985 30 Years
              Canyon Creek (CA) San Ramon, CA  28,000,000.00  5,425,000.00  14,995,051.95  —  63,231.41  5,425,000.00  15,058,283.36  20,483,283.36  (316,420.01)1984 30 Years
              Canyon Crest Santa Clarita, CA  —  2,370,000.00  10,141,878.44  —  472,485.82  2,370,000.00  10,614,364.26  12,984,364.26  (1,066,202.04)1993 30 Years
              Canyon Crest Views Riverside, CA  —  1,744,640.00  17,397,193.87  —  544,750.26  1,744,640.00  17,941,944.13  19,686,584.13  (2,629,440.28)1982-1983 30 Years
              Canyon Ridge San Diego, CA  —  4,869,448.00  11,955,063.50  —  319,153.46  4,869,448.00  12,274,216.96  17,143,664.96  (1,840,448.14)1989 30 Years
              Canyon Sands Pheonix, AZ  —  1,492,750.00  13,377,478.30  —  1,426,202.28  1,492,750.00  14,803,680.58  16,296,430.58  (3,472,368.53)1983 30 Years
              Capital Ridge (REIT) Tallahassee, FL  1,249,709.55  177,900.00  1,601,157.16  —  15,560.73  177,900.00  1,616,717.89  1,794,617.89  (59,859.35)1983 30 Years
              Cardinal, The Greensboro, NC  —  1,281,200.00  11,850,556.68  —  321,204.48  1,281,200.00  12,171,761.16  13,452,961.16  (2,171,991.64)1994 30 Years
              Carleton Court (WV) Cross Lanes, WV  1,289,382.56  196,222.37  1,728,932.91  —  79,045.82  196,222.37  1,807,978.73  2,004,201.10  (159,289.24)1985 30 Years
              Carmel Terrace San Diego, CA  —  2,288,300.00  20,596,280.88  —  771,032.82  2,288,300.00  21,367,313.70  23,655,613.70  (5,600,962.54)1988-89 30 Years
              Carolina Crossing Greenville, SC  —  550,200.00  4,949,618.55  —  382,636.18  550,200.00  5,332,254.73  5,882,454.73  (941,584.18)1988-89 30 Years
              Carriage Hill Dublin, GA  —  131,910.67  1,162,576.76  —  39,075.19  131,910.67  1,201,651.95  1,333,562.62  (106,534.30)1985 30 Years
              Carriage Homes at Wyndham Glen Allen, VA  —  1,736,000.00  27,476,005.88  —  150,896.35  1,736,000.00  27,626,902.23  29,362,902.23  (3,111,049.42)1999 30 Years
              Casa Capricorn San Diego, CA  —  1,262,700.00  11,365,093.09  —  679,105.81  1,262,700.00  12,044,198.90  13,306,898.90  (2,391,294.95)1981 30 Years
              Casa Ruiz San Diego, CA  —  3,922,400.00  9,389,153.21  —  587,840.90  3,922,400.00  9,976,994.11  13,899,394.11  (1,666,514.65)1976-1986 30 Years
              Cascade at Landmark Alexandria, VA  (E) 3,603,400.00  19,657,553.75  —  1,098,529.51  3,603,400.00  20,756,083.26  24,359,483.26  (3,493,675.89)1990 30 Years
              Catalina Shores Las Vegas, NV  —  1,227,000.00  11,042,866.93  —  823,925.60  1,227,000.00  11,866,792.53  13,093,792.53  (3,428,995.59)1989 30 Years
              Cedar Crest Overland Park, KS  13,340,785.34  2,160,700.00  19,424,617.27  —  2,323,238.97  2,160,700.00  21,747,856.24  23,908,556.24  (5,027,083.92)1986 30 Years
              Cedar Glen Reading, MA  5,051,817.70  1,248,505.45  8,346,003.34  —  71,796.67  1,248,505.45  8,417,800.01  9,666,305.46  (350,934.16)1980 30 Years
              Cedar Hill Knoxville, TN  1,422,663.37  204,792.35  1,804,443.80  —  90,285.24  204,792.35  1,894,729.04  2,099,521.39  (165,313.07)1986 30 Years
              Cedar Ridge (TX) Arlington, TX  3,399,265.77  608,600.00  4,234,415.24  —  148,928.67  608,600.00  4,383,343.91  4,991,943.91  (613,433.65)1980 30 Years
              Cedargate (GA) Lawrenceville, GA  —  205,043.45  1,806,656.21  —  28,868.27  205,043.45  1,835,524.48  2,040,567.93  (152,160.21)1983 30 Years
              Cedargate (MI) Michigan City, IN  779,244.44  120,378.15  1,060,662.66  —  44,776.04  120,378.15  1,105,438.70  1,225,816.85  (97,042.22)1983 30 Years
              Cedargate (She) Shelbyville, KY  1,166,923.45  158,685.33  1,398,040.66  —  56,715.71  158,685.33  1,454,756.37  1,613,441.70  (126,543.95)1984 30 Years
              Cedargate I (Cla) Clayton, OH  1,206,320.20  159,599.20  1,406,492.86  —  134,115.43  159,599.20  1,540,608.29  1,700,207.49  (133,843.34)1984 30 Years
              Cedargate I (IN) Bloomington, IN  —  191,650.35  1,688,648.45  —  106,915.60  191,650.35  1,795,564.05  1,987,214.40  (154,015.68)1983 30 Years
              Cedargate I (KY) Bowling Green, KY  —  165,396.51  1,457,173.52  —  59,546.28  165,396.51  1,516,719.80  1,682,116.31  (132,330.74)1983 30 Years
              Cedargate I (OH) Lancaster, OH  2,217,162.48  240,586.83  2,119,432.15  —  130,402.29  240,586.83  2,249,834.44  2,490,421.27  (200,121.72)1982 30 Years
              Cedargate II (IN) Bloomington, IN  1,067,386.82  165,040.72  1,454,188.64  —  84,016.86  165,040.72  1,538,205.50  1,703,246.22  (130,931.87)1985 30 Years
              Cedargate II (KY) Bowling Green, KY  1,139,331.37  140,895.00  1,241,438.52  —  47,878.32  140,895.00  1,289,316.84  1,430,211.84  (113,176.97)1986 30 Years
              Cedargate II (OH) Lancaster, OH  691,711.73  87,618.08  771,911.76  —  85,541.09  87,618.08  857,452.85  945,070.93  (80,052.76)1983 30 Years
              Cedars, The Charlotte, NC  —  2,028,179.00  18,225,424.24  —  807,374.93  2,028,179.00  19,032,799.17  21,060,978.17  (2,985,400.36)1983 30 Years
              Cedarwood I (Bel) Belpre, OH  —  82,081.62  722,449.49  —  27,942.21  82,081.62  750,391.70  832,473.32  (67,355.07)1980 30 Years
              Cedarwood I (FL) Ocala, FL  717,699.45  119,469.60  1,052,657.37  —  74,471.96  119,469.60  1,127,129.33  1,246,598.93  (102,791.33)1978 30 Years
              Cedarwood I (IN) Goshen, IN  1,879,233.15  251,744.93  2,218,126.20  —  171,844.33  251,744.93  2,389,970.53  2,641,715.46  (206,757.85)1983/84 30 Years
              Cedarwood I (KY) Lexington, KY  —  106,680.72  939,874.44  —  127,767.42  106,680.72  1,067,641.86  1,174,322.58  (97,468.48)1984 30 Years
              Cedarwood II (FL) Ocala, FL  544,213.06  98,372.48  866,768.77  —  40,715.63  98,372.48  907,484.40  1,005,856.88  (79,426.69)1980 30 Years
              Cedarwood II (KY) Lexington, KY  975,774.60  106,724.20  940,356.51  —  117,170.46  106,724.20  1,057,526.97  1,164,251.17  (94,762.96)1986 30 Years
              Cedarwood III (KY) Lexington, KY  821,067.37  102,491.11  902,659.39  —  88,089.02  102,491.11  990,748.41  1,093,239.52  (89,216.64)1986 30 Years
              Celebration Westchase Houston, TX  —  2,204,690.00  6,667,959.73  —  1,322,917.68  2,204,690.00  7,990,877.41  10,195,567.41  (2,998,732.99)1979 30 Years
              Centre Club Ontario, CA  —  5,616,000.00  23,485,891.14  —  354,948.96  5,616,000.00  23,840,840.10  29,456,840.10  (1,007,230.43)1994 30 Years
              Centre Club II Ontario, CA  —  1,820,000.00  5,398,929.20  —  —  1,820,000.00  5,398,929.20  7,218,929.20  — (Z) 30 Years
              Centre Lake III Miami, FL  4,578,383.59  685,601.35  6,039,979.05  —  332,299.15  685,601.35  6,372,278.20  7,057,879.55  (533,766.41)1986 30 Years
              Champion Oaks Houston, TX  —  931,900.00  8,389,393.77  —  877,368.89  931,900.00  9,266,762.66  10,198,662.66  (2,727,459.23)1984 30 Years
              Champions Club Glen Allen, VA  —  954,000.00  12,417,167.33  —  444,910.40  954,000.00  12,862,077.73  13,816,077.73  (1,562,771.59)1988 30 Years
              Chandler Court Chandler, AZ  —  1,353,100.00  12,175,172.59  —  1,598,317.16  1,353,100.00  13,773,489.75  15,126,589.75  (3,434,757.23)1987 30 Years
              Chantecleer Lakes Naperville, IL  (E) 6,689,400.00  16,332,279.04  —  714,700.10  6,689,400.00  17,046,979.14  23,736,379.14  (2,800,050.57)1986 30 Years
              Chardonnay Park Redmond, WA  3,340,330.90  1,297,500.00  6,709,092.62  —  453,605.25  1,297,500.00  7,162,697.87  8,460,197.87  (1,162,547.85)1982-1989 30 Years
              Charing Cross Bowling Green, OH  775,033.54  154,584.44  1,362,057.38  —  100,292.41  154,584.44  1,462,349.79  1,616,934.23  (123,945.30)1978 30 Years
              Chartwell Court Houston, TX  —  1,215,700.00  12,801,855.12  —  280,443.29  1,215,700.00  13,082,298.41  14,297,998.41  (1,963,433.89)1995 30 Years
              Chatelaine Park Duluth, GA  —  1,818,000.00  24,489,671.38  —  312,108.40  1,818,000.00  24,801,779.78  26,619,779.78  (2,866,825.95)1995 30 Years
              Chatham Wood High Point, NC  —  700,000.00  8,311,883.72  —  268,101.30  700,000.00  8,579,985.02  9,279,985.02  (1,079,112.74)1986 30 Years
              Chelsea Square Redmond, WA  —  3,397,100.00  9,289,074.04  —  187,047.75  3,397,100.00  9,476,121.79  12,873,221.79  (1,210,631.97)1991 30 Years
              Cherry Creek I,II,&III (TN) Hermitage, TN  —  2,942,345.09  45,726,824.03  —  392,495.08  2,942,345.09  46,119,319.11  49,061,664.20  (4,585,915.66)1986/96 30 Years
              Cherry Glen I Indianapolis, IN  3,083,869.68  335,595.73  2,957,360.11  —  250,521.79  335,595.73  3,207,881.90  3,543,477.63  (292,981.60)1986/87 30 Years
              Cherry Hill Seattle, WA  —  700,100.00  6,300,112.11  —  165,562.98  700,100.00  6,465,675.09  7,165,775.09  (1,116,662.50)1991 30 Years
              Cherry Tree Rosedale, MD  —  352,002.83  3,101,016.51  —  179,074.17  352,002.83  3,280,090.68  3,632,093.51  (275,892.28)1986 30 Years
              Chestnut Glen Abington, MA  6,700,822.79  1,178,964.91  7,881,139.12  —  106,250.97  1,178,964.91  7,987,390.09  9,166,355.00  (337,324.82)1983 30 Years
              Chestnut Hills Puyallup, WA  —  756,300.00  6,806,634.86  —  445,731.92  756,300.00  7,252,366.78  8,008,666.78  (1,315,364.30)1991 30 Years
              Chicksaw Crossing Orlando, FL  11,690,695.53  2,044,000.00  12,366,832.33  —  272,345.75  2,044,000.00  12,639,178.08  14,683,178.08  (1,575,450.42)1986 30 Years
              Chimneys Charlotte, NC  —  907,100.00  8,154,673.96  —  571,079.25  907,100.00  8,725,753.21  9,632,853.21  (1,564,188.16)1974 30 Years
              Cierra Crest Denver, CO  21,605,432.18  4,803,100.00  34,894,897.55  —  753,442.11  4,803,100.00  35,648,339.66  40,451,439.66  (5,194,934.18)1996 30 Years
              Cimarron Ridge Aurora, CO  —  1,591,100.00  14,320,031.12  —  1,206,882.96  1,591,100.00  15,526,914.08  17,118,014.08  (3,038,325.18)1984 30 Years
              Claire Point Jacksonville, FL  —  2,048,000.00  14,649,393.06  —  536,259.44  2,048,000.00  15,185,652.50  17,233,652.50  (1,862,292.39)1986 30 Years
              Clarion Decatur, GA  —  1,504,300.00  13,537,919.35  —  444,558.05  1,504,300.00  13,982,477.40  15,486,777.40  (2,164,096.21)1990 30 Years
              Clarys Crossing Columbia, MD  —  891,000.00  15,489,720.93  —  380,029.48  891,000.00  15,869,750.41  16,760,750.41  (1,867,682.80)1984 30 Years
              Classic, The Stamford, CT  —  2,883,500.00  20,176,770.97  —  1,224,744.50  2,883,500.00  21,401,515.47  24,285,015.47  (3,215,008.85)1990 30 Years
              Clearlake Pines II Cocoa, FL  867,335.76  119,279.73  1,050,834.38  —  84,160.86  119,279.73  1,134,995.24  1,254,274.97  (100,544.21)1985 30 Years
              Clearview I Greenwood, IN  12,735.41  182,205.53  1,605,429.32  —  144,119.41  182,205.53  1,749,548.73  1,931,754.26  (157,393.20)1986 30 Years
              Clearview II Greenwood, IN  —  226,963.05  1,999,791.79  —  121,814.64  226,963.05  2,121,606.43  2,348,569.48  (183,216.68)1987 30 Years
              Clearwater Eastlake, OH  1,015,183.04  128,303.10  1,130,691.12  —  54,879.99  128,303.10  1,185,571.11  1,313,874.21  (100,681.91)1986 30 Years
              Cloisters on the Green Lexington, KY  —  187,074.00  1,746,721.00  —  2,544,679.65  187,074.00  4,291,400.65  4,478,474.65  (3,472,981.46)1974 30 Years
              Club at Tanasbourne Hillsboro, OR  11,547,930.62  3,521,300.00  16,257,934.39  —  1,350,988.86  3,521,300.00  17,608,923.25  21,130,223.25  (3,302,611.91)1990 30 Years
              Club at the Green Beaverton, OR  —  2,030,950.00  12,616,747.23  —  799,604.68  2,030,950.00  13,416,351.91  15,447,301.91  (2,534,537.99)1991 30 Years
              Coach Lantern Scarborough, ME  —  452,900.00  4,405,723.00  —  322,124.96  452,900.00  4,727,847.96  5,180,747.96  (705,843.75)1971/1981 30 Years
              Coachlight Village Agawam, MA  2,096,516.00  501,725.60  3,353,932.93  —  22,238.92  501,725.60  3,376,171.85  3,877,897.45  (149,240.79)1967 30 Years
              Coachman Trails Plymouth, MN  6,351,051.96  1,227,000.00  9,517,380.81  —  531,237.71  1,227,000.00  10,048,618.52  11,275,618.52  (1,321,656.11)1987 30 Years
              Cobblestone Village Fresno, CA  6,000,000.00  315,000.00  4,592,303.30  —  29,570.78  315,000.00  4,621,874.08  4,936,874.08  (117,564.11)1983 30 Years
              Coconut Palm Club Coconut Creek, GA  —  3,001,700.00  17,678,928.33  —  495,261.08  3,001,700.00  18,174,189.41  21,175,889.41  (2,479,483.53)1992 30 Years
              Colinas Pointe Denver, CO  (E) 1,587,400.00  14,285,902.00  —  455,239.76  1,587,400.00  14,741,141.76  16,328,541.76  (2,573,078.47)1986 30 Years
              Collier Ridge Atlanta, GA  —  5,100,000.00  20,425,822.03  —  1,481,531.83  5,100,000.00  21,907,353.86  27,007,353.86  (2,220,363.81)1980 30 Years
              Colonial Village Plainville,CT  3,584,186.00  693,575.43  4,636,409.75  —  70,240.68  693,575.43  4,706,650.43  5,400,225.86  (204,905.83)1968 30 Years
              Colony Place Fort Myers, FL  —  1,500,000.00  20,920,274.21  —  399,976.85  1,500,000.00  21,320,251.06  22,820,251.06  (2,529,166.01)1991 30 Years
              Colony Woods Birmingham, AL  —  1,657,300.00  21,787,685.65  —  399,360.34  1,657,300.00  22,187,045.99  23,844,345.99  (2,835,569.58)1991/1994 30 Years
              Concord Square (IN) Kokomo, IN  —  123,246.64  1,085,962.20  —  35,707.13  123,246.64  1,121,669.33  1,244,915.97  (98,708.91)1983 30 Years
              Concord Square I (OH) Mansfield, OH  1,203,906.57  164,124.19  1,446,312.98  —  114,184.73  164,124.19  1,560,497.71  1,724,621.90  (136,705.82)1981/83 30 Years
              Conway Court Roslindale, MA  472,242.53  101,451.21  678,180.58  —  6,812.49  101,451.21  684,993.07  786,444.28  (32,491.75)1920 30 Years
              Conway Station Orlando, FL  —  1,936,000.00  10,852,858.15  —  322,579.13  1,936,000.00  11,175,437.28  13,111,437.28  (1,379,992.75)1987 30 Years
              Copper Canyon Highlands Ranch, CO  —  1,443,000.00  16,251,113.68  —  99,810.48  1,443,000.00  16,350,924.16  17,793,924.16  (1,636,856.09)1999 30 Years
              Copper Creek Tempe, AZ  —  1,017,400.00  9,148,067.60  —  522,754.16  1,017,400.00  9,670,821.76  10,688,221.76  (1,706,348.40)1984 30 Years
              Copper Terrace Orlando, FL  —  1,200,000.00  17,887,868.22  —  774,116.82  1,200,000.00  18,661,985.04  19,861,985.04  (2,279,024.26)1989 30 Years
              Copperfield San Antonio, TX  —  791,200.00  7,121,171.12  —  870,703.91  791,200.00  7,991,875.03  8,783,075.03  (1,640,386.62)1984 30 Years
              Country Brook Chandler, AZ  —  1,505,219.00  29,542,534.77  —  704,418.16  1,505,219.00  30,246,952.93  31,752,171.93  (4,452,374.87)1986-1996 30 Years
              Country Club Place (FL) Pembroke Pines, FL  —  912,000.00  10,016,543.20  —  456,025.09  912,000.00  10,472,568.29  11,384,568.29  (1,325,821.33)1987 30 Years
              Country Club Village Mill Creek, WA  —  1,150,500.00  10,352,178.59  —  673,856.59  1,150,500.00  11,026,035.18  12,176,535.18  (1,923,367.89)1991 30 Years
              Country Club Woods Mobile, AL (U) 4,096,210.72  230,090.89  5,561,463.88  —  357,550.58  230,090.89  5,919,014.46  6,149,105.35  (515,339.72)1975 30 Years
              Country Gables Beaverton, OR  7,832,323.50  2,780,500.00  14,219,449.24  —  1,983,291.34  2,780,500.00  16,202,740.58  18,983,240.58  (2,912,374.18)1991 30 Years

              S-2

              Description

               

               

               

              Initial Cost to
              Company

               

              Cost Capitalized
              Subsequent to
              Acquisition
              (Improvements, net)(E)

               

              Apartment Name

               

              Location

               

              Encumbrances

               

              Land

               

              Building &
              Fixtures

               

              Land

               

              Building &
              Fixtures

               

              Chartwell Court

               

              Houston, TX

               

              —

               

              1,215,700.00

               

              12,801,855.12

               

              —

               

              365,257.93

               

              Chatelaine Park

               

              Duluth, GA

               

              —

               

              1,818,000.00

               

              24,489,671.38

               

              —

               

              543,813.32

               

              Chatham Wood

               

              High Point, NC

               

              —

               

              700,000.00

               

              8,311,883.72

               

              —

               

              331,436.73

               

              Chelsea Square

               

              Redmond, WA

               

              4,407,582.28

               

              3,397,100.00

               

              9,289,074.04

               

              —

               

              240,754.26

               

              Cherry Creek I, II, & III (TN)

               

              Hermitage, TN

               

              —

               

              2,942,345.09

               

              45,726,837.84

               

              —

               

              856,139.74

               

              Cherry Glen I

               

              Indianapolis, IN

               

              3,032,014.91

               

              335,595.73

               

              2,957,360.11

               

              —

               

              312,254.84

               

              Cherry Hill

               

              Seattle, WA

               

              —

               

              700,100.00

               

              6,300,112.11

               

              —

               

              202,739.80

               

              Cherry Tree

               

              Rosedale, MD

               

              —

               

              352,002.83

               

              3,101,016.51

               

              —

               

              249,599.94

               

              Chestnut Glen

               

              Abington, MA

               

              6,143,479.16

               

              1,178,964.91

               

              7,881,139.12

               

              —

               

              153,497.58

               

              Chestnut Hills

               

              Puyallup, WA

               

              —

               

              756,300.00

               

              6,806,634.86

               

              —

               

              528,360.48

               

              Chickasaw Crossing

               

              Orlando, FL

               

              11,681,826.99

               

              2,044,000.00

               

              12,366,832.33

               

              —

               

              370,516.91

               

              Chimneys

               

              Charlotte, NC

               

              —

               

              907,100.00

               

              8,154,673.96

               

              —

               

              676,694.70

               

              Cierra Crest

               

              Denver, CO

               

               

              (R)

              4,803,100.00

               

              34,894,897.55

               

              —

               

              858,329.00

               

              Cimarron Ridge

               

              Aurora, CO

               

              —

               

              1,591,100.00

               

              14,320,031.12

               

              —

               

              1,530,836.66

               

              Claire Point

               

              Jacksonville, FL

               

              —

               

              2,048,000.00

               

              14,649,393.06

               

              —

               

              657,266.38

               

              Clarion

               

              Decatur, GA

               

              —

               

              1,504,300.00

               

              13,537,919.35

               

              —

               

              543,982.78

               

              Clarys Crossing

               

              Columbia, MD

               

              —

               

              891,000.00

               

              15,489,720.93

               

              —

               

              506,790.63

               

              Classic, The

               

              Stamford, CT

               

              —

               

              2,883,500.00

               

              20,250,746.07

               

              —

               

              1,553,692.75

               

              Clearlake Pines II

               

              Cocoa, FL

               

              852,751.45

               

              119,279.73

               

              1,050,834.38

               

              —

               

              120,192.55

               

              Clearview I

               

              Greenwood, IN

               

              12,735.00

               

              182,205.53

               

              1,605,429.32

               

              —

               

              165,738.29

               

              Clearview II

               

              Greenwood, IN

               

              —

               

              226,963.05

               

              1,999,791.79

               

              —

               

              135,531.04

               

              Clearwater

               

              Eastlake, OH

               

              1,008,377.00

               

              128,303.10

               

              1,130,691.12

               

              —

               

              99,706.39

               

              Cloisters on the Green

               

              Lexington, KY

               

              —

               

              187,074.00

               

              1,746,721.00

               

              —

               

              2,898,501.66

               

              Club at Tanasbourne

               

              Hillsboro, OR

               

               

              (Q)

              3,521,300.00

               

              16,257,934.39

               

              —

               

              1,433,124.28

               

              Club at the Green

               

              Beaverton, OR

               

              —

               

              2,030,950.00

               

              12,616,747.23

               

              —

               

              906,849.15

               

              Coach Lantern

               

              Scarborough, ME

               

              —

               

              452,900.00

               

              4,405,723.00

               

              —

               

              343,864.61

               

              Coachlight Village

               

              Agawam, MA

               

               

              (P)

              501,725.60

               

              3,353,932.93

               

              —

               

              58,361.76

               

              Coachman Trails

               

              Plymouth, MN

               

              6,271,987.14

               

              1,227,000.00

               

              9,517,380.81

               

              —

               

              597,088.00

               

              Cobblestone Village

               

              Fresno, CA

               

              6,000,000.00

               

              315,000.00

               

              5,061,625.24

               

              —

               

              111,569.64

               

              Coconut Palm Club

               

              Coconut Creek, GA

               

              —

               

              3,001,700.00

               

              17,678,928.33

               

              —

               

              583,000.83

               

              Colinas Pointe

               

              Denver, CO

               

              —

               

              1,587,400.00

               

              14,285,902.00

               

              —

               

              648,527.29

               

              Collier Ridge

               

              Atlanta, GA

               

              —

               

              5,100,000.00

               

              20,425,822.03

               

              —

               

              1,629,241.36

               

              Colonial Village

               

              Plainville,CT

               

               

              (P)

              693,575.43

               

              4,636,409.75

               

              —

               

              297,597.04

               

              Colony Place

               

              Fort Myers, FL

               

              —

               

              1,500,000.00

               

              20,920,274.21

               

              —

               

              532,472.89

               

              Colony Woods

               

              Birmingham, AL

               

              —

               

              1,657,300.00

               

              21,787,685.65

               

              —

               

              570,796.68

               

              Concord Square (IN)

               

              Kokomo, IN

               

              —

               

              123,246.64

               

              1,085,962.20

               

              —

               

              115,666.70

               

              Concord Square I (OH)

               

              Mansfield, OH

               

              —

               

              164,124.19

               

              1,446,312.98

               

              —

               

              138,643.80

               

              Conway Court

               

              Roslindale, MA

               

              455,187.56

               

              101,451.21

               

              678,180.58

               

              —

               

              15,595.34

               

              Conway Station

               

              Orlando, FL

               

              —

               

              1,936,000.00

               

              10,852,858.15

               

              —

               

              618,460.25

               

              Copper Canyon

               

              Highlands Ranch, CO

               

               

              (O)

              1,443,000.00

               

              16,251,113.68

               

              —

               

              145,974.01

               

              Copper Creek

               

              Tempe, AZ

               

              —

               

              1,017,400.00

               

              9,148,067.60

               

              —

               

              613,795.69

               

              Copper Terrace

               

              Orlando, FL

               

              —

               

              1,200,000.00

               

              17,887,868.22

               

              —

               

              958,721.37

               

              Copperfield

               

              San Antonio, TX

               

              —

               

              791,200.00

               

              7,121,171.12

               

              —

               

              968,136.84

               

              Country Brook

               

              Chandler, AZ

               

              —

               

              1,505,219.00

               

              29,542,534.77

               

              —

               

              952,454.47

               

              Country Club Place (FL)

               

              Pembroke Pines, FL

               

              —

               

              912,000.00

               

              10,016,543.20

               

              —

               

              707,438.44

               

              Country Club Village

               

              Mill Creek, WA

               

              —

               

              1,150,500.00

               

              10,352,178.59

               

              —

               

              741,846.88

               

              Country Club Woods

               

              Mobile, AL(T)

               

              4,067,771.32

               

              230,090.89

               

              5,561,463.88

               

              —

               

              480,110.94

               

              Country Gables

               

              Beaverton, OR

               

              7,615,681.14

               

              2,780,500.00

               

              14,219,449.24

               

              —

               

              2,206,840.46

               

              Country Oaks

               

              Agoura Hills, CA

               

              29,412,000.00

               

              6,105,000.00

               

              19,963,237.07

               

              —

               

              284,354.59

               

              Country Place

               

              Birmingham, AL(T)

               

              1,746,386.20

               

              75,562.14

               

              1,817,198.29

               

              —

               

              233,860.97

               

              Country Ridge

               

              Farmington Hills, MI

               

               

              (J)

              1,621,950.00

               

              14,596,964.22

               

              —

               

              1,619,074.45

               

              Countryside I

               

              Daytona Beach, FL

               

              —

               

              136,664.58

               

              1,204,163.85

               

              —

               

              195,866.65

               

              Countryside II

               

              Daytona Beach, FL

               

              —

               

              234,633.36

               

              2,067,375.58

               

              —

               

              147,158.11

               

              Countryside III (REIT)

               

              Daytona Beach, FL

               

              403,280.89

               

              80,000.00

               

              719,868.20

               

              —

               

              36,087.44

               

              Countryside Manor

               

              Douglasville, GA

               

              —

               

              298,186.45

               

              2,627,347.60

               

              —

               

              235,077.02

               

              Cove at Fishers Landing

               

              Vancouver, WA

               

              —

               

              2,277,000.00

               

              15,656,886.78

               

              —

               

              25,587.53

               

              Coventry at Cityview

               

              Fort Worth, TX

               

              —

               

              2,160,000.00

               

              23,072,847.21

               

              —

               

              607,844.59

               

              Creekside (San Mateo)

               

              San Mateo, CA

               

               

              (R)

              9,606,600.00

               

              21,193,231.54

               

              —

               

              468,753.02

               

              Creekside Homes at Legacy

               

              Plano. TX

               

              —

               

              4,560,000.00

               

              32,275,747.98

               

              —

               

              572,327.27

               

              Creekside Village

               

              Mountlake Terrace, WA

               

              13,342,944.47

               

              2,807,600.00

               

              25,270,593.68

               

              —

               

              2,066,788.62

               

              Creekwood

               

              Charlotte, NC

               

              —

               

              1,861,700.00

               

              16,740,568.56

               

              —

               

              1,304,524.51

               

              Crescent at Cherry Creek

               

              Denver, CO

               

               

              (O)

              2,594,000.00

               

              15,149,469.76

               

              —

               

              558,465.72

               

              Cross Creek

               

              Matthews, NC

               

               

              (R)

              3,151,600.00

               

              20,295,924.81

               

              —

               

              718,922.40

               

              Crosswinds

               

              St. Petersburg, FL

               

              —

               

              1,561,200.00

               

              5,756,821.52

               

              —

               

              800,639.16

               

              Crown Court

               

              Scottsdale, AZ

               

               

              (S)

              3,156,600.00

               

              28,414,599.11

               

              —

               

              1,735,175.66

               

              Crystal Creek

               

              Phoenix, AZ

               

              —

               

              953,500.00

               

              8,581,704.26

               

              —

               

              1,134,573.38

               

              Crystal Village

               

              Attleboro, MA

               

              —

               

              1,369,000.00

               

              4,989,028.15

               

              —

               

              684,838.53

               

              Cypress

               

              Panama City, FL

               

              1,357,332.70

               

              171,882.34

               

              1,514,635.71

               

              —

               

              197,879.98

               

              Cypress Point

               

              Las Vegas, NV

               

              —

               

              959,690.00

               

              8,636,550.62

               

              —

               

              1,292,516.42

               

              Daniel Court

               

              Cincinnati, OH

               

              2,243,713.47

               

              334,100.71

               

              2,943,516.33

               

              —

               

              489,646.57

               

              Dartmouth Place I

               

              Kent, OH

               

              —

               

              151,770.96

               

              1,337,421.54

               

              —

               

              187,481.27

               

              Dartmouth Place II

               

              Kent, OH

               

              —

               

              130,101.56

               

              1,146,336.54

               

              —

               

              108,380.16

               

              Dartmouth Woods

               

              Lakewood, CO

               

               

              (J)

              1,609,800.00

               

              10,832,754.24

               

              —

               

              574,208.17

               

              Dean Estates

               

              Taunton, MA

               

              —

               

              498,079.65

               

              3,329,560.49

               

              —

               

              66,025.85

               

              Dean Estates II

               

              Cranston, RI

               

               

              (P)

              308,456.89

               

              2,061,971.13

               

              —

               

              147,356.77

               

              Deerbrook

               

              Jacksonville, FL

               

              —

               

              1,008,000.00

               

              8,845,716.24

               

              —

               

              509,093.37

               

              Deerfield

               

              Denver, CO

               

              9,100,000.00

               

              1,260,000.00

               

              7,747,923.18

               

              —

               

              276,832.76

               

              Deerwood (Corona)

               

              Corona, CA

               

              14,467,908.70

               

              4,742,200.00

               

              20,272,892.01

               

              —

               

              1,075,335.83

               

              Deerwood (FL)

               

              Eustis, FL

               

              834,988.71

               

              114,948.15

               

              1,012,818.51

               

              —

               

              94,284.49

               

              Deerwood (SD)

               

              San Diego, CA

               

              —

               

              2,082,095.00

               

              18,739,815.37

               

              —

               

              3,938,068.08

               

              Deerwood Meadows

               

              Greensboro, NC

               

              —

               

              986,743.00

               

              7,204,361.73

               

              —

               

              1,051,154.17

               

              Defoor Village

               

              Atlanta, GA

               

              —

               

              2,966,400.00

               

              10,570,210.33

               

              —

               

              249,454.83

               

              Desert Homes

               

              Phoenix, AZ

               

              —

               

              1,481,050.00

               

              13,390,248.53

               

              —

               

              1,707,951.74

               

              Dogwood Glen I

               

              Indianapolis, IN

               

              1,702,607.00

               

              240,854.78

               

              2,122,193.09

               

              —

               

              180,610.91

               

              Dogwood Glen II

               

              Indianapolis, IN

               

              1,292,664.46

               

              202,396.77

               

              1,783,336.09

               

              —

               

              137,891.25

               

              Description

               

              Gross Amount Carried
              at Close of
              Period 12/31/02

               

              Total(B)

               

              Accumulated
              Depreciation

               

              Date of
              Construction

               

              Life Used to
              Compute
              Depreciation
              in Latest
              Income
              Statement(C)

               

              Apartment Name

               

              Location

              Land

               

              Building &
              Fixtures(A)

              Chartwell Court

               

              Houston, TX

               

              1,215,700.00

               

              13,167,113.05

               

              14,382,813.05

               

              (2,486,080.58

              )

              1995

               

              30 Years

               

              Chatelaine Park

               

              Duluth, GA

               

              1,818,000.00

               

              25,033,484.70

               

              26,851,484.70

               

              (3,799,409.75

              )

              1995

               

              30 Years

               

              Chatham Wood

               

              High Point, NC

               

              700,000.00

               

              8,643,320.45

               

              9,343,320.45

               

              (1,433,287.25

              )

              1986

               

              30 Years

               

              Chelsea Square

               

              Redmond, WA

               

              3,397,100.00

               

              9,529,828.30

               

              12,926,928.30

               

              (1,579,323.91

              )

              1991

               

              30 Years

               

              Cherry Creek I, II, & III (TN)

               

              Hermitage, TN

               

              2,942,345.09

               

              46,582,977.58

               

              49,525,322.67

               

              (6,316,753.77

              )

              1986/96

               

              30 Years

               

              Cherry Glen I

               

              Indianapolis, IN

               

              335,595.73

               

              3,269,614.95

               

              3,605,210.68

               

              (444,481.67

              )

              1986/87

               

              30 Years

               

              Cherry Hill

               

              Seattle, WA

               

              700,100.00

               

              6,502,851.91

               

              7,202,951.91

               

              (1,365,241.07

              )

              1991

               

              30 Years

               

              Cherry Tree

               

              Rosedale, MD

               

              352,002.83

               

              3,350,616.45

               

              3,702,619.28

               

              (415,345.85

              )

              1986

               

              30 Years

               

              Chestnut Glen

               

              Abington, MA

               

              1,178,964.91

               

              8,034,636.70

               

              9,213,601.61

               

              (644,166.24

              )

              1983

               

              30 Years

               

              Chestnut Hills

               

              Puyallup, WA

               

              756,300.00

               

              7,334,995.34

               

              8,091,295.34

               

              (1,629,220.77

              )

              1991

               

              30 Years

               

              Chickasaw Crossing

               

              Orlando, FL

               

              2,044,000.00

               

              12,737,349.24

               

              14,781,349.24

               

              (2,094,974.50

              )

              1986

               

              30 Years

               

              Chimneys

               

              Charlotte, NC

               

              907,100.00

               

              8,831,368.66

               

              9,738,468.66

               

              (1,977,585.17

              )

              1974

               

              30 Years

               

              Cierra Crest

               

              Denver, CO

               

              4,803,100.00

               

              35,753,226.55

               

              40,556,326.55

               

              (6,554,393.14

              )

              1996

               

              30 Years

               

              Cimarron Ridge

               

              Aurora, CO

               

              1,591,100.00

               

              15,850,867.78

               

              17,441,967.78

               

              (3,777,019.13

              )

              1984

               

              30 Years

               

              Claire Point

               

              Jacksonville, FL

               

              2,048,000.00

               

              15,306,659.44

               

              17,354,659.44

               

              (2,501,002.68

              )

              1986

               

              30 Years

               

              Clarion

               

              Decatur, GA

               

              1,504,300.00

               

              14,081,902.13

               

              15,586,202.13

               

              (2,714,770.16

              )

              1990

               

              30 Years

               

              Clarys Crossing

               

              Columbia, MD

               

              891,000.00

               

              15,996,511.56

               

              16,887,511.56

               

              (2,496,957.35

              )

              1984

               

              30 Years

               

              Classic, The

               

              Stamford, CT

               

              2,883,500.00

               

              21,804,438.82

               

              24,687,938.82

               

              (4,145,856.13

              )

              1990

               

              30 Years

               

              Clearlake Pines II

               

              Cocoa, FL

               

              119,279.73

               

              1,171,026.93

               

              1,290,306.66

               

              (153,224.83

              )

              1985

               

              30 Years

               

              Clearview I

               

              Greenwood, IN

               

              182,205.53

               

              1,771,167.61

               

              1,953,373.14

               

              (241,191.56

              )

              1986

               

              30 Years

               

              Clearview II

               

              Greenwood, IN

               

              226,963.05

               

              2,135,322.83

               

              2,362,285.88

               

              (275,261.04

              )

              1987

               

              30 Years

               

              Clearwater

               

              Eastlake, OH

               

              128,303.10

               

              1,230,397.51

               

              1,358,700.61

               

              (152,049.27

              )

              1986

               

              30 Years

               

              Cloisters on the Green

               

              Lexington, KY

               

              187,074.00

               

              4,645,222.66

               

              4,832,296.66

               

              (3,703,596.26

              )

              1974

               

              30 Years

               

              Club at Tanasbourne

               

              Hillsboro, OR

               

              3,521,300.00

               

              17,691,058.67

               

              21,212,358.67

               

              (4,092,301.48

              )

              1990

               

              30 Years

               

              Club at the Green

               

              Beaverton, OR

               

              2,030,950.00

               

              13,523,596.38

               

              15,554,546.38

               

              (3,126,844.83

              )

              1991

               

              30 Years

               

              Coach Lantern

               

              Scarborough, ME

               

              452,900.00

               

              4,749,587.61

               

              5,202,487.61

               

              (920,091.38

              )

              1971/1981

               

              30 Years

               

              Coachlight Village

               

              Agawam, MA

               

              501,725.60

               

              3,412,294.69

               

              3,914,020.29

               

              (281,230.32

              )

              1967

               

              30 Years

               

              Coachman Trails

               

              Plymouth, MN

               

              1,227,000.00

               

              10,114,468.81

               

              11,341,468.81

               

              (1,756,886.12

              )

              1987

               

              30 Years

               

              Cobblestone Village

               

              Fresno, CA

               

              315,000.00

               

              5,173,194.88

               

              5,488,194.88

               

              (374,459.16

              )

              1983

               

              30 Years

               

              Coconut Palm Club

               

              Coconut Creek, GA

               

              3,001,700.00

               

              18,261,929.16

               

              21,263,629.16

               

              (3,218,296.35

              )

              1992

               

              30 Years

               

              Colinas Pointe

               

              Denver, CO

               

              1,587,400.00

               

              14,934,429.29

               

              16,521,829.29

               

              (3,156,380.97

              )

              1986

               

              30 Years

               

              Collier Ridge

               

              Atlanta, GA

               

              5,100,000.00

               

              22,055,063.39

               

              27,155,063.39

               

              (3,189,901.24

              )

              1980

               

              30 Years

               

              Colonial Village

               

              Plainville,CT

               

              693,575.43

               

              4,934,006.79

               

              5,627,582.22

               

              (397,529.48

              )

              1968

               

              30 Years

               

              Colony Place

               

              Fort Myers, FL

               

              1,500,000.00

               

              21,452,747.10

               

              22,952,747.10

               

              (3,363,215.38

              )

              1991

               

              30 Years

               

              Colony Woods

               

              Birmingham, AL

               

              1,657,300.00

               

              22,358,482.33

               

              24,015,782.33

               

              (3,715,384.97

              )

              1991/1994

               

              30 Years

               

              Concord Square (IN)

               

              Kokomo, IN

               

              123,246.64

               

              1,201,628.90

               

              1,324,875.54

               

              (149,432.54

              )

              1983

               

              30 Years

               

              Concord Square I (OH)

               

              Mansfield, OH

               

              164,124.19

               

              1,584,956.78

               

              1,749,080.97

               

              (206,254.04

              )

              1981/83

               

              30 Years

               

              Conway Court

               

              Roslindale, MA

               

              101,451.21

               

              693,775.92

               

              795,227.13

               

              (61,772.84

              )

              1920

               

              30 Years

               

              Conway Station

               

              Orlando, FL

               

              1,936,000.00

               

              11,471,318.40

               

              13,407,318.40

               

              (1,851,055.85

              )

              1987

               

              30 Years

               

              Copper Canyon

               

              Highlands Ranch, CO

               

              1,443,000.00

               

              16,397,087.69

               

              17,840,087.69

               

              (2,237,642.12

              )

              1999

               

              30 Years

               

              Copper Creek

               

              Tempe, AZ

               

              1,017,400.00

               

              9,761,863.29

               

              10,779,263.29

               

              (2,114,446.23

              )

              1984

               

              30 Years

               

              Copper Terrace

               

              Orlando, FL

               

              1,200,000.00

               

              18,846,589.59

               

              20,046,589.59

               

              (3,049,494.18

              )

              1989

               

              30 Years

               

              Copperfield

               

              San Antonio, TX

               

              791,200.00

               

              8,089,307.96

               

              8,880,507.96

               

              (2,048,754.72

              )

              1984

               

              30 Years

               

              Country Brook

               

              Chandler, AZ

               

              1,505,219.00

               

              30,494,989.24

               

              32,000,208.24

               

              (5,647,782.47

              )

              1986-1996

               

              30 Years

               

              Country Club Place (FL)

               

              Pembroke Pines, FL

               

              912,000.00

               

              10,723,981.64

               

              11,635,981.64

               

              (1,775,778.57

              )

              1987

               

              30 Years

               

              Country Club Village

               

              Mill Creek, WA

               

              1,150,500.00

               

              11,094,025.47

               

              12,244,525.47

               

              (2,378,269.95

              )

              1991

               

              30 Years

               

              Country Club Woods

               

              Mobile, AL(T)

               

              230,090.89

               

              6,041,574.82

               

              6,271,665.71

               

              (813,593.71

              )

              1975

               

              30 Years

               

              Country Gables

               

              Beaverton, OR

               

              2,780,500.00

               

              16,426,289.70

               

              19,206,789.70

               

              (3,656,981.98

              )

              1991

               

              30 Years

               

              Country Oaks

               

              Agoura Hills, CA

               

              6,105,000.00

               

              20,247,591.66

               

              26,352,591.66

               

              (1,186,577.30

              )

              1985

               

              30 Years

               

              Country Place

               

              Birmingham, AL(T)

               

              75,562.14

               

              2,051,059.26

               

              2,126,621.40

               

              (275,461.71

              )

              1978

               

              30 Years

               

              Country Ridge

               

              Farmington Hills, MI

               

              1,621,950.00

               

              16,216,038.67

               

              17,837,988.67

               

              (4,055,997.49

              )

              1986

               

              30 Years

               

              Countryside I

               

              Daytona Beach, FL

               

              136,664.58

               

              1,400,030.50

               

              1,536,695.08

               

              (197,069.57

              )

              1982

               

              30 Years

               

              Countryside II

               

              Daytona Beach, FL

               

              234,633.36

               

              2,214,533.69

               

              2,449,167.05

               

              (286,145.81

              )

              1982

               

              30 Years

               

              Countryside III (REIT)

               

              Daytona Beach, FL

               

              80,000.00

               

              755,955.64

               

              835,955.64

               

              (58,560.24

              )

              1983

               

              30 Years

               

              Countryside Manor

               

              Douglasville, GA

               

              298,186.45

               

              2,862,424.62

               

              3,160,611.07

               

              (367,558.16

              )

              1985

               

              30 Years

               

              Cove at Fishers Landing

               

              Vancouver, WA

               

              2,277,000.00

               

              15,682,474.31

               

              17,959,474.31

               

              (270,855.49

              )

              1993

               

              30 Years

               

              Coventry at Cityview

               

              Fort Worth, TX

               

              2,160,000.00

               

              23,680,691.80

               

              25,840,691.80

               

              (3,670,446.57

              )

              1996

               

              30 Years

               

              Creekside (San Mateo)

               

              San Mateo, CA

               

              9,606,600.00

               

              21,661,984.56

               

              31,268,584.56

               

              (3,505,807.44

              )

              1985

               

              30 Years

               

              Creekside Homes at Legacy

               

              Plano. TX

               

              4,560,000.00

               

              32,848,075.25

               

              37,408,075.25

               

              (4,952,089.92

              )

              1998

               

              30 Years

               

              Creekside Village

               

              Mountlake Terrace, WA

               

              2,807,600.00

               

              27,337,382.30

               

              30,144,982.30

               

              (8,470,270.81

              )

              1987

               

              30 Years

               

              Creekwood

               

              Charlotte, NC

               

              1,861,700.00

               

              18,045,093.07

               

              19,906,793.07

               

              (3,664,190.84

              )

              1987-1990

               

              30 Years

               

              Crescent at Cherry Creek

               

              Denver, CO

               

              2,594,000.00

               

              15,707,935.48

               

              18,301,935.48

               

              (2,990,039.98

              )

              1994

               

              30 Years

               

              Cross Creek

               

              Matthews, NC

               

              3,151,600.00

               

              21,014,847.21

               

              24,166,447.21

               

              (3,680,108.69

              )

              1989

               

              30 Years

               

              Crosswinds

               

              St. Petersburg, FL

               

              1,561,200.00

               

              6,557,460.68

               

              8,118,660.68

               

              (1,649,184.76

              )

              1986

               

              30 Years

               

              Crown Court

               

              Scottsdale, AZ

               

              3,156,600.00

               

              30,149,774.77

               

              33,306,374.77

               

              (6,506,458.93

              )

              1987

               

              30 Years

               

              Crystal Creek

               

              Phoenix, AZ

               

              953,500.00

               

              9,716,277.64

               

              10,669,777.64

               

              (3,048,044.12

              )

              1985

               

              30 Years

               

              Crystal Village

               

              Attleboro, MA

               

              1,369,000.00

               

              5,673,866.68

               

              7,042,866.68

               

              (1,163,484.64

              )

              1974

               

              30 Years

               

              Cypress

               

              Panama City, FL

               

              171,882.34

               

              1,712,515.69

               

              1,884,398.03

               

              (225,356.64

              )

              1985

               

              30 Years

               

              Cypress Point

               

              Las Vegas, NV

               

              959,690.00

               

              9,929,067.04

               

              10,888,757.04

               

              (3,294,031.19

              )

              1989

               

              30 Years

               

              Daniel Court

               

              Cincinnati, OH

               

              334,100.71

               

              3,433,162.90

               

              3,767,263.61

               

              (482,121.21

              )

              1985

               

              30 Years

               

              Dartmouth Place I

               

              Kent, OH

               

              151,770.96

               

              1,524,902.81

               

              1,676,673.77

               

              (197,151.14

              )

              1982

               

              30 Years

               

              Dartmouth Place II

               

              Kent, OH

               

              130,101.56

               

              1,254,716.70

               

              1,384,818.26

               

              (157,006.88

              )

              1986

               

              30 Years

               

              Dartmouth Woods

               

              Lakewood, CO

               

              1,609,800.00

               

              11,406,962.41

               

              13,016,762.41

               

              (2,420,202.76

              )

              1990

               

              30 Years

               

              Dean Estates

               

              Taunton, MA

               

              498,079.65

               

              3,395,586.34

               

              3,893,665.99

               

              (273,235.04

              )

              1984

               

              30 Years

               

              Dean Estates II

               

              Cranston, RI

               

              308,456.89

               

              2,209,327.90

               

              2,517,784.79

               

              (184,293.65

              )

              1970

               

              30 Years

               

              Deerbrook

               

              Jacksonville, FL

               

              1,008,000.00

               

              9,354,809.61

               

              10,362,809.61

               

              (1,575,900.78

              )

              1983

               

              30 Years

               

              Deerfield

               

              Denver, CO

               

              1,260,000.00

               

              8,024,755.94

               

              9,284,755.94

               

              (542,514.95

              )

              1983

               

              30 Years

               

              Deerwood (Corona)

               

              Corona, CA

               

              4,742,200.00

               

              21,348,227.84

               

              26,090,427.84

               

              (4,285,068.67

              )

              1992

               

              30 Years

               

              Deerwood (FL)

               

              Eustis, FL

               

              114,948.15

               

              1,107,103.00

               

              1,222,051.15

               

              (152,179.03

              )

              1982

               

              30 Years

               

              Deerwood (SD)

               

              San Diego, CA

               

              2,082,095.00

               

              22,677,883.45

               

              24,759,978.45

               

              (8,029,943.51

              )

              1990

               

              30 Years

               

              Deerwood Meadows

               

              Greensboro, NC

               

              986,743.00

               

              8,255,515.90

               

              9,242,258.90

               

              (3,170,391.22

              )

              1986

               

              30 Years

               

              Defoor Village

               

              Atlanta, GA

               

              2,966,400.00

               

              10,819,665.16

               

              13,786,065.16

               

              (1,803,784.67

              )

              1997

               

              30 Years

               

              Desert Homes

               

              Phoenix, AZ

               

              1,481,050.00

               

              15,098,200.27

               

              16,579,250.27

               

              (4,149,985.52

              )

              1982

               

              30 Years

               

              Dogwood Glen I

               

              Indianapolis, IN

               

              240,854.78

               

              2,302,804.00

               

              2,543,658.78

               

              (298,999.69

              )

              1986

               

              30 Years

               

              Dogwood Glen II

               

              Indianapolis, IN

               

              202,396.77

               

              1,921,227.34

               

              2,123,624.11

               

              (257,294.89

              )

              1987

               

              30 Years

               

              S - 3


              Description

               

               

               

              Initial Cost to
              Company

               

              Cost Capitalized
              Subsequent to
              Acquisition
              (Improvements, net)(E)

               

              Apartment Name

               

              Location

               

              Encumbrances

               

              Land

               

              Building &
              Fixtures

               

              Land

               

              Building &
              Fixtures

               

              Dos Caminos

               

              Scottsdale, AZ

               

              —

               

              1,727,900.00

               

              15,567,778.26

               

              —

               

              1,145,569.69

               

              Dover Place I

               

              Eastlake, OH

               

              —

               

              244,293.77

               

              2,152,494.39

               

              —

               

              203,981.26

               

              Dover Place II

               

              Eastlake, OH

               

              1,563,616.65

               

              230,895.36

               

              2,034,241.71

               

              —

               

              119,642.42

               

              Dover Place III

               

              Eastlake, OH

               

              740,843.45

               

              119,835.15

               

              1,055,878.24

               

              —

               

              43,074.27

               

              Dover Place IV

               

              Eastlake, OH

               

              1,799,191.13

               

              261,911.97

               

              2,307,729.91

               

              —

               

              90,444.97

               

              Driftwood

               

              Atlantic Beach, FL

               

              346,205.63

               

              126,357.35

               

              1,113,430.46

               

              —

               

              164,090.16

               

              Duraleigh Woods

               

              Raleigh, NC

               

              —

               

              1,629,000.00

               

              19,917,749.59

               

              —

               

              1,565,657.65

               

              Eagle Canyon

               

              Chino Hills, CA

               

              —

               

              1,808,900.00

               

              16,274,360.96

               

              —

               

              774,690.24

               

              East Pointe

               

              Charlotte, NC

               

              8,765,736.97

               

              1,365,900.00

               

              12,295,246.21

               

              —

               

              1,605,146.06

               

              Eastbridge

               

              Dallas, TX

               

              8,994,824.56

               

              3,520,000.00

               

              11,860,381.87

               

              —

               

              200,610.06

               

              Edgewater

               

              Bakersfield, CA

               

              11,988,000.00

               

              580,000.00

               

              10,443,373.58

               

              —

               

              380,647.92

               

              Edgewood

               

              Woodinville, WA

               

              5,188,906.51

               

              1,070,100.00

               

              9,632,980.07

               

              —

               

              919,087.28

               

              Elmtree Park I

               

              Indianapolis, IN

               

              1,421,256.96

               

              157,687.17

               

              1,389,620.78

               

              —

               

              183,155.65

               

              Elmtree Park II

               

              Indianapolis, IN

               

              893,556.02

               

              114,114.14

               

              1,005,454.90

               

              —

               

              148,741.79

               

              Elmwood (GA)

               

              Marietta, GA

               

              —

               

              183,756.45

               

              1,619,094.62

               

              —

               

              110,628.64

               

              Elmwood I (FL)

               

              W. Palm Beach, FL

               

              316,201.53

               

              163,388.66

               

              1,439,632.14

               

              —

               

              70,658.35

               

              Elmwood II (FL)

               

              W. Palm Beach, FL

               

              1,279,156.92

               

              179,743.41

               

              1,582,960.29

               

              —

               

              100,094.89

               

              Emerald Bay

               

              Winter Park, FL

               

              —

               

              2,161,600.00

               

              13,550,753.15

               

              —

               

              1,558,841.30

               

              Emerald Place

               

              Bermuda Dunes, CA

               

              —

               

              956,500.00

               

              8,609,599.40

               

              —

               

              1,039,185.64

               

              Emerson Place

               

              Boston, MA(G)

               

              —

               

              14,855,000.00

               

              57,751,194.60

               

              —

               

              8,323,911.48

               

              Enclave, The

               

              Tempe, AZ

               

               

              (O)

              1,500,192.00

               

              19,281,398.59

               

              —

               

              323,982.34

               

              Enclave at Winston Park

               

              Coconut Creek, FL

               

              —

               

              5,560,000.00

               

              19,939,323.93

               

              —

               

              —

               

              English Hills

               

              Charlotte, NC

               

              —

               

              1,260,000.00

               

              12,554,291.22

               

              —

               

              579,637.83

               

              Esprit Del Sol

               

              Solana Beach, CA

               

              —

               

              5,111,200.00

               

              11,910,438.14

               

              —

               

              534,931.32

               

              Essex Place

               

              Overland Park, KS

               

              —

               

              1,835,400.00

               

              16,513,585.66

               

              —

               

              3,399,109.21

               

              Essex Place (FL)

               

              Tampa, FL

               

              —

               

              1,188,000.00

               

              7,106,384.37

               

              —

               

              459,242.31

               

              Ethans Glen III

               

              Kansas City, MO

               

              2,364,258.00

               

              246,500.00

               

              2,223,049.34

               

              —

               

              175,813.08

               

              Ethans Ridge I

               

              Kansas City, MO

               

              16,216,607.00

               

              1,948,300.00

               

              17,573,969.73

               

              —

               

              3,557,481.74

               

              Ethans Ridge II

               

              Kansas City, MO

               

              10,981,324.00

               

              1,468,134.66

               

              13,183,141.26

               

              —

               

              912,070.17

               

              Fairfield

               

              Stamford, CT(G)

               

              —

               

              6,510,200.00

               

              39,690,120.06

               

              —

               

              503,902.86

               

              Fairland Gardens

               

              Silver Spring, MD

               

              —

               

              6,000,000.00

               

              19,972,183.10

               

              —

               

              1,364,359.65

               

              Farnham Park

               

              Houston, TX

               

              10,980,254.71

               

              1,512,600.00

               

              14,233,759.62

               

              —

               

              441,361.67

               

              Feather River

               

              Stockton, CA

               

              4,867,000.00

               

              770,000.00

               

              4,210,036.16

               

              —

               

              364,699.10

               

              Fernbrook Townhomes

               

              Plymouth, MN

               

              5,070,332.67

               

              580,100.00

               

              6,683,692.61

               

              —

               

              187,986.39

               

              Fireside Park

               

              Rockville, MD

               

              8,280,834.73

               

              4,248,000.00

               

              10,136,319.94

               

              —

               

              632,203.80

               

              Forest Glen

               

              Pensacola, FL

               

              —

               

              161,548.49

               

              1,423,618.28

               

              —

               

              210,267.87

               

              Forest Place

               

              Tampa, FL

               

              10,481,033.95

               

              1,708,000.00

               

              8,612,028.53

               

              —

               

              497,819.73

               

              Forest Ridge I & II

               

              Arlington, TX

               

               

              (S)

              2,362,700.00

               

              21,263,294.52

               

              —

               

              2,223,490.22

               

              Forest Village

               

              Macon, GA

               

              —

               

              224,021.80

               

              1,973,876.21

               

              —

               

              165,848.39

               

              Forsythia Court (KY)

               

              Louisville, KY

               

              1,839,951.39

               

              279,450.32

               

              2,462,186.82

               

              —

               

              233,850.25

               

              Forsythia Court (MD)

               

              Abingdon, MD

               

              2,009,563.46

               

              251,955.21

               

              2,220,099.99

               

              —

               

              291,809.96

               

              Forsythia Court II (MD)

               

              Abingdon, MD

               

              —

               

              239,833.55

               

              2,113,338.95

               

              —

               

              227,892.81

               

              Fountain Place I

               

              Eden Prairie, MN

               

              24,653,106.00

               

              2,405,068.29

               

              21,694,116.90

               

              —

               

              907,504.24

               

              Fountain Place II

               

              Eden Prairie, MN

               

              12,600,000.00

               

              1,231,349.55

               

              11,095,333.38

               

              —

               

              338,851.89

               

              Fountainhead I

               

              San Antonio, TX

               

               

              (M)

              1,205,816.00

               

              5,200,240.60

               

              —

               

              368,227.53

               

              Fountainhead II

               

              San Antonio, TX

               

               

              (M)

              1,205,817.00

               

              4,529,801.24

               

              —

               

              1,001,985.06

               

              Fountainhead III

               

              San Antonio, TX

               

               

              (M)

              1,205,816.00

               

              4,399,092.50

               

              —

               

              1,002,629.09

               

              Fountains at Flamingo

               

              Las Vegas, NV

               

               

              (S)

              3,183,100.00

               

              28,650,075.52

               

              —

               

              1,824,237.60

               

              Four Lakes

               

              Lisle, IL

               

              —

               

              1,868,347.54

               

              10,265,690.03

               

              —

               

              10,666,254.35

               

              Four Lakes 5

               

              Lisle, IL

               

               

              (M)

              600,000.00

               

              19,186,686.01

               

              —

               

              1,655,021.62

               

              Four Lakes Athletic Club

               

              Lisle, IL

               

              —

               

              50,000.00

               

              153,488.68

               

              —

               

              5,700.00

               

              Four Lakes Condo, LLC Phase I

               

              Lisle, IL

               

              —

               

              51,740.35

               

              268,225.15

               

              —

               

              652,924.63

               

              Four Lakes Condo, LLC Phase II

               

              Lisle, IL

               

              —

               

              249,541.93

               

              1,281,305.23

               

              —

               

              2,513,601.64

               

              Four Lakes Leasing Center

               

              Lisle, IL

               

              —

               

              50,000.00

               

              152,815.00

               

              —

               

              39,396.76

               

              Four Winds

               

              Fall River, MA

               

               

              (P)

              1,370,842.90

               

              9,163,804.20

               

              —

               

              268,824.80

               

              Fox Hill Apartments

               

              Enfield, CT

               

               

              (P)

              1,129,018.28

               

              7,547,256.07

               

              —

               

              223,178.51

               

              Fox Hill Commons

               

              Vernon, CT

               

               

              (P)

              478,502.81

               

              3,198,693.32

               

              —

               

              79,667.55

               

              Fox Ridge

               

              Englewood, CO

               

              20,300,000.00

               

              2,490,000.00

               

              17,509,781.22

               

              —

               

              445,930.47

               

              Fox Run (WA)

               

              Federal Way, WA

               

              —

               

              639,700.00

               

              5,765,017.82

               

              —

               

              730,270.57

               

              Foxcroft

               

              Scarborough, ME

               

              —

               

              523,400.00

               

              4,527,408.97

               

              —

               

              342,311.91

               

              Foxhaven

               

              Canton, OH

               

              —

               

              256,820.91

               

              2,263,172.10

               

              —

               

              278,295.52

               

              Foxton (MI)

               

              Monroe, MI

               

              —

               

              156,362.50

               

              1,377,823.99

               

              —

               

              93,287.56

               

              Foxton II (OH)

               

              Dayton, OH

               

              —

               

              165,805.54

               

              1,460,832.47

               

              —

               

              99,827.54

               

              Garden Court

               

              Detriot, MI

               

              2,033,915.49

               

              351,531.69

               

              3,096,890.33

               

              —

               

              151,221.07

               

              Garden Lake

               

              Riverdale, GA

               

              —

               

              1,466,900.00

               

              13,186,716.06

               

              —

               

              633,784.56

               

              Garden Terrace I

               

              Tampa, FL

               

              —

               

              93,143.89

               

              820,699.22

               

              —

               

              147,443.55

               

              Garden Terrace II

               

              Tampa, FL

               

              —

               

              97,119.68

               

              855,730.21

               

              —

               

              117,485.22

               

              Gatehouse at Pine Lake

               

              Pembroke Pines, FL

               

              —

               

              1,896,600.00

               

              17,070,794.56

               

              —

               

              989,921.49

               

              Gatehouse on the Green

               

              Plantation, FL

               

              —

               

              2,228,200.00

               

              20,056,270.22

               

              —

               

              1,219,366.84

               

              Gates at Carlson Center

               

              Minnetonka, MN

               

               

              (N)

              4,355,200.00

               

              23,802,816.77

               

              —

               

              4,054,189.21

               

              Gates of Redmond

               

              Redmond, WA

               

              —

               

              2,306,100.00

               

              12,080,659.89

               

              —

               

              545,299.38

               

              Gateway Villas

               

              Scottsdale, AZ

               

              —

               

              1,431,048.00

               

              14,926,832.51

               

              —

               

              308,679.96

               

              Geary Court Yard

               

              San Francisco, CA

               

              17,693,865.00

               

              1,722,400.00

               

              15,471,429.16

               

              —

               

              678,208.44

               

              Georgian Woods Combined (REIT)

               

              Wheaton, MD

               

              17,972,883.98

               

              5,038,400.00

               

              28,837,368.82

               

              —

               

              3,365,054.74

               

              Glastonbury Center

               

              Glastonbury, CT

               

              4,113,942.05

               

              852,606.10

               

              5,699,497.28

               

              —

               

              300,462.68

               

              Glen Arm Manor

               

              Albany, GA

               

              1,107,901.64

               

              166,498.48

               

              1,466,883.08

               

              —

               

              117,763.83

               

              Glen Eagle

               

              Greenville, SC

               

              —

               

              835,900.00

               

              7,523,243.58

               

              —

               

              346,695.37

               

              Glen Grove

               

              Wellesley, MA

               

              4,911,800.50

               

              1,344,601.04

               

              8,988,382.70

               

              —

               

              109,805.06

               

              Glen Meadow

               

              Franklin, MA

               

              2,290,276.57

               

              2,339,330.34

               

              15,637,944.47

               

              —

               

              989,287.27

               

              GlenGarry Club

               

              Bloomingdale, IL

               

               

              (N)

              3,129,700.00

               

              15,807,888.64

               

              —

               

              1,146,353.73

               

              Glenlake

               

              Glendale Heights. IL

               

              14,845,000.00

               

              5,041,700.00

               

              16,671,969.86

               

              —

               

              3,497,374.99

               

              Glenwood Village

               

              Macon, GA

               

              1,047,357.00

               

              167,778.79

               

              1,478,613.98

               

              —

               

              187,265.77

               

              Gosnold Grove

               

              East Falmouth, MA

               

              654,298.49

               

              124,295.62

               

              830,890.76

               

              —

               

              76,549.62

               

              Governors Pointe

               

              Roswell, GA

               

              —

               

              3,746,600.00

               

              24,511,111.56

               

              —

               

              1,832,964.33

               

              Gramercy Park

               

              Houston, TX

               

              14,000,000.00

               

              3,957,000.00

               

              22,075,242.53

               

              —

               

              116,629.33

               

              Description

               

              Gross Amount Carried
              at Close of
              Period 12/31/02

               

               

               

               

               

               

               

              Life Used to
              Compute
              Depreciation in
              Latest Income
              Statement(C)

               

              Apartment Name

               

              Location

               

              Land

               

              Building &
              Fixtures(A)

               

              Total(B)

               

              Accumulated
              Depreciation

               

              Date of
              Construction

               

               

              Dos Caminos

               

              Scottsdale, AZ

               

              1,727,900.00

               

              16,713,347.95

               

              18,441,247.95

               

              (3,691,412.04

              )

              1983

               

              30 Years

               

              Dover Place I

               

              Eastlake, OH

               

              244,293.77

               

              2,356,475.65

               

              2,600,769.42

               

              (291,524.80

              )

              1982

               

              30 Years

               

              Dover Place II

               

              Eastlake, OH

               

              230,895.36

               

              2,153,884.13

               

              2,384,779.49

               

              (255,063.07

              )

              1983

               

              30 Years

               

              Dover Place III

               

              Eastlake, OH

               

              119,835.15

               

              1,098,952.51

               

              1,218,787.66

               

              (127,360.75

              )

              1983

               

              30 Years

               

              Dover Place IV

               

              Eastlake, OH

               

              261,911.97

               

              2,398,174.88

               

              2,660,086.85

               

              (282,117.56

              )

              1986

               

              30 Years

               

              Driftwood

               

              Atlantic Beach, FL

               

              126,357.35

               

              1,277,520.62

               

              1,403,877.97

               

              (179,059.61

              )

              1985

               

              30 Years

               

              Duraleigh Woods

               

              Raleigh, NC

               

              1,629,000.00

               

              21,483,407.24

               

              23,112,407.24

               

              (3,572,396.47

              )

              1987

               

              30 Years

               

              Eagle Canyon

               

              Chino Hills, CA

               

              1,808,900.00

               

              17,049,051.20

               

              18,857,951.20

               

              (4,007,223.68

              )

              1985

               

              30 Years

               

              East Pointe

               

              Charlotte, NC

               

              1,365,900.00

               

              13,900,392.27

               

              15,266,292.27

               

              (4,920,207.15

              )

              1987

               

              30 Years

               

              Eastbridge

               

              Dallas, TX

               

              3,520,000.00

               

              12,060,991.93

               

              15,580,991.93

               

              (565,361.10

              )

              1998

               

              30 Years

               

              Edgewater

               

              Bakersfield, CA

               

              580,000.00

               

              10,824,021.50

               

              11,404,021.50

               

              (738,742.19

              )

              1984

               

              30 Years

               

              Edgewood

               

              Woodinville, WA

               

              1,070,100.00

               

              10,552,067.35

               

              11,622,167.35

               

              (3,313,304.50

              )

              1986

               

              30 Years

               

              Elmtree Park I

               

              Indianapolis, IN

               

              157,687.17

               

              1,572,776.43

               

              1,730,463.60

               

              (218,821.03

              )

              1986

               

              30 Years

               

              Elmtree Park II

               

              Indianapolis, IN

               

              114,114.14

               

              1,154,196.69

               

              1,268,310.83

               

              (160,383.16

              )

              1987

               

              30 Years

               

              Elmwood (GA)

               

              Marietta, GA

               

              183,756.45

               

              1,729,723.26

               

              1,913,479.71

               

              (217,070.81

              )

              1984

               

              30 Years

               

              Elmwood I (FL)

               

              W. Palm Beach, FL

               

              163,388.66

               

              1,510,290.49

               

              1,673,679.15

               

              (187,659.61

              )

              1984

               

              30 Years

               

              Elmwood II (FL)

               

              W. Palm Beach, FL

               

              179,743.41

               

              1,683,055.18

               

              1,862,798.59

               

              (208,170.31

              )

              1984

               

              30 Years

               

              Emerald Bay

               

              Winter Park, FL

               

              2,161,600.00

               

              15,109,594.45

               

              17,271,194.45

               

              (3,309,417.24

              )

              1972

               

              30 Years

               

              Emerald Place

               

              Bermuda Dunes, CA

               

              956,500.00

               

              9,648,785.04

               

              10,605,285.04

               

              (3,308,605.62

              )

              1988

               

              30 Years

               

              Emerson Place

               

              Boston, MA(G)

               

              14,855,000.00

               

              66,075,106.08

               

              80,930,106.08

               

              (11,341,605.96

              )

              1962

               

              30 Years

               

              Enclave, The

               

              Tempe, AZ

               

              1,500,192.00

               

              19,605,380.93

               

              21,105,572.93

               

              (3,551,485.39

              )

              1994

               

              30 Years

               

              Enclave at Winston Park

               

              Coconut Creek, FL

               

              5,560,000.00

               

              19,939,323.93

               

              25,499,323.93

               

              (468,776.53

              )

              1995

               

              30 Years

               

              English Hills

               

              Charlotte, NC

               

              1,260,000.00

               

              13,133,929.05

               

              14,393,929.05

               

              (2,177,081.00

              )

              1984

               

              30 Years

               

              Esprit Del Sol

               

              Solana Beach, CA

               

              5,111,200.00

               

              12,445,369.46

               

              17,556,569.46

               

              (2,057,502.27

              )

              1986

               

              30 Years

               

              Essex Place

               

              Overland Park, KS

               

              1,835,400.00

               

              19,912,694.87

               

              21,748,094.87

               

              (6,788,303.30

              )

              1970-84

               

              30 Years

               

              Essex Place (FL)

               

              Tampa, FL

               

              1,188,000.00

               

              7,565,626.68

               

              8,753,626.68

               

              (1,266,168.00

              )

              1989

               

              30 Years

               

              Ethans Glen III

               

              Kansas City, MO

               

              246,500.00

               

              2,398,862.42

               

              2,645,362.42

               

              (501,874.53

              )

              1990

               

              30 Years

               

              Ethans Ridge I

               

              Kansas City, MO

               

              1,948,300.00

               

              21,131,451.47

               

              23,079,751.47

               

              (3,990,335.46

              )

              1988

               

              30 Years

               

              Ethans Ridge II

               

              Kansas City, MO

               

              1,468,134.66

               

              14,095,211.43

               

              15,563,346.09

               

              (2,736,624.22

              )

              1990

               

              30 Years

               

              Fairfield

               

              Stamford, CT(G)

               

              6,510,200.00

               

              40,194,022.92

               

              46,704,222.92

               

              (6,694,497.22

              )

              1996

               

              30 Years

               

              Fairland Gardens

               

              Silver Spring, MD

               

              6,000,000.00

               

              21,336,542.75

               

              27,336,542.75

               

              (3,156,362.95

              )

              1981

               

              30 Years

               

              Farnham Park

               

              Houston, TX

               

              1,512,600.00

               

              14,675,121.29

               

              16,187,721.29

               

              (2,662,655.52

              )

              1996

               

              30 Years

               

              Feather River

               

              Stockton, CA

               

              770,000.00

               

              4,574,735.26

               

              5,344,735.26

               

              (313,061.10

              )

              1981

               

              30 Years

               

              Fernbrook Townhomes

               

              Plymouth, MN

               

              580,100.00

               

              6,871,679.00

               

              7,451,779.00

               

              (1,104,215.47

              )

              1993

               

              30 Years

               

              Fireside Park

               

              Rockville, MD

               

              4,248,000.00

               

              10,768,523.74

               

              15,016,523.74

               

              (1,670,828.53

              )

              1961

               

              30 Years

               

              Forest Glen

               

              Pensacola, FL

               

              161,548.49

               

              1,633,886.15

               

              1,795,434.64

               

              (230,317.96

              )

              1986

               

              30 Years

               

              Forest Place

               

              Tampa, FL

               

              1,708,000.00

               

              9,109,848.26

               

              10,817,848.26

               

              (1,619,652.78

              )

              1985

               

              30 Years

               

              Forest Ridge I & II

               

              Arlington, TX

               

              2,362,700.00

               

              23,486,784.74

               

              25,849,484.74

               

              (6,520,120.60

              )

              1984/85

               

              30 Years

               

              Forest Village

               

              Macon, GA

               

              224,021.80

               

              2,139,724.60

               

              2,363,746.40

               

              (271,297.38

              )

              1983

               

              30 Years

               

              Forsythia Court (KY)

               

              Louisville, KY

               

              279,450.32

               

              2,696,037.07

               

              2,975,487.39

               

              (339,893.91

              )

              1985

               

              30 Years

               

              Forsythia Court (MD)

               

              Abingdon, MD

               

              251,955.21

               

              2,511,909.95

               

              2,763,865.16

               

              (316,635.77

              )

              1986

               

              30 Years

               

              Forsythia Court II (MD)

               

              Abingdon, MD

               

              239,833.55

               

              2,341,231.76

               

              2,581,065.31

               

              (297,546.65

              )

              1987

               

              30 Years

               

              Fountain Place I

               

              Eden Prairie, MN

               

              2,405,068.29

               

              22,601,621.14

               

              25,006,689.43

               

              (4,345,632.84

              )

              1989

               

              30 Years

               

              Fountain Place II

               

              Eden Prairie, MN

               

              1,231,349.55

               

              11,434,185.27

               

              12,665,534.82

               

              (2,154,105.29

              )

              1989

               

              30 Years

               

              Fountainhead I

               

              San Antonio, TX

               

              1,205,816.00

               

              5,568,468.13

               

              6,774,284.13

               

              (3,253,564.89

              )

              1985/1987

               

              30 Years

               

              Fountainhead II

               

              San Antonio, TX

               

              1,205,817.00

               

              5,531,786.30

               

              6,737,603.30

               

              (3,048,615.89

              )

              1985/1987

               

              30 Years

               

              Fountainhead III

               

              San Antonio, TX

               

              1,205,816.00

               

              5,401,721.59

               

              6,607,537.59

               

              (2,758,351.47

              )

              1985/1987

               

              30 Years

               

              Fountains at Flamingo

               

              Las Vegas, NV

               

              3,183,100.00

               

              30,474,313.12

               

              33,657,413.12

               

              (9,127,875.02

              )

              1989-91

               

              30 Years

               

              Four Lakes

               

              Lisle, IL

               

              1,868,347.54

               

              20,931,944.38

               

              22,800,291.92

               

              (14,111,454.37

              )

              1968/1988

               

              30 Years

               

              Four Lakes 5

               

              Lisle, IL

               

              600,000.00

               

              20,841,707.63

               

              21,441,707.63

               

              (10,487,447.42

              )

              1968/1988

               

              30 Years

               

              Four Lakes Athletic Club

               

              Lisle, IL

               

              50,000.00

               

              159,188.68

               

              209,188.68

               

              (16,667.04

              )

              N/A

               

              30 Years

               

              Four Lakes Condo, LLC Phase I

               

              Lisle, IL

               

              51,740.35

               

              921,149.78

               

              972,890.13

               

              —

               

              1968/1988

               

              30 Years

               

              Four Lakes Condo, LLC Phase II

               

              Lisle, IL

               

              249,541.93

               

              3,794,906.87

               

              4,044,448.80

               

              (1,472,724.80

              )

              1968/1988

               

              30 Years

               

              Four Lakes Leasing Center

               

              Lisle, IL

               

              50,000.00

               

              192,211.76

               

              242,211.76

               

              (34,065.55

              )

              N/A

               

              30 Years

               

              Four Winds

               

              Fall River, MA

               

              1,370,842.90

               

              9,432,629.00

               

              10,803,471.90

               

              (761,042.53

              )

              1987

               

              30 Years

               

              Fox Hill Apartments

               

              Enfield, CT

               

              1,129,018.28

               

              7,770,434.58

               

              8,899,452.86

               

              (641,975.45

              )

              1974

               

              30 Years

               

              Fox Hill Commons

               

              Vernon, CT

               

              478,502.81

               

              3,278,360.87

               

              3,756,863.68

               

              (271,378.41

              )

              1965

               

              30 Years

               

              Fox Ridge

               

              Englewood, CO

               

              2,490,000.00

               

              17,955,711.69

               

              20,445,711.69

               

              (1,132,978.16

              )

              1984

               

              30 Years

               

              Fox Run (WA)

               

              Federal Way, WA

               

              639,700.00

               

              6,495,288.39

               

              7,134,988.39

               

              (2,234,238.32

              )

              1988

               

              30 Years

               

              Foxcroft

               

              Scarborough, ME

               

              523,400.00

               

              4,869,720.88

               

              5,393,120.88

               

              (957,438.16

              )

              1977/1979

               

              30 Years

               

              Foxhaven

               

              Canton, OH

               

              256,820.91

               

              2,541,467.62

               

              2,798,288.53

               

              (335,402.31

              )

              1986

               

              30 Years

               

              Foxton (MI)

               

              Monroe, MI

               

              156,362.50

               

              1,471,111.55

               

              1,627,474.05

               

              (183,740.01

              )

              1983

               

              30 Years

               

              Foxton II (OH)

               

              Dayton, OH

               

              165,805.54

               

              1,560,660.01

               

              1,726,465.55

               

              (204,764.07

              )

              1983

               

              30 Years

               

              Garden Court

               

              Detriot, MI

               

              351,531.69

               

              3,248,111.40

               

              3,599,643.09

               

              (392,673.11

              )

              1988

               

              30 Years

               

              Garden Lake

               

              Riverdale, GA

               

              1,466,900.00

               

              13,820,500.62

               

              15,287,400.62

               

              (2,843,435.27

              )

              1991

               

              30 Years

               

              Garden Terrace I

               

              Tampa, FL

               

              93,143.89

               

              968,142.77

               

              1,061,286.66

               

              (145,960.17

              )

              1981

               

              30 Years

               

              Garden Terrace II

               

              Tampa, FL

               

              97,119.68

               

              973,215.43

               

              1,070,335.11

               

              (141,315.84

              )

              1982

               

              30 Years

               

              Gatehouse at Pine Lake

               

              Pembroke Pines, FL

               

              1,896,600.00

               

              18,060,716.05

               

              19,957,316.05

               

              (4,229,804.71

              )

              1990

               

              30 Years

               

              Gatehouse on the Green

               

              Plantation, FL

               

              2,228,200.00

               

              21,275,637.06

               

              23,503,837.06

               

              (5,006,617.85

              )

              1990

               

              30 Years

               

              Gates at Carlson Center

               

              Minnetonka, MN

               

              4,355,200.00

               

              27,857,005.98

               

              32,212,205.98

               

              (4,661,523.54

              )

              1989

               

              30 Years

               

              Gates of Redmond

               

              Redmond, WA

               

              2,306,100.00

               

              12,625,959.27

               

              14,932,059.27

               

              (2,566,924.52

              )

              1979

               

              30 Years

               

              Gateway Villas

               

              Scottsdale, AZ

               

              1,431,048.00

               

              15,235,512.47

               

              16,666,560.47

               

              (2,782,752.78

              )

              1995

               

              30 Years

               

              Geary Court Yard

               

              San Francisco, CA

               

              1,722,400.00

               

              16,149,637.60

               

              17,872,037.60

               

              (2,989,731.36

              )

              1990

               

              30 Years

               

              Georgian Woods Combined (REIT)

               

              Wheaton, MD

               

              5,038,400.00

               

              32,202,423.56

               

              37,240,823.56

               

              (8,769,466.74

              )

              1967

               

              30 Years

               

              Glastonbury Center

               

              Glastonbury, CT

               

              852,606.10

               

              5,999,959.96

               

              6,852,566.06

               

              (488,619.13

              )

              1962

               

              30 Years

               

              Glen Arm Manor

               

              Albany, GA

               

              166,498.48

               

              1,584,646.91

               

              1,751,145.39

               

              (207,543.74

              )

              1986

               

              30 Years

               

              Glen Eagle

               

              Greenville, SC

               

              835,900.00

               

              7,869,938.95

               

              8,705,838.95

               

              (1,624,658.17

              )

              1990

               

              30 Years

               

              Glen Grove

               

              Wellesley, MA

               

              1,344,601.04

               

              9,098,187.76

               

              10,442,788.80

               

              (714,185.10

              )

              1979

               

              30 Years

               

              Glen Meadow

               

              Franklin, MA

               

              2,339,330.34

               

              16,627,231.74

               

              18,966,562.08

               

              (1,425,767.37

              )

              1971

               

              30 Years

               

              GlenGarry Club

               

              Bloomingdale, IL

               

              3,129,700.00

               

              16,954,242.37

               

              20,083,942.37

               

              (3,218,038.67

              )

              1989

               

              30 Years

               

              Glenlake

               

              Glendale Heights. IL

               

              5,041,700.00

               

              20,169,344.85

               

              25,211,044.85

               

              (3,871,184.20

              )

              1988

               

              30 Years

               

              Glenwood Village

               

              Macon, GA

               

              167,778.79

               

              1,665,879.75

               

              1,833,658.54

               

              (210,159.83

              )

              1986

               

              30 Years

               

              Gosnold Grove

               

              East Falmouth, MA

               

              124,295.62

               

              907,440.38

               

              1,031,736.00

               

              (83,382.84

              )

              1978

               

              30 Years

               

              Governors Pointe

               

              Roswell, GA

               

              3,746,600.00

               

              26,344,075.89

               

              30,090,675.89

               

              (5,479,414.18

              )

              1982-1986

               

              30 Years

               

              Gramercy Park

               

              Houston, TX

               

              3,957,000.00

               

              22,191,871.86

               

              26,148,871.86

               

              (620,822.93

              )

              1998

               

              30 Years

               

              S - 4


              Description

               

               

               

              Initial Cost to
              Company

               

              Cost Capitalized
              Subsequent to
              Acquisition
              (Improvements, net) (E)

               

              Apartment Name

               

              Location

               

              Encumbrances

               

              Land

               

              Building &
              Fixtures

               

              Land

               

              Building &
              Fixtures

               

              Granada Highlands

               

              Malden, MA(G)

               

              —

               

              28,210,000.00

               

              99,944,576.46

               

              —

               

              4,083,391.57

               

              Grand Reserve

               

              Woodbury, MN

               

              —

               

              4,728,000.00

               

              49,541,641.99

               

              —

               

              251,353.46

               

              Grandview I & II

               

              Las Vegas, NV

               

              —

               

              2,333,300.00

               

              15,527,831.02

               

              —

               

              1,542,204.68

               

              Greenbriar (AL)

               

              Montgomery, AL(T)

               

              1,674,630.50

               

              94,355.62

               

              2,051,619.25

               

              —

               

              133,053.67

               

              Greenbriar Glen

               

              Altlanta, GA

               

              1,457,966.40

               

              227,701.24

               

              2,006,246.10

               

              —

               

              77,607.16

               

              Greenfield Village

               

              Rocky Hill , CT

               

              —

               

              911,534.03

               

              6,093,418.42

               

              —

               

              80,399.19

               

              Greengate (FL)

               

              W. Palm Beach, FL

               

              2,607,032.18

               

              2,500,000.00

               

              1,615,858.84

               

              —

               

              198,120.02

               

              Greenglen (Day)

               

              Dayton, OH

               

              —

               

              204,289.28

               

              1,800,172.18

               

              —

               

              169,968.66

               

              Greenglen II (Tol)

               

              Toledo, OH

               

              —

               

              162,263.62

               

              1,429,719.33

               

              —

               

              72,625.75

               

              Greenhaven

               

              Union City, CA

               

              10,975,000.00

               

              7,507,000.00

               

              15,210,398.75

               

              —

               

              914,583.82

               

              Greenhouse - Frey Road

               

              Kennesaw, GA

               

               

              (M)

              2,467,200.00

               

              22,187,443.25

               

              —

               

              2,561,509.24

               

              Greenhouse - Holcomb Bridge

               

              Alpharetta, GA

               

               

              (M)

              2,143,300.00

               

              19,291,427.17

               

              —

               

              2,484,583.36

               

              Greenhouse - Roswell

               

              Roswell, GA

               

               

              (M)

              1,220,000.00

               

              10,974,727.39

               

              —

               

              1,596,829.74

               

              Greentree 1

               

              Glen Burnie, MD

               

              11,101,419.84

               

              3,912,968.00

               

              11,784,020.85

               

              —

               

              1,247,306.57

               

              Greentree 2

               

              Glen Burnie, MD

               

              —

               

              2,700,000.00

               

              8,246,736.65

               

              —

               

              667,123.44

               

              Greentree 3

               

              Glen Burnie, MD

               

              —

               

              2,380,443.00

               

              7,270,294.04

               

              —

               

              525,049.86

               

              Greentree I (GA) (REIT)

               

              Thomasville, GA

               

              658,821.21

               

              84,750.00

               

              762,659.20

               

              —

               

              43,530.98

               

              Greentree II (GA) (REIT)

               

              Thomasville, GA

               

              495,895.84

               

              81,000.00

               

              729,283.17

               

              —

               

              45,030.62

               

              Greenwood Village

               

              Tempe, AZ

               

              —

               

              2,118,781.00

               

              17,274,215.96

               

              —

               

              1,004,654.49

               

              Grey Eagle

               

              Taylors, SC

               

              —

               

              727,600.00

               

              6,547,650.42

               

              —

               

              238,937.51

               

              Greystone

               

              Atlanta, GA

               

              —

               

              2,252,000.00

               

              5,204,900.59

               

              —

               

              1,568,316.95

               

              Gwinnett Crossing

               

              Duluth, GA

               

              —

               

              2,632,000.00

               

              32,016,495.96

               

              —

               

              1,761,687.24

               

              Hall Place

               

              Quincy, MA

               

              —

               

              3,150,800.00

               

              5,121,949.51

               

              —

               

              274,855.88

               

              Hammocks Place

               

              Miami, FL

               

               

              (L)

              319,180.00

               

              12,513,466.73

               

              —

               

              1,241,561.83

               

              Hampshire II

               

              Elyria, OH

               

              825,568.17

               

              126,231.36

               

              1,112,035.85

               

              —

               

              76,965.28

               

              Hamptons

               

              Puyallup, WA

               

              —

               

              1,119,200.00

               

              10,075,844.29

               

              —

               

              538,188.51

               

              Harbinwood

               

              Norcross, GA

               

              —

               

              236,760.99

               

              2,086,122.35

               

              —

               

              174,672.23

               

              Harbor Pointe

               

              Milwaukee, WI

               

              12,000,000.00

               

              2,979,800.00

               

              22,096,545.77

               

              —

               

              2,332,392.77

               

              Harborview

               

              Rancho Palos Verdes, CA

               

              —

               

              6,402,500.00

               

              12,627,346.89

               

              —

               

              646,119.89

               

              Harbour Town

               

              Boca Raton, FL

               

              —

               

              11,760,000.00

               

              20,190,252.11

               

              —

               

              2,377,097.51

               

              Harrison Park

               

              Tucson, AZ

               

              —

               

              1,265,094.00

               

              16,342,321.80

               

              —

               

              600,309.91

               

              Hartwick

               

              Tipton, IN

               

              106,072.00

               

              123,790.52

               

              1,090,729.42

               

              —

               

              84,159.84

               

              Harvest Grove I

               

              Gahanna, OH

               

              1,564,099.40

               

              170,334.08

               

              1,500,231.87

               

              —

               

              180,128.58

               

              Harvest Grove II

               

              Gahanna, OH

               

              —

               

              148,791.56

               

              1,310,817.80

               

              —

               

              62,628.09

               

              Hatcherway

               

              Waycross, GA

               

              711,447.97

               

              96,885.44

               

              853,716.34

               

              —

               

              181,863.88

               

              Hathaway

               

              Long Beach, CA

               

              —

               

              2,512,500.00

               

              22,611,911.55

               

              —

               

              1,511,764.08

               

              Hayfield Park

               

              Burlington, KY

               

              1,534,250.00

               

              261,456.81

               

              2,303,394.44

               

              —

               

              168,846.08

               

              Haywood Pointe

               

              Greenville, SC

               

              —

               

              480,000.00

               

              9,163,270.88

               

              —

               

              479,642.40

               

              Hearthstone

               

              San Antonio, TX

               

              —

               

              1,035,900.00

               

              3,525,388.03

               

              —

               

              1,307,393.30

               

              Heathmoore (Eva)

               

              Evansville, IN

               

              1,091,492.02

               

              162,374.53

               

              1,430,746.53

               

              —

               

              170,996.23

               

              Heathmoore (KY)

               

              Louisville, KY

               

              —

               

              156,839.84

               

              1,381,729.91

               

              —

               

              156,318.47

               

              Heathmoore (MI)

               

              Clinton Twp., MI

               

              1,647,464.38

               

              227,105.01

               

              2,001,242.63

               

              —

               

              136,372.38

               

              Heathmoore I (IN)

               

              Indianapolis, IN

               

              1,183,802.53

               

              144,556.70

               

              1,273,702.04

               

              —

               

              158,855.59

               

              Heathmoore I (MI)

               

              Canton, MI

               

              1,521,755.00

               

              232,063.87

               

              2,044,226.60

               

              —

               

              162,026.67

               

              Heathmoore II (MI)

               

              Canton, MI

               

              —

               

              170,432.57

               

              1,501,696.63

               

              —

               

              91,630.65

               

              Heritage Green

               

              Sturbridge, MA

               

              3,461,827.83

               

              835,313.22

               

              5,583,897.92

               

              —

               

              144,013.11

               

              Heritage, The

               

              Phoenix, AZ

               

              —

               

              1,211,205.00

               

              13,136,903.36

               

              —

               

              365,850.25

               

              Heron Cove

               

              Coral Springs, FL

               

              —

               

              823,000.00

               

              8,114,761.58

               

              —

               

              951,612.87

               

              Heron Pointe

               

              Boynton Beach, FL

               

              —

               

              1,546,700.00

               

              7,774,676.05

               

              —

               

              744,018.59

               

              Heron Pointe (Atl)

               

              Atlantic Beach, FL

               

              1,566,550.00

               

              214,332.10

               

              1,888,814.41

               

              —

               

              241,582.35

               

              Heron Run

               

              Plantation, FL

               

              —

               

              917,800.00

               

              9,006,476.14

               

              —

               

              1,036,486.14

               

              Heronwood (REIT)

               

              Ft. Myers, FL

               

              1,202,904.41

               

              146,100.00

               

              1,315,210.70

               

              —

               

              57,506.67

               

              Hessian Hills

               

              Charlottesville, VA(T)

               

              5,146,365.30

               

              181,229.43

               

              5,024,414.55

               

              —

               

              265,242.36

               

              Hickory Creek

               

              Richmond, VA

               

              —

               

              1,323,000.00

               

              18,520,609.01

               

              —

               

              644,449.61

               

              Hickory Mill

               

              Hillard, OH

               

              —

               

              161,714.41

               

              1,424,682.19

               

              —

               

              145,881.17

               

              Hickory Mill I

               

              Hurricane, WV

               

              899,595.36

               

              129,186.80

               

              1,138,301.52

               

              —

               

              79,827.05

               

              Hickory Place

               

              Gainesville, FL 

               

              1,288,185.25

               

              192,453.32

               

              1,695,454.44

               

              —

               

              203,987.89

               

              Hickory Ridge

               

              Greenville, SC

               

              —

               

              288,200.00

               

              2,591,929.81

               

              —

               

              380,093.63

               

              Hidden Acres

               

              Sarasota, FL

               

              1,601,965.00

               

              253,138.81

               

              2,230,578.76

               

              —

               

              151,166.40

               

              Hidden Lake

               

              Sacramento, CA

               

              15,165,000.00

               

              1,715,000.00

               

              11,776,407.80

               

              —

               

              185,613.75

               

              Hidden Lakes

               

              Haltom City, TX

               

              —

               

              1,872,000.00

               

              20,242,108.80

               

              —

               

              656,552.40

               

              Hidden Oaks

               

              Cary, NC

               

              —

               

              1,178,600.00

               

              10,614,135.38

               

              —

               

              1,103,827.92

               

              Hidden Palms

               

              Tampa, FL

               

              —

               

              2,049,600.00

               

              6,345,884.76

               

              —

               

              1,026,662.10

               

              Hidden Pines

               

              Casselberry, FL

               

              19,561.52

               

              176,307.96

               

              1,553,565.25

               

              —

               

              235,502.15

               

              Hidden Valley Club

               

              Ann Arbor, MI

               

              —

               

              915,000.00

               

              6,667,098.00

               

              —

               

              2,833,997.62

               

              High Meadow

               

              Ellington, CT

               

              4,220,474.15

               

              583,678.94

               

              3,901,774.26

               

              —

               

              126,849.72

               

              High Points

               

              New Port Richey, FL

               

              —

               

              222,307.63

               

              1,958,772.47

               

              —

               

              282,271.62

               

              High River

               

              Tuscaloosa, AL(T)

               

              3,553,180.17

               

              208,107.70

               

              3,663,221.04

               

              —

               

              410,682.35

               

              Highland Creste

               

              Kent, WA

               

              —

               

              935,200.00

               

              8,415,391.11

               

              —

               

              751,649.09

               

              Highland Glen

               

              Westwood, MA

               

              —

               

              2,832,603.49

               

              17,010,687.92

               

              —

               

              112,008.35

               

              Highland Point

               

              Aurora, CO

               

               

              (Q)

              1,631,900.00

               

              14,684,438.62

               

              —

               

              1,011,998.88

               

              Highline Oaks

               

              Denver, CO

               

               

              (M)

              1,057,400.00

               

              9,340,248.56

               

              —

               

              956,003.20

               

              Hillcrest Villas

               

              Crestview, FL

               

              942,590.33

               

              141,603.03

               

              1,247,677.02

               

              —

               

              146,266.81

               

              Hillside Manor

               

              Americus, GA

               

              —

               

              102,632.19

               

              904,111.39

               

              —

               

              213,350.07

               

              Hillside Trace

               

              Dade City, FL

               

              1,004,497.41

               

              138,888.03

               

              1,223,754.94

               

              —

               

              157,963.50

               

              Holly Ridge

               

              Pembroke Park, FL

               

              —

               

              295,595.67

               

              2,603,985.01

               

              —

               

              301,342.71

               

              Holly Sands I

               

              Ft. Walton Bch.,FL

               

              —

               

              190,942.32

               

              1,682,524.45

               

              —

               

              216,013.13

               

              Holly Sands II

               

              Ft. Walton Bch., FL

               

              1,009,375.00

               

              124,577.52

               

              1,098,074.21

               

              —

               

              132,341.66

               

              Horizon Place

               

              Tampa, FL

               

              12,280,175.29

               

              2,128,000.00

               

              12,086,936.72

               

              —

               

              710,629.33

               

              Hunt Club

               

              Charlotte, NC

               

              —

               

              1,090,000.00

               

              17,992,887.39

               

              —

               

              523,705.81

               

              Hunters Green

               

              Fort Worth, TX

               

              —

               

              524,300.00

               

              3,653,480.73

               

              —

               

              1,068,318.41

               

              Hunters Ridge

               

              St. Louis, MO

               

              11,055,000.00

               

              994,500.00

               

              8,913,996.59

               

              —

               

              1,133,917.19

               

              Huntington Park

               

              Everett, WA

               

              —

               

              1,597,500.00

               

              14,367,863.91

               

              —

               

              1,232,901.67

               

              Independence Village

               

              Reynoldsbury, OH

               

              —

               

              226,987.89

               

              2,000,010.69

               

              —

               

              238,811.37

               

              Indian Bend

               

              Scottsdale, AZ

               

              —

               

              1,075,700.00

               

              9,675,133.10

               

              —

               

              1,640,179.85

               

              Description

               

              Gross Amount Carried
              at Close of
              Period 12/31/02

               

               

               

               

               

               

               

              Life Used to
              Compute
              Depreciation in
              Latest Income
              Statement(C)

               

              Apartment Name

               

              Location

               

              Land

               

              Building &
              Fixtures(A)

               

              Total(B)

               

              Accumulated
              Depreciation

               

              Date of
              Construction

               

               

              Granada Highlands

               

              Malden, MA(G)

               

              28,210,000.00

               

              104,027,968.03

               

              132,237,968.03

               

              (11,868,269.06

              )

              1972

               

              30 Years

               

              Grand Reserve

               

              Woodbury, MN

               

              4,728,000.00

               

              49,792,995.45

               

              54,520,995.45

               

              (3,347,649.75

              )

              2000

               

              30 Years

               

              Grandview I & II

               

              Las Vegas, NV

               

              2,333,300.00

               

              17,070,035.70

               

              19,403,335.70

               

              (2,998,040.47

              )

              1980

               

              30 Years

               

              Greenbriar (AL)

               

              Montgomery, AL(T)

               

              94,355.62

               

              2,184,672.92

               

              2,279,028.54

               

              (290,927.76

              )

              1979

               

              30 Years

               

              Greenbriar Glen

               

              Altlanta, GA

               

              227,701.24

               

              2,083,853.26

               

              2,311,554.50

               

              (252,562.80

              )

              1988

               

              30 Years

               

              Greenfield Village

               

              Rocky Hill , CT

               

              911,534.03

               

              6,173,817.61

               

              7,085,351.64

               

              (511,222.48

              )

              1965

               

              30 Years

               

              Greengate (FL)

               

              W. Palm Beach, FL

               

              2,500,000.00

               

              1,813,978.86

               

              4,313,978.86

               

              (192,295.59

              )

              1987

               

              30 Years

               

              Greenglen (Day)

               

              Dayton, OH

               

              204,289.28

               

              1,970,140.84

               

              2,174,430.12

               

              (251,941.67

              )

              1983

               

              30 Years

               

              Greenglen II (Tol)

               

              Toledo, OH

               

              162,263.62

               

              1,502,345.08

               

              1,664,608.70

               

              (185,332.01

              )

              1982

               

              30 Years

               

              Greenhaven

               

              Union City, CA

               

              7,507,000.00

               

              16,124,982.57

               

              23,631,982.57

               

              (2,695,704.80

              )

              1983

               

              30 Years

               

              Greenhouse - Frey Road

               

              Kennesaw, GA

               

              2,467,200.00

               

              24,748,952.49

               

              27,216,152.49

               

              (8,010,871.54

              )

              1985

               

              30 Years

               

              Greenhouse - Holcomb Bridge

               

              Alpharetta, GA

               

              2,143,300.00

               

              21,776,010.53

               

              23,919,310.53

               

              (7,125,888.53

              )

              1985

               

              30 Years

               

              Greenhouse - Roswell

               

              Roswell, GA

               

              1,220,000.00

               

              12,571,557.13

               

              13,791,557.13

               

              (4,163,343.37

              )

              1985

               

              30 Years

               

              Greentree 1

               

              Glen Burnie, MD

               

              3,912,968.00

               

              13,031,327.42

               

              16,944,295.42

               

              (1,974,773.83

              )

              1973

               

              30 Years

               

              Greentree 2

               

              Glen Burnie, MD

               

              2,700,000.00

               

              8,913,860.09

               

              11,613,860.09

               

              (1,258,263.63

              )

              1973

               

              30 Years

               

              Greentree 3

               

              Glen Burnie, MD

               

              2,380,443.00

               

              7,795,343.90

               

              10,175,786.90

               

              (1,119,577.69

              )

              1973

               

              30 Years

               

              Greentree I (GA) (REIT)

               

              Thomasville, GA

               

              84,750.00

               

              806,190.18

               

              890,940.18

               

              (65,259.16

              )

              1983

               

              30 Years

               

              Greentree II (GA) (REIT)

               

              Thomasville, GA

               

              81,000.00

               

              774,313.79

               

              855,313.79

               

              (60,430.40

              )

              1984

               

              30 Years

               

              Greenwood Village

               

              Tempe, AZ

               

              2,118,781.00

               

              18,278,870.45

               

              20,397,651.45

               

              (3,603,716.18

              )

              1984

               

              30 Years

               

              Grey Eagle

               

              Taylors, SC

               

              727,600.00

               

              6,786,587.93

               

              7,514,187.93

               

              (1,393,968.50

              )

              1991

               

              30 Years

               

              Greystone

               

              Atlanta, GA

               

              2,252,000.00

               

              6,773,217.54

               

              9,025,217.54

               

              (1,487,538.55

              )

              1960

               

              30 Years

               

              Gwinnett Crossing

               

              Duluth, GA

               

              2,632,000.00

               

              33,778,183.20

               

              36,410,183.20

               

              (5,453,307.06

              )

              1989/90

               

              30 Years

               

              Hall Place

               

              Quincy, MA

               

              3,150,800.00

               

              5,396,805.39

               

              8,547,605.39

               

              (841,589.88

              )

              1998

               

              30 Years

               

              Hammocks Place

               

              Miami, FL

               

              319,180.00

               

              13,755,028.56

               

              14,074,208.56

               

              (4,764,098.16

              )

              1986

               

              30 Years

               

              Hampshire II

               

              Elyria, OH

               

              126,231.36

               

              1,189,001.13

               

              1,315,232.49

               

              (150,933.44

              )

              1981

               

              30 Years

               

              Hamptons

               

              Puyallup, WA

               

              1,119,200.00

               

              10,614,032.80

               

              11,733,232.80

               

              (2,348,788.43

              )

              1991

               

              30 Years

               

              Harbinwood

               

              Norcross, GA

               

              236,760.99

               

              2,260,794.58

               

              2,497,555.57

               

              (285,113.66

              )

              1985

               

              30 Years

               

              Harbor Pointe

               

              Milwaukee, WI

               

              2,979,800.00

               

              24,428,938.54

               

              27,408,738.54

               

              (4,947,016.93

              )

              1970/1990

               

              30 Years

               

              Harborview

               

              Rancho Palos Verdes, CA

               

              6,402,500.00

               

              13,273,466.78

               

              19,675,966.78

               

              (2,866,757.20

              )

              1985

               

              30 Years

               

              Harbour Town

               

              Boca Raton, FL

               

              11,760,000.00

               

              22,567,349.62

               

              34,327,349.62

               

              (2,204,145.42

              )

              1985

               

              30 Years

               

              Harrison Park

               

              Tucson, AZ

               

              1,265,094.00

               

              16,942,631.71

               

              18,207,725.71

               

              (3,308,380.60

              )

              1985

               

              30 Years

               

              Hartwick

               

              Tipton, IN

               

              123,790.52

               

              1,174,889.26

               

              1,298,679.78

               

              (156,182.48

              )

              1982

               

              30 Years

               

              Harvest Grove I

               

              Gahanna, OH

               

              170,334.08

               

              1,680,360.45

               

              1,850,694.53

               

              (224,748.78

              )

              1986

               

              30 Years

               

              Harvest Grove II

               

              Gahanna, OH

               

              148,791.56

               

              1,373,445.89

               

              1,522,237.45

               

              (170,510.07

              )

              1987

               

              30 Years

               

              Hatcherway

               

              Waycross, GA

               

              96,885.44

               

              1,035,580.22

               

              1,132,465.66

               

              (152,276.50

              )

              1986

               

              30 Years

               

              Hathaway

               

              Long Beach, CA

               

              2,512,500.00

               

              24,123,675.63

               

              26,636,175.63

               

              (6,569,721.47

              )

              1987

               

              30 Years

               

              Hayfield Park

               

              Burlington, KY

               

              261,456.81

               

              2,472,240.52

               

              2,733,697.33

               

              (309,151.09

              )

              1986

               

              30 Years

               

              Haywood Pointe

               

              Greenville, SC

               

              480,000.00

               

              9,642,913.28

               

              10,122,913.28

               

              (1,581,468.72

              )

              1985

               

              30 Years

               

              Hearthstone

               

              San Antonio, TX

               

              1,035,900.00

               

              4,832,781.33

               

              5,868,681.33

               

              (1,995,589.24

              )

              1982

               

              30 Years

               

              Heathmoore (Eva)

               

              Evansville, IN

               

              162,374.53

               

              1,601,742.76

               

              1,764,117.29

               

              (206,324.97

              )

              1984

               

              30 Years

               

              Heathmoore (KY)

               

              Louisville, KY

               

              156,839.84

               

              1,538,048.38

               

              1,694,888.22

               

              (191,050.99

              )

              1983

               

              30 Years

               

              Heathmoore (MI)

               

              Clinton Twp., MI

               

              227,105.01

               

              2,137,615.01

               

              2,364,720.02

               

              (277,879.89

              )

              1983

               

              30 Years

               

              Heathmoore I (IN)

               

              Indianapolis, IN

               

              144,556.70

               

              1,432,557.63

               

              1,577,114.33

               

              (195,153.57

              )

              1983

               

              30 Years

               

              Heathmoore I (MI)

               

              Canton, MI

               

              232,063.87

               

              2,206,253.27

               

              2,438,317.14

               

              (278,027.70

              )

              1986

               

              30 Years

               

              Heathmoore II (MI)

               

              Canton, MI

               

              170,432.57

               

              1,593,327.28

               

              1,763,759.85

               

              (200,585.52

              )

              1986

               

              30 Years

               

              Heritage Green

               

              Sturbridge, MA

               

              835,313.22

               

              5,727,911.03

               

              6,563,224.25

               

              (466,728.53

              )

              1974

               

              30 Years

               

              Heritage, The

               

              Phoenix, AZ

               

              1,211,205.00

               

              13,502,753.61

               

              14,713,958.61

               

              (2,512,706.02

              )

              1995

               

              30 Years

               

              Heron Cove

               

              Coral Springs, FL

               

              823,000.00

               

              9,066,374.45

               

              9,889,374.45

               

              (2,969,377.22

              )

              1987

               

              30 Years

               

              Heron Pointe

               

              Boynton Beach, FL

               

              1,546,700.00

               

              8,518,694.64

               

              10,065,394.64

               

              (2,068,604.76

              )

              1989

               

              30 Years

               

              Heron Pointe (Atl)

               

              Atlantic Beach, FL

               

              214,332.10

               

              2,130,396.76

               

              2,344,728.86

               

              (300,467.20

              )

              1986

               

              30 Years

               

              Heron Run

               

              Plantation, FL

               

              917,800.00

               

              10,042,962.28

               

              10,960,762.28

               

              (3,390,967.63

              )

              1987

               

              30 Years

               

              Heronwood (REIT)

               

              Ft. Myers, FL

               

              146,100.00

               

              1,372,717.37

               

              1,518,817.37

               

              (103,583.27

              )

              1982

               

              30 Years

               

              Hessian Hills

               

              Charlottesville, VA(T)

               

              181,229.43

               

              5,289,656.91

               

              5,470,886.34

               

              (664,177.73

              )

              1966

               

              30 Years

               

              Hickory Creek

               

              Richmond, VA

               

              1,323,000.00

               

              19,165,058.62

               

              20,488,058.62

               

              (3,094,613.36

              )

              1984

               

              30 Years

               

              Hickory Mill

               

              Hillard, OH

               

              161,714.41

               

              1,570,563.36

               

              1,732,277.77

               

              (211,931.17

              )

              1980

               

              30 Years

               

              Hickory Mill I

               

              Hurricane, WV

               

              129,186.80

               

              1,218,128.57

               

              1,347,315.37

               

              (155,587.45

              )

              1983

               

              30 Years

               

              Hickory Place

               

              Gainesville, FL 

               

              192,453.32

               

              1,899,442.33

               

              2,091,895.65

               

              (256,095.80

              )

              1983

               

              30 Years

               

              Hickory Ridge

               

              Greenville, SC

               

              288,200.00

               

              2,972,023.44

               

              3,260,223.44

               

              (679,497.02

              )

              1968

               

              30 Years

               

              Hidden Acres

               

              Sarasota, FL

               

              253,138.81

               

              2,381,745.16

               

              2,634,883.97

               

              (308,439.64

              )

              1987

               

              30 Years

               

              Hidden Lake

               

              Sacramento, CA

               

              1,715,000.00

               

              11,962,021.55

               

              13,677,021.55

               

              (798,564.62

              )

              1985

               

              30 Years

               

              Hidden Lakes

               

              Haltom City, TX

               

              1,872,000.00

               

              20,898,661.20

               

              22,770,661.20

               

              (3,235,445.06

              )

              1996

               

              30 Years

               

              Hidden Oaks

               

              Cary, NC

               

              1,178,600.00

               

              11,717,963.30

               

              12,896,563.30

               

              (2,577,083.61

              )

              1988

               

              30 Years

               

              Hidden Palms

               

              Tampa, FL

               

              2,049,600.00

               

              7,372,546.86

               

              9,422,146.86

               

              (1,758,782.78

              )

              1986

               

              30 Years

               

              Hidden Pines

               

              Casselberry, FL

               

              176,307.96

               

              1,789,067.40

               

              1,965,375.36

               

              (243,148.02

              )

              1981

               

              30 Years

               

              Hidden Valley Club

               

              Ann Arbor, MI

               

              915,000.00

               

              9,501,095.62

               

              10,416,095.62

               

              (6,463,047.97

              )

              1973

               

              30 Years

               

              High Meadow

               

              Ellington, CT

               

              583,678.94

               

              4,028,623.98

               

              4,612,302.92

               

              (331,900.89

              )

              1975

               

              30 Years

               

              High Points

               

              New Port Richey, FL

               

              222,307.63

               

              2,241,044.09

               

              2,463,351.72

               

              (310,063.58

              )

              1986

               

              30 Years

               

              High River

               

              Tuscaloosa, AL(T)

               

              208,107.70

               

              4,073,903.39

               

              4,282,011.09

               

              (537,010.01

              )

              1978

               

              30 Years

               

              Highland Creste

               

              Kent, WA

               

              935,200.00

               

              9,167,040.20

               

              10,102,240.20

               

              (2,148,123.39

              )

              1989

               

              30 Years

               

              Highland Glen

               

              Westwood, MA

               

              2,832,603.49

               

              17,122,696.27

               

              19,955,299.76

               

              (1,221,711.02

              )

              1979

               

              30 Years

               

              Highland Point

               

              Aurora, CO

               

              1,631,900.00

               

              15,696,437.50

               

              17,328,337.50

               

              (3,374,406.07

              )

              1984

               

              30 Years

               

              Highline Oaks

               

              Denver, CO

               

              1,057,400.00

               

              10,296,251.76

               

              11,353,651.76

               

              (2,381,812.73

              )

              1986

               

              30 Years

               

              Hillcrest Villas

               

              Crestview, FL

               

              141,603.03

               

              1,393,943.83

               

              1,535,546.86

               

              (182,546.12

              )

              1985

               

              30 Years

               

              Hillside Manor

               

              Americus, GA

               

              102,632.19

               

              1,117,461.46

               

              1,220,093.65

               

              (156,365.87

              )

              1985

               

              30 Years

               

              Hillside Trace

               

              Dade City, FL

               

              138,888.03

               

              1,381,718.44

               

              1,520,606.47

               

              (183,828.80

              )

              1987

               

              30 Years

               

              Holly Ridge

               

              Pembroke Park, FL

               

              295,595.67

               

              2,905,327.72

               

              3,200,923.39

               

              (365,803.08

              )

              1986

               

              30 Years

               

              Holly Sands I

               

              Ft. Walton Bch.,FL

               

              190,942.32

               

              1,898,537.58

               

              2,089,479.90

               

              (257,823.46

              )

              1985

               

              30 Years

               

              Holly Sands II

               

              Ft. Walton Bch., FL

               

              124,577.52

               

              1,230,415.87

               

              1,354,993.39

               

              (164,407.21

              )

              1986

               

              30 Years

               

              Horizon Place

               

              Tampa, FL

               

              2,128,000.00

               

              12,797,566.05

               

              14,925,566.05

               

              (2,161,797.32

              )

              1985

               

              30 Years

               

              Hunt Club

               

              Charlotte, NC

               

              1,090,000.00

               

              18,516,593.20

               

              19,606,593.20

               

              (2,928,830.38

              )

              1990

               

              30 Years

               

              Hunters Green

               

              Fort Worth, TX

               

              524,300.00

               

              4,721,799.14

               

              5,246,099.14

               

              (1,929,044.53

              )

              1981

               

              30 Years

               

              Hunters Ridge

               

              St. Louis, MO

               

              994,500.00

               

              10,047,913.78

               

              11,042,413.78

               

              (2,315,511.68

              )

              1986-1987

               

              30 Years

               

              Huntington Park

               

              Everett, WA

               

              1,597,500.00

               

              15,600,765.58

               

              17,198,265.58

               

              (5,291,404.01

              )

              1991

               

              30 Years

               

              Independence Village

               

              Reynoldsbury, OH

               

              226,987.89

               

              2,238,822.06

               

              2,465,809.95

               

              (301,366.24

              )

              1978

               

              30 Years

               

              Indian Bend

               

              Scottsdale, AZ

               

              1,075,700.00

               

              11,315,312.95

               

              12,391,012.95

               

              (4,089,271.00

              )

              1973

               

              30 Years

               

              S - 5


              Description

               

               

               

              Initial Cost to
              Company

               

              Cost Capitalized
              Subsequent to
              Acquisition
              (Improvements, net)(E)

               

              Apartment Name

               

              Location

               

              Encumbrances

               

              Land

               

              Building &
              Fixtures

               

              Land

               

              Building &
              Fixtures

               

              Indian Lake I

               

              Morrow, GA

               

              —

               

              839,668.51

               

              7,398,394.66

               

              —

               

              295,234.63

               

              Indian Ridge I (REIT)

               

              Tallahassee, FL

               

              892,606.41

               

              135,500.00

               

              1,218,597.92

               

              —

               

              67,312.23

               

              Indian Ridge II (REIT)

               

              Tallahassee, FL

               

              540,838.86

               

              94,300.00

               

              849,191.77

               

              —

               

              34,805.00

               

              Indian Tree

               

              Arvada, CO

               

              —

               

              881,225.00

               

              4,552,814.73

               

              —

               

              1,331,134.57

               

              Indigo Springs

               

              Kent, WA

               

              7,143,674.85

               

              1,270,500.00

               

              11,446,901.75

               

              —

               

              1,467,874.94

               

              Iris Glen

               

              Conyers, GA

               

              1,717,580.08

               

              270,458.00

               

              2,383,029.71

               

              —

               

              108,658.65

               

              Ironwood at the Ranch

               

              Wesminster, CO

               

              —

               

              1,493,300.00

               

              13,439,304.62

               

              —

               

              907,909.62

               

              Isle at Arrowhead Ranch

               

              Glendale, AZ

               

              —

               

              1,650,237.00

               

              19,593,123.35

               

              —

               

              303,857.33

               

              Isles at Sawgrass

               

              Sunrise, FL

               

              —

               

              7,360,000.00

               

              18,750,692.72

               

              —

               

              148,508.54

               

              Ivy Place

               

              Atlanta, GA

               

              —

               

              802,950.00

               

              7,228,256.57

               

              —

               

              886,982.71

               

              Jaclen Towers

               

              Beverly, NJ

               

              2,009,826.43

               

              437,071.76

               

              2,921,735.25

               

              —

               

              139,241.26

               

              James Street Crossing

               

              Kent, WA

               

              16,379,123.00

               

              2,081,253.61

               

              18,748,337.37

               

              —

               

              782,573.11

               

              Jefferson Way I

               

              Orange Park, FL

               

              1,000,621.00

               

              147,798.72

               

              1,302,267.82

               

              —

               

              110,330.89

               

              Junipers at Yarmouth

               

              Yarmouth, ME

               

              —

               

              1,355,700.00

               

              7,860,134.79

               

              —

               

              1,039,880.94

               

              Jupiter Cove I

               

              Jupiter, FL

               

              1,563,760.42

               

              233,932.43

               

              2,060,899.62

               

              —

               

              288,856.04

               

              Jupiter Cove II

               

              Jupiter, FL

               

              1,534,327.45

               

              1,220,000.00

               

              483,833.40

               

              —

               

              205,087.34

               

              Jupiter Cove III

               

              Jupiter, FL

               

              1,645,173.25

               

              242,009.98

               

              2,131,721.71

               

              —

               

              178,139.55

               

              Kempton Downs

               

              Gresham, OR

               

              —

               

              1,217,348.91

               

              10,943,371.79

               

              —

               

              1,392,890.64

               

              Ketwood

               

              Kettering, OH

               

              —

               

              266,443.18

               

              2,347,654.75

               

              —

               

              256,761.14

               

              Keystone

               

              Austin, TX

               

              —

               

              498,500.00

               

              4,487,295.31

               

              —

               

              1,035,484.53

               

              Kings Colony

               

              Savannah, GA

               

              1,989,806.59

               

              230,149.18

               

              2,027,865.07

               

              —

               

              178,995.93

               

              Kingsport

               

              Alexandria, VA

               

              —

               

              1,262,250.00

               

              12,479,294.10

               

              —

               

              1,778,386.38

               

              Kirby Place

               

              Houston, TX

               

              —

               

              3,621,600.00

               

              25,896,773.53

               

              —

               

              765,202.13

               

              La Costa Brava (ORL)

               

              Orlando, FL

               

              —

               

              206,626.00

               

              3,652,534.00

               

              —

               

              4,331,983.33

               

              La Mariposa

               

              Mesa, AZ

               

              —

               

              2,047,539.00

               

              12,466,128.12

               

              —

               

              779,459.82

               

              La Mirage

               

              San Diego, CA

               

              —

               

              28,895,200.00

               

              95,567,942.59

               

              —

               

              3,771,021.08

               

              La Mirage IV

               

              San Diego, CA

               

              —

               

              6,000,000.00

               

              47,433,182.81

               

              —

               

              5,667.74

               

              La Reserve

               

              Oro Valley, AZ

               

              —

               

              3,264,562.00

               

              4,936,545.77

               

              —

               

              481,251.73

               

              La Tour Fontaine

               

              Houston, TX

               

              —

               

              2,916,000.00

               

              15,917,178.19

               

              —

               

              611,429.20

               

              La Ventana

               

              Las Vegas, NV

               

              —

               

              1,427,200.00

               

              12,844,277.03

               

              —

               

              556,567.96

               

              Ladera

               

              Phoenix, AZ

               

               

              (Q)

              2,978,879.00

               

              20,640,453.27

               

              —

               

              371,982.31

               

              Lake Point

               

              Charlotte, NC

               

              —

               

              1,058,975.00

               

              13,587,337.70

               

              —

               

              841,001.29

               

              Lakes at Vinings

               

              Atlanta, GA

               

              21,506,528.86

               

              6,498,000.00

               

              21,832,252.08

               

              —

               

              1,544,057.78

               

              Lakeshore at Preston

               

              Plano, TX

               

              12,465,350.40

               

              3,325,800.00

               

              15,208,347.74

               

              —

               

              600,775.26

               

              Lakeshore I (GA)

               

              Ft. Oglethorpe, GA

               

              1,202,296.00

               

              169,374.96

               

              1,492,377.98

               

              —

               

              210,587.29

               

              Lakeview

               

              Lodi, CA

               

              7,286,000.00

               

              950,000.00

               

              5,368,814.17

               

              —

               

              258,491.25

               

              Lakeville Resort

               

              Petaluma, CA

               

              —

               

              2,736,500.00

               

              24,610,650.73

               

              —

               

              1,976,474.76

               

              Lakewood

               

              Tulsa, OK

               

              5,600,000.00

               

              855,000.00

               

              6,480,728.80

               

              —

               

              285,966.04

               

              Lakewood Greens

               

              Dallas, TX

               

              8,004,312.78

               

              2,019,600.00

               

              9,026,906.66

               

              —

               

              425,351.90

               

              Lakewood Oaks

               

              Dallas, TX

               

              —

               

              1,631,600.00

               

              14,686,191.51

               

              —

               

              1,515,523.66

               

              Landera

               

              San Antonio, TX

               

              —

               

              766,300.00

               

              6,896,811.43

               

              —

               

              849,231.11

               

              Landings (FL), The

               

              Winterhaven, FL

               

              —

               

              130,953.32

               

              1,153,841.50

               

              —

               

              238,239.26

               

              Landings at Port Imperial

               

              W. New York, NJ

               

              —

               

              27,246,045.14

               

              37,741,049.53

               

              —

               

              135,393.06

               

              Lantern Cove

               

              Foster City, CA

               

              36,403,000.00

               

              6,945,000.00

               

              21,363,313.03

               

              —

               

              244,387.56

               

              Larkspur I (Hil)

               

              Hillard, OH

               

              —

               

              179,628.06

               

              1,582,518.99

               

              —

               

              186,757.91

               

              Larkspur Shores

               

              Hillard, OH

               

              —

               

              17,107,300.00

               

              31,399,237.02

               

              —

               

              3,111,365.42

               

              Larkspur Woods

               

              Sacramento, CA

               

              —

               

              5,802,900.00

               

              14,576,106.49

               

              —

               

              693,917.59

               

              Laurel Bay

               

              Ypsilanti, MI

               

              —

               

              186,003.87

               

              1,639,365.78

               

              —

               

              143,204.95

               

              Laurel Gardens

               

              Coral Springs, FL

               

              —

               

              4,800,000.00

               

              25,942,631.08

               

              —

               

              1,006,708.20

               

              Laurel Glen

               

              Acworth, GA

               

              1,655,375.00

               

              289,509.11

               

              2,550,890.77

               

              —

               

              98,830.36

               

              Laurel Ridge

               

              Chapel Hill, NC

               

              —

               

              182,550.75

               

              3,206,076.00

               

              —

               

              2,141,463.53

               

              Legends at Preston

               

              Morrisville, NC

               

              —

               

              3,056,000.00

               

              27,150,720.51

               

              —

               

              78,157.79

               

              Lexington Farm

               

              Alpharetta, GA

               

              17,765,834.54

               

              3,521,900.00

               

              21,449,708.40

               

              —

               

              567,791.49

               

              Lexington Glen

               

              Atlanta, GA

               

              —

               

              5,760,000.00

               

              40,190,507.44

               

              —

               

              1,286,095.84

               

              Lexington Park

               

              Orlando, FL

               

              —

               

              2,016,000.00

               

              12,346,725.62

               

              —

               

              931,348.32

               

              Lincoln Green I

               

              San Antonio, TX

               

              —

               

              947,366.00

               

              5,876,614.69

               

              —

               

              707,074.52

               

              Lincoln Green II

               

              San Antonio, TX

               

              —

               

              1,052,340.00

               

              5,218,545.96

               

              —

               

              1,313,447.31

               

              Lincoln Green III

               

              San Antonio, TX

               

              3,510,000.00

               

              536,010.00

               

              1,830,435.35

               

              —

               

              493,374.35

               

              Lincoln Heights

               

              Quincy, MA

               

               

              (R)

              5,928,400.00

               

              33,595,261.97

               

              —

               

              733,801.78

               

              Lindendale

               

              Columbus, OH

               

              1,307,606.48

               

              209,158.53

               

              1,842,815.57

               

              —

               

              187,784.39

               

              Link Terrace

               

              Hinesville, GA

               

              —

               

              121,838.57

               

              1,073,580.55

               

              —

               

              103,654.04

               

              Little Cottonwoods

               

              Tempe, AZ

               

              —

               

              3,050,133.00

               

              26,991,689.47

               

              —

               

              1,072,559.30

               

              Lodge (OK), The

               

              Tulsa, OK

               

              —

               

              313,371.00

               

              2,750,936.00

               

              —

               

              1,700,027.88

               

              Lodge (TX), The

               

              San Antonio, TX

               

              —

               

              1,363,636.00

               

              7,464,586.00

               

              —

               

              2,514,033.11

               

              Lofton Place

               

              Tampa, FL

               

              —

               

              2,240,000.00

               

              16,679,214.01

               

              —

               

              922,891.67

               

              Longfellow Glen

               

              Sudbury, MA

               

              4,670,731.08

               

              1,094,273.45

               

              7,314,994.04

               

              —

               

              455,743.59

               

              Longfellow Place

               

              Boston, MA(G)

               

              —

               

              53,164,160.00

               

              183,940,618.58

               

              —

               

              13,405,928.82

               

              Longwood

               

              Decatur, GA

               

              —

               

              1,454,048.00

               

              13,087,837.00

               

              —

               

              787,969.27

               

              Longwood (KY)

               

              Lexington,KY

               

              —

               

              146,309.02

               

              1,289,041.95

               

              —

               

              154,629.83

               

              Loomis Manor

               

              West Hartford, CT

               

               

              (P)

              422,350.36

               

              2,823,325.73

               

              —

               

              168,155.75

               

              Madison at Cedar Springs

               

              Dallas, TX

               

               

              (R)

              2,470,000.00

               

              33,194,620.41

               

              —

               

              471,876.22

               

              Madison at Chase Oaks

               

              Plano, TX

               

              —

               

              3,055,000.00

               

              28,932,884.84

               

              —

               

              656,813.94

               

              Madison at River Sound

               

              Lawrenceville, GA

               

              —

               

              3,666,999.30

               

              47,387,106.44

               

              —

               

              588,600.67

               

              Madison at Round Grove

               

              Lewisville, TX

               

               

              (Q)

              2,626,000.00

               

              25,682,373.18

               

              —

               

              594,147.53

               

              Madison at Scofield Farms

               

              Austin, TX

               

              12,587,548.78

               

              2,080,000.00

               

              14,597,971.03

               

              —

               

              663,900.68

               

              Madison at Stone Creek

               

              Austin, TX

               

              —

               

              2,535,000.00

               

              22,611,699.63

               

              —

               

              849,825.30

               

              Madison at the Arboretum

               

              Austin, TX

               

              —

               

              1,046,500.00

               

              9,638,268.79

               

              —

               

              542,304.19

               

              Madison at Walnut Creek

               

              Austin, TX

               

              —

               

              2,737,600.00

               

              14,623,573.62

               

              —

               

              923,051.32

               

              Madison at Wells Branch

               

              Austin, TX

               

              13,664,230.67

               

              2,400,000.00

               

              16,370,878.87

               

              —

               

              838,948.12

               

              Madison on Melrose

               

              Richardson, TX

               

              —

               

              1,300,000.00

               

              15,096,550.79

               

              —

               

              292,223.83

               

              Madison on the Parkway

               

              Dallas, TX

               

              —

               

              2,444,000.00

               

              22,505,043.24

               

              —

               

              622,670.03

               

              Magnolia at Whitlock

               

              Marietta, GA

               

              —

               

              132,978.82

               

              1,526,005.00

               

              —

               

              2,359,091.14

               

              Mallard Cove

               

              Greenville, SC

               

              —

               

              813,350.00

               

              7,321,951.26

               

              —

               

              1,215,540.38

               

              Mallard Cove at Conway

               

              Orlando, FL

               

              —

               

              600,000.00

               

              3,528,927.00

               

              —

               

              4,710,736.55

               

              Mallgate

               

              Louisville, KY

               

              —

               

              —

               

              6,702,515.00

               

              —

               

              5,063,176.48

               

              Description

               

              Gross Amount Carried
              at Close of
              Period 12/31/02

               

               

               

               

               

               

               

              Life Used to
              Compute
              Depreciation in
              Latest Income
              Statement(C)

               

              Apartment Name

               

              Location

               

              Land

               

              Building &
              Fixtures(A)

               

              Total(B)

               

              Accumulated
              Depreciation

               

              Date of
              Construction

               

               

              Indian Lake I

               

              Morrow, GA

               

              839,668.51

               

              7,693,629.29

               

              8,533,297.80

               

              (946,236.64

              )

              1987

               

              30 Years

               

              Indian Ridge I (REIT)

               

              Tallahassee, FL

               

              135,500.00

               

              1,285,910.15

               

              1,421,410.15

               

              (99,321.18

              )

              1981

               

              30 Years

               

              Indian Ridge II (REIT)

               

              Tallahassee, FL

               

              94,300.00

               

              883,996.77

               

              978,296.77

               

              (68,399.50

              )

              1982

               

              30 Years

               

              Indian Tree

               

              Arvada, CO

               

              881,225.00

               

              5,883,949.30

               

              6,765,174.30

               

              (2,268,918.69

              )

              1983

               

              30 Years

               

              Indigo Springs

               

              Kent, WA

               

              1,270,500.00

               

              12,914,776.69

               

              14,185,276.69

               

              (3,159,070.64

              )

              1991

               

              30 Years

               

              Iris Glen

               

              Conyers, GA

               

              270,458.00

               

              2,491,688.36

               

              2,762,146.36

               

              (306,422.94

              )

              1984

               

              30 Years

               

              Ironwood at the Ranch

               

              Wesminster, CO

               

              1,493,300.00

               

              14,347,214.24

               

              15,840,514.24

               

              (2,978,060.99

              )

              1986

               

              30 Years

               

              Isle at Arrowhead Ranch

               

              Glendale, AZ

               

              1,650,237.00

               

              19,896,980.68

               

              21,547,217.68

               

              (3,634,770.35

              )

              1996

               

              30 Years

               

              Isles at Sawgrass

               

              Sunrise, FL

               

              7,360,000.00

               

              18,899,201.26

               

              26,259,201.26

               

              (613,569.88

              )

              1991-1995

               

              30 Years

               

              Ivy Place

               

              Atlanta, GA

               

              802,950.00

               

              8,115,239.28

               

              8,918,189.28

               

              (2,093,211.74

              )

              1978

               

              30 Years

               

              Jaclen Towers

               

              Beverly, NJ

               

              437,071.76

               

              3,060,976.51

               

              3,498,048.27

               

              (256,721.79

              )

              1976

               

              30 Years

               

              James Street Crossing

               

              Kent, WA

               

              2,081,253.61

               

              19,530,910.48

               

              21,612,164.09

               

              (3,761,262.08

              )

              1989

               

              30 Years

               

              Jefferson Way I

               

              Orange Park, FL

               

              147,798.72

               

              1,412,598.71

               

              1,560,397.43

               

              (186,435.92

              )

              1987

               

              30 Years

               

              Junipers at Yarmouth

               

              Yarmouth, ME

               

              1,355,700.00

               

              8,900,015.73

               

              10,255,715.73

               

              (2,055,888.72

              )

              1970

               

              30 Years

               

              Jupiter Cove I

               

              Jupiter, FL

               

              233,932.43

               

              2,349,755.66

               

              2,583,688.09

               

              (311,742.86

              )

              1987

               

              30 Years

               

              Jupiter Cove II

               

              Jupiter, FL

               

              1,220,000.00

               

              688,920.74

               

              1,908,920.74

               

              (76,569.96

              )

              1987

               

              30 Years

               

              Jupiter Cove III

               

              Jupiter, FL

               

              242,009.98

               

              2,309,861.26

               

              2,551,871.24

               

              (282,742.81

              )

              1987

               

              30 Years

               

              Kempton Downs

               

              Gresham, OR

               

              1,217,348.91

               

              12,336,262.43

               

              13,553,611.34

               

              (3,875,624.36

              )

              1990

               

              30 Years

               

              Ketwood

               

              Kettering, OH

               

              266,443.18

               

              2,604,415.89

               

              2,870,859.07

               

              (337,612.94

              )

              1979

               

              30 Years

               

              Keystone

               

              Austin, TX

               

              498,500.00

               

              5,522,779.84

               

              6,021,279.84

               

              (1,933,724.10

              )

              1981

               

              30 Years

               

              Kings Colony

               

              Savannah, GA

               

              230,149.18

               

              2,206,861.00

               

              2,437,010.18

               

              (295,568.85

              )

              1987

               

              30 Years

               

              Kingsport

               

              Alexandria, VA

               

              1,262,250.00

               

              14,257,680.48

               

              15,519,930.48

               

              (4,570,541.49

              )

              1986

               

              30 Years

               

              Kirby Place

               

              Houston, TX

               

              3,621,600.00

               

              26,661,975.66

               

              30,283,575.66

               

              (5,072,466.16

              )

              1994

               

              30 Years

               

              La Costa Brava (ORL)

               

              Orlando, FL

               

              206,626.00

               

              7,984,517.33

               

              8,191,143.33

               

              (5,087,024.46

              )

              1967

               

              30 Years

               

              La Mariposa

               

              Mesa, AZ

               

              2,047,539.00

               

              13,245,587.94

               

              15,293,126.94

               

              (2,668,236.52

              )

              1986

               

              30 Years

               

              La Mirage

               

              San Diego, CA

               

              28,895,200.00

               

              99,338,963.67

               

              128,234,163.67

               

              (19,397,091.69

              )

              1988/1992

               

              30 Years

               

              La Mirage IV

               

              San Diego, CA

               

              6,000,000.00

               

              47,438,850.55

               

              53,438,850.55

               

              (1,695,095.91

              )

              2001

               

              30 Years

               

              La Reserve

               

              Oro Valley, AZ

               

              3,264,562.00

               

              5,417,797.50

               

              8,682,359.50

               

              (1,283,587.36

              )

              1988

               

              30 Years

               

              La Tour Fontaine

               

              Houston, TX

               

              2,916,000.00

               

              16,528,607.39

               

              19,444,607.39

               

              (2,463,861.35

              )

              1994

               

              30 Years

               

              La Ventana

               

              Las Vegas, NV

               

              1,427,200.00

               

              13,400,844.99

               

              14,828,044.99

               

              (2,802,287.53

              )

              1989

               

              30 Years

               

              Ladera

               

              Phoenix, AZ

               

              2,978,879.00

               

              21,012,435.58

               

              23,991,314.58

               

              (3,808,982.50

              )

              1995

               

              30 Years

               

              Lake Point

               

              Charlotte, NC

               

              1,058,975.00

               

              14,428,338.99

               

              15,487,313.99

               

              (2,287,067.41

              )

              1984

               

              30 Years

               

              Lakes at Vinings

               

              Atlanta, GA

               

              6,498,000.00

               

              23,376,309.86

               

              29,874,309.86

               

              (4,077,110.74

              )

              1972/1975

               

              30 Years

               

              Lakeshore at Preston

               

              Plano, TX

               

              3,325,800.00

               

              15,809,123.00

               

              19,134,923.00

               

              (2,684,440.98

              )

              1992

               

              30 Years

               

              Lakeshore I (GA)

               

              Ft. Oglethorpe, GA

               

              169,374.96

               

              1,702,965.27

               

              1,872,340.23

               

              (251,410.55

              )

              1986

               

              30 Years

               

              Lakeview

               

              Lodi, CA

               

              950,000.00

               

              5,627,305.42

               

              6,577,305.42

               

              (369,689.85

              )

              1983

               

              30 Years

               

              Lakeville Resort

               

              Petaluma, CA

               

              2,736,500.00

               

              26,587,125.49

               

              29,323,625.49

               

              (6,433,220.41

              )

              1984

               

              30 Years

               

              Lakewood

               

              Tulsa, OK

               

              855,000.00

               

              6,766,694.84

               

              7,621,694.84

               

              (451,482.10

              )

              1985

               

              30 Years

               

              Lakewood Greens

               

              Dallas, TX

               

              2,019,600.00

               

              9,452,258.56

               

              11,471,858.56

               

              (1,727,065.31

              )

              1986

               

              30 Years

               

              Lakewood Oaks

               

              Dallas, TX

               

              1,631,600.00

               

              16,201,715.17

               

              17,833,315.17

               

              (5,214,948.18

              )

              1987

               

              30 Years

               

              Landera

               

              San Antonio, TX

               

              766,300.00

               

              7,746,042.54

               

              8,512,342.54

               

              (1,810,183.39

              )

              1983

               

              30 Years

               

              Landings (FL), The

               

              Winterhaven, FL

               

              130,953.32

               

              1,392,080.76

               

              1,523,034.08

               

              (192,182.93

              )

              1984

               

              30 Years

               

              Landings at Port Imperial

               

              W. New York, NJ

               

              27,246,045.14

               

              37,876,442.59

               

              65,122,487.73

               

              (2,705,058.84

              )

              1999

               

              30 Years

               

              Lantern Cove

               

              Foster City, CA

               

              6,945,000.00

               

              21,607,700.59

               

              28,552,700.59

               

              (1,205,535.69

              )

              1985

               

              30 Years

               

              Larkspur I (Hil)

               

              Hillard, OH

               

              179,628.06

               

              1,769,276.90

               

              1,948,904.96

               

              (230,411.02

              )

              1983

               

              30 Years

               

              Larkspur Shores

               

              Hillard, OH

               

              17,107,300.00

               

              34,510,602.44

               

              51,617,902.44

               

              (6,123,171.24

              )

              1983

               

              30 Years

               

              Larkspur Woods

               

              Sacramento, CA

               

              5,802,900.00

               

              15,270,024.08

               

              21,072,924.08

               

              (3,074,891.27

              )

              1989/1993

               

              30 Years

               

              Laurel Bay

               

              Ypsilanti, MI

               

              186,003.87

               

              1,782,570.73

               

              1,968,574.60

               

              (209,982.68

              )

              1989

               

              30 Years

               

              Laurel Gardens

               

              Coral Springs, FL

               

              4,800,000.00

               

              26,949,339.28

               

              31,749,339.28

               

              (4,275,088.76

              )

              1989

               

              30 Years

               

              Laurel Glen

               

              Acworth, GA

               

              289,509.11

               

              2,649,721.13

               

              2,939,230.24

               

              (322,897.92

              )

              1986

               

              30 Years

               

              Laurel Ridge

               

              Chapel Hill, NC

               

              182,550.75

               

              5,347,539.53

               

              5,530,090.28

               

              (3,664,013.29

              )

              1975

               

              30 Years

               

              Legends at Preston

               

              Morrisville, NC

               

              3,056,000.00

               

              27,228,878.30

               

              30,284,878.30

               

              (1,957,820.68

              )

              2000

               

              30 Years

               

              Lexington Farm

               

              Alpharetta, GA

               

              3,521,900.00

               

              22,017,499.89

               

              25,539,399.89

               

              (3,610,645.01

              )

              1995

               

              30 Years

               

              Lexington Glen

               

              Atlanta, GA

               

              5,760,000.00

               

              41,476,603.28

               

              47,236,603.28

               

              (6,299,048.89

              )

              1990

               

              30 Years

               

              Lexington Park

               

              Orlando, FL

               

              2,016,000.00

               

              13,278,073.94

               

              15,294,073.94

               

              (2,208,280.41

              )

              1988

               

              30 Years

               

              Lincoln Green I

               

              San Antonio, TX

               

              947,366.00

               

              6,583,689.21

               

              7,531,055.21

               

              (4,110,915.26

              )

              1984/1986

               

              30 Years

               

              Lincoln Green II

               

              San Antonio, TX

               

              1,052,340.00

               

              6,531,993.27

               

              7,584,333.27

               

              (3,610,385.45

              )

              1984/1986

               

              30 Years

               

              Lincoln Green III

               

              San Antonio, TX

               

              536,010.00

               

              2,323,809.70

               

              2,859,819.70

               

              (1,323,265.71

              )

              1984/1986

               

              30 Years

               

              Lincoln Heights

               

              Quincy, MA

               

              5,928,400.00

               

              34,329,063.75

               

              40,257,463.75

               

              (6,194,052.64

              )

              1991

               

              30 Years

               

              Lindendale

               

              Columbus, OH

               

              209,158.53

               

              2,030,599.96

               

              2,239,758.49

               

              (265,614.51

              )

              1987

               

              30 Years

               

              Link Terrace

               

              Hinesville, GA

               

              121,838.57

               

              1,177,234.59

               

              1,299,073.16

               

              (157,974.75

              )

              1984

               

              30 Years

               

              Little Cottonwoods

               

              Tempe, AZ

               

              3,050,133.00

               

              28,064,248.77

               

              31,114,381.77

               

              (5,272,735.26

              )

              1984

               

              30 Years

               

              Lodge (OK), The

               

              Tulsa, OK

               

              313,371.00

               

              4,450,963.88

               

              4,764,334.88

               

              (3,207,008.20

              )

              1979

               

              30 Years

               

              Lodge (TX), The

               

              San Antonio, TX

               

              1,363,636.00

               

              9,978,619.11

               

              11,342,255.11

               

              (5,165,071.04

              )

              1989/1990

               

              30 Years

               

              Lofton Place

               

              Tampa, FL

               

              2,240,000.00

               

              17,602,105.68

               

              19,842,105.68

               

              (2,859,695.25

              )

              1988

               

              30 Years

               

              Longfellow Glen

               

              Sudbury, MA

               

              1,094,273.45

               

              7,770,737.63

               

              8,865,011.08

               

              (607,925.31

              )

              1984

               

              30 Years

               

              Longfellow Place

               

              Boston, MA(G)

               

              53,164,160.00

               

              197,346,547.40

               

              250,510,707.40

               

              (23,951,498.38

              )

              1975

               

              30 Years

               

              Longwood

               

              Decatur, GA

               

              1,454,048.00

               

              13,875,806.27

               

              15,329,854.27

               

              (4,502,771.43

              )

              1992

               

              30 Years

               

              Longwood (KY)

               

              Lexington,KY

               

              146,309.02

               

              1,443,671.78

               

              1,589,980.80

               

              (189,470.90

              )

              1985

               

              30 Years

               

              Loomis Manor

               

              West Hartford, CT

               

              422,350.36

               

              2,991,481.48

               

              3,413,831.84

               

              (239,309.13

              )

              1948

               

              30 Years

               

              Madison at Cedar Springs

               

              Dallas, TX

               

              2,470,000.00

               

              33,666,496.63

               

              36,136,496.63

               

              (5,039,847.88

              )

              1995

               

              30 Years

               

              Madison at Chase Oaks

               

              Plano, TX

               

              3,055,000.00

               

              29,589,698.78

               

              32,644,698.78

               

              (4,601,164.74

              )

              1995

               

              30 Years

               

              Madison at River Sound

               

              Lawrenceville, GA

               

              3,666,999.30

               

              47,975,707.11

               

              51,642,706.41

               

              (7,199,201.75

              )

              1996

               

              30 Years

               

              Madison at Round Grove

               

              Lewisville, TX

               

              2,626,000.00

               

              26,276,520.71

               

              28,902,520.71

               

              (4,103,205.07

              )

              1995

               

              30 Years

               

              Madison at Scofield Farms

               

              Austin, TX

               

              2,080,000.00

               

              15,261,871.71

               

              17,341,871.71

               

              (1,341,554.45

              )

              1996

               

              30 Years

               

              Madison at Stone Creek

               

              Austin, TX

               

              2,535,000.00

               

              23,461,524.93

               

              25,996,524.93

               

              (3,703,388.98

              )

              1995

               

              30 Years

               

              Madison at the Arboretum

               

              Austin, TX

               

              1,046,500.00

               

              10,180,572.98

               

              11,227,072.98

               

              (1,657,629.33

              )

              1995

               

              30 Years

               

              Madison at Walnut Creek

               

              Austin, TX

               

              2,737,600.00

               

              15,546,624.94

               

              18,284,224.94

               

              (3,155,835.06

              )

              1994

               

              30 Years

               

              Madison at Wells Branch

               

              Austin, TX

               

              2,400,000.00

               

              17,209,826.99

               

              19,609,826.99

               

              (1,531,457.77

              )

              1995

               

              30 Years

               

              Madison on Melrose

               

              Richardson, TX

               

              1,300,000.00

               

              15,388,774.62

               

              16,688,774.62

               

              (2,350,559.48

              )

              1995

               

              30 Years

               

              Madison on the Parkway

               

              Dallas, TX

               

              2,444,000.00

               

              23,127,713.27

               

              25,571,713.27

               

              (3,613,325.08

              )

              1995

               

              30 Years

               

              Magnolia at Whitlock

               

              Marietta, GA

               

              132,978.82

               

              3,885,096.14

               

              4,018,074.96

               

              (2,297,054.16

              )

              1971

               

              30 Years

               

              Mallard Cove

               

              Greenville, SC

               

              813,350.00

               

              8,537,491.64

               

              9,350,841.64

               

              (2,452,068.61

              )

              1983

               

              30 Years

               

              Mallard Cove at Conway

               

              Orlando, FL

               

              600,000.00

               

              8,239,663.55

               

              8,839,663.55

               

              (6,227,931.41

              )

              1974

               

              30 Years

               

              Mallgate

               

              Louisville, KY

               

              —

               

              11,765,691.48

               

              11,765,691.48

               

              (9,453,880.52

              )

              1969

               

              30 Years

               

              S - 6


              Description

               

               

               

              Initial Cost to
              Company

               

              Cost Capitalized
              Subsequent to
              Acquisition
              (Improvements, net)(E)

               

              Apartment Name

               

              Location

               

              Encumbrances

               

              Land

               

              Building &
              Fixtures

               

              Land

               

              Building &
              Fixtures

               

              Manchester (REIT)

               

              Jacksonville, FL

               

              1,244,668.64

               

              184,100.00

               

              1,657,193.63

               

              —

               

              62,458.48

               

              Marabou Mills I

               

              Indianapolis, IN

               

              1,338,568.18

               

              224,177.96

               

              1,974,952.13

               

              —

               

              186,123.49

               

              Marabou Mills II

               

              Indianapolis, IN

               

              —

               

              192,186.25

               

              1,693,220.33

               

              —

               

              100,527.40

               

              Marabou Mills III

               

              Indianapolis, IN

               

              1,140,520.00

               

              171,556.72

               

              1,511,601.62

               

              —

               

              84,529.53

               

              Mariner Club (FL)

               

              Pembroke Pines, FL

               

              —

               

              1,824,500.00

               

              20,771,566.44

               

              —

               

              532,307.21

               

              Mariners Wharf

               

              Orange Park, FL

               

              —

               

              1,861,200.00

               

              16,744,951.02

               

              —

               

              795,619.15

               

              Mark Landing I

               

              Miami, FL

               

              1,265,566.10

               

              191,985.73

               

              1,691,253.52

               

              —

               

              84,200.30

               

              Marks

               

              Englewood, CO(G)

               

              19,895,000.00

               

              4,928,500.00

               

              44,621,813.77

               

              —

               

              2,232,634.61

               

              Marquessa

               

              Corona Hills, CA

               

               

              (J)

              6,888,500.00

               

              21,604,583.64

               

              —

               

              957,261.31

               

              Marsh Landing I

               

              Brunswick, GA

               

              —

               

              133,192.75

               

              1,173,573.30

               

              —

               

              191,294.73

               

              Marshlanding II

               

              Brunswick, GA

               

              913,224.98

               

              111,187.09

               

              979,679.39

               

              —

               

              107,050.35

               

              Martha Lake

               

              Lynnwood, WA

               

              —

               

              821,200.00

               

              7,405,070.49

               

              —

               

              1,006,363.56

               

              Martins Landing

               

              Roswell, GA

               

              12,250,854.27

               

              4,802,000.00

               

              12,899,971.68

               

              —

               

              1,153,830.92

               

              McDowell Place

               

              Naperville, IL

               

               

              (R)

              2,580,400.00

               

              23,209,628.88

               

              —

               

              1,681,254.08

               

              Meadow Ridge

               

              Norwich, CT

               

              4,423,754.36

               

              747,956.65

               

              4,999,937.12

               

              —

               

              95,782.38

               

              Meadowland

               

              Bogart, GA

               

              —

               

              152,394.70

               

              1,342,663.37

               

              —

               

              58,357.19

               

              Meadowood (Cin)

               

              Cincinnati, OH

               

              —

               

              330,734.47

               

              2,913,731.09

               

              —

               

              327,188.88

               

              Meadowood (Cuy)

               

              Cuyahoga Falls, OH

               

              —

               

              201,406.59

               

              1,774,784.23

               

              —

               

              154,945.29

               

              Meadowood (FLA)

               

              Flatwoods, KY

               

              830,482.35

               

              96,349.54

               

              848,944.48

               

              —

               

              89,968.50

               

              Meadowood (Fra)

               

              Franklin, IN

               

              968,368.00

               

              129,251.57

               

              1,138,733.20

               

              —

               

              153,593.68

               

              Meadowood (New)

               

              Newburgh, IN

               

              936,960.24

               

              131,546.01

               

              1,159,063.71

               

              —

               

              80,535.58

               

              Meadowood (Nic)

               

              Nicholasville, KY

               

              1,349,478.62

               

              173,222.98

               

              1,526,283.21

               

              —

               

              170,413.60

               

              Meadowood (Tem)

               

              Temperance, MI

               

              1,263,972.49

               

              173,674.59

               

              1,530,262.41

               

              —

               

              59,638.52

               

              Meadowood Apts. (Man)

               

              Mansfield, OH

               

              —

               

              118,504.27

               

              1,044,001.75

               

              —

               

              146,491.37

               

              Meadowood I (GA)

               

              Norcross, GA

               

              —

               

              205,467.55

               

              1,810,393.05

               

              —

               

              183,283.71

               

              Meadowood I (OH)

               

              Columbus, OH

               

              —

               

              146,912.36

               

              1,294,457.97

               

              —

               

              199,405.86

               

              Meadowood II (FL)

               

              Altamonte Springs, FL

               

              —

               

              160,366.67

               

              1,413,005.15

               

              —

               

              88,274.02

               

              Meadowood II (GA)

               

              Norcross, GA

               

              —

               

              176,968.08

               

              1,559,544.46

               

              —

               

              136,244.23

               

              Meadowood II (OH)

               

              Columbus, OH

               

              466,153.89

               

              57,801.92

               

              509,198.89

               

              —

               

              75,242.43

               

              Meadows I (OH), The

               

              Columbus, OH

               

              —

               

              150,800.30

               

              1,328,616.01

               

              —

               

              161,756.51

               

              Meadows II (OH), The

               

              Columbus, OH

               

              1,121,423.56

               

              186,636.48

               

              1,644,520.78

               

              —

               

              149,743.27

               

              Meadows in the Park

               

              Birmingham, AL

               

              —

               

              1,000,900.00

               

              8,533,099.29

               

              —

               

              509,228.10

               

              Meadows on the Lake

               

              Birmingham, AL

               

              —

               

              1,000,900.00

               

              8,515,348.35

               

              —

               

              396,709.34

               

              Meldon Place

               

              Toledo, OH

               

              2,291,831.19

               

              288,433.76

               

              2,541,700.52

               

              —

               

              502,727.52

               

              Merrifield

               

              Salisbury, MD

               

              1,939,335.83

               

              268,711.88

               

              2,367,644.55

               

              —

               

              171,058.51

               

              Merrill Creek

               

              Lakewood, WA

               

              —

               

              814,200.00

               

              7,330,605.66

               

              —

               

              320,644.77

               

              Merritt at Satellite Place

               

              Duluth, GA

               

              —

               

              3,400,000.00

               

              30,115,674.42

               

              —

               

              366,060.48

               

              Mesa Del Oso

               

              Albuquerque, NM

               

              10,841,603.72

               

              4,305,000.00

               

              12,112,957.39

               

              —

               

              332,471.06

               

              Miguel Place

               

              Port Richey, FL

               

              1,422,298.14

               

              199,349.05

               

              1,756,482.38

               

              —

               

              251,759.65

               

              Mill Pond

               

              Millersville, MD

               

              7,493,541.71

               

              2,880,000.00

               

              8,950,400.03

               

              —

               

              603,617.73

               

              Millburn

               

              Stow, OH

               

              145,715.00

               

              192,062.04

               

              1,692,275.85

               

              —

               

              102,025.95

               

              Millburn Court I

               

              Centerville, OH

               

              —

               

              260,000.00

               

              1,246,756.52

               

              —

               

              85,781.90

               

              Millburn Court II

               

              Centerville, OH

               

              875,157.31

               

              122,870.44

               

              1,082,697.52

               

              —

               

              199,594.76

               

              Mira Flores

               

              Palm Beach Gardens, FL

               

              —

               

              7,040,000.00

               

              22,515,299.08

               

              —

               

              56,632.63

               

              Mission Bay

               

              Orlando, FL

               

              —

               

              2,432,000.00

               

              21,623,560.46

               

              —

               

              697,648.32

               

              Mission Hills

               

              Oceanside, CA

               

              10,280,340.06

               

              5,640,000.00

               

              21,130,732.38

               

              —

               

              417,742.34

               

              Misty Woods

               

              Cary, NC

               

              —

               

              720,790.00

               

              18,063,934.26

               

              —

               

              1,974,710.82

               

              Montecito

               

              Valencia, CA

               

              —

               

              8,400,000.00

               

              24,709,145.69

               

              —

               

              212,647.13

               

              Montevista

               

              Dallas, TX

               

              —

               

              3,931,550.00

               

              19,770,957.56

               

              —

               

              48,404.08

               

              Montgomery Court I (MI)

               

              Haslett, MI

               

              1,159,403.92

               

              156,297.73

               

              1,377,153.31

               

              —

               

              168,920.87

               

              Montgomery Court I (OH)

               

              Dublin, OH

               

              1,233,442.63

               

              163,755.09

               

              1,442,642.83

               

              —

               

              274,228.36

               

              Montgomery Court II (OH)

               

              Dublin, OH

               

              —

               

              149,733.82

               

              1,319,417.16

               

              —

               

              160,104.01

               

              Montierra

               

              Scottsdale, AZ

               

              —

               

              3,455,000.00

               

              17,266,786.53

               

              —

               

              188,763.01

               

              Montierra (CA)

               

              San Diego, CA

               

              18,081,245.34

               

              8,160,000.00

               

              29,360,938.17

               

              —

               

              311,849.80

               

              Montrose Square

               

              Columbus, OH

               

              —

               

              193,266.04

               

              1,703,260.43

               

              —

               

              318,219.94

               

              Morgan Trace

               

              Union City, GA

               

              —

               

              239,102.45

               

              2,105,728.19

               

              —

               

              148,351.98

               

              Morningside

               

              Scottsdale, AZ

               

              —

               

              670,470.00

               

              12,607,976.02

               

              —

               

              473,055.01

               

              Morningside (FL)

               

              Titusville, FL

               

              —

               

              197,889.52

               

              1,743,622.33

               

              —

               

              512,274.87

               

              Mosswood I

               

              Winter Springs, FL

               

              —

               

              163,293.72

               

              1,438,795.64

               

              —

               

              131,272.82

               

              Mosswood II

               

              Winter Springs, FL

               

              1,483,530.41

               

              275,329.91

               

              2,426,157.56

               

              —

               

              141,192.09

               

              Mountain Park Ranch

               

              Phoenix, AZ

               

               

              (O)

              1,662,332.00

               

              18,260,275.87

               

              —

               

              598,618.87

               

              Mountain Terrace

               

              Stevenson Ranch, CA

               

              —

               

              3,966,500.00

               

              35,814,994.74

               

              —

               

              910,740.35

               

              Nehoiden Glen

               

              Needham, MA

               

              2,099,843.44

               

              634,537.73

               

              4,241,754.83

               

              —

               

              92,274.23

               

              Newberry I

               

              Lansing, MI

               

              —

               

              183,508.91

               

              1,616,913.48

               

              —

               

              188,783.69

               

              Newberry II

               

              Lansing, MI

               

              —

               

              142,292.43

               

              1,253,951.34

               

              —

               

              128,069.14

               

              Newport Heights

               

              Tukwila, WA

               

              —

               

              391,200.00

               

              3,522,780.07

               

              —

               

              579,783.17

               

              Noonan Glen

               

              Winchester, MA

               

              542,852.56

               

              151,343.51

               

              1,011,700.36

               

              —

               

              74,402.87

               

              North Creek (Everett)

               

              Evertt, WA

               

              —

               

              3,967,500.00

               

              12,387,189.94

               

              —

               

              878,050.24

               

              North Hill

               

              Atlanta, GA

               

              15,385,425.74

               

              2,525,300.00

               

              18,550,989.31

               

              —

               

              4,334,060.08

               

              Northampton 1

               

              Largo, MD

               

              19,702,894.43

               

              1,843,200.00

               

              17,528,380.75

               

              —

               

              2,721,753.93

               

              Northampton 2

               

              Largo, MD

               

              —

               

              1,513,500.00

               

              14,246,990.27

               

              —

               

              1,187,770.60

               

              Northgate Village

               

              San Antonio, TX

               

              —

               

              660,100.00

               

              5,974,145.35

               

              —

               

              1,184,924.16

               

              Northglen

               

              Valencia, CA

               

              14,985,289.30

               

              9,360,000.00

               

              20,778,552.71

               

              —

               

              352,190.74

               

              Northridge

               

              Pleasant Hill, CA

               

              —

               

              5,527,800.00

               

              14,691,704.52

               

              —

               

              1,099,195.96

               

              Northridge (GA)

               

              Carrolton, GA

               

              —

               

              238,810.55

               

              2,104,181.16

               

              —

               

              124,529.46

               

              Northrup Court I

               

              Coraopolis, PA

               

              1,324,265.45

               

              189,245.89

               

              1,667,462.56

               

              —

               

              129,040.01

               

              Northrup Court II

               

              Coraopolis, PA

               

              —

               

              157,190.30

               

              1,385,017.88

               

              —

               

              94,030.38

               

              Northwoods Village

               

              Cary, NC

               

              —

               

              1,369,700.00

               

              11,460,336.89

               

              —

               

              1,161,802.35

               

              Norton Glen

               

              Norton, MA

               

              4,591,298.22

               

              1,012,555.59

               

              6,768,726.88

               

              —

               

              530,433.44

               

              Nova Glen I

               

              Daytona Beach, FL

               

              —

               

              142,085.70

               

              1,251,929.83

               

              —

               

              280,887.85

               

              Nova Glen II

               

              Daytona Beach, FL

               

              —

               

              175,167.84

               

              1,543,419.55

               

              —

               

              204,842.87

               

              Novawood I

               

              Daytona Beach, FL

               

              149,213.33

               

              122,311.47

               

              1,077,897.38

               

              —

               

              109,027.18

               

              Novawood II

               

              Daytona Beach, FL

               

              —

               

              144,401.43

               

              1,272,483.95

               

              —

               

              81,940.75

               

              Oak Gardens

               

              Hollywood, FL

               

              —

               

              329,967.88

               

              2,907,287.62

               

              —

               

              255,414.02

               

              Oak Mill 2

               

              Germantown, MD

               

              9,600,000.00

               

              854,132.73

               

              9,010,184.18

               

              —

               

              693,920.60

               

              Description

               

              Gross Amount Carried
              at Close of
              Period 12/31/02

               

               

               

               

               

               

               

              Life Used to
              Compute
              Depreciation in
              Latest Income
              Statement(C)

               

              Apartment Name

               

              Location

               

              Land

               

              Building &
              Fixtures(A)

               

              Total(B)

               

              Accumulated
              Depreciation

               

              Date of
              Construction

               

               

              Manchester (REIT)

               

              Jacksonville, FL

               

              184,100.00

               

              1,719,652.11

               

              1,903,752.11

               

              (130,549.98

              )

              1985

               

              30 Years

               

              Marabou Mills I

               

              Indianapolis, IN

               

              224,177.96

               

              2,161,075.62

               

              2,385,253.58

               

              (290,072.65

              )

              1986

               

              30 Years

               

              Marabou Mills II

               

              Indianapolis, IN

               

              192,186.25

               

              1,793,747.73

               

              1,985,933.98

               

              (230,481.84

              )

              1987

               

              30 Years

               

              Marabou Mills III

               

              Indianapolis, IN

               

              171,556.72

               

              1,596,131.15

               

              1,767,687.87

               

              (202,104.30

              )

              1987

               

              30 Years

               

              Mariner Club (FL)

               

              Pembroke Pines, FL

               

              1,824,500.00

               

              21,303,873.65

               

              23,128,373.65

               

              (3,344,011.88

              )

              1988

               

              30 Years

               

              Mariners Wharf

               

              Orange Park, FL

               

              1,861,200.00

               

              17,540,570.17

               

              19,401,770.17

               

              (3,404,488.30

              )

              1989

               

              30 Years

               

              Mark Landing I

               

              Miami, FL

               

              191,985.73

               

              1,775,453.82

               

              1,967,439.55

               

              (221,478.59

              )

              1987

               

              30 Years

               

              Marks

               

              Englewood, CO(G)

               

              4,928,500.00

               

              46,854,448.38

               

              51,782,948.38

               

              (9,680,495.50

              )

              1987

               

              30 Years

               

              Marquessa

               

              Corona Hills, CA

               

              6,888,500.00

               

              22,561,844.95

               

              29,450,344.95

               

              (4,452,426.07

              )

              1992

               

              30 Years

               

              Marsh Landing I

               

              Brunswick, GA

               

              133,192.75

               

              1,364,868.03

               

              1,498,060.78

               

              (192,111.48

              )

              1984

               

              30 Years

               

              Marshlanding II

               

              Brunswick, GA

               

              111,187.09

               

              1,086,729.74

               

              1,197,916.83

               

              (151,494.79

              )

              1986

               

              30 Years

               

              Martha Lake

               

              Lynnwood, WA

               

              821,200.00

               

              8,411,434.05

               

              9,232,634.05

               

              (1,813,976.06

              )

              1991

               

              30 Years

               

              Martins Landing

               

              Roswell, GA

               

              4,802,000.00

               

              14,053,802.60

               

              18,855,802.60

               

              (2,489,629.49

              )

              1972

               

              30 Years

               

              McDowell Place

               

              Naperville, IL

               

              2,580,400.00

               

              24,890,882.96

               

              27,471,282.96

               

              (5,943,027.96

              )

              1988

               

              30 Years

               

              Meadow Ridge

               

              Norwich, CT

               

              747,956.65

               

              5,095,719.50

               

              5,843,676.15

               

              (421,558.23

              )

              1987

               

              30 Years

               

              Meadowland

               

              Bogart, GA

               

              152,394.70

               

              1,401,020.56

               

              1,553,415.26

               

              (178,558.41

              )

              1984

               

              30 Years

               

              Meadowood (Cin)

               

              Cincinnati, OH

               

              330,734.47

               

              3,240,919.97

               

              3,571,654.44

               

              (393,835.01

              )

              1985

               

              30 Years

               

              Meadowood (Cuy)

               

              Cuyahoga Falls, OH

               

              201,406.59

               

              1,929,729.52

               

              2,131,136.11

               

              (235,252.55

              )

              1985

               

              30 Years

               

              Meadowood (FLA)

               

              Flatwoods, KY

               

              96,349.54

               

              938,912.98

               

              1,035,262.52

               

              (124,892.82

              )

              1983

               

              30 Years

               

              Meadowood (Fra)

               

              Franklin, IN

               

              129,251.57

               

              1,292,326.88

               

              1,421,578.45

               

              (175,310.17

              )

              1983

               

              30 Years

               

              Meadowood (New)

               

              Newburgh, IN

               

              131,546.01

               

              1,239,599.29

               

              1,371,145.30

               

              (168,687.83

              )

              1984

               

              30 Years

               

              Meadowood (Nic)

               

              Nicholasville, KY

               

              173,222.98

               

              1,696,696.81

               

              1,869,919.79

               

              (224,699.07

              )

              1983

               

              30 Years

               

              Meadowood (Tem)

               

              Temperance, MI

               

              173,674.59

               

              1,589,900.93

               

              1,763,575.52

               

              (193,457.55

              )

              1984

               

              30 Years

               

              Meadowood Apts. (Man)

               

              Mansfield, OH

               

              118,504.27

               

              1,190,493.12

               

              1,308,997.39

               

              (156,123.02

              )

              1983

               

              30 Years

               

              Meadowood I (GA)

               

              Norcross, GA

               

              205,467.55

               

              1,993,676.76

               

              2,199,144.31

               

              (243,689.69

              )

              1982

               

              30 Years

               

              Meadowood I (OH)

               

              Columbus, OH

               

              146,912.36

               

              1,493,863.83

               

              1,640,776.19

               

              (217,319.52

              )

              1984

               

              30 Years

               

              Meadowood II (FL)

               

              Altamonte Springs, FL

               

              160,366.67

               

              1,501,279.17

               

              1,661,645.84

               

              (186,314.57

              )

              1980

               

              30 Years

               

              Meadowood II (GA)

               

              Norcross, GA

               

              176,968.08

               

              1,695,788.69

               

              1,872,756.77

               

              (210,319.50

              )

              1984

               

              30 Years

               

              Meadowood II (OH)

               

              Columbus, OH

               

              57,801.92

               

              584,441.32

               

              642,243.24

               

              (83,255.71

              )

              1985

               

              30 Years

               

              Meadows I (OH), The

               

              Columbus, OH

               

              150,800.30

               

              1,490,372.52

               

              1,641,172.82

               

              (202,075.43

              )

              1985

               

              30 Years

               

              Meadows II (OH), The

               

              Columbus, OH

               

              186,636.48

               

              1,794,264.05

               

              1,980,900.53

               

              (234,374.48

              )

              1987

               

              30 Years

               

              Meadows in the Park

               

              Birmingham, AL

               

              1,000,900.00

               

              9,042,327.39

               

              10,043,227.39

               

              (1,894,263.84

              )

              1986

               

              30 Years

               

              Meadows on the Lake

               

              Birmingham, AL

               

              1,000,900.00

               

              8,912,057.69

               

              9,912,957.69

               

              (1,785,190.59

              )

              1987

               

              30 Years

               

              Meldon Place

               

              Toledo, OH

               

              288,433.76

               

              3,044,428.04

               

              3,332,861.80

               

              (451,697.11

              )

              1978

               

              30 Years

               

              Merrifield

               

              Salisbury, MD

               

              268,711.88

               

              2,538,703.06

               

              2,807,414.94

               

              (314,174.72

              )

              1988

               

              30 Years

               

              Merrill Creek

               

              Lakewood, WA

               

              814,200.00

               

              7,651,250.43

               

              8,465,450.43

               

              (1,607,155.85

              )

              1994

               

              30 Years

               

              Merritt at Satellite Place

               

              Duluth, GA

               

              3,400,000.00

               

              30,481,734.90

               

              33,881,734.90

               

              (3,524,325.54

              )

              1999

               

              30 Years

               

              Mesa Del Oso

               

              Albuquerque, NM

               

              4,305,000.00

               

              12,445,428.45

               

              16,750,428.45

               

              (793,689.42

              )

              1983

               

              30 Years

               

              Miguel Place

               

              Port Richey, FL

               

              199,349.05

               

              2,008,242.03

               

              2,207,591.08

               

              (274,457.37

              )

              1987

               

              30 Years

               

              Mill Pond

               

              Millersville, MD

               

              2,880,000.00

               

              9,554,017.76

               

              12,434,017.76

               

              (1,544,437.35

              )

              1984

               

              30 Years

               

              Millburn

               

              Stow, OH

               

              192,062.04

               

              1,794,301.80

               

              1,986,363.84

               

              (214,047.48

              )

              1984

               

              30 Years

               

              Millburn Court I

               

              Centerville, OH

               

              260,000.00

               

              1,332,538.42

               

              1,592,538.42

               

              (113,155.24

              )

              1979

               

              30 Years

               

              Millburn Court II

               

              Centerville, OH

               

              122,870.44

               

              1,282,292.28

               

              1,405,162.72

               

              (186,849.81

              )

              1981

               

              30 Years

               

              Mira Flores

               

              Palm Beach Gardens, FL

               

              7,040,000.00

               

              22,571,931.71

               

              29,611,931.71

               

              (620,310.71

              )

              1996

               

              30 Years

               

              Mission Bay

               

              Orlando, FL

               

              2,432,000.00

               

              22,321,208.78

               

              24,753,208.78

               

              (3,468,155.37

              )

              1991

               

              30 Years

               

              Mission Hills

               

              Oceanside, CA

               

              5,640,000.00

               

              21,548,474.72

               

              27,188,474.72

               

              (1,528,177.06

              )

              1984

               

              30 Years

               

              Misty Woods

               

              Cary, NC

               

              720,790.00

               

              20,038,645.08

               

              20,759,435.08

               

              (3,574,241.63

              )

              1984

               

              30 Years

               

              Montecito

               

              Valencia, CA

               

              8,400,000.00

               

              24,921,792.82

               

              33,321,792.82

               

              (1,768,545.40

              )

              1999

               

              30 Years

               

              Montevista

               

              Dallas, TX

               

              3,931,550.00

               

              19,819,361.64

               

              23,750,911.64

               

              (348,592.14

              )

              2000

               

              30 Years

               

              Montgomery Court I (MI)

               

              Haslett, MI

               

              156,297.73

               

              1,546,074.18

               

              1,702,371.91

               

              (203,292.18

              )

              1984

               

              30 Years

               

              Montgomery Court I (OH)

               

              Dublin, OH

               

              163,755.09

               

              1,716,871.19

               

              1,880,626.28

               

              (233,426.84

              )

              1985

               

              30 Years

               

              Montgomery Court II (OH)

               

              Dublin, OH

               

              149,733.82

               

              1,479,521.17

               

              1,629,254.99

               

              (187,517.91

              )

              1986

               

              30 Years

               

              Montierra

               

              Scottsdale, AZ

               

              3,455,000.00

               

              17,455,549.54

               

              20,910,549.54

               

              (2,365,884.97

              )

              1999

               

              30 Years

               

              Montierra (CA)

               

              San Diego, CA

               

              8,160,000.00

               

              29,672,787.97

               

              37,832,787.97

               

              (2,264,255.50

              )

              1990

               

              30 Years

               

              Montrose Square

               

              Columbus, OH

               

              193,266.04

               

              2,021,480.37

               

              2,214,746.41

               

              (301,235.09

              )

              1987

               

              30 Years

               

              Morgan Trace

               

              Union City, GA

               

              239,102.45

               

              2,254,080.17

               

              2,493,182.62

               

              (285,269.94

              )

              1986

               

              30 Years

               

              Morningside

               

              Scottsdale, AZ

               

              670,470.00

               

              13,081,031.03

               

              13,751,501.03

               

              (2,442,498.80

              )

              1989

               

              30 Years

               

              Morningside (FL)

               

              Titusville, FL

               

              197,889.52

               

              2,255,897.20

               

              2,453,786.72

               

              (362,736.56

              )

              1984

               

              30 Years

               

              Mosswood I

               

              Winter Springs, FL

               

              163,293.72

               

              1,570,068.46

               

              1,733,362.18

               

              (206,948.99

              )

              1981

               

              30 Years

               

              Mosswood II

               

              Winter Springs, FL

               

              275,329.91

               

              2,567,349.65

               

              2,842,679.56

               

              (323,035.72

              )

              1982

               

              30 Years

               

              Mountain Park Ranch

               

              Phoenix, AZ

               

              1,662,332.00

               

              18,858,894.74

               

              20,521,226.74

               

              (3,604,648.55

              )

              1994

               

              30 Years

               

              Mountain Terrace

               

              Stevenson Ranch, CA

               

              3,966,500.00

               

              36,725,735.09

               

              40,692,235.09

               

              (8,102,505.97

              )

              1992

               

              30 Years

               

              Nehoiden Glen

               

              Needham, MA

               

              634,537.73

               

              4,334,029.06

               

              4,968,566.79

               

              (339,060.37

              )

              1978

               

              30 Years

               

              Newberry I

               

              Lansing, MI

               

              183,508.91

               

              1,805,697.17

               

              1,989,206.08

               

              (239,052.99

              )

              1985

               

              30 Years

               

              Newberry II

               

              Lansing, MI

               

              142,292.43

               

              1,382,020.48

               

              1,524,312.91

               

              (180,199.32

              )

              1986

               

              30 Years

               

              Newport Heights

               

              Tukwila, WA

               

              391,200.00

               

              4,102,563.24

               

              4,493,763.24

               

              (1,353,858.09

              )

              1985

               

              30 Years

               

              Noonan Glen

               

              Winchester, MA

               

              151,343.51

               

              1,086,103.23

               

              1,237,446.74

               

              (87,956.96

              )

              1983

               

              30 Years

               

              North Creek (Everett)

               

              Evertt, WA

               

              3,967,500.00

               

              13,265,240.18

               

              17,232,740.18

               

              (2,264,870.18

              )

              1986

               

              30 Years

               

              North Hill

               

              Atlanta, GA

               

              2,525,300.00

               

              22,885,049.39

               

              25,410,349.39

               

              (6,169,449.01

              )

              1984

               

              30 Years

               

              Northampton 1

               

              Largo, MD

               

              1,843,200.00

               

              20,250,134.68

               

              22,093,334.68

               

              (7,095,706.48

              )

              1977

               

              30 Years

               

              Northampton 2

               

              Largo, MD

               

              1,513,500.00

               

              15,434,760.87

               

              16,948,260.87

               

              (4,806,665.69

              )

              1988

               

              30 Years

               

              Northgate Village

               

              San Antonio, TX

               

              660,100.00

               

              7,159,069.51

               

              7,819,169.51

               

              (2,847,947.46

              )

              1984

               

              30 Years

               

              Northglen

               

              Valencia, CA

               

              9,360,000.00

               

              21,130,743.45

               

              30,490,743.45

               

              (1,536,839.36

              )

              1988

               

              30 Years

               

              Northridge

               

              Pleasant Hill, CA

               

              5,527,800.00

               

              15,790,900.48

               

              21,318,700.48

               

              (2,876,412.12

              )

              1974

               

              30 Years

               

              Northridge (GA)

               

              Carrolton, GA

               

              238,810.55

               

              2,228,710.62

               

              2,467,521.17

               

              (281,488.17

              )

              1985

               

              30 Years

               

              Northrup Court I

               

              Coraopolis, PA

               

              189,245.89

               

              1,796,502.57

               

              1,985,748.46

               

              (228,427.67

              )

              1985

               

              30 Years

               

              Northrup Court II

               

              Coraopolis, PA

               

              157,190.30

               

              1,479,048.26

               

              1,636,238.56

               

              (189,936.79

              )

              1985

               

              30 Years

               

              Northwoods Village

               

              Cary, NC

               

              1,369,700.00

               

              12,622,139.24

               

              13,991,839.24

               

              (2,756,979.77

              )

              1986

               

              30 Years

               

              Norton Glen

               

              Norton, MA

               

              1,012,555.59

               

              7,299,160.32

               

              8,311,715.91

               

              (584,519.54

              )

              1983

               

              30 Years

               

              Nova Glen I

               

              Daytona Beach, FL

               

              142,085.70

               

              1,532,817.68

               

              1,674,903.38

               

              (219,175.19

              )

              1984

               

              30 Years

               

              Nova Glen II

               

              Daytona Beach, FL

               

              175,167.84

               

              1,748,262.42

               

              1,923,430.26

               

              (228,977.77

              )

              1986

               

              30 Years

               

              Novawood I

               

              Daytona Beach, FL

               

              122,311.47

               

              1,186,924.56

               

              1,309,236.03

               

              (161,615.70

              )

              1980

               

              30 Years

               

              Novawood II

               

              Daytona Beach, FL

               

              144,401.43

               

              1,354,424.70

               

              1,498,826.13

               

              (175,353.50

              )

              1980

               

              30 Years

               

              Oak Gardens

               

              Hollywood, FL

               

              329,967.88

               

              3,162,701.64

               

              3,492,669.52

               

              (375,688.31

              )

              1988

               

              30 Years

               

              Oak Mill 2

               

              Germantown, MD

               

              854,132.73

               

              9,704,104.78

               

              10,558,237.51

               

              (2,758,609.70

              )

              1985

               

              30 Years

               

              S - 7


              Description

               

               

               

              Initial Cost to
              Company

               

              Cost Capitalized
              Subsequent to
              Acquisition
              (Improvements, net)(E)

               

              Apartment Name

               

              Location

               

              Encumbrances

               

              Land

               

              Building &
              Fixtures

               

              Land

               

              Building &
              Fixtures

               

              Oak Park North

               

              Agoura Hills, CA

               

               

              (I)

              1,706,900.00

               

              15,362,665.94

               

              —

               

              532,875.33

               

              Oak Park South

               

              Agoura Hills, CA

               

               

              (I)

              1,683,800.00

               

              15,154,607.90

               

              —

               

              612,186.38

               

              Oak Ridge

               

              Clermont, FL

               

              1,171,941.82

               

              173,616.92

               

              1,529,936.27

               

              —

               

              274,984.86

               

              Oak Shade

               

              Orange City, FL

               

              —

               

              229,403.00

               

              2,021,290.39

               

              —

               

              117,785.01

               

              Oakland Hills

               

              Margate, FL

               

              4,829,527.78

               

              3,040,000.00

               

              4,930,603.61

               

              —

               

              513,577.17

               

              Oakley Woods

               

              Union City, GA

               

              1,080,381.63

               

              165,448.86

               

              1,457,484.78

               

              —

               

              196,435.14

               

              Oaks (NC)

               

              Charlotte, NC

               

              —

               

              2,196,744.00

               

              23,601,539.52

               

              —

               

              312,028.33

               

              Oakwood Manor

               

              Hollywood, FL

               

              —

               

              173,246.93

               

              1,525,972.93

               

              —

               

              57,315.40

               

              Oakwood Village (FL)

               

              Hudson, FL

               

              —

               

              177,280.95

               

              1,285,011.00

               

              —

               

              309,646.00

               

              Oakwood Village (GA)

               

              Augusta, GA

               

              —

               

              161,174.07

               

              1,420,119.23

               

              —

               

              135,629.33

               

              Ocean Walk

               

              Key West, FL

               

              21,079,921.00

               

              2,838,748.50

               

              25,545,008.72

               

              —

               

              965,706.32

               

              Old Archer Court

               

              Gainesville, FL

               

              943,120.19

               

              170,323.43

               

              1,500,735.06

               

              —

               

              266,819.12

               

              Old Mill Glen

               

              Maynard, MA

               

              1,927,014.37

               

              396,755.99

               

              2,652,232.60

               

              —

               

              91,682.58

               

              Olde Redmond Place

               

              Redmond, WA

               

               

              (R)

              4,807,100.00

               

              14,126,038.08

               

              —

               

              649,036.73

               

              Olivewood (MI)

               

              Sterling Hts., MI

               

              —

               

              519,166.75

               

              4,574,904.84

               

              —

               

              322,712.20

               

              Olivewood I

               

              Indianapolis, IN

               

              —

               

              184,701.38

               

              1,627,420.44

               

              —

               

              250,979.35

               

              Olivewood II

               

              Indianapolis, IN

               

              1,243,201.04

               

              186,234.55

               

              1,640,570.51

               

              —

               

              185,538.36

               

              One Eton Square

               

              Tulsa, OK

               

              —

               

              1,570,100.00

               

              14,130,936.96

               

              —

               

              1,955,967.84

               

              Orchard Ridge

               

              Lynnwood, WA

               

              —

               

              485,600.00

               

              4,372,032.68

               

              —

               

              543,552.12

               

              Overlook

               

              San Antonio, TX

               

              —

               

              1,100,200.00

               

              9,901,516.56

               

              —

               

              1,276,644.21

               

              Overlook Manor

               

              Frederick, MD

               

              —

               

              1,299,100.00

               

              3,930,931.05

               

              —

               

              614,124.42

               

              Overlook Manor II

               

              Frederick, MD

               

              5,505,000.00

               

              2,186,300.00

               

              6,262,597.06

               

              —

               

              171,456.81

               

              Overlook Manor III

               

              Frederick, MD

               

              —

               

              1,026,300.00

               

              3,027,389.58

               

              —

               

              83,657.93

               

              Paces Station

               

              Atlanta, GA

               

              —

               

              4,801,500.00

               

              32,548,052.56

               

              —

               

              3,289,398.45

               

              Palladia

               

              Hillsboro, OR

               

              —

               

              6,461,000.00

               

              44,888,155.82

               

              —

               

              167,293.48

               

              Palm Place

               

              Sarasota. FL

               

              —

               

              248,314.81

               

              2,188,339.09

               

              —

               

              358,044.02

               

              Panther Ridge

               

              Federal Way, WA

               

              —

               

              1,055,800.00

               

              9,506,116.69

               

              —

               

              867,125.54

               

              Paradise Pointe

               

              Dania, FL

               

              —

               

              1,913,414.15

               

              17,417,955.82

               

              —

               

              2,529,302.73

               

              Parc Royale

               

              Houston, TX

               

              —

               

              2,223,000.00

               

              11,936,832.68

               

              —

               

              795,442.33

               

              Park Meadow

               

              Gilbert, AZ

               

              —

               

              835,217.00

               

              15,120,768.64

               

              —

               

              622,335.84

               

              Park Place (MN)

               

              Plymouth, MN

               

              —

               

              1,219,900.00

               

              10,964,119.20

               

              —

               

              918,013.31

               

              Park Place (TX)

               

              Houston, TX

               

              —

               

              1,603,000.00

               

              12,054,925.78

               

              —

               

              362,985.92

               

              Park Place II

               

              Plymouth, MN

               

              —

               

              1,216,100.00

               

              10,951,697.51

               

              —

               

              749,454.07

               

              Park Place West (CT)

               

              West Hartford, CT

               

              —

               

              466,243.49

               

              3,116,742.32

               

              —

               

              116,924.24

               

              Park West (CA)

               

              Los Angeles, CA

               

              —

               

              3,033,500.00

               

              27,302,382.65

               

              —

               

              2,000,415.18

               

              Park West (TX)

               

              Austin, TX

               

              —

               

              648,705.00

               

              4,738,541.73

               

              —

               

              957,192.18

               

              Park West End (VA)

               

              Richmond, VA

               

              —

               

              1,562,500.00

               

              11,871,449.21

               

              —

               

              817,721.91

               

              Parkfield

               

              Denver, CO

               

              —

               

              8,330,000.00

               

              28,646,351.96

               

              —

               

              215,206.34

               

              Parkridge Place

               

              Irving, TX

               

              —

               

              6,432,900.00

               

              17,094,962.48

               

              —

               

              1,268,947.95

               

              Parkside

               

              Union City, CA

               

              —

               

              6,246,700.00

               

              11,827,452.91

               

              —

               

              2,220,344.20

               

              Parkview Terrace

               

              Redlands, CA

               

              —

               

              4,969,200.00

               

              35,653,777.06

               

              —

               

              1,241,722.12

               

              Parkville (Col)

               

              Columbus, OH

               

              1,705,772.46

               

              150,432.98

               

              1,325,756.49

               

              —

               

              245,383.55

               

              Parkville (IN)

               

              Gas City, IN

               

              717,872.59

               

              103,434.26

               

              911,493.58

               

              —

               

              126,384.05

               

              Parkville (Par)

               

              Englewood, OH

               

              —

               

              127,863.02

               

              1,126,637.55

               

              —

               

              117,955.07

               

              Parkville (WV)

               

              Parkersburg, WV

               

              —

               

              105,459.86

               

              929,406.33

               

              —

               

              95,664.16

               

              Parkway North (REIT)

               

              Ft. Meyers, FL

               

              1,092,648.32

               

              145,350.00

               

              1,308,114.98

               

              —

               

              80,792.90

               

              Parkwood (CT)

               

              East Haven, CT

               

              —

               

              531,364.67

               

              3,552,064.06

               

              —

               

              68,341.52

               

              Patchen Oaks

               

              Lexington, KY

               

              —

               

              1,345,300.00

               

              8,129,209.54

               

              —

               

              639,217.08

               

              Pembroke Lake

               

              Virginia Beach, VA(T)

               

              8,720,633.78

               

              511,947.00

               

              8,889,539.36

               

              —

               

              591,742.76

               

              Phillips Park

               

              Wellesley, MA

               

              3,982,256.96

               

              816,921.82

               

              5,460,955.15

               

              —

               

              78,291.48

               

              Pine Barrens

               

              Jacksonville, FL

               

              —

               

              268,302.86

               

              2,364,040.59

               

              —

               

              236,475.48

               

              Pine Harbour

               

              Orlando, FL

               

              —

               

              1,664,300.00

               

              14,970,914.84

               

              —

               

              1,474,181.50

               

              Pine Knoll

               

              Jonesboro, GA

               

              1,165,458.18

               

              138,052.24

               

              1,216,390.69

               

              —

               

              116,486.55

               

              Pine Lake

               

              Tampa, FL

               

              625,367.83

               

              79,876.79

               

              703,801.58

               

              —

               

              71,473.49

               

              Pine Meadows I (FL)

               

              Ft. Meyers, FL

               

              —

               

              152,019.39

               

              1,339,596.48

               

              —

               

              323,906.83

               

              Pine Terrace I

               

              Callaway, FL

               

              2,069,237.89

               

              288,991.84

               

              2,546,426.41

               

              —

               

              456,044.68

               

              Pine Tree Club

               

              Wildwood, MO

               

              —

               

              1,125,000.00

               

              7,017,082.20

               

              —

               

              410,004.50

               

              Pinellas Pines

               

              Pinellas Park, FL

               

              10,436.71

               

              174,999.26

               

              1,541,934.20

               

              —

               

              199,885.02

               

              Pines of Cloverlane

               

              Ypsilanti, MI

               

              —

               

              1,907,800.00

               

              16,767,519.36

               

              —

               

              5,405,873.97

               

              Pines of Springdale

               

              Palm Springs, FL

               

              —

               

              473,867.00

               

              4,265,174.32

               

              —

               

              970,267.17

               

              Plum Tree

               

              Hales Corners, WI

               

               

              (N)

              1,996,700.00

               

              20,247,195.39

               

              —

               

              834,290.96

               

              Plumwood (Che)

               

              Chesterfield, IN

               

              62,288.50

               

              84,922.60

               

              748,260.67

               

              —

               

              77,275.99

               

              Plumwood (For)

               

              Ft. Wayne, IN

               

              —

               

              131,350.81

               

              1,157,243.81

               

              —

               

              147,101.39

               

              Plumwood I

               

              Columbus, OH

               

              1,639,286.01

               

              289,814.33

               

              2,553,597.34

               

              —

               

              313,222.60

               

              Plumwood II

               

              Columbus, OH

               

              —

               

              107,583.06

               

              947,924.01

               

              —

               

              80,246.31

               

              Point (NC)

               

              Charlotte, NC

               

               

              (S)

              1,700,000.00

               

              25,417,266.78

               

              —

               

              321,242.34

               

              Pointe at South Mountain

               

              Phoenix, AZ

               

              —

               

              2,228,800.00

               

              20,059,310.98

               

              —

               

              1,092,343.96

               

              Pointe East Condo, LLC

               

              Redmond, WA

               

              —

               

              602,600.00

               

              5,596,526.25

               

              —

               

              400,433.41

               

              Polos East

               

              Orlando, FL

               

              —

               

              1,386,000.00

               

              19,058,620.04

               

              —

               

              634,480.98

               

              Port Royale

               

              Ft. Lauderdale, FL

               

              —

               

              1,754,200.00

               

              15,789,873.13

               

              —

               

              1,271,364.27

               

              Port Royale II

               

              Ft. Lauderdale, FL

               

              —

               

              1,022,200.00

               

              9,203,165.98

               

              —

               

              794,671.32

               

              Port Royale III

               

              Ft. Lauderdale, FL

               

              —

               

              7,454,900.00

               

              14,743,153.65

               

              —

               

              1,071,946.36

               

              Portland Center

               

              Portland, OR(G)

               

              —

               

              6,032,900.00

               

              43,554,398.53

               

              —

               

              3,487,178.82

               

              Portofino

               

              Chino Hills, CA

               

              —

               

              3,572,400.00

               

              14,660,993.76

               

              —

               

              395,597.69

               

              Portofino (Val)

               

              Valencia, CA

               

              14,584,025.13

               

              8,640,000.00

               

              21,487,126.27

               

              —

               

              288,784.82

               

              Portside Towers

               

              Jersey City, NJ(G)

               

              55,396,562.90

               

              22,455,700.00

               

              96,842,912.99

               

              —

               

              2,205,372.25

               

              Prairie Creek I

               

              Richardson, TX

               

              —

               

              4,067,291.52

               

              38,986,022.29

               

              —

               

              560,894.85

               

              Preakness

               

              Antioch, TN

               

              —

               

              1,561,900.00

               

              7,668,520.58

               

              —

               

              1,548,008.89

               

              Preserve at Squaw Peak

               

              Phoenix, AZ

               

              —

               

              517,788.00

               

              8,533,991.83

               

              —

               

              309,724.28

               

              Preston at Willowbend

               

              Plano, TX

               

              —

               

              872,500.00

               

              7,878,915.24

               

              —

               

              2,571,345.90

               

              Preston Bend

               

              Dallas, TX

               

               

              (M)

              1,085,200.00

               

              9,532,056.26

               

              —

               

              659,236.79

               

              Princeton Court

               

              Evansville, IN

               

              865,248.93

               

              116,696.04

               

              1,028,219.32

               

              —

               

              193,638.17

               

              Princeton Square

               

              Jacksonville, FL

               

              —

               

              864,000.00

               

              11,910,477.70

               

              —

               

              605,199.08

               

              Promenade (FL)

               

              St. Petersburg, FL

               

              —

               

              2,124,193.40

               

              25,804,036.95

               

              —

               

              1,261,398.23

               

              Promenade at Aventura

               

              Aventura, FL

               

              —

               

              13,320,000.00

               

              30,353,748.43

               

              —

               

              339,724.27

               

              Description

               

              Gross Amount Carried
              at Close of
              Period 12/31/02

               

               

               

               

               

               

               

              Life Used to
              Compute
              Depreciation in
              Latest Income
              Statement(C)

               

              Apartment Name

               

              Location

               

              Land

               

              Building &
              Fixtures(A)

               

              Total(B)

               

              Accumulated
              Depreciation

               

              Date of
              Construction

               

               

              Oak Park North

               

              Agoura Hills, CA

               

              1,706,900.00

               

              15,895,541.27

               

              17,602,441.27

               

              (4,124,874.79

              )

              1990

               

              30 Years

               

              Oak Park South

               

              Agoura Hills, CA

               

              1,683,800.00

               

              15,766,794.28

               

              17,450,594.28

               

              (4,143,978.20

              )

              1989

               

              30 Years

               

              Oak Ridge

               

              Clermont, FL

               

              173,616.92

               

              1,804,921.13

               

              1,978,538.05

               

              (245,925.95

              )

              1985

               

              30 Years

               

              Oak Shade

               

              Orange City, FL

               

              229,403.00

               

              2,139,075.40

               

              2,368,478.40

               

              (273,754.65

              )

              1985

               

              30 Years

               

              Oakland Hills

               

              Margate, FL

               

              3,040,000.00

               

              5,444,180.78

               

              8,484,180.78

               

              (531,463.77

              )

              1987

               

              30 Years

               

              Oakley Woods

               

              Union City, GA

               

              165,448.86

               

              1,653,919.92

               

              1,819,368.78

               

              (227,165.02

              )

              1984

               

              30 Years

               

              Oaks (NC)

               

              Charlotte, NC

               

              2,196,744.00

               

              23,913,567.85

               

              26,110,311.85

               

              (3,657,832.39

              )

              1996

               

              30 Years

               

              Oakwood Manor

               

              Hollywood, FL

               

              173,246.93

               

              1,583,288.33

               

              1,756,535.26

               

              (200,013.13

              )

              1986

               

              30 Years

               

              Oakwood Village (FL)

               

              Hudson, FL

               

              177,280.95

               

              1,594,657.00

               

              1,771,937.95

               

              (233,043.77

              )

              1986

               

              30 Years

               

              Oakwood Village (GA)

               

              Augusta, GA

               

              161,174.07

               

              1,555,748.56

               

              1,716,922.63

               

              (197,384.04

              )

              1985

               

              30 Years

               

              Ocean Walk

               

              Key West, FL

               

              2,838,748.50

               

              26,510,715.04

               

              29,349,463.54

               

              (4,899,446.55

              )

              1990

               

              30 Years

               

              Old Archer Court

               

              Gainesville, FL

               

              170,323.43

               

              1,767,554.18

               

              1,937,877.61

               

              (253,974.67

              )

              1977

               

              30 Years

               

              Old Mill Glen

               

              Maynard, MA

               

              396,755.99

               

              2,743,915.18

               

              3,140,671.17

               

              (224,631.47

              )

              1983

               

              30 Years

               

              Olde Redmond Place

               

              Redmond, WA

               

              4,807,100.00

               

              14,775,074.81

               

              19,582,174.81

               

              (2,445,905.27

              )

              1986

               

              30 Years

               

              Olivewood (MI)

               

              Sterling Hts., MI

               

              519,166.75

               

              4,897,617.04

               

              5,416,783.79

               

              (626,462.52

              )

              1986

               

              30 Years

               

              Olivewood I

               

              Indianapolis, IN

               

              184,701.38

               

              1,878,399.79

               

              2,063,101.17

               

              (256,860.61

              )

              1985

               

              30 Years

               

              Olivewood II

               

              Indianapolis, IN

               

              186,234.55

               

              1,826,108.87

               

              2,012,343.42

               

              (239,256.95

              )

              1986

               

              30 Years

               

              One Eton Square

               

              Tulsa, OK

               

              1,570,100.00

               

              16,086,904.80

               

              17,657,004.80

               

              (3,776,803.33

              )

              1985

               

              30 Years

               

              Orchard Ridge

               

              Lynnwood, WA

               

              485,600.00

               

              4,915,584.80

               

              5,401,184.80

               

              (1,583,021.44

              )

              1988

               

              30 Years

               

              Overlook

               

              San Antonio, TX

               

              1,100,200.00

               

              11,178,160.77

               

              12,278,360.77

               

              (2,765,538.07

              )

              1985

               

              30 Years

               

              Overlook Manor

               

              Frederick, MD

               

              1,299,100.00

               

              4,545,055.47

               

              5,844,155.47

               

              (820,329.71

              )

              1980/1985

               

              30 Years

               

              Overlook Manor II

               

              Frederick, MD

               

              2,186,300.00

               

              6,434,053.87

               

              8,620,353.87

               

              (1,136,672.62

              )

              1980/1985

               

              30 Years

               

              Overlook Manor III

               

              Frederick, MD

               

              1,026,300.00

               

              3,111,047.51

               

              4,137,347.51

               

              (533,632.71

              )

              1980/1985

               

              30 Years

               

              Paces Station

               

              Atlanta, GA

               

              4,801,500.00

               

              35,837,451.01

               

              40,638,951.01

               

              (7,924,006.70

              )

              1984-1988/1989

               

              30 Years

               

              Palladia

               

              Hillsboro, OR

               

              6,461,000.00

               

              45,055,449.30

               

              51,516,449.30

               

              (2,190,488.62

              )

              2000

               

              30 Years

               

              Palm Place

               

              Sarasota. FL

               

              248,314.81

               

              2,546,383.11

               

              2,794,697.92

               

              (348,604.53

              )

              1984

               

              30 Years

               

              Panther Ridge

               

              Federal Way, WA

               

              1,055,800.00

               

              10,373,242.23

               

              11,429,042.23

               

              (2,474,737.50

              )

              1980

               

              30 Years

               

              Paradise Pointe

               

              Dania, FL

               

              1,913,414.15

               

              19,947,258.55

               

              21,860,672.70

               

              (5,991,328.13

              )

              1987-90

               

              30 Years

               

              Parc Royale

               

              Houston, TX

               

              2,223,000.00

               

              12,732,275.01

               

              14,955,275.01

               

              (1,895,800.74

              )

              1994

               

              30 Years

               

              Park Meadow

               

              Gilbert, AZ

               

              835,217.00

               

              15,743,104.48

               

              16,578,321.48

               

              (2,976,819.75

              )

              1986

               

              30 Years

               

              Park Place (MN)

               

              Plymouth, MN

               

              1,219,900.00

               

              11,882,132.51

               

              13,102,032.51

               

              (3,136,398.39

              )

              1986

               

              30 Years

               

              Park Place (TX)

               

              Houston, TX

               

              1,603,000.00

               

              12,417,911.70

               

              14,020,911.70

               

              (2,313,231.39

              )

              1996

               

              30 Years

               

              Park Place II

               

              Plymouth, MN

               

              1,216,100.00

               

              11,701,151.58

               

              12,917,251.58

               

              (2,997,738.17

              )

              1986

               

              30 Years

               

              Park Place West (CT)

               

              West Hartford, CT

               

              466,243.49

               

              3,233,666.56

               

              3,699,910.05

               

              (264,951.46

              )

              1961

               

              30 Years

               

              Park West (CA)

               

              Los Angeles, CA

               

              3,033,500.00

               

              29,302,797.83

               

              32,336,297.83

               

              (7,935,898.53

              )

              1987/90

               

              30 Years

               

              Park West (TX)

               

              Austin, TX

               

              648,705.00

               

              5,695,733.91

               

              6,344,438.91

               

              (2,081,951.08

              )

              1985

               

              30 Years

               

              Park West End (VA)

               

              Richmond, VA

               

              1,562,500.00

               

              12,689,171.12

               

              14,251,671.12

               

              (2,488,524.92

              )

              1985

               

              30 Years

               

              Parkfield

               

              Denver, CO

               

              8,330,000.00

               

              28,861,558.30

               

              37,191,558.30

               

              (2,123,297.80

              )

              2000

               

              30 Years

               

              Parkridge Place

               

              Irving, TX

               

              6,432,900.00

               

              18,363,910.43

               

              24,796,810.43

               

              (3,929,267.72

              )

              1985

               

              30 Years

               

              Parkside

               

              Union City, CA

               

              6,246,700.00

               

              14,047,797.11

               

              20,294,497.11

               

              (2,556,784.29

              )

              1979

               

              30 Years

               

              Parkview Terrace

               

              Redlands, CA

               

              4,969,200.00

               

              36,895,499.18

               

              41,864,699.18

               

              (6,840,789.56

              )

              1986

               

              30 Years

               

              Parkville (Col)

               

              Columbus, OH

               

              150,432.98

               

              1,571,140.04

               

              1,721,573.02

               

              (244,776.86

              )

              1978

               

              30 Years

               

              Parkville (IN)

               

              Gas City, IN

               

              103,434.26

               

              1,037,877.63

               

              1,141,311.89

               

              (146,656.54

              )

              1982

               

              30 Years

               

              Parkville (Par)

               

              Englewood, OH

               

              127,863.02

               

              1,244,592.62

               

              1,372,455.64

               

              (158,017.29

              )

              1982

               

              30 Years

               

              Parkville (WV)

               

              Parkersburg, WV

               

              105,459.86

               

              1,025,070.49

               

              1,130,530.35

               

              (130,099.16

              )

              1982

               

              30 Years

               

              Parkway North (REIT)

               

              Ft. Meyers, FL

               

              145,350.00

               

              1,388,907.88

               

              1,534,257.88

               

              (112,063.47

              )

              1984

               

              30 Years

               

              Parkwood (CT)

               

              East Haven, CT

               

              531,364.67

               

              3,620,405.58

               

              4,151,770.25

               

              (307,263.89

              )

              1975

               

              30 Years

               

              Patchen Oaks

               

              Lexington, KY

               

              1,345,300.00

               

              8,768,426.62

               

              10,113,726.62

               

              (1,634,205.39

              )

              1990

               

              30 Years

               

              Pembroke Lake

               

              Virginia Beach, VA(T)

               

              511,947.00

               

              9,481,282.12

               

              9,993,229.12

               

              (1,186,728.52

              )

              1975

               

              30 Years

               

              Phillips Park

               

              Wellesley, MA

               

              816,921.82

               

              5,539,246.63

               

              6,356,168.45

               

              (423,017.01

              )

              1988

               

              30 Years

               

              Pine Barrens

               

              Jacksonville, FL

               

              268,302.86

               

              2,600,516.07

               

              2,868,818.93

               

              (342,795.63

              )

              1986

               

              30 Years

               

              Pine Harbour

               

              Orlando, FL

               

              1,664,300.00

               

              16,445,096.34

               

              18,109,396.34

               

              (5,644,888.98

              )

              1991

               

              30 Years

               

              Pine Knoll

               

              Jonesboro, GA

               

              138,052.24

               

              1,332,877.24

               

              1,470,929.48

               

              (162,752.96

              )

              1985

               

              30 Years

               

              Pine Lake

               

              Tampa, FL

               

              79,876.79

               

              775,275.07

               

              855,151.86

               

              (101,278.07

              )

              1982

               

              30 Years

               

              Pine Meadows I (FL)

               

              Ft. Meyers, FL

               

              152,019.39

               

              1,663,503.31

               

              1,815,522.70

               

              (253,479.68

              )

              1985

               

              30 Years

               

              Pine Terrace I

               

              Callaway, FL

               

              288,991.84

               

              3,002,471.09

               

              3,291,462.93

               

              (449,155.39

              )

              1983

               

              30 Years

               

              Pine Tree Club

               

              Wildwood, MO

               

              1,125,000.00

               

              7,427,086.70

               

              8,552,086.70

               

              (1,063,544.52

              )

              1986

               

              30 Years

               

              Pinellas Pines

               

              Pinellas Park, FL

               

              174,999.26

               

              1,741,819.22

               

              1,916,818.48

               

              (223,204.58

              )

              1983

               

              30 Years

               

              Pines of Cloverlane

               

              Ypsilanti, MI

               

              1,907,800.00

               

              22,173,393.33

               

              24,081,193.33

               

              (7,414,920.18

              )

              1975-79

               

              30 Years

               

              Pines of Springdale

               

              Palm Springs, FL

               

              473,867.00

               

              5,235,441.49

               

              5,709,308.49

               

              (1,890,337.35

              )

              1985/87

               

              30 Years

               

              Plum Tree

               

              Hales Corners, WI

               

              1,996,700.00

               

              21,081,486.35

               

              23,078,186.35

               

              (3,884,590.92

              )

              1989

               

              30 Years

               

              Plumwood (Che)

               

              Chesterfield, IN

               

              84,922.60

               

              825,536.66

               

              910,459.26

               

              (107,622.39

              )

              1980

               

              30 Years

               

              Plumwood (For)

               

              Ft. Wayne, IN

               

              131,350.81

               

              1,304,345.20

               

              1,435,696.01

               

              (182,425.38

              )

              1981

               

              30 Years

               

              Plumwood I

               

              Columbus, OH

               

              289,814.33

               

              2,866,819.94

               

              3,156,634.27

               

              (375,254.16

              )

              1978

               

              30 Years

               

              Plumwood II

               

              Columbus, OH

               

              107,583.06

               

              1,028,170.32

               

              1,135,753.38

               

              (126,507.44

              )

              1983

               

              30 Years

               

              Point (NC)

               

              Charlotte, NC

               

              1,700,000.00

               

              25,738,509.12

               

              27,438,509.12

               

              (3,917,791.85

              )

              1996

               

              30 Years

               

              Pointe at South Mountain

               

              Phoenix, AZ

               

              2,228,800.00

               

              21,151,654.94

               

              23,380,454.94

               

              (4,647,638.83

              )

              1988

               

              30 Years

               

              Pointe East Condo, LLC

               

              Redmond, WA

               

              602,600.00

               

              5,996,959.66

               

              6,599,559.66

               

              (1,770,500.28

              )

              1988

               

              30 Years

               

              Polos East

               

              Orlando, FL

               

              1,386,000.00

               

              19,693,101.02

               

              21,079,101.02

               

              (3,106,816.26

              )

              1991

               

              30 Years

               

              Port Royale

               

              Ft. Lauderdale, FL

               

              1,754,200.00

               

              17,061,237.40

               

              18,815,437.40

               

              (5,245,636.30

              )

              1988

               

              30 Years

               

              Port Royale II

               

              Ft. Lauderdale, FL

               

              1,022,200.00

               

              9,997,837.30

               

              11,020,037.30

               

              (2,729,874.55

              )

              1988

               

              30 Years

               

              Port Royale III

               

              Ft. Lauderdale, FL

               

              7,454,900.00

               

              15,815,100.01

               

              23,270,000.01

               

              (3,491,865.36

              )

              1988

               

              30 Years

               

              Portland Center

               

              Portland, OR(G)

               

              6,032,900.00

               

              47,041,577.35

               

              53,074,477.35

               

              (7,615,609.84

              )

              1965

               

              30 Years

               

              Portofino

               

              Chino Hills, CA

               

              3,572,400.00

               

              15,056,591.45

               

              18,628,991.45

               

              (2,802,413.76

              )

              1989

               

              30 Years

               

              Portofino (Val)

               

              Valencia, CA

               

              8,640,000.00

               

              21,775,911.09

               

              30,415,911.09

               

              (1,560,945.68

              )

              1989

               

              30 Years

               

              Portside Towers

               

              Jersey City, NJ(G)

               

              22,455,700.00

               

              99,048,285.24

               

              121,503,985.24

               

              (15,701,096.19

              )

              1992/1997

               

              30 Years

               

              Prairie Creek I

               

              Richardson, TX

               

              4,067,291.52

               

              39,546,917.14

               

              43,614,208.66

               

              (5,370,898.68

              )

              1998/99

               

              30 Years

               

              Preakness

               

              Antioch, TN

               

              1,561,900.00

               

              9,216,529.47

               

              10,778,429.47

               

              (2,172,061.17

              )

              1986

               

              30 Years

               

              Preserve at Squaw Peak

               

              Phoenix, AZ

               

              517,788.00

               

              8,843,716.11

               

              9,361,504.11

               

              (1,679,679.05

              )

              1990

               

              30 Years

               

              Preston at Willowbend

               

              Plano, TX

               

              872,500.00

               

              10,450,261.14

               

              11,322,761.14

               

              (3,823,384.91

              )

              1985

               

              30 Years

               

              Preston Bend

               

              Dallas, TX

               

              1,085,200.00

               

              10,191,293.05

               

              11,276,493.05

               

              (2,342,010.41

              )

              1986

               

              30 Years

               

              Princeton Court

               

              Evansville, IN

               

              116,696.04

               

              1,221,857.49

               

              1,338,553.53

               

              (164,895.88

              )

              1985

               

              30 Years

               

              Princeton Square

               

              Jacksonville, FL

               

              864,000.00

               

              12,515,676.78

               

              13,379,676.78

               

              (2,031,423.67

              )

              1984

               

              30 Years

               

              Promenade (FL)

               

              St. Petersburg, FL

               

              2,124,193.40

               

              27,065,435.18

               

              29,189,628.58

               

              (4,106,405.23

              )

              1994

               

              30 Years

               

              Promenade at Aventura

               

              Aventura, FL

               

              13,320,000.00

               

              30,693,472.70

               

              44,013,472.70

               

              (1,919,115.18

              )

              1995

               

              30 Years

               

              S - 8


              Description

               

               

               

              Initial Cost to
              Company

               

              Cost Capitalized
              Subsequent to
              Acquisition
              (Improvements, net)(E)

               

              Apartment Name

               

              Location

               

              Encumbrances

               

              Land

               

              Building &
              Fixtures

               

              Land

               

              Building &
              Fixtures

               

              Promenade at Wyndham Lakes

               

              Coral Springs, FL

               

              —

               

              6,640,000.00

               

              26,743,759.79

               

              —

               

              236,026.23

               

              Promenade Terrace

               

              Corona, CA

               

              14,673,985.07

               

              2,282,800.00

               

              20,546,289.38

               

              —

               

              1,105,005.11

               

              Promontory Pointe I & II

               

              Phoenix, AZ

               

              —

               

              2,355,509.00

               

              30,421,839.60

               

              —

               

              1,163,229.75

               

              Prospect Towers

               

              Hackensack, NJ

               

              14,098,134.08

               

              3,926,600.00

               

              27,966,416.19

               

              —

               

              2,147,267.17

               

              Prospect Towers II

               

              Hackensack, NJ

               

              —

               

              4,500,000.00

               

              32,988,329.41

               

              —

               

              4,914.05

               

              Providence at Kirby

               

              Houston, TX

               

              18,338,179.50

               

              3,945,000.00

               

              20,587,666.33

               

              —

               

              215.42

               

              Pueblo Villas

               

              Albuquerque, NM

               

              —

               

              855,600.00

               

              7,694,320.11

               

              —

               

              1,761,637.56

               

              Quail Call

               

              Albany, GA

               

              684,084.74

               

              104,723.44

               

              922,727.65

               

              —

               

              119,621.30

               

              Ramblewood I (Val)

               

              Valdosta, GA

               

              —

               

              132,083.69

               

              1,163,801.21

               

              —

               

              87,961.53

               

              Ramblewood II (Aug)

               

              Augusta, GA

               

              —

               

              169,269.38

               

              1,490,782.67

               

              —

               

              274,767.43

               

              Ramblewood II (Val)

               

              Valdosta, GA

               

              —

               

              61,672.12

               

              543,398.57

               

              —

               

              27,993.36

               

              Ranchside

               

              New Port Richey, FL

               

              —

               

              144,692.45

               

              1,274,898.15

               

              —

               

              148,381.27

               

              Ranchstone

               

              Houston, TX

               

              —

               

              770,000.00

               

              15,371,430.67

               

              —

               

              276,946.71

               

              Ravens Crest

               

              Plainsboro, NJ

               

              —

               

              4,670,850.00

               

              42,080,642.31

               

              —

               

              3,994,205.46

               

              Ravinia

               

              Greenfield, WI

               

               

              (N)

              1,240,100.00

               

              12,055,713.24

               

              —

               

              467,929.39

               

              Red Deer I

               

              Fairborn, OH

               

              —

               

              204,316.78

               

              1,800,253.53

               

              —

               

              150,334.81

               

              Red Deer II

               

              Fairborn, OH

               

              —

               

              193,851.63

               

              1,708,044.09

               

              —

               

              118,587.57

               

              Redan Village I

               

              Decatur, GA

               

              —

               

              274,294.48

               

              2,416,963.33

               

              —

               

              197,796.89

               

              Redan Village II

               

              Decatur, GA

               

              —

               

              240,605.46

               

              2,119,855.32

               

              —

               

              124,469.73

               

              Redlands Lawn and Tennis

               

              Redlands, CA

               

              —

               

              4,822,320.00

               

              26,359,328.48

               

              —

               

              1,450,244.71

               

              Regency

               

              Charlotte, NC

               

              —

               

              890,000.00

               

              11,783,919.89

               

              —

               

              629,719.36

               

              Regency Palms

               

              Huntington Beach, CA

               

              —

               

              1,857,400.00

               

              16,713,253.54

               

              —

               

              1,564,041.57

               

              Remington Place

               

              Pheonix, AZ

               

              —

               

              1,492,750.00

               

              13,377,478.30

               

              —

               

              1,958,692.37

               

              Reserve at Ashley Lake

               

              Boynton Beach, FL

               

              24,150,000.00

               

              3,520,400.00

               

              23,332,493.58

               

              —

               

              1,103,926.95

               

              Reserve at Fairfax Corners

               

              Fairfax, VA

               

              —

               

              15,804,057.13

               

              63,216,228.51

               

              —

               

              76,720.86

               

              Reserve Square Combined

               

              Cleveland, OH(G)

               

              —

               

              2,618,851.89

               

              23,582,868.99

               

              —

               

              15,256,869.81

               

              Retreat, The

               

              Phoenix, AZ

               

               

              (S)

              3,475,114.00

               

              27,265,251.81

               

              —

               

              322,549.15

               

              Ribbon Mill

               

              Manchester, CT

               

              4,414,097.57

               

              787,929.00

               

              5,267,144.05

               

              —

               

              147,463.42

               

              Richmond Townhomes

               

              Houston, TX

               

              —

               

              940,000.00

               

              13,906,905.00

               

              —

               

              417,479.69

               

              Ridgewood (Lou)

               

              Louisville, KY

               

              —

               

              163,685.89

               

              1,442,301.06

               

              —

               

              71,899.84

               

              Ridgewood (MI)

               

              Westland, MI

               

              1,161,530.68

               

              176,968.96

               

              1,559,588.43

               

              —

               

              167,332.53

               

              Ridgewood (Rus)

               

              Russellville, KY

               

              740,727.67

               

              69,156.10

               

              609,340.64

               

              —

               

              86,322.11

               

              Ridgewood I (Bed)

               

              Bedford, IN

               

              818,907.23

               

              107,119.92

               

              943,843.19

               

              —

               

              101,351.24

               

              Ridgewood I (Elk)

               

              Elkhart, IN

               

              —

               

              159,371.17

               

              1,404,233.72

               

              —

               

              212,345.51

               

              Ridgewood I (GA)

               

              Decatur, GA

               

              1,326,579.20

               

              230,574.17

               

              2,031,609.72

               

              —

               

              150,802.86

               

              Ridgewood I (Lex)

               

              Lexington, KY

               

              —

               

              203,719.66

               

              1,794,792.23

               

              —

               

              134,781.13

               

              Ridgewood I (OH)

               

              Columbus, OH

               

              1,160,738.69

               

              174,065.87

               

              1,534,135.00

               

              —

               

              173,832.87

               

              Ridgewood II (Bed)

               

              Bedford, IN

               

              848,893.80

               

              99,558.74

               

              877,220.98

               

              —

               

              77,856.59

               

              Ridgewood II (Elk)

               

              Elkhart, IN

               

              —

               

              215,334.70

               

              1,897,333.39

               

              —

               

              282,705.39

               

              Ridgewood II (GA)

               

              Decatur, GA

               

              954,440.18

               

              164,999.02

               

              1,453,626.21

               

              —

               

              74,596.35

               

              Ridgewood II (OH)

               

              Columbus, OH

               

              1,122,047.40

               

              162,913.98

               

              1,435,647.68

               

              —

               

              127,959.64

               

              Ridgewood Village

               

              San Diego, CA

               

               

              (J)

              5,761,500.00

               

              14,032,510.64

               

              —

               

              139,324.91

               

              Ridgewood Village II

               

              San Diego, CA

               

              —

               

              6,048,000.00

               

              19,971,537.18

               

              —

               

              28,679.67

               

              Rincon

               

              Houston, TX

               

              —

               

              4,401,900.00

               

              16,734,745.75

               

              —

               

              630,259.78

               

              River Glen I

               

              Reynoldsburg,  OH

               

              —

               

              171,271.91

               

              1,508,892.15

               

              —

               

              102,834.57

               

              River Glen II

               

              Reynoldsburg,  OH

               

              1,119,412.57

               

              158,683.55

               

              1,398,175.02

               

              —

               

              133,473.39

               

              River Hill

               

              Grand Prairie, TX

               

              —

               

              2,004,000.00

               

              19,272,943.71

               

              —

               

              649,143.04

               

              River Oaks (CA)

               

              Oceanside, CA

               

              10,438,479.00

               

              5,600,000.00

               

              20,673,713.81

               

              —

               

              524,622.09

               

              River Park

               

              Fort Worth, TX

               

              7,353,502.23

               

              2,245,400.00

               

              8,811,726.50

               

              —

               

              1,789,868.90

               

              Rivers Bend (CT)

               

              Windsor, CT

               

               

              (P)

              3,325,516.73

               

              22,230,398.58

               

              —

               

              228,536.08

               

              Rivers Edge

               

              Waterbury, CT

               

              —

               

              781,900.00

               

              6,561,167.21

               

              —

               

              342,197.03

               

              Rivers End I

               

              Jacksonville, FL

               

              1,343,119.61

               

              171,744.81

               

              1,507,064.67

               

              —

               

              192,458.75

               

              Rivers End II

               

              Jacksonville, FL

               

              —

               

              190,687.68

               

              1,680,171.28

               

              —

               

              168,670.63

               

              River Pointe at Den Rock Park

               

              Lawrence, MA

               

              18,100,000.00

               

              4,615,702.11

               

              18,406,208.83

               

              —

               

              —

               

              Riverside Park

               

              Tulsa, OK

               

              —

               

              1,441,400.00

               

              12,371,637.06

               

              —

               

              563,104.54

               

              Riverview Condominiums

               

              Norwalk, CT

               

              6,125,037.67

               

              2,300,000.00

               

              7,406,729.78

               

              —

               

              748,809.82

               

              Roanoke

               

              Rochester Hills, MI

               

              40,500.00

               

              369,911.16

               

              3,259,270.40

               

              —

               

              160,269.11

               

              Rock Creek

               

              Corrboro, NC

               

              —

               

              895,700.00

               

              8,062,542.86

               

              —

               

              671,043.01

               

              Rockingham Glen

               

              West Roxbury, MA

               

              2,395,953.57

               

              1,124,216.91

               

              7,515,159.93

               

              —

               

              177,529.83

               

              Rolido Parque

               

              Houston, TX

               

              6,830,444.31

               

              2,955,900.00

               

              7,931,879.77

               

              —

               

              1,306,358.06

               

              Rolling Green (Amherst)

               

              Amherst, MA

               

              3,927,835.67

               

              1,340,701.85

               

              8,962,317.43

               

              —

               

              454,891.94

               

              Rolling Green (Fall River)

               

              Fall River, MA

               

              7,832,720.51

               

              2,481,821.11

               

              16,780,359.12

               

              —

               

              730,420.64

               

              Rolling Green (Milford)

               

              Milford, MA

               

              7,791,026.73

               

              2,012,350.35

               

              13,452,150.14

               

              —

               

              867,111.96

               

              Rosecliff

               

              Quincy, MA

               

              —

               

              5,460,000.00

               

              15,722,948.35

               

              —

               

              55,958.02

               

              Rosehill Pointe

               

              Lenexa, KS

               

               

              (R)

              2,093,300.00

               

              18,863,514.87

               

              —

               

              3,229,392.58

               

              Rosewood (KY)

               

              Louisville, KY

               

              —

               

              253,452.90

               

              2,233,196.22

               

              —

               

              218,410.03

               

              Rosewood (OH)

               

              Columbus, OH

               

              —

               

              212,378.37

               

              1,871,185.91

               

              —

               

              227,442.54

               

              Rosewood Commons I

               

              Indianapolis, IN

               

              1,780,506.79

               

              228,644.39

               

              2,014,652.29

               

              —

               

              213,438.48

               

              Rosewood Commons II

               

              Indianapolis, IN

               

              —

               

              220,463.03

               

              1,942,519.54

               

              —

               

              163,163.28

               

              Royal Oak

               

              Eagan, MN

               

              13,139,491.00

               

              1,602,903.51

               

              14,423,662.47

               

              —

               

              791,337.95

               

              Royal Oaks (FL)

               

              Jacksonville, FL

               

              —

               

              1,988,000.00

               

              13,645,117.44

               

              —

               

              547,560.55

               

              Royale

               

              Cranston, RI

               

               

              (P)

              512,785.47

               

              3,427,865.91

               

              —

               

              105,581.62

               

              Sabal Palm at Boot Ranch

               

              Palm Harbor, FL

               

              —

               

              3,888,000.00

               

              28,923,691.69

               

              —

               

              951,788.76

               

              Sabal Palm at Carrollwood Place

               

              Tampa, FL

               

              —

               

              3,888,000.00

               

              26,911,542.48

               

              —

               

              639,972.72

               

              Sabal Palm at Lake Buena Vista

               

              Orlando, FL

               

              21,170,000.00

               

              2,800,000.00

               

              23,687,892.95

               

              —

               

              832,921.40

               

              Sabal Palm at Metrowest

               

              Orlando, FL

               

              —

               

              4,110,000.00

               

              38,394,864.86

               

              —

               

              1,077,090.21

               

              Sabal Palm at Metrowest II

               

              Orlando, FL

               

              —

               

              4,560,000.00

               

              33,907,282.83

               

              —

               

              457,514.75

               

              Sabal Pointe

               

              Coral Springs, FL

               

              —

               

              1,951,600.00

               

              17,570,507.92

               

              —

               

              1,637,018.52

               

              Saddle Ridge

               

              Ashburn, VA

               

              —

               

              1,364,800.00

               

              12,283,616.32

               

              —

               

              762,469.97

               

              Sailboat Bay

               

              Raleigh, NC

               

              —

               

              960,000.00

               

              8,797,579.84

               

              —

               

              406,975.50

               

              St. Andrews at Winston Park

               

              Coconut Creek, FL

               

              —

               

              5,680,000.00

               

              19,812,090.27

               

              —

               

              135,605.24

               

              Sandalwood

               

              Toledo, OH

               

              1,062,692.38

               

              151,926.23

               

              1,338,635.64

               

              —

               

              63,494.07

               

              Sandpiper II

               

              Fort Pierce, FL

               

              —

               

              155,495.65

               

              1,369,987.12

               

              —

               

              306,312.63

               

              Sanford Court

               

              Sanford, FL

               

              1,681,432.84

               

              238,814.10

               

              2,104,212.44

               

              —

               

              295,136.86

               

              Savannah Lakes

               

              Boynton Beach, FL

               

              —

               

              7,000,000.00

               

              30,422,606.70

               

              —

               

              72,807.26

               

              Description

               

              Gross Amount Carried
              at Close of
              Period 12/31/02

               

              Total(B)

               

              Accumulated
              Depreciation

               

              Date of
              Construction

               

              Life Used to
              Compute
              Depreciation
              in Latest
              Income
              Statement(C)

               

              Apartment Name

               

              Location

              Land

               

              Building &
              Fixtures(A)

              Promenade at Wyndham Lakes

               

              Coral Springs, FL

               

              6,640,000.00

               

              26,979,786.02

               

              33,619,786.02

               

              (2,419,285.12

              )

              1998

               

              30 Years

               

              Promenade Terrace

               

              Corona, CA

               

              2,282,800.00

               

              21,651,294.49

               

              23,934,094.49

               

              (5,177,431.95

              )

              1990

               

              30 Years

               

              Promontory Pointe I & II

               

              Phoenix, AZ

               

              2,355,509.00

               

              31,585,069.35

               

              33,940,578.35

               

              (5,915,984.99

              )

              1984/1996

               

              30 Years

               

              Prospect Towers

               

              Hackensack, NJ

               

              3,926,600.00

               

              30,113,683.36

               

              34,040,283.36

               

              (5,171,207.86

              )

              1995

               

              30 Years

               

              Prospect Towers II

               

              Hackensack, NJ

               

              4,500,000.00

               

              32,993,243.46

               

              37,493,243.46

               

              (586,316.61

              )

              2002

               

              30 Years

               

              Providence at Kirby

               

              Houston, TX

               

              3,945,000.00

               

              20,587,881.75

               

              24,532,881.75

               

              (68,096.95

              )

              1999

               

              30 Years

               

              Pueblo Villas

               

              Albuquerque, NM

               

              855,600.00

               

              9,455,957.67

               

              10,311,557.67

               

              (2,723,921.65

              )

              1975

               

              30 Years

               

              Quail Call

               

              Albany, GA

               

              104,723.44

               

              1,042,348.95

               

              1,147,072.39

               

              (153,869.35

              )

              1984

               

              30 Years

               

              Ramblewood I (Val)

               

              Valdosta, GA

               

              132,083.69

               

              1,251,762.74

               

              1,383,846.43

               

              (164,670.21

              )

              1983

               

              30 Years

               

              Ramblewood II (Aug)

               

              Augusta, GA

               

              169,269.38

               

              1,765,550.10

               

              1,934,819.48

               

              (255,688.81

              )

              1986

               

              30 Years

               

              Ramblewood II (Val)

               

              Valdosta, GA

               

              61,672.12

               

              571,391.93

               

              633,064.05

               

              (75,448.32

              )

              1983

               

              30 Years

               

              Ranchside

               

              New Port Richey, FL

               

              144,692.45

               

              1,423,279.42

               

              1,567,971.87

               

              (190,994.64

              )

              1985

               

              30 Years

               

              Ranchstone

               

              Houston, TX

               

              770,000.00

               

              15,648,377.38

               

              16,418,377.38

               

              (2,412,056.59

              )

              1996

               

              30 Years

               

              Ravens Crest

               

              Plainsboro, NJ

               

              4,670,850.00

               

              46,074,847.77

               

              50,745,697.77

               

              (14,616,778.19

              )

              1984

               

              30 Years

               

              Ravinia

               

              Greenfield, WI

               

              1,240,100.00

               

              12,523,642.63

               

              13,763,742.63

               

              (2,330,780.77

              )

              1991

               

              30 Years

               

              Red Deer I

               

              Fairborn, OH

               

              204,316.78

               

              1,950,588.34

               

              2,154,905.12

               

              (244,784.45

              )

              1986

               

              30 Years

               

              Red Deer II

               

              Fairborn, OH

               

              193,851.63

               

              1,826,631.66

               

              2,020,483.29

               

              (227,385.90

              )

              1987

               

              30 Years

               

              Redan Village I

               

              Decatur, GA

               

              274,294.48

               

              2,614,760.22

               

              2,889,054.70

               

              (332,444.35

              )

              1984

               

              30 Years

               

              Redan Village II

               

              Decatur, GA

               

              240,605.46

               

              2,244,325.05

               

              2,484,930.51

               

              (273,768.11

              )

              1986

               

              30 Years

               

              Redlands Lawn and Tennis

               

              Redlands, CA

               

              4,822,320.00

               

              27,809,573.19

               

              32,631,893.19

               

              (5,348,475.44

              )

              1986

               

              30 Years

               

              Regency

               

              Charlotte, NC

               

              890,000.00

               

              12,413,639.25

               

              13,303,639.25

               

              (1,942,899.42

              )

              1986

               

              30 Years

               

              Regency Palms

               

              Huntington Beach, CA

               

              1,857,400.00

               

              18,277,295.11

               

              20,134,695.11

               

              (4,770,275.62

              )

              1969

               

              30 Years

               

              Remington Place

               

              Pheonix, AZ

               

              1,492,750.00

               

              15,336,170.67

               

              16,828,920.67

               

              (4,166,676.06

              )

              1983

               

              30 Years

               

              Reserve at Ashley Lake

               

              Boynton Beach, FL

               

              3,520,400.00

               

              24,436,420.53

               

              27,956,820.53

               

              (4,751,256.08

              )

              1990

               

              30 Years

               

              Reserve at Fairfax Corners

               

              Fairfax, VA

               

              15,804,057.13

               

              63,292,949.37

               

              79,097,006.50

               

              (407,712.06

              )

              2001

               

              30 Years

               

              Reserve Square Combined

               

              Cleveland, OH(G)

               

              2,618,851.89

               

              38,839,738.80

               

              41,458,590.69

               

              (15,856,039.43

              )

              1973

               

              30 Years

               

              Retreat, The

               

              Phoenix, AZ

               

              3,475,114.00

               

              27,587,800.96

               

              (31,062,914.96

              ) 

              (3,540,432.38

              )

              1999

               

              30 Years

               

              Ribbon Mill

               

              Manchester, CT

               

              787,929.00

               

              5,414,607.47

               

              6,202,536.47

               

              (435,437.24

              )

              1908

               

              30 Years

               

              Richmond Townhomes

               

              Houston, TX

               

              940,000.00

               

              14,324,384.69

               

              15,264,384.69

               

              (2,229,797.16

              )

              1995

               

              30 Years

               

              Ridgewood (Lou)

               

              Louisville, KY

               

              163,685.89

               

              1,514,200.90

               

              1,677,886.79

               

              (186,061.50

              )

              1984

               

              30 Years

               

              Ridgewood (MI)

               

              Westland, MI

               

              176,968.96

               

              1,726,920.96

               

              1,903,889.92

               

              (216,625.82

              )

              1983

               

              30 Years

               

              Ridgewood (Rus)

               

              Russellville, KY

               

              69,156.10

               

              695,662.75

               

              764,818.85

               

              (107,262.68

              )

              1984

               

              30 Years

               

              Ridgewood I (Bed)

               

              Bedford, IN

               

              107,119.92

               

              1,045,194.43

               

              1,152,314.35

               

              (143,234.10

              )

              1984

               

              30 Years

               

              Ridgewood I (Elk)

               

              Elkhart, IN

               

              159,371.17

               

              1,616,579.23

               

              1,775,950.40

               

              (215,866.26

              )

              1984

               

              30 Years

               

              Ridgewood I (GA)

               

              Decatur, GA

               

              230,574.17

               

              2,182,412.58

               

              2,412,986.75

               

              (274,469.89

              )

              1984

               

              30 Years

               

              Ridgewood I (Lex)

               

              Lexington, KY

               

              203,719.66

               

              1,929,573.36

               

              2,133,293.02

               

              (241,712.24

              )

              1984

               

              30 Years

               

              Ridgewood I (OH)

               

              Columbus, OH

               

              174,065.87

               

              1,707,967.87

               

              1,882,033.74

               

              (218,162.26

              )

              1984

               

              30 Years

               

              Ridgewood II (Bed)

               

              Bedford, IN

               

              99,558.74

               

              955,077.57

               

              1,054,636.31

               

              (129,722.95

              )

              1986

               

              30 Years

               

              Ridgewood II (Elk)

               

              Elkhart, IN

               

              215,334.70

               

              2,180,038.78

               

              2,395,373.48

               

              (299,692.76

              )

              1986

               

              30 Years

               

              Ridgewood II (GA)

               

              Decatur, GA

               

              164,999.02

               

              1,528,222.56

               

              1,693,221.58

               

              (185,620.14

              )

              1986

               

              30 Years

               

              Ridgewood II (OH)

               

              Columbus, OH

               

              162,913.98

               

              1,563,607.32

               

              1,726,521.30

               

              (200,311.82

              )

              1985

               

              30 Years

               

              Ridgewood Village

               

              San Diego, CA

               

              5,761,500.00

               

              14,171,835.55

               

              19,933,335.55

               

              (2,554,075.83

              )

              1997

               

              30 Years

               

              Ridgewood Village II

               

              San Diego, CA

               

              6,048,000.00

               

              20,000,216.85

               

              26,048,216.85

               

              (1,511,868.82

              )

              1997

               

              30 Years

               

              Rincon

               

              Houston, TX

               

              4,401,900.00

               

              17,365,005.53

               

              21,766,905.53

               

              (3,571,362.26

              )

              1996

               

              30 Years

               

              River Glen I

               

              Reynoldsburg,  OH

               

              171,271.91

               

              1,611,726.72

               

              1,782,998.63

               

              (199,011.16

              )

              1987

               

              30 Years

               

              River Glen II

               

              Reynoldsburg,  OH

               

              158,683.55

               

              1,531,648.41

               

              1,690,331.96

               

              (183,384.77

              )

              1987

               

              30 Years

               

              River Hill

               

              Grand Prairie, TX

               

              2,004,000.00

               

              19,922,086.75

               

              21,926,086.75

               

              (3,141,832.16

              )

              1996

               

              30 Years

               

              River Oaks (CA)

               

              Oceanside, CA

               

              5,600,000.00

               

              21,198,335.90

               

              26,798,335.90

               

              (1,514,304.00

              )

              1984

               

              30 Years

               

              River Park

               

              Fort Worth, TX

               

              2,245,400.00

               

              10,601,595.40

               

              12,846,995.40

               

              (2,158,402.47

              )

              1984

               

              30 Years

               

              Rivers Bend (CT)

               

              Windsor, CT

               

              3,325,516.73

               

              22,458,934.66

               

              25,784,451.39

               

              (1,784,770.69

              )

              1973

               

              30 Years

               

              Rivers Edge

               

              Waterbury, CT

               

              781,900.00

               

              6,903,364.24

               

              7,685,264.24

               

              (1,196,445.82

              )

              1974

               

              30 Years

               

              Rivers End I

               

              Jacksonville, FL

               

              171,744.81

               

              1,699,523.42

               

              1,871,268.23

               

              (226,129.81

              )

              1986

               

              30 Years

               

              Rivers End II

               

              Jacksonville, FL

               

              190,687.68

               

              1,848,841.91

               

              2,039,529.59

               

              (244,063.85

              )

              1986

               

              30 Years

               

              River Pointe at Den Rock Park

               

              Lawrence, MA

               

              4,615,702.11

               

              18,406,208.83

               

              23,021,910.94

               

              —

               

              2000

               

              30 Years

               

              Riverside Park

               

              Tulsa, OK

               

              1,441,400.00

               

              12,934,741.60

               

              14,376,141.60

               

              (2,619,595.36

              )

              1994

               

              30 Years

               

              Riverview Condominiums

               

              Norwalk, CT

               

              2,300,000.00

               

              8,155,539.60

               

              10,455,539.60

               

              (609,557.75

              )

              1991

               

              30 Years

               

              Roanoke

               

              Rochester Hills, MI

               

              369,911.16

               

              3,419,539.51

               

              3,789,450.67

               

              (415,987.31

              )

              1985

               

              30 Years

               

              Rock Creek

               

              Corrboro, NC

               

              895,700.00

               

              8,733,585.87

               

              9,629,285.87

               

              (2,098,864.53

              )

              1986

               

              30 Years

               

              Rockingham Glen

               

              West Roxbury, MA

               

              1,124,216.91

               

              7,692,689.76

               

              8,816,906.67

               

              (632,324.37

              )

              1974

               

              30 Years

               

              Rolido Parque

               

              Houston, TX

               

              2,955,900.00

               

              9,238,237.83

               

              12,194,137.83

               

              (2,128,163.25

              )

              1978

               

              30 Years

               

              Rolling Green (Amherst)

               

              Amherst, MA

               

              1,340,701.85

               

              9,417,209.37

               

              10,757,911.22

               

              (800,919.63

              )

              1970

               

              30 Years

               

              Rolling Green (Fall River)

               

              Fall River, MA

               

              2,481,821.11

               

              17,510,779.76

               

              19,992,600.87

               

              (1,519,323.33

              )

              1971

               

              30 Years

               

              Rolling Green (Milford)

               

              Milford, MA

               

              2,012,350.35

               

              14,319,262.10

               

              16,331,612.45

               

              (1,245,454.47

              )

              1970

               

              30 Years

               

              Rosecliff

               

              Quincy, MA

               

              5,460,000.00

               

              15,778,906.37

               

              21,238,906.37

               

              (1,915,722.63

              )

              1990

               

              30 Years

               

              Rosehill Pointe

               

              Lenexa, KS

               

              2,093,300.00

               

              22,092,907.45

               

              24,186,207.45

               

              (6,327,029.73

              )

              1984

               

              30 Years

               

              Rosewood (KY)

               

              Louisville, KY

               

              253,452.90

               

              2,451,606.25

               

              2,705,059.15

               

              (300,448.90

              )

              1984

               

              30 Years

               

              Rosewood (OH)

               

              Columbus, OH

               

              212,378.37

               

              2,098,628.45

               

              2,311,006.82

               

              (271,061.90

              )

              1985

               

              30 Years

               

              Rosewood Commons I

               

              Indianapolis, IN

               

              228,644.39

               

              2,228,090.77

               

              2,456,735.16

               

              (306,776.85

              )

              1986

               

              30 Years

               

              Rosewood Commons II

               

              Indianapolis, IN

               

              220,463.03

               

              2,105,682.82

               

              2,326,145.85

               

              (279,542.53

              )

              1987

               

              30 Years

               

              Royal Oak

               

              Eagan, MN

               

              1,602,903.51

               

              15,215,000.42

               

              16,817,903.93

               

              (2,953,451.43

              )

              1989

               

              30 Years

               

              Royal Oaks (FL)

               

              Jacksonville, FL

               

              1,988,000.00

               

              14,192,677.99

               

              16,180,677.99

               

              (2,300,536.06

              )

              1991

               

              30 Years

               

              Royale

               

              Cranston, RI

               

              512,785.47

               

              3,533,447.53

               

              4,046,233.00

               

              (291,644.79

              )

              1976

               

              30 Years

               

              Sabal Palm at Boot Ranch

               

              Palm Harbor, FL

               

              3,888,000.00

               

              29,875,480.45

               

              33,763,480.45

               

              (4,612,557.84

              )

              1996

               

              30 Years

               

              Sabal Palm at Carrollwood Place

               

              Tampa, FL

               

              3,888,000.00

               

              27,551,515.20

               

              31,439,515.20

               

              (4,257,852.51

              )

              1995

               

              30 Years

               

              Sabal Palm at Lake Buena Vista

               

              Orlando, FL

               

              2,800,000.00

               

              24,520,814.35

               

              27,320,814.35

               

              (3,899,611.72

              )

              1988

               

              30 Years

               

              Sabal Palm at Metrowest

               

              Orlando, FL

               

              4,110,000.00

               

              39,471,955.07

               

              43,581,955.07

               

              (5,973,716.16

              )

              1998

               

              30 Years

               

              Sabal Palm at Metrowest II

               

              Orlando, FL

               

              4,560,000.00

               

              34,364,797.58

               

              38,924,797.58

               

              (5,227,802.71

              )

              1997

               

              30 Years

               

              Sabal Pointe

               

              Coral Springs, FL

               

              1,951,600.00

               

              19,207,526.44

               

              21,159,126.44

               

              (4,678,294.78

              )

              1995

               

              30 Years

               

              Saddle Ridge

               

              Ashburn, VA

               

              1,364,800.00

               

              13,046,086.29

               

              14,410,886.29

               

              (3,464,047.40

              )

              1989

               

              30 Years

               

              Sailboat Bay

               

              Raleigh, NC

               

              960,000.00

               

              9,204,555.34

               

              10,164,555.34

               

              (1,509,935.68

              )

              1986

               

              30 Years

               

              St. Andrews at Winston Park

               

              Coconut Creek, FL

               

              5,680,000.00

               

              19,947,695.51

               

              25,627,695.51

               

              (473,938.27

              )

              1997

               

              30 Years

               

              Sandalwood

               

              Toledo, OH

               

              151,926.23

               

              1,402,129.71

               

              1,554,055.94

               

              (171,824.61

              )

              1984

               

              30 Years

               

              Sandpiper II

               

              Fort Pierce, FL

               

              155,495.65

               

              1,676,299.75

               

              1,831,795.40

               

              (248,159.44

              )

              1982

               

              30 Years

               

              Sanford Court

               

              Sanford, FL

               

              238,814.10

               

              2,399,349.30

               

              2,638,163.40

               

              (333,865.38

              )

              1976

               

              30 Years

               

              Savannah Lakes

               

              Boynton Beach, FL

               

              7,000,000.00

               

              30,495,413.96

               

              37,495,413.96

               

              (520,699.07

              )

              1991

               

              30 Years

               

              S - 9


              Description

               

               

               

              Initial Cost to
              Company

               

              Cost Capitalized
              Subsequent to
              Acquisition
              (Improvements, net)(E)

               

              Apartment Name

               

              Location

               

              Encumbrances

               

              Land

               

              Building &
              Fixtures

               

              Land

               

              Building &
              Fixtures

               

              Scarborough Square

               

              Rockville, MD

               

              4,949,751.44

               

              1,815,000.00

               

              7,608,125.57

               

              —

               

              733,217.16

               

              Schooner Bay I

               

              Foster City, CA

               

              27,000,000.00

               

              5,345,000.00

               

              16,545,650.58

               

              —

               

              217,348.48

               

              Schooner Bay II

               

              Foster City, CA

               

              23,760,000.00

               

              4,550,000.00

               

              14,607,258.63

               

              —

               

              162,574.87

               

              Scottsdale Meadows

               

              Scottsdale, AZ

               

              —

               

              1,512,000.00

               

              11,407,698.76

               

              —

               

              597,015.84

               

              Security Manor

               

              Westfield, MA

               

               

              (P)

              355,456.23

               

              2,376,152.12

               

              —

               

              29,939.74

               

              Sedona Springs

               

              Austin, TX

               

               

              (S)

              2,574,000.00

               

              23,477,042.72

               

              —

               

              964,952.99

               

              Seeley Lake

               

              Lakewood, WA

               

              —

               

              2,760,400.00

               

              24,845,286.28

               

              —

               

              1,167,454.42

               

              Settlers Point

               

              Salt Lake City, UT

               

              —

               

              1,715,100.00

               

              15,437,046.26

               

              —

               

              1,241,146.25

               

              Seventh & James

               

              Seattle, WA

               

              —

               

              663,800.00

               

              5,974,802.99

               

              —

               

              1,747,327.05

               

              Shadetree

               

              West Palm Beach, FL

               

              —

               

              532,000.00

               

              1,420,721.36

               

              —

               

              230,771.10

               

              Shadow Bay I

               

              Jacksonville, FL

               

              —

               

              123,318.51

               

              1,086,720.43

               

              —

               

              100,036.70

               

              Shadow Bay II

               

              Jacksonville, FL

               

              953,942.18

               

              139,708.74

               

              1,231,134.03

               

              —

               

              105,578.16

               

              Shadow Brook

               

              Scottsdale, AZ

               

              —

               

              3,065,496.00

               

              18,367,686.39

               

              —

               

              824,719.44

               

              Shadow Lake

               

              Doraville, GA

               

              —

               

              1,140,000.00

               

              13,117,276.66

               

              —

               

              403,494.70

               

              Shadow Ridge

               

              Tallahassee, FL

               

              —

               

              150,326.51

               

              1,324,061.38

               

              —

               

              169,977.70

               

              Shadow Trace

               

              Stone Mountain, GA

               

              —

               

              244,320.39

               

              2,152,728.92

               

              —

               

              178,865.81

               

              Shadowood I

               

              Sarasota, FL

               

              600,000.00

               

              157,660.55

               

              1,389,061.24

               

              —

               

              198,233.23

               

              Shadowood II

               

              Sarasota, FL

               

              1,165,302.92

               

              152,030.92

               

              1,339,469.12

               

              —

               

              129,186.16

               

              Sheffield Court

               

              Arlington, VA

               

              —

               

              3,349,350.00

               

              31,960,799.88

               

              —

               

              1,798,556.06

               

              Sherbrook (IN)

               

              Indianapolis, IN

               

              1,597,767.51

               

              171,920.49

               

              1,514,706.88

               

              —

               

              127,570.05

               

              Sherbrook (OH)

               

              Columbus, OH

               

              1,064,011.07

               

              163,493.35

               

              1,440,035.77

               

              —

               

              157,780.10

               

              Sherbrook (PA)

               

              Wexford, PA

               

              —

               

              279,665.03

               

              2,464,403.71

               

              —

               

              197,106.83

               

              Shoal Run

               

              Birmingham, AL

               

              —

               

              1,380,000.00

               

              12,218,577.43

               

              —

               

              377,637.32

               

              Siena Terrace

               

              Lake Forest, CA

               

              17,814,299.72

               

              8,900,000.00

               

              24,083,023.60

               

              —

               

              536,376.55

               

              Silver Creek

               

              Phoenix, AZ

               

              —

               

              712,102.00

               

              6,707,495.59

               

              —

               

              395,765.94

               

              Silver Forest

               

              Ocala, FL

               

              825,954.02

               

              126,535.69

               

              1,114,917.31

               

              —

               

              65,202.92

               

              Silver Shadow

               

              Las Vegas, NV

               

              —

               

              953,440.00

               

              8,599,510.80

               

              —

               

              878,770.57

               

              Silver Springs (FL)

               

              Jacksonville, FL

               

              —

               

              1,831,100.00

               

              16,474,734.54

               

              —

               

              3,652,155.22

               

              Silverwood

               

              Mission, KS

               

               

              (M)

              1,230,000.00

               

              11,070,904.41

               

              —

               

              1,692,197.65

               

              Sky Pines I

               

              Orlando, FL

               

              2,203,000.17

               

              349,028.75

               

              3,075,448.67

               

              —

               

              251,803.70

               

              Sky Ridge

               

              Woodstock, GA

               

              —

               

              437,373.49

               

              3,853,792.10

               

              —

               

              264,118.40

               

              Skycrest

               

              Valencia, CA

               

              18,138,338.01

               

              10,560,000.00

               

              25,574,457.27

               

              —

               

              209,167.90

               

              Skylark

               

              Union City, CA

               

              —

               

              1,781,600.00

               

              16,731,915.87

               

              —

               

              532,312.48

               

              Skyview

               

              Rancho Santa Margarita, CA

               

              —

               

              3,380,000.00

               

              21,953,151.07

               

              —

               

              198,219.23

              ��

              Slate Run (Hop)

               

              Hopkinsville, KY

               

              —

               

              91,303.73

               

              804,535.36

               

              —

               

              113,394.62

               

              Slate Run (Ind)

               

              Indianapolis, IN

               

              1,953,399.94

               

              295,593.01

               

              2,604,496.55

               

              —

               

              322,379.41

               

              Slate Run (Leb)

               

              Lebanon, IN

               

              1,185,948.26

               

              154,060.96

               

              1,357,444.95

               

              —

               

              157,232.60

               

              Slate Run (Mia)

               

              Miamisburg, OH

               

              816,516.69

               

              136,064.79

               

              1,198,879.10

               

              —

               

              117,797.65

               

              Slate Run I (Lou)

               

              Louisville, KY

               

              —

               

              179,765.59

               

              1,583,930.73

               

              —

               

              197,808.63

               

              Slate Run II (Lou)

               

              Louisville, KY

               

              1,123,961.26

               

              167,722.89

               

              1,477,722.46

               

              —

               

              137,959.06

               

              Smoketree Polo Club

               

              Indio, CA

               

              8,050,000.00

               

              867,200.00

               

              6,971,076.37

               

              —

               

              968,302.65

               

              Sommerset Place

               

              Raleigh, NC

               

              —

               

              360,000.00

               

              7,800,205.70

               

              —

               

              369,787.49

               

              Sonata at Cherry Creek

               

              Denver, CO

               

              —

               

              5,490,000.00

               

              18,130,479.26

               

              —

               

              169,827.72

               

              Songbird

               

              San Antonio, TX

               

              —

               

              1,082,500.00

               

              9,733,790.98

               

              —

               

              1,438,282.59

               

              Sonoran

               

              Phoenix, AZ

               

              —

               

              2,361,922.00

               

              31,841,723.63

               

              —

               

              759,966.64

               

              Sonterra at Foothill Ranch

               

              Foothill Ranch, CA

               

               

              (R)

              7,503,400.00

               

              24,048,506.71

               

              —

               

              256,681.97

               

              South Creek

               

              Phoenix, AZ

               

              —

               

              2,671,300.00

               

              24,042,041.82

               

              —

               

              1,708,685.09

               

              South Pointe

               

              St. Louis, MO

               

              7,110,322.24

               

              961,100.00

               

              8,651,149.61

               

              —

               

              859,306.63

               

              South Shore

               

              Stockton, CA

               

              6,833,000.00

               

              840,000.00

               

              6,512,940.85

               

              —

               

              323,612.01

               

              Southwood

               

              Palo Alto, CA

               

              —

               

              6,936,600.00

               

              14,324,068.88

               

              —

               

              852,616.59

               

              Spicewood

               

              Indianapolis, IN

               

              984,566.00

               

              128,354.56

               

              1,131,043.53

               

              —

               

              95,056.82

               

              Spicewood Springs

               

              Jacksonville, FL

               

              —

               

              1,536,000.00

               

              21,138,008.81

               

              —

               

              2,796,500.05

               

              Spinnaker Cove

               

              Hermitage, TN

               

               

              (M)

              1,461,731.24

               

              12,770,420.93

               

              —

               

              1,205,081.29

               

              Spring Gate

               

              Springfield, FL

               

              —

               

              132,951.42

               

              1,171,446.91

               

              —

               

              250,379.11

               

              Spring Hill Commons

               

              Acton, MA

               

              —

               

              1,107,435.54

               

              7,402,979.90

               

              —

               

              187,570.19

               

              Spring Lake Manor

               

              Birmingham, AL(T)

               

              3,704,348.14

               

              199,991.58

               

              4,512,048.07

               

              —

               

              714,712.33

               

              Springbrook

               

              Anderson, SC

               

              1,647,722.54

               

              168,958.84

               

              1,488,611.47

               

              —

               

              241,765.49

               

              Springs Colony

               

              Altamonte Springs, FL

               

               

              (M)

              640,400.00

               

              5,852,156.88

               

              —

               

              1,172,603.09

               

              Springtree (REIT)

               

              W. Palm Beach, FL

               

              1,174,930.37

               

              183,100.00

               

              1,648,300.69

               

              —

               

              54,022.61

               

              Springwood (Col)

               

              Columbus, OH

               

              1,034,147.04

               

              189,947.71

               

              1,672,888.81

               

              —

               

              182,076.55

               

              Springwood (IN)

               

              New Haven, IN

               

              —

               

              119,198.99

               

              1,050,337.97

               

              —

               

              131,424.49

               

              Squaw Peak Condo, LLC

               

              Phoenix, AZ

               

              —

               

              —

               

              —

               

              —

               

              147,345.78

               

              Steeplechase

               

              Charlotte, NC

               

              —

               

              1,111,500.00

               

              10,180,749.95

               

              —

               

              539,016.49

               

              Sterling Point

               

              Littleton, CO

               

              —

               

              935,500.00

               

              8,419,199.52

               

              —

               

              565,194.71

               

              Stewart Way I

               

              Hinesville, GA

               

              2,099,432.15

               

              290,772.56

               

              2,562,373.14

               

              —

               

              216,002.56

               

              Stillwater

               

              Savannah, GA

               

              891,950.18

               

              151,197.79

               

              1,332,417.32

               

              —

               

              65,417.51

               

              Stone Crossing

               

              Montgomery, AL(T)

               

              1,965,996.06

               

              103,186.01

               

              2,716,315.53

               

              —

               

              327,880.02

               

              Stone Oak

               

              Houston, TX

               

              —

               

              2,544,000.00

               

              17,486,077.12

               

              —

               

              (1,735.08

              )

              Stonehenge (Day)

               

              Dayton, OH

               

              —

               

              202,293.85

               

              1,782,140.24

               

              —

               

              162,701.16

               

              Stonehenge (Ind)

               

              Indianapolis, IN

               

              1,154,560.95

               

              146,810.32

               

              1,293,558.94

               

              —

               

              163,517.68

               

              Stonehenge (Jas)

               

              Jasper, IN

               

              411,010.05

               

              78,334.74

               

              690,214.46

               

              —

               

              72,061.17

               

              Stonehenge (KY)

               

              Glasgow, KY

               

              764,674.44

               

              111,631.60

               

              983,596.05

               

              —

               

              75,962.88

               

              Stonehenge (Mas)

               

              Massillon, OH

               

              —

               

              145,386.28

               

              1,281,011.57

               

              —

               

              157,497.25

               

              Stonehenge I (Ric)

               

              Richmond, IN

               

              1,081,150.23

               

              156,342.98

               

              1,377,552.00

               

              —

               

              212,435.25

               

              Stoney Creek

               

              Lakewood, WA

               

              —

               

              1,215,200.00

               

              10,938,133.89

               

              —

               

              806,402.42

               

              Stratford Square

               

              Winter Park, FL(T)

               

              4,926,349.82

               

              391,300.00

               

              3,176,441.37

               

              —

               

              312,029.20

               

              Strawberry Place

               

              Plant City, FL

               

              —

               

              78,444.76

               

              691,183.84

               

              —

               

              108,071.79

               

              Sturbridge Meadows

               

              Sturbridge, MA

               

              2,245,460.96

               

              702,446.99

               

              4,695,714.32

               

              —

               

              123,434.60

               

              Suffolk Grove I

               

              Grove City, OH

               

              —

               

              214,106.74

               

              1,886,414.73

               

              —

               

              206,034.85

               

              Suffolk Grove II

               

              Grove City, OH

               

              —

               

              167,682.97

               

              1,477,568.67

               

              —

               

              142,890.80

               

              Sugartree I

               

              New Smyna Beach, FL

               

              933,161.14

               

              155,018.08

               

              1,453,696.13

               

              —

               

              144,201.28

               

              Summer Chase

               

              Denver, CO

               

               

              (Q)

              1,709,200.00

               

              15,375,007.91

               

              —

               

              2,168,521.68

               

              Summer Creek

               

              Plymouth, MN

               

              2,174,330.19

               

              579,600.00

               

              3,815,800.17

               

              —

               

              306,358.37

               

              Summer Ridge

               

              Riverside, CA

               

              —

               

              602,400.00

               

              5,422,807.38

               

              —

               

              343,719.80

               

              Summerhill Glen

               

              Maynard, MA

               

              1,952,538.75

               

              415,812.01

               

              2,779,618.15

               

              —

               

              162,005.07

               

              Description

               

              Gross Amount Carried
              at Close of
              Period 12/31/02

               

               

               

               

               

               

               

               

               

              Apartment Name

               

              Location

               

              Land

               

              Building &
              Fixtures(A)

               

              Total(B)

               

              Accumulated
              Depreciation

               

              Date of
              Construction

               

              Life Used to
              Compute
              Depreciation
              in Latest
              Income
              Statement(C)

              Scarborough Square

               

              Rockville, MD

               

              1,815,000.00

               

              8,341,342.73

               

              10,156,342.73

               

              (1,318,413.49

               

              1967

               

              30 Years

              Schooner Bay I

               

              Foster City, CA

               

              5,345,000.00

               

              16,762,999.06

               

              22,107,999.06

               

              (930,578.23

              )

              1985

               

              30 Years

               

              Schooner Bay II

               

              Foster City, CA

               

              4,550,000.00

               

              14,769,833.50

               

              19,319,833.50

               

              (816,559.38

              )

              1985

               

              30 Years

               

              Scottsdale Meadows

               

              Scottsdale, AZ

               

              1,512,000.00

               

              12,004,714.60

               

              13,516,714.60

               

              (2,279,417.94

              )

              1984

               

              30 Years

               

              Security Manor

               

              Westfield, MA

               

              355,456.23

               

              2,406,091.86

               

              2,761,548.09

               

              (199,325.67

              )

              1971

               

              30 Years

               

              Sedona Springs

               

              Austin, TX

               

              2,574,000.00

               

              24,441,995.71

               

              27,015,995.71

               

              (3,871,987.62

              )

              1995

               

              30 Years

               

              Seeley Lake

               

              Lakewood, WA

               

              2,760,400.00

               

              26,012,740.70

               

              28,773,140.70

               

              (5,505,299.43

              )

              1990

               

              30 Years

               

              Settlers Point

               

              Salt Lake City, UT

               

              1,715,100.00

               

              16,678,192.51

               

              18,393,292.51

               

              (3,633,801.88

              )

              1986

               

              30 Years

               

              Seventh & James

               

              Seattle, WA

               

              663,800.00

               

              7,722,130.04

               

              8,385,930.04

               

              (1,653,124.21

              )

              1992

               

              30 Years

               

              Shadetree

               

              West Palm Beach, FL

               

              532,000.00

               

              1,651,492.46

               

              2,183,492.46

               

              (110,900.87

              )

              1982

               

              30 Years

               

              Shadow Bay I

               

              Jacksonville, FL

               

              123,318.51

               

              1,186,757.13

               

              1,310,075.64

               

              (165,286.97

              )

              1984

               

              30 Years

               

              Shadow Bay II

               

              Jacksonville, FL

               

              139,708.74

               

              1,336,712.19

               

              1,476,420.93

               

              (181,896.61

              )

              1985

               

              30 Years

               

              Shadow Brook

               

              Scottsdale, AZ

               

              3,065,496.00

               

              19,192,405.83

               

              22,257,901.83

               

              (3,630,294.72

              )

              1984

               

              30 Years

               

              Shadow Lake

               

              Doraville, GA

               

              1,140,000.00

               

              13,520,771.36

               

              14,660,771.36

               

              (2,118,224.34

              )

              1989

               

              30 Years

               

              Shadow Ridge

               

              Tallahassee, FL

               

              150,326.51

               

              1,494,039.08

               

              1,644,365.59

               

              (198,240.95

              )

              1983

               

              30 Years

               

              Shadow Trace

               

              Stone Mountain, GA

               

              244,320.39

               

              2,331,594.73

               

              2,575,915.12

               

              (303,504.23

              )

              1984

               

              30 Years

               

              Shadowood I

               

              Sarasota, FL

               

              157,660.55

               

              1,587,294.47

               

              1,744,955.02

               

              (205,204.52

              )

              1982

               

              30 Years

               

              Shadowood II

               

              Sarasota, FL

               

              152,030.92

               

              1,468,655.28

               

              1,620,686.20

               

              (183,129.95

              )

              1983

               

              30 Years

               

              Sheffield Court

               

              Arlington, VA

               

              3,349,350.00

               

              33,759,355.94

               

              37,108,705.94

               

              (9,481,235.25

              )

              1986

               

              30 Years

               

              Sherbrook (IN)

               

              Indianapolis, IN

               

              171,920.49

               

              1,642,276.93

               

              1,814,197.42

               

              (226,063.50

              )

              1986

               

              30 Years

               

              Sherbrook (OH)

               

              Columbus, OH

               

              163,493.35

               

              1,597,815.87

               

              1,761,309.22

               

              (217,330.67

              )

              1985

               

              30 Years

               

              Sherbrook (PA)

               

              Wexford, PA

               

              279,665.03

               

              2,661,510.54

               

              2,941,175.57

               

              (333,119.13

              )

              1986

               

              30 Years

               

              Shoal Run

               

              Birmingham, AL

               

              1,380,000.00

               

              12,596,214.75

               

              13,976,214.75

               

              (2,009,322.07

              )

              1986

               

              30 Years

               

              Siena Terrace

               

              Lake Forest, CA

               

              8,900,000.00

               

              24,619,400.15

               

              33,519,400.15

               

              (3,509,394.69

              )

              1988

               

              30 Years

               

              Silver Creek

               

              Phoenix, AZ

               

              712,102.00

               

              7,103,261.53

               

              7,815,363.53

               

              (1,434,514.39

              )

              1986

               

              30 Years

               

              Silver Forest

               

              Ocala, FL

               

              126,535.69

               

              1,180,120.23

               

              1,306,655.92

               

              (148,986.57

              )

              1985

               

              30 Years

               

              Silver Shadow

               

              Las Vegas, NV

               

              953,440.00

               

              9,478,281.37

               

              10,431,721.37

               

              (3,206,859.68

              )

              1992

               

              30 Years

               

              Silver Springs (FL)

               

              Jacksonville, FL

               

              1,831,100.00

               

              20,126,889.76

               

              21,957,989.76

               

              (4,327,304.69

              )

              1985

               

              30 Years

               

              Silverwood

               

              Mission, KS

               

              1,230,000.00

               

              12,763,102.06

               

              13,993,102.06

               

              (4,130,330.54

              )

              1986

               

              30 Years

               

              Sky Pines I

               

              Orlando, FL

               

              349,028.75

               

              3,327,252.37

               

              3,676,281.12

               

              (441,212.34

              )

              1986

               

              30 Years

               

              Sky Ridge

               

              Woodstock, GA

               

              437,373.49

               

              4,117,910.50

               

              4,555,283.99

               

              (506,082.10

              )

              1987

               

              30 Years

               

              Skycrest

               

              Valencia, CA

               

              10,560,000.00

               

              25,783,625.17

               

              36,343,625.17

               

              (1,845,998.77

              )

              1999

               

              30 Years

               

              Skylark

               

              Union City, CA

               

              1,781,600.00

               

              17,264,228.35

               

              19,045,828.35

               

              (2,739,878.72

              )

              1986

               

              30 Years

               

              Skyview

               

              Rancho Santa Margarita, CA

               

              3,380,000.00

               

              22,151,370.30

               

              25,531,370.30

               

              (2,848,815.21

              )

              1999

               

              30 Years

               

              Slate Run (Hop)

               

              Hopkinsville, KY

               

              91,303.73

               

              917,929.98

               

              1,009,233.71

               

              (134,902.23

              )

              1984

               

              30 Years

               

              Slate Run (Ind)

               

              Indianapolis, IN

               

              295,593.01

               

              2,926,875.96

               

              3,222,468.97

               

              (373,301.40

              )

              1984

               

              30 Years

               

              Slate Run (Leb)

               

              Lebanon, IN

               

              154,060.96

               

              1,514,677.55

               

              1,668,738.51

               

              (211,660.10

              )

              1984

               

              30 Years

               

              Slate Run (Mia)

               

              Miamisburg, OH

               

              136,064.79

               

              1,316,676.75

               

              1,452,741.54

               

              (164,529.61

              )

              1985

               

              30 Years

               

              Slate Run I (Lou)

               

              Louisville, KY

               

              179,765.59

               

              1,781,739.36

               

              1,961,504.95

               

              (221,945.43

              )

              1984

               

              30 Years

               

              Slate Run II (Lou)

               

              Louisville, KY

               

              167,722.89

               

              1,615,681.52

               

              1,783,404.41

               

              (193,916.58

              )

              1985

               

              30 Years

               

              Smoketree Polo Club

               

              Indio, CA

               

              867,200.00

               

              7,939,379.02

               

              8,806,579.02

               

              (1,535,967.22

              )

              1987-89

               

              30 Years

               

              Sommerset Place

               

              Raleigh, NC

               

              360,000.00

               

              8,169,993.19

               

              8,529,993.19

               

              (1,321,731.93

              )

              1983

               

              30 Years

               

              Sonata at Cherry Creek

               

              Denver, CO

               

              5,490,000.00

               

              18,300,306.98

               

              23,790,306.98

               

              (1,380,474.18

              )

              1999

               

              30 Years

               

              Songbird

               

              San Antonio, TX

               

              1,082,500.00

               

              11,172,073.57

               

              12,254,573.57

               

              (2,977,630.32

              )

              1981

               

              30 Years

               

              Sonoran

               

              Phoenix, AZ

               

              2,361,922.00

               

              32,601,690.27

               

              34,963,612.27

               

              (6,077,528.74

              )

              1995

               

              30 Years

               

              Sonterra at Foothill Ranch

               

              Foothill Ranch, CA

               

              7,503,400.00

               

              24,305,188.68

               

              31,808,588.68

               

              (4,128,409.63

              )

              1997

               

              30 Years

               

              South Creek

               

              Phoenix, AZ

               

              2,671,300.00

               

              25,750,726.91

               

              28,422,026.91

               

              (6,566,231.02

              )

              1986-89

               

              30 Years

               

              South Pointe

               

              St. Louis, MO

               

              961,100.00

               

              9,510,456.24

               

              10,471,556.24

               

              (2,234,439.41

              )

              1986

               

              30 Years

               

              South Shore

               

              Stockton, CA

               

              840,000.00

               

              6,836,552.86

               

              7,676,552.86

               

              (450,598.86

              )

              1979

               

              30 Years

               

              Southwood

               

              Palo Alto, CA

               

              6,936,600.00

               

              15,176,685.47

               

              22,113,285.47

               

              (2,670,479.57

              )

              1985

               

              30 Years

               

              Spicewood

               

              Indianapolis, IN

               

              128,354.56

               

              1,226,100.35

               

              1,354,454.91

               

              (155,616.70

              )

              1986

               

              30 Years

               

              Spicewood Springs

               

              Jacksonville, FL

               

              1,536,000.00

               

              23,934,508.86

               

              25,470,508.86

               

              (4,229,176.56

              )

              1986

               

              30 Years

               

              Spinnaker Cove

               

              Hermitage, TN

               

              1,461,731.24

               

              13,975,502.22

               

              15,437,233.46

               

              (3,199,137.67

              )

              1986

               

              30 Years

               

              Spring Gate

               

              Springfield, FL

               

              132,951.42

               

              1,421,826.02

               

              1,554,777.44

               

              (217,853.46

              )

              1983

               

              30 Years

               

              Spring Hill Commons

               

              Acton, MA

               

              1,107,435.54

               

              7,590,550.09

               

              8,697,985.63

               

              (599,422.45

              )

              1973

               

              30 Years

               

              Spring Lake Manor

               

              Birmingham, AL(T)

               

              199,991.58

               

              5,226,760.40

               

              5,426,751.98

               

              (729,315.68

              )

              1972

               

              30 Years

               

              Springbrook

               

              Anderson, SC

               

              168,958.84

               

              1,730,376.96

               

              1,899,335.80

               

              (219,899.45

              )

              1986

               

              30 Years

               

              Springs Colony

               

              Altamonte Springs, FL

               

              640,400.00

               

              7,024,759.97

               

              7,665,159.97

               

              (2,537,728.50

              )

              1986

               

              30 Years

               

              Springtree (REIT)

               

              W. Palm Beach, FL

               

              183,100.00

               

              1,702,323.30

               

              1,885,423.30

               

              (128,785.60

              )

              1982

               

              30 Years

               

              Springwood (Col)

               

              Columbus, OH

               

              189,947.71

               

              1,854,965.36

               

              2,044,913.07

               

              (231,315.21

              )

              1983

               

              30 Years

               

              Springwood (IN)

               

              New Haven, IN

               

              119,198.99

               

              1,181,762.46

               

              1,300,961.45

               

              (154,267.59

              )

              1981

               

              30 Years

               

              Squaw Peak Condo, LLC

               

              Phoenix, AZ

               

              —

               

              147,345.78

               

              147,345.78

               

              —

              )

              1990

               

              30 Years

               

              Steeplechase

               

              Charlotte, NC

               

              1,111,500.00

               

              10,719,766.44

               

              11,831,266.44

               

              (1,811,165.77

               

              1986

               

              30 Years

               

              Sterling Point

               

              Littleton, CO

               

              935,500.00

               

              8,984,394.23

               

              9,919,894.23

               

              (1,916,829.03

              )

              1979

               

              30 Years

               

              Stewart Way I

               

              Hinesville, GA

               

              290,772.56

               

              2,778,375.70

               

              3,069,148.26

               

              (380,605.15

              )

              1986

               

              30 Years

               

              Stillwater

               

              Savannah, GA

               

              151,197.79

               

              1,397,834.83

               

              1,549,032.62

               

              (177,692.57

              )

              1983

               

              30 Years

               

              Stone Crossing

               

              Montgomery, AL(T)

               

              103,186.01

               

              3,044,195.55

               

              3,147,381.56

               

              (439,262.36

              )

              1973

               

              30 Years

               

              Stone Oak

               

              Houston, TX

               

              2,544,000.00

               

              17,484,342.04

               

              20,028,342.04

               

              (61,707.75

              )

              1998

               

              30 Years

               

              Stonehenge (Day)

               

              Dayton, OH

               

              202,293.85

               

              1,944,841.40

               

              2,147,135.25

               

              (253,434.69

              )

              1985

               

              30 Years

               

              Stonehenge (Ind)

               

              Indianapolis, IN

               

              146,810.32

               

              1,457,076.62

               

              1,603,886.94

               

              (216,588.99

              )

              1984

               

              30 Years

               

              Stonehenge (Jas)

               

              Jasper, IN

               

              78,334.74

               

              762,275.63

               

              840,610.37

               

              (98,442.10

              )

              1985

               

              30 Years

               

              Stonehenge (KY)

               

              Glasgow, KY

               

              111,631.60

               

              1,059,558.93

               

              1,171,190.53

               

              (143,763.02

              )

              1983

               

              30 Years

               

              Stonehenge (Mas)

               

              Massillon, OH

               

              145,386.28

               

              1,438,508.82

               

              1,583,895.10

               

              (188,400.66

              )

              1984

               

              30 Years

               

              Stonehenge I (Ric)

               

              Richmond, IN

               

              156,342.98

               

              1,589,987.25

               

              1,746,330.23

               

              (220,287.93

              )

              1984

               

              30 Years

               

              Stoney Creek

               

              Lakewood, WA

               

              1,215,200.00

               

              11,744,536.31

               

              12,959,736.31

               

              (2,475,181.77

              )

              1990

               

              30 Years

               

              Stratford Square

               

              Winter Park, FL(T)

               

              391,300.00

               

              3,488,470.57

               

              3,879,770.57

               

              (501,214.29

              )

              1972

               

              30 Years

               

              Strawberry Place

               

              Plant City, FL

               

              78,444.76

               

              799,255.63

               

              877,700.39

               

              (119,558.59

              )

              1982

               

              30 Years

               

              Sturbridge Meadows

               

              Sturbridge, MA

               

              702,446.99

               

              4,819,148.92

               

              5,521,595.91

               

              (394,923.32

              )

              1985

               

              30 Years

               

              Suffolk Grove I

               

              Grove City, OH

               

              214,106.74

               

              2,092,449.58

               

              2,306,556.32

               

              (257,257.77

              )

              1985

               

              30 Years

               

              Suffolk Grove II

               

              Grove City, OH

               

              167,682.97

               

              1,620,459.47

               

              1,788,142.44

               

              (192,983.39

              )

              1987

               

              30 Years

               

              Sugartree I

               

              New Smyna Beach, FL

               

              155,018.08

               

              1,597,897.41

               

              1,752,915.49

               

              (207,569.75

              )

              1984

               

              30 Years

               

              Summer Chase

               

              Denver, CO

               

              1,709,200.00

               

              17,543,529.59

               

              19,252,729.59

               

              (4,716,102.42

              )

              1983

               

              30 Years

               

              Summer Creek

               

              Plymouth, MN

               

              579,600.00

               

              4,122,158.54

               

              4,701,758.54

               

              (773,981.60

              )

              1985

               

              30 Years

               

              Summer Ridge

               

              Riverside, CA

               

              602,400.00

               

              5,766,527.18

               

              6,368,927.18

               

              (1,453,710.72

              )

              1985

               

              30 Years

               

              Summerhill Glen

               

              Maynard, MA

               

              415,812.01

               

              2,941,623.22

               

              3,357,435.23

               

              (273,955.96

              )

              1980

               

              30 Years

               

               

               

               

               

               

               

               

               

               

               

               

              )

               

               

               

               

              S - 10


              Description

               

               

               

              Initial Cost to
              Company

               

              Cost Capitalized
              Subsequent to
              Acquisition
              (Improvements, net)(E)

               

              Apartment Name

               

              Location

               

              Encumbrances

               

              Land

               

              Building &
              Fixtures

               

              Land

               

              Building &
              Fixtures

               

              Summerset Village

               

              Chatsworth, CA

               

               

              (Q)

              2,891,345.68

               

              23,702,466.45

               

              —

               

              724,786.26

               

              Summerwood

               

              Hayward, CA

               

              —

               

              4,866,600.00

               

              6,942,743.34

               

              —

               

              554,732.38

               

              Summit & Birch Hill

               

              Farmington, CT

               

               

              (P)

              1,757,437.88

               

              11,748,112.49

               

              —

               

              285,452.90

               

              Summit at Lake Union

               

              Seattle, WA

               

              —

               

              1,424,700.00

               

              12,852,461.39

               

              —

               

              1,018,110.93

               

              Summit Center (FL)

               

              W. Palm Beach, FL

               

              2,188,301.52

               

              670,000.00

               

              1,733,311.89

               

              —

               

              311,873.11

               

              Summit Chase

               

              Coral Springs, FL

               

              —

               

              1,122,100.00

               

              4,431,710.99

               

              —

               

              593,633.28

               

              Sun Creek

               

              Glendale, AZ

               

              —

               

              896,929.00

               

              7,066,939.86

               

              —

               

              398,617.41

               

              Sunny Oak Village

               

              Overland Park, KS

               

               

              (R)

              2,247,750.00

               

              20,230,536.38

               

              —

               

              3,439,448.58

               

              Sunnyside

               

              Tifton, GA

               

              1,272,055.24

               

              166,887.10

               

              1,470,612.23

               

              —

               

              179,112.32

               

              Sunrise Springs

               

              Las Vegas, NV

               

              —

               

              975,300.00

               

              8,775,662.32

               

              —

               

              850,829.53

               

              Sunset Way I

               

              Miami, FL

               

              1,533,067.81

               

              258,567.91

               

              2,278,539.10

               

              —

               

              268,280.23

               

              Sunset Way II

               

              Miami, FL

               

              2,528,324.39

               

              274,903.14

               

              2,422,546.26

               

              —

               

              220,664.36

               

              Suntree

               

              West Palm Beach, FL

               

              —

               

              469,000.00

               

              1,479,588.79

               

              —

               

              33,930.39

               

              Suntree Village

               

              Oro Valley, AZ

               

              —

               

              1,571,745.00

               

              13,095,941.30

               

              —

               

              1,050,641.87

               

              Surrey Downs

               

              Bellevue, WA

               

              —

               

              3,057,100.00

               

              7,848,618.09

               

              —

               

              473,703.69

               

              Sutton Place

               

              Dallas, TX

               

              —

               

              1,358,400.00

               

              12,227,724.86

               

              —

               

              3,509,923.33

               

              Sutton Place (FL)

               

              Lakeland, FL

               

              812,460.95

               

              120,887.43

               

              1,065,150.01

               

              —

               

              182,691.46

               

              Sweetwater Glen

               

              Lawrenceville, GA

               

              —

               

              500,000.00

               

              10,469,749.09

               

              —

               

              594,500.61

               

              Sycamore Creek

               

              Scottsdale, AZ

               

              —

               

              3,152,000.00

               

              19,083,727.11

               

              —

               

              896,655.29

               

              Tabor Ridge

               

              Berea, OH

               

              —

               

              235,940.28

               

              2,079,290.00

               

              —

               

              288,671.20

               

              Talleyrand

               

              Tarrytown, NY(M)

               

              35,000,000.00

               

              12,000,000.00

               

              49,639,416.46

               

              —

               

              79,227.44

               

              Tamarlane

               

              Portland, ME

               

              —

               

              690,900.00

               

              5,153,632.57

               

              —

               

              280,611.87

               

              Tanasbourne Terrace

               

              Hillsboro, OR

               

               

              (Q)

              1,876,700.00

               

              16,891,204.54

               

              —

               

              1,888,755.33

               

              Tanglewood (RI)

               

              West Warwick, RI

               

              6,466,265.99

               

              1,141,415.46

               

              7,630,128.68

               

              —

               

              120,135.79

               

              Tanglewood (VA)

               

              Manassas, VA

               

              25,110,000.00

               

              2,108,295.00

               

              20,932,970.86

               

              —

               

              1,901,040.99

               

              Terrace Trace

               

              Tampa, FL

               

              1,563,419.78

               

              193,916.40

               

              1,708,614.78

               

              —

               

              224,520.18

               

              Three Chopt West

               

              Richmond, VA(T)

               

              8,281,528.01

               

              432,956.59

               

              8,256,577.14

               

              —

               

              364,346.66

               

              Thymewood II

               

              Miami, FL

               

              —

               

              219,660.95

               

              1,936,463.36

               

              —

               

              146,603.79

               

              Tierra Antigua

               

              Albuquerque, NM

               

              6,406,402.21

               

              1,825,000.00

               

              7,792,856.06

               

              —

               

              126,898.69

               

              Timber Hollow

               

              Chapel Hill, NC

               

              —

               

              800,000.00

               

              11,219,536.59

               

              —

               

              935,383.57

               

              Timbercreek

               

              Toledo, OH

               

              1,472,904.88

               

              203,419.77

               

              1,792,349.87

               

              —

               

              148,062.83

               

              Timberwalk

               

              Jacksonville, FL

               

              —

               

              1,988,000.00

               

              13,204,218.78

               

              —

               

              699,574.61

               

              Timberwood

               

              Aurora, CO

               

              —

               

              1,518,600.00

               

              14,587,786.32

               

              —

               

              1,155,182.31

               

              Timberwood (GA)

               

              Perry, GA

               

              —

               

              144,299.39

               

              1,271,304.85

               

              —

               

              76,212.17

               

              Toscana

               

              Irvine, CA

               

              —

               

              39,410,000.00

               

              50,806,072.39

               

              —

               

              1,172,555.82

               

              Town & Country

               

              Birmingham, AL(T)

               

              2,341,799.87

               

              147,122.73

               

              2,610,973.58

               

              —

               

              278,261.40

               

              Town Center (TX)

               

              Kingwood, TX

               

              —

               

              1,291,300.00

               

              11,530,216.18

               

              —

               

              486,297.66

               

              Town Center II (TX)

               

              Kingwood, TX

               

              —

               

              1,375,000.00

               

              14,169,655.96

               

              —

               

              92,682.72

               

              Townhomes of Meadowbrook

               

              Auburn Hills, MI

               

              9,714,182.61

               

              1,382,600.00

               

              12,366,207.39

               

              —

               

              1,854,080.91

               

              Townhouse Park

               

              Richmond, VA(T)

               

              7,469,152.19

               

              384,176.00

               

              9,599,803.46

               

              —

               

              1,330,863.18

               

              Trails (CO), The

               

              Aurora, CO

               

               

              (Q)

              1,217,900.00

               

              8,877,204.73

               

              —

               

              2,575,039.27

               

              Trails at Briar Forest

               

              Houston, TX

               

              13,236,572.01

               

              2,380,000.00

               

              24,911,560.72

               

              —

               

              940,562.06

               

              Trails at Dominion Park

               

              Houston, TX

               

              13,937,236.33

               

              2,531,800.00

               

              35,699,589.07

               

              —

               

              2,328,398.71

               

              Trailway Pond I

               

              Burnsville, MN

               

              4,909,210.00

               

              479,284.26

               

              4,312,143.56

               

              —

               

              339,666.70

               

              Trailway Pond II

               

              Burnsville, MN

               

              11,354,755.00

               

              1,107,287.54

               

              9,961,408.87

               

              —

               

              454,028.69

               

              Trinity Lakes

               

              Cordova, TN

               

              —

               

              1,982,000.00

               

              14,941,745.65

               

              —

               

              950,557.70

               

              Turf Club

               

              Littleton, CO

               

               

              (S)

              2,107,300.00

               

              15,478,040.20

               

              —

               

              1,485,357.09

               

              Turkscap I

               

              Brandon, FL

               

              —

               

              125,766.44

               

              1,108,139.39

               

              —

               

              281,390.57

               

              Turkscap III

               

              Brandon, FL

               

              740,352.79

               

              135,850.08

               

              1,196,987.24

               

              —

               

              115,936.61

               

              Twin Gates

               

              Birmingham, AL(T)

               

              4,809,005.23

               

              273,144.27

               

              4,826,938.66

               

              —

               

              286,816.50

               

              Tyrone Gardens

               

              Randolph, MA

               

              —

               

              4,953,000.00

               

              5,799,572.09

               

              —

               

              640,282.98

               

              University Square I

               

              Tampa, FL

               

              —

               

              197,456.54

               

              1,739,807.29

               

              —

               

              180,271.73

               

              Valencia Plantation

               

              Orlando, FL

               

              —

               

              873,000.00

               

              12,819,377.37

               

              —

               

              223,161.18

               

              Valley Creek I

               

              Woodbury, MN

               

              12,815,000.00

               

              1,626,715.30

               

              14,634,831.43

               

              —

               

              1,057,766.60

               

              Valley Creek II

               

              Woodbury, MN

               

              10,100,000.00

               

              1,232,659.25

               

              11,097,830.18

               

              —

               

              484,784.15

               

              Valleybrook

               

              Newnan, GA

               

              1,446,171.23

               

              254,490.09

               

              2,242,463.08

               

              —

               

              77,907.34

               

              Valleyfield (KY)

               

              Lexington, KY

               

              1,767,839.89

               

              252,328.74

               

              2,223,757.07

               

              —

               

              247,806.97

               

              Valleyfield (PA)

               

              Bridgeville, PA

               

              —

               

              274,316.67

               

              2,417,028.77

               

              —

               

              215,756.86

               

              Valleyfield I

               

              Decatur, GA

               

              1,547,281.81

               

              252,413.03

               

              2,224,133.89

               

              —

               

              179,037.69

               

              Valleyfield II

               

              Decatur, GA

               

              —

               

              258,320.37

               

              2,276,083.97

               

              —

               

              118,879.23

               

              Van Deene Manor

               

              West Springfield, MA

               

               

              (P)

              744,491.11

               

              4,976,770.67

               

              —

               

              56,172.01

               

              Via Ventura

               

              Scottsdale, AZ

               

              —

               

              1,486,600.00

               

              13,382,005.92

               

              —

               

              6,203,780.83

               

              Villa Encanto

               

              Phoenix, AZ

               

               

              (S)

              2,884,447.00

               

              22,197,362.84

               

              —

               

              1,540,821.59

               

              Villa Solana

               

              Laguna Hills, CA

               

              —

               

              1,665,100.00

               

              14,985,677.51

               

              —

               

              2,027,096.71

               

              Village at Bear Creek

               

              Lakewood, CO

               

               

              (R)

              4,519,700.00

               

              40,676,389.86

               

              —

               

              870,741.72

               

              Village at Lakewood

               

              Phoenix, AZ

               

               

              (O)

              3,166,411.00

               

              13,859,089.81

               

              —

               

              720,638.80

               

              Village Oaks

               

              Austin, TX

               

              4,321,251.51

               

              1,186,000.00

               

              10,663,736.24

               

              —

               

              1,051,659.11

               

              Village of Newport

               

              Kent, WA

               

              —

               

              416,300.00

               

              3,756,582.21

               

              —

               

              470,054.98

               

              Villas at Josey Ranch

               

              Carrollton, TX

               

              6,500,644.00

               

              1,587,700.00

               

              7,254,727.19

               

              —

               

              678,946.68

               

              Villas of Oak Creste

               

              San Antonio, TX

               

              —

               

              905,800.00

               

              8,151,737.96

               

              —

               

              1,351,998.38

               

              Viridian Lake

               

              Fort Myers, FL

               

              —

               

              960,000.00

               

              17,806,757.92

               

              —

               

              1,272,036.55

               

              Vista Del Lago

               

              Mission Viejo, CA

               

              29,114,696.97

               

              4,525,800.00

               

              40,736,293.14

               

              —

               

              3,554,870.03

               

              Vista Del Lago (TX)

               

              Dallas, TX

               

              —

               

              3,552,000.00

               

              20,108,469.48

               

              —

               

              123,571.70

               

              Vista Grove

               

              Mesa, AZ

               

              —

               

              1,341,796.00

               

              12,157,045.12

               

              —

               

              324,585.35

               

              Walden Wood

               

              Southfield, MI

               

              5,363,993.34

               

              834,700.00

               

              7,513,690.33

               

              —

               

              1,842,225.07

               

              Warwick Station

               

              Westminster, CO

               

              8,652,999.96

               

              2,282,000.00

               

              20,543,194.91

               

              —

               

              670,688.10

               

              Waterbury (GA)

               

              Athens, GA

               

              —

               

              147,450.03

               

              1,299,195.48

               

              —

               

              44,608.09

               

              Waterbury (IN)

               

              Greenwood, IN

               

              793,760.74

               

              105,245.15

               

              927,324.45

               

              —

               

              79,039.40

               

              Waterbury (MI)

               

              Westland, MI

               

              —

               

              331,738.84

               

              2,922,588.70

               

              —

               

              230,005.72

               

              Waterbury (OH)

               

              Cincinnati, OH

               

              —

               

              193,166.67

               

              1,701,833.85

               

              —

               

              235,700.54

               

              Waterfield Square I

               

              Stockton, CA

               

              6,923,000.00

               

              950,000.00

               

              6,297,992.79

               

              —

               

              241,256.71

               

              Waterfield Square II

               

              Stockton, CA

               

              6,595,000.00

               

              845,000.00

               

              5,811,080.03

               

              —

               

              205,772.01

               

              Waterford (Jax)

               

              Jacksonville, FL

               

              —

               

              3,550,922.50

               

              23,764,665.75

               

              —

               

              1,132,274.94

               

              Waterford at Deerwood

               

              Jacksonville, FL

               

              10,401,074.84

               

              1,696,000.00

               

              10,659,701.84

               

              —

               

              716,092.97

               

              Waterford at Orange Park

               

              Orange Park, FL

               

              9,540,000.00

               

              1,960,000.00

               

              12,098,784.47

               

              —

               

              1,232,116.50

               

              Description

               

              Gross Amount Carried
              at Close of
              Period 12/31/02

               

              Total(B)

               

              Accumulated
              Depreciation

               

              Date of
              Construction

               

              Life Used to
              Compute
              Depreciation
              in Latest
              Income
              Statement(C)

               

              Apartment Name

               

              Location

              Land

               

              Building &
              Fixtures(A)

              Summerset Village

               

              Chatsworth, CA

               

              2,891,345.68

               

              24,427,252.71

               

              27,318,598.39

               

              (5,518,472.01

              )

              1985

               

              30 Years

               

              Summerwood

               

              Hayward, CA

               

              4,866,600.00

               

              7,497,475.72

               

              12,364,075.72

               

              (1,354,657.83

              )

              1982

               

              30 Years

               

              Summit & Birch Hill

               

              Farmington, CT

               

              1,757,437.88

               

              12,033,565.39

               

              13,791,003.27

               

              (945,182.33

              )

              1967

               

              30 Years

               

              Summit at Lake Union

               

              Seattle, WA

               

              1,424,700.00

               

              13,870,572.32

               

              15,295,272.32

               

              (2,908,443.53

              )

              1995-1997

               

              30 Years

               

              Summit Center (FL)

               

              W. Palm Beach, FL

               

              670,000.00

               

              2,045,185.00

               

              2,715,185.00

               

              (219,752.04

              )

              1987

               

              30 Years

               

              Summit Chase

               

              Coral Springs, FL

               

              1,122,100.00

               

              5,025,344.27

               

              6,147,444.27

               

              (1,312,313.10

              )

              1985

               

              30 Years

               

              Sun Creek

               

              Glendale, AZ

               

              896,929.00

               

              7,465,557.27

               

              8,362,486.27

               

              (1,481,739.45

              )

              1985

               

              30 Years

               

              Sunny Oak Village

               

              Overland Park, KS

               

              2,247,750.00

               

              23,669,984.96

               

              25,917,734.96

               

              (6,976,826.96

              )

              1984

               

              30 Years

               

              Sunnyside

               

              Tifton, GA

               

              166,887.10

               

              1,649,724.55

               

              1,816,611.65

               

              (222,189.98

              )

              1984

               

              30 Years

               

              Sunrise Springs

               

              Las Vegas, NV

               

              975,300.00

               

              9,626,491.85

               

              10,601,791.85

               

              (2,982,764.49

              )

              1989

               

              30 Years

               

              Sunset Way I

               

              Miami, FL

               

              258,567.91

               

              2,546,819.33

               

              2,805,387.24

               

              (332,139.61

              )

              1987

               

              30 Years

               

              Sunset Way II

               

              Miami, FL

               

              274,903.14

               

              2,643,210.62

               

              2,918,113.76

               

              (334,835.80

              )

              1988

               

              30 Years

               

              Suntree

               

              West Palm Beach, FL

               

              469,000.00

               

              1,513,519.18

               

              1,982,519.18

               

              (90,766.26

              )

              1982

               

              30 Years

               

              Suntree Village

               

              Oro Valley, AZ

               

              1,571,745.00

               

              14,146,583.17

               

              15,718,328.17

               

              (3,003,932.83

              )

              1986

               

              30 Years

               

              Surrey Downs

               

              Bellevue, WA

               

              3,057,100.00

               

              8,322,321.78

               

              11,379,421.78

               

              (1,396,194.23

              )

              1986

               

              30 Years

               

              Sutton Place

               

              Dallas, TX

               

              1,358,400.00

               

              15,737,648.19

               

              17,096,048.19

               

              (6,150,403.87

              )

              1985

               

              30 Years

               

              Sutton Place (FL)

               

              Lakeland, FL

               

              120,887.43

               

              1,247,841.47

               

              1,368,728.90

               

              (175,958.22

              )

              1984

               

              30 Years

               

              Sweetwater Glen

               

              Lawrenceville, GA

               

              500,000.00

               

              11,064,249.70

               

              11,564,249.70

               

              (1,766,935.77

              )

              1986

               

              30 Years

               

              Sycamore Creek

               

              Scottsdale, AZ

               

              3,152,000.00

               

              19,980,382.40

               

              23,132,382.40

               

              (4,027,239.06

              )

              1984

               

              30 Years

               

              Tabor Ridge

               

              Berea, OH

               

              235,940.28

               

              2,367,961.20

               

              2,603,901.48

               

              (310,133.44

              )

              1986

               

              30 Years

               

              Talleyrand

               

              Tarrytown, NY(M)

               

              12,000,000.00

               

              49,718,643.90

               

              61,718,643.90

               

              (2,109,123.59

              )

              1997-98

               

              30 Years

               

              Tamarlane

               

              Portland, ME

               

              690,900.00

               

              5,434,244.44

               

              6,125,144.44

               

              (1,180,017.37

              )

              1986

               

              30 Years

               

              Tanasbourne Terrace

               

              Hillsboro, OR

               

              1,876,700.00

               

              18,779,959.87

               

              20,656,659.87

               

              (6,153,641.59

              )

              1986-89

               

              30 Years

               

              Tanglewood (RI)

               

              West Warwick, RI

               

              1,141,415.46

               

              7,750,264.47

               

              8,891,679.93

               

              (632,415.93

              )

              1973

               

              30 Years

               

              Tanglewood (VA)

               

              Manassas, VA

               

              2,108,295.00

               

              22,834,011.85

               

              24,942,306.85

               

              (6,784,938.19

              )

              1987

               

              30 Years

               

              Terrace Trace

               

              Tampa, FL

               

              193,916.40

               

              1,933,134.96

               

              2,127,051.36

               

              (251,012.98

              )

              1985

               

              30 Years

               

              Three Chopt West

               

              Richmond, VA(T)

               

              432,956.59

               

              8,620,923.80

               

              9,053,880.39

               

              (1,059,743.82

              )

              1962

               

              30 Years

               

              Thymewood II

               

              Miami, FL

               

              219,660.95

               

              2,083,067.15

               

              2,302,728.10

               

              (250,918.64

              )

              1986

               

              30 Years

               

              Tierra Antigua

               

              Albuquerque, NM

               

              1,825,000.00

               

              7,919,754.75

               

              9,744,754.75

               

              (511,457.60

              )

              1985

               

              30 Years

               

              Timber Hollow

               

              Chapel Hill, NC

               

              800,000.00

               

              12,154,920.16

               

              12,954,920.16

               

              (1,896,999.16

              )

              1986

               

              30 Years

               

              Timbercreek

               

              Toledo, OH

               

              203,419.77

               

              1,940,412.70

               

              2,143,832.47

               

              (241,834.18

              )

              1987

               

              30 Years

               

              Timberwalk

               

              Jacksonville, FL

               

              1,988,000.00

               

              13,903,793.39

               

              15,891,793.39

               

              (2,262,657.26

              )

              1987

               

              30 Years

               

              Timberwood

               

              Aurora, CO

               

              1,518,600.00

               

              15,742,968.63

               

              17,261,568.63

               

              (2,890,420.19

              )

              1983

               

              30 Years

               

              Timberwood (GA)

               

              Perry, GA

               

              144,299.39

               

              1,347,517.02

               

              1,491,816.41

               

              (172,750.84

              )

              1985

               

              30 Years

               

              Toscana

               

              Irvine, CA

               

              39,410,000.00

               

              51,978,628.21

               

              91,388,628.21

               

              (3,822,464.89

              )

              1991/1993

               

              30 Years

               

              Town & Country

               

              Birmingham, AL(T)

               

              147,122.73

               

              2,889,234.98

               

              3,036,357.71

               

              (402,084.37

              )

              1973

               

              30 Years

               

              Town Center (TX)

               

              Kingwood, TX

               

              1,291,300.00

               

              12,016,513.84

               

              13,307,813.84

               

              (2,600,370.11

              )

              1994

               

              30 Years

               

              Town Center II (TX)

               

              Kingwood, TX

               

              1,375,000.00

               

              14,262,338.68

               

              15,637,338.68

               

              (1,595,449.82

              )

              1994

               

              30 Years

               

              Townhomes of Meadowbrook

               

              Auburn Hills, MI

               

              1,382,600.00

               

              14,220,288.30

               

              15,602,888.30

               

              (2,630,252.96

              )

              1988

               

              30 Years

               

              Townhouse Park

               

              Richmond, VA(T)

               

              384,176.00

               

              10,930,666.64

               

              11,314,842.64

               

              (1,498,744.27

              )

              1966

               

              30 Years

               

              Trails (CO), The

               

              Aurora, CO

               

              1,217,900.00

               

              11,452,244.00

               

              12,670,144.00

               

              (4,367,766.79

              )

              1986

               

              30 Years

               

              Trails at Briar Forest

               

              Houston, TX

               

              2,380,000.00

               

              25,852,122.78

               

              28,232,122.78

               

              (4,126,225.33

              )

              1990

               

              30 Years

               

              Trails at Dominion Park

               

              Houston, TX

               

              2,531,800.00

               

              38,027,987.78

               

              40,559,787.78

               

              (8,565,594.07

              )

              1992

               

              30 Years

               

              Trailway Pond I

               

              Burnsville, MN

               

              479,284.26

               

              4,651,810.26

               

              5,131,094.52

               

              (942,294.15

              )

              1988

               

              30 Years

               

              Trailway Pond II

               

              Burnsville, MN

               

              1,107,287.54

               

              10,415,437.56

               

              11,522,725.10

               

              (2,014,290.61

              )

              1988

               

              30 Years

               

              Trinity Lakes

               

              Cordova, TN

               

              1,982,000.00

               

              15,892,303.35

               

              17,874,303.35

               

              (3,284,093.26

              )

              1985

               

              30 Years

               

              Turf Club

               

              Littleton, CO

               

              2,107,300.00

               

              16,963,397.29

               

              19,070,697.29

               

              (3,267,224.33

              )

              1986

               

              30 Years

               

              Turkscap I

               

              Brandon, FL

               

              125,766.44

               

              1,389,529.96

               

              1,515,296.40

               

              (208,915.94

              )

              1977

               

              30 Years

               

              Turkscap III

               

              Brandon, FL

               

              135,850.08

               

              1,312,923.85

               

              1,448,773.93

               

              (172,772.57

              )

              1982

               

              30 Years

               

              Twin Gates

               

              Birmingham, AL(T)

               

              273,144.27

               

              5,113,755.16

               

              5,386,899.43

               

              (695,167.80

              )

              1967

               

              30 Years

               

              Tyrone Gardens

               

              Randolph, MA

               

              4,953,000.00

               

              6,439,855.07

               

              11,392,855.07

               

              (1,172,612.20

              )

              1961/1965

               

              30 Years

               

              University Square I

               

              Tampa, FL

               

              197,456.54

               

              1,920,079.02

               

              2,117,535.56

               

              (236,178.48

              )

              1979

               

              30 Years

               

              Valencia Plantation

               

              Orlando, FL

               

              873,000.00

               

              13,042,538.55

               

              13,915,538.55

               

              (2,002,025.51

              )

              1990

               

              30 Years

               

              Valley Creek I

               

              Woodbury, MN

               

              1,626,715.30

               

              15,692,598.03

               

              17,319,313.33

               

              (3,090,107.40

              )

              1989

               

              30 Years

               

              Valley Creek II

               

              Woodbury, MN

               

              1,232,659.25

               

              11,582,614.33

               

              12,815,273.58

               

              (2,200,494.26

              )

              1990

               

              30 Years

               

              Valleybrook

               

              Newnan, GA

               

              254,490.09

               

              2,320,370.42

               

              2,574,860.51

               

              (284,281.15

              )

              1986

               

              30 Years

               

              Valleyfield (KY)

               

              Lexington, KY

               

              252,328.74

               

              2,471,564.04

               

              2,723,892.78

               

              (321,804.81

              )

              1985

               

              30 Years

               

              Valleyfield (PA)

               

              Bridgeville, PA

               

              274,316.67

               

              2,632,785.63

               

              2,907,102.30

               

              (333,610.61

              )

              1985

               

              30 Years

               

              Valleyfield I

               

              Decatur, GA

               

              252,413.03

               

              2,403,171.58

               

              2,655,584.61

               

              (299,306.53

              )

              1984

               

              30 Years

               

              Valleyfield II

               

              Decatur, GA

               

              258,320.37

               

              2,394,963.20

               

              2,653,283.57

               

              (287,737.50

              )

              1985

               

              30 Years

               

              Van Deene Manor

               

              West Springfield, MA

               

              744,491.11

               

              5,032,942.68

               

              5,777,433.79

               

              (410,253.01

              )

              1970

               

              30 Years

               

              Via Ventura

               

              Scottsdale, AZ

               

              1,486,600.00

               

              19,585,786.75

               

              21,072,386.75

               

              (7,311,318.19

              )

              1980

               

              30 Years

               

              Villa Encanto

               

              Phoenix, AZ

               

              2,884,447.00

               

              23,738,184.43

               

              26,622,631.43

               

              (4,839,063.09

              )

              1983

               

              30 Years

               

              Villa Solana

               

              Laguna Hills, CA

               

              1,665,100.00

               

              17,012,774.22

               

              18,677,874.22

               

              (5,647,159.62

              )

              1984

               

              30 Years

               

              Village at Bear Creek

               

              Lakewood, CO

               

              4,519,700.00

               

              41,547,131.58

               

              46,066,831.58

               

              (8,302,429.03

              )

              1987

               

              30 Years

               

              Village at Lakewood

               

              Phoenix, AZ

               

              3,166,411.00

               

              14,579,728.61

               

              17,746,139.61

               

              (2,960,571.50

              )

              1988

               

              30 Years

               

              Village Oaks

               

              Austin, TX

               

              1,186,000.00

               

              11,715,395.35

               

              12,901,395.35

               

              (2,961,827.60

              )

              1984

               

              30 Years

               

              Village of Newport

               

              Kent, WA

               

              416,300.00

               

              4,226,637.19

               

              4,642,937.19

               

              (1,394,466.28

              )

              1987

               

              30 Years

               

              Villas at Josey Ranch

               

              Carrollton, TX

               

              1,587,700.00

               

              7,933,673.87

               

              9,521,373.87

               

              (1,473,490.99

              )

              1986

               

              30 Years

               

              Villas of Oak Creste

               

              San Antonio, TX

               

              905,800.00

               

              9,503,736.34

               

              10,409,536.34

               

              (2,301,123.50

              )

              1979

               

              30 Years

               

              Viridian Lake

               

              Fort Myers, FL

               

              960,000.00

               

              19,078,794.47

               

              20,038,794.47

               

              (3,079,753.25

              )

              1991

               

              30 Years

               

              Vista Del Lago

               

              Mission Viejo, CA

               

              4,525,800.00

               

              44,291,163.17

               

              48,816,963.17

               

              (14,338,037.47

              )

              1986-88

               

              30 Years

               

              Vista Del Lago (TX)

               

              Dallas, TX

               

              3,552,000.00

               

              20,232,041.18

               

              23,784,041.18

               

              (1,036,543.53

              )

              1992

               

              30 Years

               

              Vista Grove

               

              Mesa, AZ

               

              1,341,796.00

               

              12,481,630.47

               

              13,823,426.47

               

              (2,189,357.61

              )

              1997-1998

               

              30 Years

               

              Walden Wood

               

              Southfield, MI

               

              834,700.00

               

              9,355,915.40

               

              10,190,615.40

               

              (3,507,219.60

              )

              1972

               

              30 Years

               

              Warwick Station

               

              Westminster, CO

               

              2,282,000.00

               

              21,213,883.01

               

              23,495,883.01

               

              (4,350,128.09

              )

              1986

               

              30 Years

               

              Waterbury (GA)

               

              Athens, GA

               

              147,450.03

               

              1,343,803.57

               

              1,491,253.60

               

              (166,161.52

              )

              1985

               

              30 Years

               

              Waterbury (IN)

               

              Greenwood, IN

               

              105,245.15

               

              1,006,363.85

               

              1,111,609.00

               

              (134,632.62

              )

              1984

               

              30 Years

               

              Waterbury (MI)

               

              Westland, MI

               

              331,738.84

               

              3,152,594.42

               

              3,484,333.26

               

              (403,367.68

              )

              1985

               

              30 Years

               

              Waterbury (OH)

               

              Cincinnati, OH

               

              193,166.67

               

              1,937,534.39

               

              2,130,701.06

               

              (262,410.48

              )

              1985

               

              30 Years

               

              Waterfield Square I

               

              Stockton, CA

               

              950,000.00

               

              6,539,249.50

               

              7,489,249.50

               

              (442,187.95

              )

              1984

               

              30 Years

               

              Waterfield Square II

               

              Stockton, CA

               

              845,000.00

               

              6,016,852.04

               

              6,861,852.04

               

              (405,021.27

              )

              1984

               

              30 Years

               

              Waterford (Jax)

               

              Jacksonville, FL

               

              3,550,922.50

               

              24,896,940.69

               

              28,447,863.19

               

              (4,124,019.49

              )

              1988

               

              30 Years

               

              Waterford at Deerwood

               

              Jacksonville, FL

               

              1,696,000.00

               

              11,375,794.81

               

              13,071,794.81

               

              (1,981,888.53

              )

              1985

               

              30 Years

               

              Waterford at Orange Park

               

              Orange Park, FL

               

              1,960,000.00

               

              13,330,900.97

               

              15,290,900.97

               

              (2,605,889.90

              )

              1986

               

              30 Years

               

              S - 11


              Description

               

               

               

              Initial Cost to
              Company

               

              Cost Capitalized
              Subsequent to
              Acquisition
              (Improvements, net)(E)

               

              Apartment Name

               

              Location

               

              Encumbrances

               

              Land

               

              Building &
              Fixtures

               

              Land

               

              Building &
              Fixtures

               

              Waterford at Regency

               

              Jacksonville, FL

               

              6,999,147.59

               

              1,113,000.00

               

              5,184,161.74

               

              —

               

              312,055.03

               

              Waterford at the Lakes

               

              Kent, WA

               

              —

               

              3,100,200.00

               

              16,140,923.73

               

              —

               

              1,087,707.29

               

              Waterford Village (Broward)

               

              Delray Beach, FL

               

              —

               

              1,888,000.00

               

              15,358,635.40

               

              —

               

              1,824,388.83

               

              Watermark Square

               

              Portland, OR

               

              7,182,206.70

               

              1,580,500.00

               

              14,194,258.85

               

              —

               

              1,598,385.28

               

              Waterstone Place

               

              Federal Way, WA

               

              —

               

              2,964,000.00

               

              26,674,598.90

               

              —

               

              4,112,969.22

               

              Webster Green

               

              Needham, MA

               

              6,333,018.77

               

              1,418,892.54

               

              9,485,006.17

               

              —

               

              167,290.05

               

              Welleby Lake Club

               

              Sunrise, FL

               

              —

               

              3,648,000.00

               

              17,620,879.42

               

              —

               

              560,234.44

               

              Wellington Hill

               

              Manchester, NH

               

               

              (M)

              1,890,200.00

               

              17,120,661.97

               

              —

               

              2,695,797.35

               

              Wellsford Oaks

               

              Tulsa, OK

               

              —

               

              1,310,500.00

               

              11,794,289.56

               

              —

               

              721,935.36

               

              Wentworth

               

              Roseville, MI

               

              —

               

              217,502.26

               

              1,916,231.96

               

              —

               

              181,498.42

               

              West Of Eastland

               

              Columbus, OH

               

              1,940,090.31

               

              234,543.74

               

              2,066,674.99

               

              —

               

              231,463.20

               

              Westbrook Village

               

              Manchester, MO

               

              —

               

              2,310,000.00

               

              10,606,342.76

               

              —

               

              572,750.10

               

              Westridge

               

              Tacoma, WA

               

              —

               

              3,501,900.00

               

              31,506,082.24

               

              —

               

              2,290,730.64

               

              Westside Villas I

               

              Los Angeles, CA

               

              —

               

              1,785,000.00

               

              3,233,254.01

               

              —

               

              62,387.36

               

              Westside Villas II

               

              Los Angeles, CA

               

              —

               

              1,955,000.00

               

              3,541,434.71

               

              —

               

              11,214.24

               

              Westside Villas III

               

              Los Angeles, CA

               

              —

               

              3,060,000.00

               

              5,538,870.92

               

              —

               

              25,724.71

               

              Westside Villas IV

               

              Los Angeles, CA

               

              —

               

              3,060,000.00

               

              5,539,390.29

               

              —

               

              11,124.23

               

              Westside Villas V

               

              Los Angeles, CA

               

              —

               

              5,100,000.00

               

              9,224,485.21

               

              —

               

              29,547.04

               

              Westside Villas VI

               

              Los Angeles, CA

               

              —

               

              1,530,000.00

               

              3,024,001.16

               

              —

               

              35,088.18

               

              Westside Villas VII

               

              Los Angeles, CA

               

              —

               

              4,505,000.00

               

              10,758,899.55

               

              —

               

              5,512.84

               

              Westway

               

              Brunswick, GA

               

              —

               

              168,322.68

               

              1,483,106.21

               

              —

               

              171,425.63

               

              Westwood Glen

               

              Westwood, MA

               

              1,453,407.12

               

              1,616,504.78

               

              10,806,003.53

               

              —

               

              195,401.73

               

              Westwood Pines

               

              Tamarac, FL

               

              —

               

              1,528,600.00

               

              13,739,616.00

               

              —

               

              835,896.12

               

              Westwynd Apts

               

              West Hartford, CT

               

              —

               

              308,543.13

               

              2,062,547.68

               

              —

               

              142,143.79

               

              Whispering Oaks

               

              Walnut Creek, CA

               

              10,200,302.55

               

              2,170,800.00

               

              19,539,586.15

               

              —

               

              1,889,642.43

               

              Whispering Pines

               

              Fr. Pierce, FL

               

              —

               

              384,000.00

               

              621,367.08

               

              —

               

              209,070.54

               

              Whispering Pines II

               

              Fr. Pierce, FL

               

              —

               

              105,171.51

               

              926,475.58

               

              —

               

              129,976.50

               

              Whisperwood

               

              Cordele, GA

               

              —

               

              84,240.30

               

              742,373.88

               

              —

               

              157,032.54

               

              White Bear Woods

               

              White Bear Lake, MN

               

              14,172,876.00

               

              1,624,740.73

               

              14,618,489.69

               

              —

               

              721,229.92

               

              Wilcrest Woods

               

              Savannah, GA

               

              1,287,966.40

               

              187,306.36

               

              1,650,373.13

               

              —

               

              118,940.13

               

              Wilde Lake

               

              Richmond, VA

               

              4,440,000.00

               

              947,200.00

               

              8,594,105.46

               

              —

               

              778,935.68

               

              Wilkins Glen

               

              Medfield, MA

               

              1,744,067.32

               

              538,482.64

               

              3,599,646.22

               

              —

               

              187,412.19

               

              Willow Brook (CA)

               

              Pleasant Hill, CA

               

              29,000,000.00

               

              5,055,000.00

               

              19,212,153.24

               

              —

               

              217,120.44

               

              Willow Creek

               

              Fresno, CA

               

              5,112,000.00

               

              275,000.00

               

              5,045,091.01

               

              —

               

              97,591.55

               

              Willow Creek I (GA)

               

              Griffin, GA

               

              —

               

              145,768.69

               

              1,298,973.46

               

              —

               

              55,807.12

               

              Willow Lakes

               

              Spartanburg, SC

               

              1,984,790.93

               

              200,989.58

               

              1,770,937.26

               

              —

               

              94,849.91

               

              Willow Run (GA)

               

              Stone Mountain, GA

               

              1,665,556.36

               

              197,964.94

               

              1,744,286.82

               

              —

               

              185,445.06

               

              Willow Run (IN)

               

              New Albany, IN

               

              1,088,963.79

               

              183,872.68

               

              1,620,118.73

               

              —

               

              133,087.25

               

              Willow Run (KY)

               

              Madisonville, KY

               

              1,086,195.98

               

              141,015.67

               

              1,242,351.72

               

              —

               

              117,752.25

               

              Willow Trail

               

              Norcross, GA

               

              —

               

              1,120,000.00

               

              11,412,981.59

               

              —

               

              535,701.31

               

              Willowick

               

              Aurora, CO

               

              —

               

              506,900.00

               

              4,157,878.35

               

              —

               

              342,651.24

               

              Will-O-Wisp

               

              Kinston, NC(T)

               

              3,450,046.27

               

              197,397.72

               

              3,926,972.16

               

              —

               

              296,627.75

               

              Willowood East II

               

              Indianapolis, IN

               

              —

               

              104,917.75

               

              924,589.72

               

              —

               

              134,638.23

               

              Willowood I (Gro)

               

              Grove City, OH

               

              911,954.17

               

              126,045.04

               

              1,110,558.13

               

              —

               

              132,535.38

               

              Willowood I (IN)

               

              Columbus, OH

               

              1,106,641.22

               

              163,896.17

               

              1,444,103.85

               

              —

               

              89,433.11

               

              Willowood I (KY)

               

              Frankfort, KY

               

              976,654.01

               

              138,822.38

               

              1,223,176.43

               

              —

               

              150,783.87

               

              Willowood I (Woo)

               

              Wooster, OH

               

              —

               

              117,254.13

               

              1,033,136.63

               

              —

               

              68,842.24

               

              Willowood II (Gro)

               

              Grove City, OH

               

              531,579.19

               

              70,923.51

               

              624,814.43

               

              —

               

              75,010.15

               

              Willowood II (IN)

               

              Columbus, OH

               

              1,114,908.85

               

              161,306.27

               

              1,421,284.06

               

              —

               

              77,807.90

               

              Willowood II (KY)

               

              Frankfort, KY

               

              —

               

              120,375.49

               

              1,060,639.21

               

              —

               

              80,704.66

               

              Willowood II (Tro)

               

              Trotwood, OH

               

              —

               

              142,623.37

               

              1,256,667.34

               

              —

               

              131,079.86

               

              Willowood II (Woo)

               

              Wooster, OH

               

              836,318.93

               

              103,199.14

               

              909,397.90

               

              —

               

              120,525.77

               

              Willows I (OH), The

               

              Columbus, OH

               

              —

               

              76,283.41

               

              672,339.99

               

              —

               

              87,091.05

               

              Willows II (OH), The

               

              Columbus, OH

               

              —

               

              96,678.71

               

              851,844.82

               

              —

               

              66,545.51

               

              Willows III (OH), The

               

              Columbus, OH

               

              839,800.00

               

              129,221.40

               

              1,137,783.40

               

              —

               

              85,907.12

               

              Wimberly

               

              Dallas, TX

               

              —

               

              2,232,000.00

               

              27,685,923.27

               

              —

               

              564,237.80

               

              Wimbledon Oaks

               

              Arlington, TX

               

              7,162,582.77

               

              1,491,700.00

               

              8,843,716.03

               

              —

               

              737,942.60

               

              Winchester Park

               

              Riverside, RI

               

              —

               

              2,822,618.35

               

              18,868,625.90

               

              —

               

              1,351,437.26

               

              Winchester Wood

               

              Riverside, RI

               

              2,205,735.09

               

              683,215.23

               

              4,567,153.97

               

              —

               

              73,184.74

               

              Windemere

               

              Mesa, AZ

               

              —

               

              949,300.00

               

              8,659,280.22

               

              —

               

              1,092,867.24

               

              Windmont

               

              Atlanta, GA

               

              —

               

              3,204,000.00

               

              7,128,448.37

               

              —

               

              308,063.50

               

              Windridge (CA)

               

              Laguna Niguel, CA

               

               

              (I)

              2,662,900.00

               

              23,985,496.57

               

              —

               

              1,431,832.79

               

              Windwood I (FL)

               

              Palm Bay, FL

               

              —

               

              113,912.73

               

              1,003,498.28

               

              —

               

              195,527.36

               

              Windwood II (FL)

               

              Palm Bay, FL

               

              190,000.00

               

              118,915.07

               

              1,047,598.32

               

              —

               

              279,970.05

               

              Wingwood (Orl)

               

              Orlando, FL

               

              1,420,266.64

               

              236,884.32

               

              2,086,401.61

               

              —

               

              374,722.41

               

              Winter Woods I (FL)

               

              Winter Garden, FL

               

              —

               

              144,921.36

               

              1,276,965.11

               

              —

               

              144,020.03

               

              Winterwood

               

              Charlotte, NC

               

              11,033,752.73

               

              1,722,000.00

               

              15,501,141.60

               

              —

               

              2,486,535.76

               

              Winthrop Court (KY)

               

              Frankfort, KY

               

              1,421,290.56

               

              184,709.36

               

              1,627,190.80

               

              —

               

              188,334.88

               

              Winthrop Court II (OH)

               

              Columbus, OH

               

              722,000.00

               

              102,381.09

               

              896,576.06

               

              —

               

              85,114.58

               

              Wood Creek (CA)

               

              Pleasant Hill, CA

               

              —

               

              9,729,900.00

               

              23,009,768.39

               

              —

               

              828,634.09

               

              Wood Forest

               

              Daytona Beach, FL

               

              6,059,189.80

               

              1,008,000.00

               

              4,950,210.29

               

              —

               

              128,966.49

               

              Wood Lane Place

               

              Woodbury, MN

               

              14,000,000.00

               

              2,009,146.73

               

              18,090,498.11

               

              —

               

              1,749,377.66

               

              Woodbine (Cuy)

               

              Cuyahoga Falls, OH

               

              —

               

              185,868.12

               

              1,637,700.68

               

              —

               

              103,476.98

               

              Woodbine (Por)

               

              Portsmouth, OH

               

              613,360.43

               

              78,097.85

               

              688,127.14

               

              —

               

              85,631.95

               

              Woodbridge

               

              Cary, GA

               

              4,495,249.95

               

              737,400.00

               

              6,636,869.85

               

              —

               

              463,986.25

               

              Woodbridge (CT)

               

              Newington, CT

               

               

              (P)

              498,376.96

               

              3,331,547.98

               

              —

               

              55,064.91

               

              Woodbridge II

               

              Cary, GA

               

              —

               

              1,244,600.00

               

              11,243,364.10

               

              —

               

              450,830.23

               

              Woodcliff I

               

              Lilburn, GA

               

              —

               

              276,659.02

               

              2,437,667.42

               

              —

               

              212,690.65

               

              Woodcliff II

               

              Lilburn, GA

               

              1,619,272.19

               

              266,449.39

               

              2,347,769.47

               

              —

               

              131,631.11

               

              Woodcreek

               

              Beaverton, OR

               

              9,747,030.16

               

              1,755,800.00

               

              15,816,454.87

               

              —

               

              2,604,671.54

               

              Woodcrest I

               

              Warner Robins, GA

               

              —

               

              115,738.70

               

              1,028,353.02

               

              —

               

              103,821.11

               

              Woodlake (WA)

               

              Kirkland, WA

               

               

              (R)

              6,631,400.00

               

              16,735,484.40

               

              —

               

              824,004.80

               

              Woodland Hills

               

              Decatur, GA

               

              —

               

              1,224,600.00

               

              11,010,680.74

               

              —

               

              1,376,441.60

               

              Woodland I (FL)

               

              Orlando, FL

               

              3,340,760.44

               

              461,948.64

               

              4,070,817.98

               

              —

               

              346,984.45

               

              Woodland Meadows

               

              Ann Arbor, MI

               

               

              (S)

              2,006,000.00

               

              18,049,551.84

               

              —

               

              969,732.17

               

              Description

               

              Gross Amount Carried
              at Close of
              Period 12/31/02

               

              Total (B)

               

              Accumulated
              Depreciation

               

              Date of
              Construction

               

              Life Used to
              Compute
              Depreciation
              in Latest
              Income
              Statement (C)

               

              Apartment Name

               

              Location

              Land

               

              Building &
              Fixtures (A)

              Waterford at Regency

               

              Jacksonville, FL

               

              1,113,000.00

               

              5,496,216.77

               

              6,609,216.77

               

              (979,099.81

              )

              1985

               

              30 Years

               

              Waterford at the Lakes

               

              Kent, WA

               

              3,100,200.00

               

              17,228,631.02

               

              20,328,831.02

               

              (3,810,206.84

              )

              1990

               

              30 Years

               

              Waterford Village (Broward)

               

              Delray Beach, FL

               

              1,888,000.00

               

              17,183,024.23

               

              19,071,024.23

               

              (3,102,013.75

              )

              1989

               

              30 Years

               

              Watermark Square

               

              Portland, OR

               

              1,580,500.00

               

              15,792,644.13

               

              17,373,144.13

               

              (3,822,953.67

              )

              1990

               

              30 Years

               

              Waterstone Place

               

              Federal Way, WA

               

              2,964,000.00

               

              30,787,568.12

               

              33,751,568.12

               

              (10,995,552.11

              )

              1990

               

              30 Years

               

              Webster Green

               

              Needham, MA

               

              1,418,892.54

               

              9,652,296.22

               

              11,071,188.76

               

              (739,929.16

              )

              1985

               

              30 Years

               

              Welleby Lake Club

               

              Sunrise, FL

               

              3,648,000.00

               

              18,181,113.86

               

              21,829,113.86

               

              (2,906,308.44

              )

              1991

               

              30 Years

               

              Wellington Hill

               

              Manchester, NH

               

              1,890,200.00

               

              19,816,459.32

               

              21,706,659.32

               

              (6,696,316.10

              )

              1987

               

              30 Years

               

              Wellsford Oaks

               

              Tulsa, OK

               

              1,310,500.00

               

              12,516,224.92

               

              13,826,724.92

               

              (2,681,391.33

              )

              1991

               

              30 Years

               

              Wentworth

               

              Roseville, MI

               

              217,502.26

               

              2,097,730.38

               

              2,315,232.64

               

              (267,081.77

              )

              1985

               

              30 Years

               

              West Of Eastland

               

              Columbus, OH

               

              234,543.74

               

              2,298,138.19

               

              2,532,681.93

               

              (312,591.75

              )

              1977

               

              30 Years

               

              Westbrook Village

               

              Manchester, MO

               

              2,310,000.00

               

              11,179,092.86

               

              13,489,092.86

               

              (1,615,270.26

              )

              1984

               

              30 Years

               

              Westridge

               

              Tacoma, WA

               

              3,501,900.00

               

              33,796,812.88

               

              37,298,712.88

               

              (7,326,024.37

              )

              1987/1991

               

              30 Years

               

              Westside Villas I

               

              Los Angeles, CA

               

              1,785,000.00

               

              3,295,641.37

               

              5,080,641.37

               

              (262,844.99

              )

              1999

               

              30 Years

               

              Westside Villas II

               

              Los Angeles, CA

               

              1,955,000.00

               

              3,552,648.95

               

              5,507,648.95

               

              (283,678.21

              )

              1999

               

              30 Years

               

              Westside Villas III

               

              Los Angeles, CA

               

              3,060,000.00

               

              5,564,595.63

               

              8,624,595.63

               

              (446,370.73

              )

              1999

               

              30 Years

               

              Westside Villas IV

               

              Los Angeles, CA

               

              3,060,000.00

               

              5,550,514.52

               

              8,610,514.52

               

              (441,558.27

              )

              1999

               

              30 Years

               

              Westside Villas V

               

              Los Angeles, CA

               

              5,100,000.00

               

              9,254,032.25

               

              14,354,032.25

               

              (736,825.97

              )

              1999

               

              30 Years

               

              Westside Villas VI

               

              Los Angeles, CA

               

              1,530,000.00

               

              3,059,089.34

               

              4,589,089.34

               

              (210,876.27

              )

              1989

               

              30 Years

               

              Westside Villas VII

               

              Los Angeles, CA

               

              4,505,000.00

               

              10,764,412.39

               

              15,269,412.39

               

              (192,884.47

              )

              2001

               

              30 Years

               

              Westway

               

              Brunswick, GA

               

              168,322.68

               

              1,654,531.84

               

              1,822,854.52

               

              (218,268.35

              )

              1984

               

              30 Years

               

              Westwood Glen

               

              Westwood, MA

               

              1,616,504.78

               

              11,001,405.26

               

              12,617,910.04

               

              (864,477.84

              )

              1972

               

              30 Years

               

              Westwood Pines

               

              Tamarac, FL

               

              1,528,600.00

               

              14,575,512.12

               

              16,104,112.12

               

              (2,827,564.41

              )

              1991

               

              30 Years

               

              Westwynd Apts

               

              West Hartford, CT

               

              308,543.13

               

              2,204,691.47

               

              2,513,234.60

               

              (178,366.15

              )

              1969

               

              30 Years

               

              Whispering Oaks

               

              Walnut Creek, CA

               

              2,170,800.00

               

              21,429,228.58

               

              23,600,028.58

               

              (5,243,375.85

              )

              1974

               

              30 Years

               

              Whispering Pines

               

              Fr. Pierce, FL

               

              384,000.00

               

              830,437.62

               

              1,214,437.62

               

              (97,813.57

              )

              1986

               

              30 Years

               

              Whispering Pines II

               

              Fr. Pierce, FL

               

              105,171.51

               

              1,056,452.08

               

              1,161,623.59

               

              (139,942.31

              )

              1986

               

              30 Years

               

              Whisperwood

               

              Cordele, GA

               

              84,240.30

               

              899,406.42

               

              983,646.72

               

              (121,699.65

              )

              1985

               

              30 Years

               

              White Bear Woods

               

              White Bear Lake, MN

               

              1,624,740.73

               

              15,339,719.61

               

              16,964,460.34

               

              (2,930,803.82

              )

              1989

               

              30 Years

               

              Wilcrest Woods

               

              Savannah, GA

               

              187,306.36

               

              1,769,313.26

               

              1,956,619.62

               

              (223,504.29

              )

              1986

               

              30 Years

               

              Wilde Lake

               

              Richmond, VA

               

              947,200.00

               

              9,373,041.14

               

              10,320,241.14

               

              (2,247,685.74

              )

              1989

               

              30 Years

               

              Wilkins Glen

               

              Medfield, MA

               

              538,482.64

               

              3,787,058.41

               

              4,325,541.05

               

              (313,549.77

              )

              1975

               

              30 Years

               

              Willow Brook (CA)

               

              Pleasant Hill, CA

               

              5,055,000.00

               

              19,429,273.68

               

              24,484,273.68

               

              (1,110,973.78

              )

              1985

               

              30 Years

               

              Willow Creek

               

              Fresno, CA

               

              275,000.00

               

              5,142,682.56

               

              5,417,682.56

               

              (341,009.18

              )

              1984

               

              30 Years

               

              Willow Creek I (GA)

               

              Griffin, GA

               

              145,768.69

               

              1,354,780.58

               

              1,500,549.27

               

              (166,275.00

              )

              1985

               

              30 Years

               

              Willow Lakes

               

              Spartanburg, SC

               

              200,989.58

               

              1,865,787.17

               

              2,066,776.75

               

              (248,453.85

              )

              1986

               

              30 Years

               

              Willow Run (GA)

               

              Stone Mountain, GA

               

              197,964.94

               

              1,929,731.88

               

              2,127,696.82

               

              (263,583.57

              )

              1983

               

              30 Years

               

              Willow Run (IN)

               

              New Albany, IN

               

              183,872.68

               

              1,753,205.98

               

              1,937,078.66

               

              (225,322.17

              )

              1984

               

              30 Years

               

              Willow Run (KY)

               

              Madisonville, KY

               

              141,015.67

               

              1,360,103.97

               

              1,501,119.64

               

              (180,627.37

              )

              1984

               

              30 Years

               

              Willow Trail

               

              Norcross, GA

               

              1,120,000.00

               

              11,948,682.90

               

              13,068,682.90

               

              (1,904,100.77

              )

              1985

               

              30 Years

               

              Willowick

               

              Aurora, CO

               

              506,900.00

               

              4,500,529.59

               

              5,007,429.59

               

              (843,642.46

              )

              1980

               

              30 Years

               

              Will-O-Wisp

               

              Kinston, NC(T)

               

              197,397.72

               

              4,223,599.91

               

              4,420,997.63

               

              (557,884.68

              )

              1970

               

              30 Years

               

              Willowood East II

               

              Indianapolis, IN

               

              104,917.75

               

              1,059,227.95

               

              1,164,145.70

               

              (160,659.72

              )

              1985

               

              30 Years

               

              Willowood I (Gro)

               

              Grove City, OH

               

              126,045.04

               

              1,243,093.51

               

              1,369,138.55

               

              (154,144.96

              )

              1984

               

              30 Years

               

              Willowood I (IN)

               

              Columbus, OH

               

              163,896.17

               

              1,533,536.96

               

              1,697,433.13

               

              (192,839.91

              )

              1983

               

              30 Years

               

              Willowood I (KY)

               

              Frankfort, KY

               

              138,822.38

               

              1,373,960.30

               

              1,512,782.68

               

              (170,913.06

              )

              1984

               

              30 Years

               

              Willowood I (Woo)

               

              Wooster, OH

               

              117,254.13

               

              1,101,978.87

               

              1,219,233.00

               

              (143,921.91

              )

              1984

               

              30 Years

               

              Willowood II (Gro)

               

              Grove City, OH

               

              70,923.51

               

              699,824.58

               

              770,748.09

               

              (88,843.47

              )

              1985

               

              30 Years

               

              Willowood II (IN)

               

              Columbus, OH

               

              161,306.27

               

              1,499,091.96

               

              1,660,398.23

               

              (192,160.44

              )

              1986

               

              30 Years

               

              Willowood II (KY)

               

              Frankfort, KY

               

              120,375.49

               

              1,141,343.87

               

              1,261,719.36

               

              (139,860.08

              )

              1985

               

              30 Years

               

              Willowood II (Tro)

               

              Trotwood, OH

               

              142,623.37

               

              1,387,747.20

               

              1,530,370.57

               

              (178,038.45

              )

              1987

               

              30 Years

               

              Willowood II (Woo)

               

              Wooster, OH

               

              103,199.14

               

              1,029,923.67

               

              1,133,122.81

               

              (144,817.82

              )

              1986

               

              30 Years

               

              Willows I (OH), The

               

              Columbus, OH

               

              76,283.41

               

              759,431.04

               

              835,714.45

               

              (105,290.89

              )

              1987

               

              30 Years

               

              Willows II (OH), The

               

              Columbus, OH

               

              96,678.71

               

              918,390.33

               

              1,015,069.04

               

              (118,272.20

              )

              1981

               

              30 Years

               

              Willows III (OH), The

               

              Columbus, OH

               

              129,221.40

               

              1,223,690.52

               

              1,352,911.92

               

              (154,483.10

              )

              1987

               

              30 Years

               

              Wimberly

               

              Dallas, TX

               

              2,232,000.00

               

              28,250,161.07

               

              30,482,161.07

               

              (4,298,403.89

              )

              1996

               

              30 Years

               

              Wimbledon Oaks

               

              Arlington, TX

               

              1,491,700.00

               

              9,581,658.63

               

              11,073,358.63

               

              (1,768,332.77

              )

              1985

               

              30 Years

               

              Winchester Park

               

              Riverside, RI

               

              2,822,618.35

               

              20,220,063.16

               

              23,042,681.51

               

              (1,782,062.00

              )

              1972

               

              30 Years

               

              Winchester Wood

               

              Riverside, RI

               

              683,215.23

               

              4,640,338.71

               

              5,323,553.94

               

              (363,515.35

              )

              1989

               

              30 Years

               

              Windemere

               

              Mesa, AZ

               

              949,300.00

               

              9,752,147.46

               

              10,701,447.46

               

              (2,337,226.81

              )

              1986

               

              30 Years

               

              Windmont

               

              Atlanta, GA

               

              3,204,000.00

               

              7,436,511.87

               

              10,640,511.87

               

              (843,324.42

              )

              1988

               

              30 Years

               

              Windridge (CA)

               

              Laguna Niguel, CA

               

              2,662,900.00

               

              25,417,329.36

               

              28,080,229.36

               

              (7,634,059.54

              )

              1989

               

              30 Years

               

              Windwood I (FL)

               

              Palm Bay, FL

               

              113,912.73

               

              1,199,025.64

               

              1,312,938.37

               

              (173,456.73

              )

              1988

               

              30 Years

               

              Windwood II (FL)

               

              Palm Bay, FL

               

              118,915.07

               

              1,327,568.37

               

              1,446,483.44

               

              (195,072.39

              )

              1987

               

              30 Years

               

              Wingwood (Orl)

               

              Orlando, FL

               

              236,884.32

               

              2,461,124.02

               

              2,698,008.34

               

              (325,588.27

              )

              1980

               

              30 Years

               

              Winter Woods I (FL)

               

              Winter Garden, FL

               

              144,921.36

               

              1,420,985.14

               

              1,565,906.50

               

              (193,712.74

              )

              1985

               

              30 Years

               

              Winterwood

               

              Charlotte, NC

               

              1,722,000.00

               

              17,987,677.36

               

              19,709,677.36

               

              (6,336,438.77

              )

              1986

               

              30 Years

               

              Winthrop Court (KY)

               

              Frankfort, KY

               

              184,709.36

               

              1,815,525.68

               

              2,000,235.04

               

              (234,158.13

              )

              1985

               

              30 Years

               

              Winthrop Court II (OH)

               

              Columbus, OH

               

              102,381.09

               

              981,690.64

               

              1,084,071.73

               

              (123,726.16

              )

              1986

               

              30 Years

               

              Wood Creek (CA)

               

              Pleasant Hill, CA

               

              9,729,900.00

               

              23,838,402.48

               

              33,568,302.48

               

              (4,819,334.79

              )

              1987

               

              30 Years

               

              Wood Forest

               

              Daytona Beach, FL

               

              1,008,000.00

               

              5,079,176.78

               

              6,087,176.78

               

              (844,453.14

              )

              1985

               

              30 Years

               

              Wood Lane Place

               

              Woodbury, MN

               

              2,009,146.73

               

              19,839,875.77

               

              21,849,022.50

               

              (3,838,195.33

              )

              1989

               

              30 Years

               

              Woodbine (Cuy)

               

              Cuyahoga Falls, OH

               

              185,868.12

               

              1,741,177.66

               

              1,927,045.78

               

              (208,336.40

              )

              1982

               

              30 Years

               

              Woodbine (Por)

               

              Portsmouth, OH

               

              78,097.85

               

              773,759.09

               

              851,856.94

               

              (108,020.62

              )

              1981

               

              30 Years

               

              Woodbridge

               

              Cary, GA

               

              737,400.00

               

              7,100,856.10

               

              7,838,256.10

               

              (1,899,432.56

              )

              1993-95

               

              30 Years

               

              Woodbridge (CT)

               

              Newington, CT

               

              498,376.96

               

              3,386,612.89

               

              3,884,989.85

               

              (275,369.63

              )

              1968

               

              30 Years

               

              Woodbridge II

               

              Cary, GA

               

              1,244,600.00

               

              11,694,194.33

               

              12,938,794.33

               

              (2,917,709.01

              )

              1993-95

               

              30 Years

               

              Woodcliff I

               

              Lilburn, GA

               

              276,659.02

               

              2,650,358.07

               

              2,927,017.09

               

              (325,229.41

              )

              1984

               

              30 Years

               

              Woodcliff II

               

              Liburn, GA

               

              266,449.39

               

              2,479,400.58

               

              2,745,849.97

               

              (296,525.59

              )

              1986

               

              30 Years

               

              Woodcreek

               

              Beaverton, OR

               

              1,755,800.00

               

              18,421,126.41

               

              20,176,926.41

               

              (6,493,660.71

              )

              1982-84

               

              30 Years

               

              Woodcrest I

               

              Warner Robins, GA

               

              115,738.70

               

              1,132,174.13

               

              1,247,912.83

               

              (137,055.50

              )

              1984

               

              30 Years

               

              Woodlake (WA)

               

              Kirkland, WA

               

              6,631,400.00

               

              17,559,489.20

               

              24,190,889.20

               

              (3,042,530.97

              )

              1984

               

              30 Years

               

              Woodland Hills

               

              Decatur, GA

               

              1,224,600.00

               

              12,387,122.34

               

              13,611,722.34

               

              (3,230,464.53

              )

              1985

               

              30 Years

               

              Woodland I (FL)

               

              Orlando, FL

               

              461,948.64

               

              4,417,802.43

               

              4,879,751.07

               

              (575,012.21

              )

              1984/85

               

              30 Years

               

              Woodland Meadows

               

              Ann Arbor, MI

               

              2,006,000.00

               

              19,019,284.01

               

              21,025,284.01

               

              (3,820,616.95

              )

              1987-1989

               

              30 Years

               

              S - 12


              Description

               

               

               

              Initial Cost to
              Company

               

              Cost Capitalized
              Subsequent to
              Acquisition
              (Improvements, net) (E)

               

              Apartment Name

               

              Location

               

              Encumbrances

               

              Land

               

              Building &
              Fixtures

               

              Land

               

              Building &
              Fixtures

               

              Woodlands I (Col)

               

              Columbus, OH

               

              1,721,062.20

               

              231,995.55

               

              2,044,232.64

               

              —

               

              176,875.29

               

              Woodlands I (PA)

               

              Zelienople, PA

               

              1,001,822.38

               

              163,191.69

               

              1,437,896.61

               

              —

               

              122,874.96

               

              Woodlands I (Str)

               

              Streetsboro, OH

               

              246,222.00

               

              197,377.57

               

              1,739,111.51

               

              —

               

              184,675.93

               

              Woodlands II (Col)

               

              Columbus, OH

               

              1,492,354.94

               

              192,633.43

               

              1,697,310.42

               

              —

               

              160,277.51

               

              Woodlands II (PA)

               

              Zelienople, PA

               

              —

               

              192,972.36

               

              1,700,296.78

               

              —

               

              104,681.00

               

              Woodlands II (Str)

               

              Streetsboro, OH

               

              1,529,793.55

               

              183,996.01

               

              1,621,205.38

               

              —

               

              173,027.92

               

              Woodlands III (Col)

               

              Columbus, OH

               

              —

               

              230,536.02

               

              2,031,248.57

               

              —

               

              295,627.72

               

              Woodlands of Brookfield

               

              Brookfield, WI

               

               

              (N)

              1,484,600.00

               

              13,961,080.72

               

              —

               

              700,020.83

               

              Woodlands of Minnetonka

               

              Minnetonka, MN

               

              —

               

              2,394,500.00

               

              13,543,076.29

               

              —

               

              809,486.25

               

              Woodleaf

               

              Campbell, CA

               

               

              (R)

              8,550,600.00

               

              16,988,182.50

               

              —

               

              524,617.39

               

              Woodmoor

               

              Austin, TX

               

              —

               

              653,800.00

               

              5,875,968.39

               

              —

               

              1,716,833.62

               

              Woodridge (MN)

               

              Eagan, MN

               

              7,467,450.05

               

              1,602,300.00

               

              10,449,579.23

               

              —

               

              772,994.24

               

              Woodridge (CO)

               

              Aurora, CO

               

              —

               

              2,780,700.00

               

              7,576,972.13

               

              —

               

              814,685.95

               

              Woodridge II (CO)

               

              Aurora, CO

               

              —

               

              —

               

              4,148,517.08

               

              —

               

              421,410.74

               

              Woodridge III (CO)

               

              Aurora, CO

               

              —

               

              —

               

              9,130,763.69

               

              —

               

              929,421.81

               

              Woods of Elm Creek

               

              San Antonio, TX

               

              —

               

              590,000.00

               

              5,310,327.86

               

              —

               

              607,599.80

               

              Woods of North Bend

               

              Raleigh, NC

               

               

              (S)

              1,039,500.00

               

              9,305,318.81

               

              —

               

              1,536,919.64

               

              Woodscape

               

              Raleigh, NC

               

              —

               

              957,300.00

               

              8,607,939.89

               

              —

               

              703,617.95

               

              Woodside

               

              Lorton, VA

               

              —

               

              1,326,000.00

               

              12,510,902.78

               

              —

               

              810,270.76

               

              Woodtrail

               

              Newnan, GA

               

              —

               

              250,894.94

               

              2,210,657.86

               

              —

               

              174,907.49

               

              Woodvalley

               

              Anniston, AL

               

              1,363,931.24

               

              190,188.16

               

              1,675,764.93

               

              —

               

              86,234.97

               

              Wyndridge 2

               

              Memphis, TN

               

              14,135,000.00

               

              1,488,000.00

               

              13,607,636.08

               

              —

               

              1,252,783.82

               

              Wyndridge 3

               

              Memphis, TN

               

              10,855,000.00

               

              1,502,500.00

               

              13,531,740.55

               

              —

               

              850,679.31

               

              Yarmouth Woods

               

              Yarmouth, ME

               

              —

               

              692,800.00

               

              6,096,155.42

               

              —

               

              355,803.24

               

              Yorktowne at Olde Mill

               

              Millersville, MD

               

              —

               

              216,000.00

               

              2,674,121.00

               

              —

               

              4,204,000.95

               

              Management Business

               

              Chicago, IL

               

              —

               

              —

               

              —

               

              —

               

              58,845,558.62

               

              Operating Partnership

               

              Chicago, IL(H)

               

              43,792.00

               

              —

               

              —

               

              —

               

              —

               

              Total Investment in Real Estate

               

               

               

              $

              2,046,995,578.53

               

              $

              1,803,577,007.59

               

              $

              10,456,109,229.10

               

              $

              —

               

              $

              786,577,064.52

               

              Description

               

              Gross Amount Carried
              at Close of
              Period 12/31/02

               

              Total (B)

               

              Accumulated
              Depreciation

               

              Date of
              Construction

               

              Life Used to
              Compute
              Depreciation
              in Latest
              Income
              Statement (C)

               

              Apartment Name

               

              Location

              Land

               

              Building &
              Fixtures (A)

              Woodlands I (Col)

               

              Columbus, OH

               

              231,995.55

               

              2,221,107.93

               

              2,453,103.48

               

              (288,275.93

              )

              1983

               

              30 Years

               

              Woodlands I (PA)

               

              Zelienople, PA

               

              163,191.69

               

              1,560,771.57

               

              1,723,963.26

               

              (194,067.24

              )

              1983

               

              30 Years

               

              Woodlands I (Str)

               

              Streetsboro, OH

               

              197,377.57

               

              1,923,787.44

               

              2,121,165.01

               

              (250,523.14

              )

              1984

               

              30 Years

               

              Woodlands II (Col)

               

              Columbus, OH

               

              192,633.43

               

              1,857,587.93

               

              2,050,221.36

               

              (241,386.29

              )

              1984

               

              30 Years

               

              Woodlands II (PA)

               

              Zelienople, PA

               

              192,972.36

               

              1,804,977.78

               

              1,997,950.14

               

              (221,806.00

              )

              1987

               

              30 Years

               

              Woodlands II (Str)

               

              Streetsboro, OH

               

              183,996.01

               

              1,794,233.30

               

              1,978,229.31

               

              (234,657.46

              )

              1985

               

              30 Years

               

              Woodlands III (Col)

               

              Columbus, OH

               

              230,536.02

               

              2,326,876.29

               

              2,557,412.31

               

              (300,119.50

              )

              1987

               

              30 Years

               

              Woodlands of Brookfield

               

              Brookfield, WI

               

              1,484,600.00

               

              14,661,101.55

               

              16,145,701.55

               

              (2,521,095.94

              )

              1990

               

              30 Years

               

              Woodlands of Minnetonka

               

              Minnetonka, MN

               

              2,394,500.00

               

              14,352,562.54

               

              16,747,062.54

               

              (2,857,444.86

              )

              1988

               

              30 Years

               

              Woodleaf

               

              Campbell, CA

               

              8,550,600.00

               

              17,512,799.89

               

              26,063,399.89

               

              (2,819,071.49

              )

              1984

               

              30 Years

               

              Woodmoor

               

              Austin, TX

               

              653,800.00

               

              7,592,802.01

               

              8,246,602.01

               

              (2,832,808.07

              )

              1981

               

              30 Years

               

              Woodridge (MN)

               

              Eagan, MN

               

              1,602,300.00

               

              11,222,573.47

               

              12,824,873.47

               

              (2,067,345.38

              )

              1986

               

              30 Years

               

              Woodridge (CO)

               

              Aurora, CO

               

              2,780,700.00

               

              8,391,658.08

               

              11,172,358.08

               

              (1,523,142.92

              )

              1980-82

               

              30 Years

               

              Woodridge II (CO)

               

              Aurora, CO

               

              —

               

              4,569,927.82

               

              4,569,927.82

               

              (836,391.33

              )

              1980-82

               

              30 Years

               

              Woodridge III (CO)

               

              Aurora, CO

               

              —

               

              10,060,185.50

               

              10,060,185.50

               

              (1,841,805.72

              )

              1980-82

               

              30 Years

               

              Woods of Elm Creek

               

              San Antonio, TX

               

              590,000.00

               

              5,917,927.66

               

              6,507,927.66

               

              (1,406,426.15

              )

              1983

               

              30 Years

               

              Woods of North Bend

               

              Raleigh, NC

               

              1,039,500.00

               

              10,842,238.45

               

              11,881,738.45

               

              (3,473,671.23

              )

              1983

               

              30 Years

               

              Woodscape

               

              Raleigh, NC

               

              957,300.00

               

              9,311,557.84

               

              10,268,857.84

               

              (2,313,365.72

              )

              1979

               

              30 Years

               

              Woodside

               

              Lorton, VA

               

              1,326,000.00

               

              13,321,173.54

               

              14,647,173.54

               

              (4,093,660.88

              )

              1987

               

              30 Years

               

              Woodtrail

               

              Newnan, GA

               

              250,894.94

               

              2,385,565.35

               

              2,636,460.29

               

              (284,281.09

              )

              1984

               

              30 Years

               

              Woodvalley

               

              Anniston, AL

               

              190,188.16

               

              1,761,999.90

               

              1,952,188.06

               

              (222,633.73

              )

              1986

               

              30 Years

               

              Wyndridge 2

               

              Memphis, TN

               

              1,488,000.00

               

              14,860,419.90

               

              16,348,419.90

               

              (3,477,115.58

              )

              1988

               

              30 Years

               

              Wyndridge 3

               

              Memphis, TN

               

              1,502,500.00

               

              14,382,419.86

               

              15,884,919.86

               

              (3,192,022.49

              )

              1988

               

              30 Years

               

              Yarmouth Woods

               

              Yarmouth, ME

               

              692,800.00

               

              6,451,958.66

               

              7,144,758.66

               

              (1,274,116.52

              )

              1971/1978

               

              30 Years

               

              Yorktowne at Olde Mill

               

              Millersville, MD

               

              216,000.00

               

              6,878,121.95

               

              7,094,121.95

               

              (5,373,894.06

              )

              1974

               

              30 Years

               

              Management Business

               

              Chicago, IL

               

              —

               

              58,845,558.62

               

              58,845,558.62

               

              (41,664,975.01

              )

              (D)

               

               

               

              Operating Partnership

               

              Chicago, IL(H)

               

              —

               

              —

               

              —

               

              —

               

               

               

               

               

              Total Investment in Real Estate

               

               

               

              $

              1,803,577,007.59

               

              $

              11,242,686,293.62

               

              $

              13,046,263,301.21

               

              $

              (2,112,017,518.57

              )

               

               

               

               

              S - 13


              EQUITY RESIDENTIAL PROPERTIES TRUST

              Schedule III —- Real Estate and Accumulated Depreciation

              December 31, 20012002

               
              		  
              		  
              		 Initial Cost to
              Company
              		 Cost Capitalized
              Subsequent to
              (Improvements, net) (H)
              		 Gross Amount Carried
              at Close of
              Period 12/31/01
              		  
              Description
              		  
              		 Life Used to
              Compute
              Depreciation in
              Latest Income
              Statement (C)
              Apartment Name
              		 Location
              		 Encumbrances
              		 Land
              		 Building &
              Fixtures
              		 Land
              		 Building &
              Fixtures
              		 Land
              		 Building &
              Fixtures (A)
              		 Total (B)
              		 Accumulated
              Depreciation
              		 Date of
              Construction
              Country Oaks Agoura Hills, CA 29,412,000.00 6,105,000.00 18,820,760.52 — 82,706.85 6,105,000.00 18,903,467.37 25,008,467.37 (377,387.02)1985 30 Years
              Country Place Birmingham, AL (U) 1,768,319.30 75,562.14 1,817,198.29 — 128,940.70 75,562.14 1,946,138.99 2,021,701.13 (171,420.36)1978 30 Years
              Country Ridge Farmington Hills, MI (R)1,621,950.00 14,596,964.22 — 1,183,978.12 1,621,950.00 15,780,942.34 17,402,892.34 (3,405,205.23)1986 30 Years
              Countryside I Daytona Beach, FL — 136,664.58 1,204,163.85 — 155,455.66 136,664.58 1,359,619.51 1,496,284.09 (126,653.90)1982 30 Years
              Countryside II Daytona Beach, FL — 234,633.36 2,067,375.58 — 108,105.13 234,633.36 2,175,480.71 2,410,114.07 (190,028.11)1982 30 Years
              Countryside III (REIT) Daytona Beach, FL 411,550.86 80,000.00 719,868.20 — 23,302.17 80,000.00 743,170.37 823,170.37 (27,984.54)1983 30 Years
              Countryside Manor Douglasville, GA — 298,186.45 2,627,347.60 — 193,067.43 298,186.45 2,820,415.03 3,118,601.48 (245,574.50)1985 30 Years
              Coventry at Cityview Fort Worth, TX — 2,160,000.00 23,072,847.21 — 514,073.48 2,160,000.00 23,586,920.69 25,746,920.69 (2,751,953.27)1996 30 Years
              Creekside (San Mateo) San Mateo, CA 13,792,552.98 9,606,600.00 21,193,231.54 — 402,114.55 9,606,600.00 21,595,346.09 31,201,946.09 (2,694,957.33)1985 30 Years
              Creekside Homes at Legacy Plano. TX — 4,560,000.00 32,275,747.98 — 316,425.53 4,560,000.00 32,592,173.51 37,152,173.51 (3,731,549.51)1998 30 Years
              Creekside Village Mountlake Terrace, WA 14,027,592.72 2,807,600.00 25,270,593.68 — 1,884,502.01 2,807,600.00 27,155,095.69 29,962,695.69 (7,404,266.52)1987 30 Years
              Creekwood Charlotte, NC — 1,861,700.00 16,740,568.56 — 1,150,808.82 1,861,700.00 17,891,377.38 19,753,077.38 (2,883,762.92)1987-1990 30 Years
              Crescent at Cherry Creek Denver, CO (E)2,594,000.00 15,149,469.76 — 437,097.44 2,594,000.00 15,586,567.20 18,180,567.20 (2,381,463.28)1994 30 Years
              Cross Creek Matthews, NC 12,362,346.39 3,151,600.00 20,295,924.81 — 593,541.30 3,151,600.00 20,889,466.11 24,041,066.11 (2,814,022.58)1989 30 Years
              Crosswinds St. Petersburg, FL — 1,561,200.00 5,756,821.52 — 678,233.79 1,561,200.00 6,435,055.31 7,996,255.31 (1,311,668.76)1986 30 Years
              Crown Court Scottsdale, AZ 14,787,000.00 3,156,600.00 28,414,599.11 — 1,477,844.23 3,156,600.00 29,892,443.34 33,049,043.34 (5,265,668.42)1987 30 Years
              Crystal Creek Phoenix, AZ — 953,500.00 8,581,704.26 — 1,022,260.58 953,500.00 9,603,964.84 10,557,464.84 (2,622,420.02)1985 30 Years
              Crystal Village Attleboro, MA — 1,369,000.00 4,989,028.15 — 611,504.80 1,369,000.00 5,600,532.95 6,969,532.95 (883,172.54)1974 30 Years
              Cypress Panama City, FL 1,380,545.57 171,882.34 1,514,635.71 — 84,976.32 171,882.34 1,599,612.03 1,771,494.37 (147,687.81)1985 30 Years
              Cypress Point Las Vegas, NV — 959,690.00 8,636,550.62 — 1,148,009.75 959,690.00 9,784,560.37 10,744,250.37 (2,878,287.33)1989 30 Years
              Daniel Court Cincinnati, OH 2,278,701.39 334,100.71 2,943,516.33 — 447,785.44 334,100.71 3,391,301.77 3,725,402.48 (310,436.57)1985 30 Years
              Dartmouth Place I Kent, OH — 151,770.96 1,337,421.54 — 134,082.67 151,770.96 1,471,504.21 1,623,275.17 (124,105.93)1982 30 Years
              Dartmouth Place II Kent, OH — 130,101.56 1,146,336.54 — 59,891.04 130,101.56 1,206,227.58 1,336,329.14 (102,514.95)1986 30 Years
              Dartmouth Woods Lakewood, CO (R)1,609,800.00 10,832,754.24 — 462,430.30 1,609,800.00 11,295,184.54 12,904,984.54 (1,967,354.33)1990 30 Years
              Dean Estates Taunton, MA — 498,079.65 3,329,560.49 — 29,964.66 498,079.65 3,359,525.15 3,857,604.80 (142,858.22)1984 30 Years
              Dean Estates II Cranston, RI 1,225,289.00 308,456.89 2,061,971.13 — 64,487.11 308,456.89 2,126,458.24 2,434,915.13 (92,322.20)1970 30 Years
              Deerbrook Jacksonville, FL — 1,008,000.00 8,845,716.24 — 436,334.23 1,008,000.00 9,282,050.47 10,290,050.47 (1,175,326.31)1983 30 Years
              Deerfield Denver, CO 9,100,000.00 1,260,000.00 7,405,292.37 — 171,539.40 1,260,000.00 7,576,831.77 8,836,831.77 (169,303.65)1983 30 Years
              Deerwood (Corona) Corona, CA — 4,742,200.00 20,272,892.01 — 780,618.84 4,742,200.00 21,053,510.85 25,795,710.85 (3,403,082.29)1992 30 Years
              Deerwood (FL) Eustis, FL 849,268.96 114,948.15 1,012,818.51 — 72,143.38 114,948.15 1,084,961.89 1,199,910.04 (99,381.36)1982 30 Years
              Deerwood (SD) San Diego, CA — 2,082,095.00 18,739,815.37 — 3,724,410.67 2,082,095.00 22,464,226.04 24,546,321.04 (6,988,960.64)1990 30 Years
              Deerwood Meadows Greensboro, NC — 986,743.00 7,204,361.73 — 907,060.03 986,743.00 8,111,421.76 9,098,164.76 (2,824,839.37)1986 30 Years
              Defoor Village Atlanta, GA — 2,966,400.00 10,570,210.33 — 187,906.28 2,966,400.00 10,758,116.61 13,724,516.61 (1,390,503.59)1997 30 Years
              Desert Sands Phoenix, AZ — 1,481,050.00 13,390,248.53 — 1,466,584.77 1,481,050.00 14,856,833.30 16,337,883.30 (3,464,327.64)1982 30 Years
              Dogwood Glen I Indianpolis, IN 1,714,132.81 240,854.78 2,122,193.09 — 124,068.44 240,854.78 2,246,261.53 2,487,116.31 (200,150.17)1986 30 Years
              Dogwood Glen II Indianpolis, IN 1,318,760.27 202,396.77 1,783,336.09 — 116,984.20 202,396.77 1,900,320.29 2,102,717.06 (172,493.26)1987 30 Years
              Dos Caminos Scottsdale, AZ — 1,727,900.00 15,567,778.26 — 950,809.55 1,727,900.00 16,518,587.81 18,246,487.81 (2,971,904.40)1983 30 Years
              Dover Place I Eastlake, OH — 244,293.77 2,152,494.39 — 132,792.82 244,293.77 2,285,287.21 2,529,580.98 (192,289.20)1982 30 Years
              Dover Place II Eastlake, OH 1,585,455.70 230,895.36 2,034,241.71 — 52,689.67 230,895.36 2,086,931.38 2,317,826.74 (170,468.89)1983 30 Years
              Dover Place III Eastlake, OH 751,191.79 119,835.15 1,055,878.24 — 12,529.01 119,835.15 1,068,407.25 1,188,242.40 (86,761.06)1983 30 Years
              Dover Place IV Eastlake, OH 1,824,322.83 261,911.97 2,307,729.91 — 30,452.65 261,911.97 2,338,182.56 2,600,094.53 (191,431.97)1986 30 Years
              Driftwood Atlantic Beach, FL 346,205.63 126,357.35 1,113,430.46 — 132,858.30 126,357.35 1,246,288.76 1,372,646.11 (114,628.47)1985 30 Years
              Duraleigh Woods Raleigh, NC — 1,629,000.00 19,917,749.59 — 1,356,498.56 1,629,000.00 21,274,248.15 22,903,248.15 (2,655,814.12)1987 30 Years
              Eagle Canyon Chino Hills, CA — 1,808,900.00 16,274,360.96 — 582,643.61 1,808,900.00 16,857,004.57 18,665,904.57 (3,360,481.22)1985 30 Years
              East Pointe Charlotte, NC 8,965,900.05 1,365,900.00 12,295,246.21 — 1,490,854.60 1,365,900.00 13,786,100.81 15,152,000.81 (4,376,436.85)1987 30 Years
              Eastbridge Dallas, TX 9,190,320.85 3,520,000.00 11,837,231.21 — 1,130.23 3,520,000.00 11,838,361.44 15,358,361.44 (79,656.11)1998 30 Years
              Edgewater Bakersfield, CA 11,988,000.00 580,000.00 9,950,311.30 — 82,807.56 580,000.00 10,033,118.86 10,613,118.86 (232,206.78)1984 30 Years
              Edgewood Woodinville, WA 5,455,157.84 1,070,100.00 9,632,980.07 — 808,819.31 1,070,100.00 10,441,799.38 11,511,899.38 (2,898,804.43)1986 30 Years
              Elmtree Park I Indianpolis, IN 1,445,563.90 157,687.17 1,389,620.78 — 142,203.32 157,687.17 1,531,824.10 1,689,511.27 (140,466.82)1986 30 Years
              Elmtree Park II Indianpolis, IN 908,782.97 114,114.14 1,005,454.90 — 85,028.36 114,114.14 1,090,483.26 1,204,597.40 (104,506.85)1987 30 Years
              Elmwood (GA) Marietta, GA — 183,756.45 1,619,094.62 — 67,026.91 183,756.45 1,686,121.53 1,869,877.98 (144,337.16)1984 30 Years
              Elmwood I (FL) W. Palm Beach, FL 316,201.53 163,388.66 1,439,632.14 — 42,931.66 163,388.66 1,482,563.80 1,645,952.46 (126,460.26)1984 30 Years
              Elmwood II (FL) W. Palm Beach, FL 1,301,033.55 179,743.41 1,582,960.29 — 81,684.71 179,743.41 1,664,645.00 1,844,388.41 (139,385.69)1984 30 Years
              Emerald Bay Winter Park, FL — 2,161,600.00 13,550,753.15 — 1,315,093.79 2,161,600.00 14,865,846.94 17,027,446.94 (2,532,535.23)1972 30 Years
              Emerald Place Bermuda Dunes, CA — 956,500.00 8,609,599.40 — 936,417.13 956,500.00 9,546,016.53 10,502,516.53 (2,931,635.32)1988 30 Years
              Emerson Place Combined Boston, MA — 14,855,000.00 57,566,635.65 — 5,834,512.47 14,855,000.00 63,401,148.12 78,256,148.12 (8,323,050.84)1962 30 Years
              Enclave, The Tempe, AZ (M)1,500,192.00 19,281,398.59 — 265,117.51 1,500,192.00 19,546,516.10 21,046,708.10 (2,819,908.38)1994 30 Years
              English Hills Charlotte, NC — 1,260,000.00 12,554,291.22 — 439,943.01 1,260,000.00 12,994,234.23 14,254,234.23 (1,630,291.06)1984 30 Years
              Esprit Del Sol Solana Beach, CA — 5,111,200.00 11,910,438.14 — 450,120.61 5,111,200.00 12,360,558.75 17,471,758.75 (1,557,667.17)1986 30 Years
              Essex Place Overland Park, KS — 1,835,400.00 16,513,585.66 — 2,892,803.06 1,835,400.00 19,406,388.72 21,241,788.72 (5,916,882.12)1970-84 30 Years
              Essex Place (FL) Tampa, FL — 1,188,000.00 7,106,384.37 — 399,822.92 1,188,000.00 7,506,207.29 8,694,207.29 (940,153.01)1989 30 Years
              Ethans Glen III Kansas City, MO 2,364,258.00 246,500.00 2,223,049.34 — 157,122.46 246,500.00 2,380,171.80 2,626,671.80 (391,138.27)1990 30 Years
              Ethans Ridge I Kansas City, MO 16,216,607.00 1,948,300.00 17,573,969.73 — 1,361,740.53 1,948,300.00 18,935,710.26 20,884,010.26 (3,004,478.92)1988 30 Years
              Ethans Ridge II Kansas City, MO 10,981,324.00 1,468,134.66 13,183,141.26 — 687,111.08 1,468,134.66 13,870,252.34 15,338,387.00 (2,137,289.75)1990 30 Years
              Fairfield Combined Stamford, CT — 6,510,200.00 39,690,120.06 — 374,970.60 6,510,200.00 40,065,090.66 46,575,290.66 (5,253,325.06)1996 30 Years
              Fairland Gardens Silver Spring, MD — 6,000,000.00 19,972,183.10 — 1,013,030.29 6,000,000.00 20,985,213.39 26,985,213.39 (2,243,961.25)1981 30 Years
              Farmington Gates Germantown, TN — 973,797.81 8,786,179.80 — 657,903.37 973,797.81 9,444,083.17 10,417,880.98 (1,553,885.00)1976 30 Years
              Farnham Park Houston, TX 11,115,950.95 1,512,600.00 14,233,759.62 — 309,623.65 1,512,600.00 14,543,383.27 16,055,983.27 (2,091,518.24)1996 30 Years
              Feather River Stockton, CA 4,867,000.00 770,000.00 3,777,440.43 — 19,154.22 770,000.00 3,796,594.65 4,566,594.65 (95,131.54)1981 30 Years
              Fernbrook Townhomes Plymouth, MN 5,115,294.24 580,100.00 6,683,692.61 — 152,629.20 580,100.00 6,836,321.81 7,416,421.81 (843,763.67)1993 30 Years
              Fielder Crossing Arlington, TX 3,291,696.20 718,100.00 3,933,387.18 — 107,615.11 718,100.00 4,041,002.29 4,759,102.29 (563,088.45)1980 30 Years
              Fireside Park Rockville, MD 8,446,240.01 4,248,000.00 10,136,319.94 — 507,686.80 4,248,000.00 10,644,006.74 14,892,006.74 (1,201,821.87)1961 30 Years
              Forest Glen Pensacola, FL — 161,548.49 1,423,618.28 — 166,288.09 161,548.49 1,589,906.37 1,751,454.86 (148,834.26)1986 30 Years
              Forest Place Tampa, FL 10,518,928.41 1,708,000.00 8,612,028.53 — 404,644.23 1,708,000.00 9,016,672.76 10,724,672.76 (1,207,467.24)1985 30 Years
              Forest Ridge I & II Arlington, TX 16,541,000.00 2,362,700.00 21,263,294.52 — 1,790,156.25 2,362,700.00 23,053,450.77 25,416,150.77 (5,497,325.73)1984/85 30 Years
              Forest Village Macon, GA — 224,021.80 1,973,876.21 — 151,163.22 224,021.80 2,125,039.43 2,349,061.23 (177,941.31)1983 30 Years
              Forsythia Court (KY) Louisville, KY 1,871,305.79 279,450.32 2,462,186.82 — 146,427.00 279,450.32 2,608,613.82 2,888,064.14 (221,392.92)1985 30 Years
              Forsythia Court (MD) Abingdon, MD 2,037,566.70 251,955.21 2,220,099.99 — 170,899.19 251,955.21 2,390,999.18 2,642,954.39 (205,158.06)1986 30 Years
              Forsythia Court II (MD) Abingdon, MD — 239,833.55 2,113,338.95 — 161,903.92 239,833.55 2,275,242.87 2,515,076.42 (194,694.20)1987 30 Years
              Fountain Creek Phoenix, AZ — 686,500.00 6,177,919.79 — 799,116.37 686,500.00 6,977,036.16 7,663,536.16 (1,859,581.07)1984 30 Years
              Fountain Place I Eden Prairie, MN 24,653,106.00 2,405,068.29 21,694,116.90 — 709,689.04 2,405,068.29 22,403,805.94 24,808,874.23 (3,440,818.48)1989 30 Years
              Fountain Place II Eden Prairie, MN 12,600,000.00 1,231,349.55 11,095,333.38 — 274,954.71 1,231,349.55 11,370,288.09 12,601,637.64 (1,711,312.53)1989 30 Years
              Fountainhead I San Antonio, TX (P)1,205,816.00 5,200,240.60 — 247,027.09 1,205,816.00 5,447,267.69 6,653,083.69 (2,997,973.14)1985/1987 30 Years
              Fountainhead II San Antonio, TX (P)1,205,817.00 4,529,801.24 — 888,864.65 1,205,817.00 5,418,665.89 6,624,482.89 (2,799,867.17)1985/1987 30 Years
              Fountainhead III San Antonio, TX (P)1,205,816.00 4,399,092.50 — 889,508.69 1,205,816.00 5,288,601.19 6,494,417.19 (2,505,397.67)1985/1987 30 Years
              Fountains at Flamingo Las Vegas, NV 15,384,000.00 3,183,100.00 28,650,075.52 — 1,625,362.39 3,183,100.00 30,275,437.91 33,458,537.91 (7,971,868.31)1989-91 30 Years
              Four Lakes Lisle, IL — 2,150,959.00 6,811,631.00 — 11,024,239.38 2,150,959.00 17,835,870.38 19,986,829.38 (14,602,233.05)1968/1988* 30 Years
              Four Lakes 5 Lisle, IL (P)600,000.00 19,186,686.01 — 1,597,961.57 600,000.00 20,784,647.58 21,384,647.58 (9,692,038.00)1968/1988* 30 Years
              Four Lakes Athletic Club Lisle, IL — 50,000.00 153,488.68 — 5,700.00 50,000.00 159,188.68 209,188.68 (12,896.80)N/A 30 Years
              Four Lakes Condo Lisle, IL — 640,000.00 5,775,680.00 — 696,245.81 640,000.00 6,471,925.81 7,111,925.81 (49,924.23)1972 30 Years
              Four Lakes Leasing Center Lisle, IL — 50,000.00 152,815.00 — 31,396.76 50,000.00 184,211.76 234,211.76 (23,053.30)N/A 30 Years
              Four Winds Fall River, MA 6,004,919.00 1,370,842.90 9,163,804.20 — 166,435.05 1,370,842.90 9,330,239.25 10,701,082.15 (394,990.73)1987 30 Years
              Fox Hill Apartments Enfield, CT 5,553,940.00 1,129,018.28 7,547,256.07 — 102,379.84 1,129,018.28 7,649,635.91 8,778,654.19 (334,629.02)1974 30 Years
              Fox Hill Commons Vernon, CT 2,195,541.00 478,502.81 3,198,693.32 — 38,474.89 478,502.81 3,237,168.21 3,715,671.02 (142,361.73)1965 30 Years
              Fox Ridge Englewood, CO 20,300,000.00 2,490,000.00 17,139,840.18 — 145,197.30 2,490,000.00 17,285,037.48 19,775,037.48 (361,784.70)1984 30 Years
              Fox Run (WA) Federal Way, WA — 639,700.00 5,765,017.82 — 673,212.53 639,700.00 6,438,230.35 7,077,930.35 (1,973,911.26)1988 30 Years
              Foxcroft Scarborough, ME — 523,400.00 4,527,408.97 — 315,999.33 523,400.00 4,843,408.30 5,366,808.30 (737,464.98)1977/1979 30 Years
              Foxhaven Canton, OH 1,750,573.82 256,820.91 2,263,172.10 — 213,249.51 256,820.91 2,476,421.61 2,733,242.52 (216,766.30)1986 30 Years
              Foxton (MI) Monroe, MI 864,702.88 156,362.50 1,377,823.99 — 56,203.48 156,362.50 1,434,027.47 1,590,389.97 (122,012.77)1983 30 Years
              Foxton II (OH) Dayton, OH 1,331,234.03 165,805.54 1,460,832.47 — 72,607.34 165,805.54 1,533,439.81 1,699,245.35 (136,367.34)1983 30 Years
              Garden Court Detriot, MI 2,066,137.71 351,531.69 3,096,890.33 — 99,598.22 351,531.69 3,196,488.55 3,548,020.24 (264,651.57)1988 30 Years
              Garden Lake Riverdale, GA — 1,466,900.00 13,186,716.06 — 527,116.23 1,466,900.00 13,713,832.29 15,180,732.29 (2,263,179.25)1991 30 Years
              Garden Terrace I Tampa, FL 570,856.56 93,143.89 820,699.22 — 97,718.23 93,143.89 918,417.45 1,011,561.34 (91,759.26)1981 30 Years
              Garden Terrace II Tampa, FL 652,407.24 97,119.68 855,730.21 — 68,822.37 97,119.68 924,552.58 1,021,672.26 (92,127.40)1982 30 Years
              Gatehouse at Pine Lake Pembroke Pines, FL — 1,896,600.00 17,070,794.56 — 890,924.07 1,896,600.00 17,961,718.63 19,858,318.63 (3,517,736.06)1990 30 Years
              Gatehouse on the Green Plantation, FL — 2,228,200.00 20,056,270.22 — 1,128,831.20 2,228,200.00 21,185,101.42 23,413,301.42 (4,158,929.71)1990 30 Years
              Gates at Carlson Center Minnetonka, MN (N)4,355,200.00 23,802,816.77 — 931,858.52 4,355,200.00 24,734,675.29 29,089,875.29 (3,542,037.40)1989 30 Years

              S-3

              Gates of Redmond Redmond, WA 5,958,096.79 2,306,100.00 12,080,659.89 — 453,111.36 2,306,100.00 12,533,771.25 14,839,871.25 (2,065,711.91)1979 30 Years
              Gateway Villas Scottsdale, AZ — 1,431,048.00 14,926,832.51 — 248,510.12 1,431,048.00 15,175,342.63 16,606,390.63 (2,205,923.50)1995 30 Years
              Geary Court Yard San Francisco, CA 17,693,865.00 1,722,400.00 15,471,429.16 — 606,012.46 1,722,400.00 16,077,441.62 17,799,841.62 (2,348,924.67)1990 30 Years
              Georgian Woods Combined (REIT) Wheaton, MD 18,199,053.89 5,038,400.00 28,837,368.82 — 2,902,987.97 5,038,400.00 31,740,356.79 36,778,756.79 (7,423,778.81)1967 30 Years
              Glastonbury Center Glastonbury, CT 4,182,834.75 852,606.10 5,699,497.28 — 195,908.82 852,606.10 5,895,406.10 6,748,012.20 (249,531.28)1962 30 Years
              Glen Arm Manor Albany, GA 1,129,280.92 166,498.48 1,466,883.08 — 81,798.74 166,498.48 1,548,681.82 1,715,180.30 (136,851.93)1986 30 Years
              Glen Eagle Greenville, SC — 835,900.00 7,523,243.58 — 255,923.46 835,900.00 7,779,167.04 8,615,067.04 (1,297,575.47)1990 30 Years
              Glen Grove Wellesley, MA 5,594,851.98 1,344,601.04 8,988,382.70 — 76,182.76 1,344,601.04 9,064,565.46 10,409,166.50 (380,751.58)1979 30 Years
              Glen Meadow Franklin, MA 2,451,816.13 2,339,330.34 15,637,944.47 — 881,423.21 2,339,330.34 16,519,367.68 18,858,698.02 (741,956.79)1971 30 Years
              GlenGarry Club Bloomingdale, IL (N)3,129,700.00 15,807,888.64 — 986,520.05 3,129,700.00 16,794,408.69 19,924,108.69 (2,479,330.80)1989 30 Years
              Glenlake Glendale Heights. IL 14,845,000.00 5,041,700.00 16,671,969.86 — 2,850,177.27 5,041,700.00 19,522,147.13 24,563,847.13 (2,858,616.79)1988 30 Years
              Glenwood Village Macon, GA 1,065,204.87 167,778.79 1,478,613.98 — 86,845.40 167,778.79 1,565,459.38 1,733,238.17 (138,652.09)1986 30 Years
              Gosnold Grove East Falmouth, MA 680,657.99 124,295.62 830,890.76 — 36,541.11 124,295.62 867,431.87 991,727.49 (42,355.30)1978 30 Years
              Governor's Pointe Roswell, GA (E)3,746,600.00 24,511,111.56 — 1,584,845.41 3,746,600.00 26,095,956.97 29,842,556.97 (4,318,529.81)1982-1986 30 Years
              Granada Highlands Malden, MA — 28,210,000.00 99,944,576.46 — 2,018,235.31 28,210,000.00 101,962,811.77 130,172,811.77 (7,831,599.03)1972 30 Years
              Grand Reserve Woodbury, MN — 4,728,000.00 49,541,641.99 — 96,312.55 4,728,000.00 49,637,954.54 54,365,954.54 (1,468,328.62)2000 30 Years
              Grandview I & II Las Vegas, NV — 2,333,300.00 15,527,831.02 — 868,936.04 2,333,300.00 16,396,767.06 18,730,067.06 (2,247,142.23)1980 30 Years
              Greenbriar (AL) Montgomery, AL (U) 1,683,614.86 94,355.62 2,051,619.25 — 101,901.74 94,355.62 2,153,520.99 2,247,876.61 (186,132.99)1979 30 Years
              Greenbriar Glen Altlanta, GA 1,487,167.77 227,701.24 2,006,246.10 — 36,808.10 227,701.24 2,043,054.20 2,270,755.44 (171,677.67)1988 30 Years
              Greenfield Village Rocky Hill, CT — 911,534.03 6,093,418.42 — 48,098.78 911,534.03 6,141,517.20 7,053,051.23 (271,453.96)1965 30 Years
              Greengate Marietta, GA — 132,978.82 1,526,005.00 — 1,505,449.60 132,978.82 3,031,454.60 3,164,433.42 (2,141,277.57)1971 30 Years
              Greengate (FL) W. Palm Beach, FL 2,637,108.29 2,500,000.00 1,615,858.84 — 169,699.23 2,500,000.00 1,785,558.07 4,285,558.07 (105,450.03)1987 30 Years
              Greenglen (Day) Dayton, OH — 204,289.28 1,800,172.18 — 106,232.03 204,289.28 1,906,404.21 2,110,693.49 (167,175.07)1983 30 Years
              Greenglen II (Tol) Toledo, OH 786,078.73 162,263.62 1,429,719.33 — 35,912.63 162,263.62 1,465,631.96 1,627,895.58 (124,489.71)1982 30 Years
              Greenhaven Union City, CA 10,594,614.29 7,507,000.00 15,210,398.75 — 802,216.46 7,507,000.00 16,012,615.21 23,519,615.21 (2,022,588.65)1983 30 Years
              Greenhouse — Frey Road Kennesaw, GA (P)2,467,200.00 22,187,443.25 — 2,114,166.73 2,467,200.00 24,301,609.98 26,768,809.98 (7,024,985.13)1985 30 Years
              Greenhouse — Holcomb Bridge Alpharetta, GA (P)2,143,300.00 19,291,427.17 — 2,171,696.47 2,143,300.00 21,463,123.64 23,606,423.64 (6,240,479.46)1985 30 Years
              Greenhouse — Roswell Roswell, GA (P)1,220,000.00 10,974,727.39 — 1,272,107.62 1,220,000.00 12,246,835.01 13,466,835.01 (3,643,395.57)1985 30 Years
              Greentree 1 Glen Burnie, MD 11,338,969.78 3,912,968.00 11,784,020.85 — 1,026,357.99 3,912,968.00 12,810,378.84 16,723,346.84 (1,343,056.71)1973 30 Years
              Greentree 2 Glen Burnie, MD — 2,700,000.00 8,246,736.65 — 523,629.39 2,700,000.00 8,770,366.04 11,470,366.04 (852,812.13)1973 30 Years
              Greentree 3 Glen Burnie, MD 6,978,865.97 2,380,443.00 7,270,294.04 — 405,726.12 2,380,443.00 7,676,020.16 10,056,463.16 (767,993.70)1973 30 Years
              Greentree I (GA) (REIT) Thomasville, GA 672,543.75 84,750.00 762,659.20 — 28,234.75 84,750.00 790,893.95 875,643.95 (30,982.73)1983 30 Years
              Greentree II (GA) (REIT) Thomasville, GA 505,013.62 81,000.00 729,283.17 — 31,528.82 81,000.00 760,811.99 841,811.99 (28,200.88)1984 30 Years
              Greenwood Village Tempe, AZ — 2,118,781.00 17,274,215.96 — 767,632.12 2,118,781.00 18,041,848.08 20,160,629.08 (2,828,220.28)1984 30 Years
              Grey Eagle Taylors, SC — 727,600.00 6,547,650.42 — 206,570.85 727,600.00 6,754,221.27 7,481,821.27 (1,116,952.54)1991 30 Years
              Greystone Atlanta, GA — 2,252,000.00 5,204,900.59 — 1,484,737.95 2,252,000.00 6,689,638.54 8,941,638.54 (1,090,154.96)1960 30 Years
              Gwinnett Crossing Duluth, GA — 2,632,000.00 32,016,495.96 — 1,263,910.01 2,632,000.00 33,280,405.97 35,912,405.97 (4,043,366.96)1989/90 30 Years
              Hall Place Quincy, MA — 3,150,800.00 5,121,949.51 — 239,438.90 3,150,800.00 5,361,388.41 8,512,188.41 (612,714.61)1998 30 Years
              Hammock's Place Miami, FL (F)319,180.00 12,513,466.73 — 1,085,003.23 319,180.00 13,598,469.96 13,917,649.96 (4,214,311.23)1986 30 Years
              Hampshire II Elyria, OH 837,743.64 126,231.36 1,112,035.85 — 56,045.76 126,231.36 1,168,081.61 1,294,312.97 (99,598.24)1981 30 Years
              Hamptons Puyallup, WA — 1,119,200.00 10,075,844.29 — 455,485.51 1,119,200.00 10,531,329.80 11,650,529.80 (1,916,204.62)1991 30 Years
              Harbinwood Norcross, GA 1,568,827.19 236,760.99 2,086,122.35 — 101,096.66 236,760.99 2,187,219.01 2,423,980.00 (187,731.23)1985 30 Years
              Harbor Pointe Milwaukee, WI 12,000,000.00 2,979,800.00 22,096,545.77 — 1,929,877.44 2,979,800.00 24,026,423.21 27,006,223.21 (3,771,121.64)1970/1990 30 Years
              Harborview Rancho Palos Verdes, CA — 6,402,500.00 12,627,346.89 — 542,398.93 6,402,500.00 13,169,745.82 19,572,245.82 (2,338,317.09)1985 30 Years
              Harbour Town Boca Raton, FL — 11,760,000.00 20,190,752.11 — 1,537,708.74 11,760,000.00 21,728,460.85 33,488,460.85 (1,169,686.18)1985 30 Years
              Harrison Park Tucson, AZ — 1,265,094.00 16,342,321.80 — 509,620.78 1,265,094.00 16,851,942.58 18,117,036.58 (2,605,702.03)1985 30 Years
              Hartwick Tipton, IN 120,687.56 123,790.52 1,090,729.42 — 64,637.61 123,790.52 1,155,367.03 1,279,157.55 (103,849.80)1982 30 Years
              Harvest Grove Conyers, GA — 752,000.00 18,717,899.36 — 394,173.63 752,000.00 19,112,072.99 19,864,072.99 (2,327,212.62)1986 30 Years
              Harvest Grove I Gahanna, OH 1,590,836.98 170,334.08 1,500,231.87 — 155,606.10 170,334.08 1,655,837.97 1,826,172.05 (147,057.00)1986 30 Years
              Harvest Grove II Gahanna, OH 1,037,670.47 148,791.56 1,310,817.80 — 31,888.54 148,791.56 1,342,706.34 1,491,497.90 (115,146.49)1987 30 Years
              Hatcherway Waycross, GA 723,571.64 96,885.44 853,716.34 — 161,796.37 96,885.44 1,015,512.71 1,112,398.15 (96,186.52)1986 30 Years
              Hathaway Long Beach, CA — 2,512,500.00 22,611,911.55 — 1,204,900.44 2,512,500.00 23,816,811.99 26,329,311.99 (5,630,849.45)1987 30 Years
              Hayfield Park Burlington, KY 1,545,719.46 261,456.81 2,303,394.44 — 148,468.11 261,456.81 2,451,862.55 2,713,319.36 (206,260.62)1986 30 Years
              Haywood Pointe Greenville, SC — 480,000.00 9,163,270.88 — 416,704.52 480,000.00 9,579,975.40 10,059,975.40 (1,175,520.26)1985 30 Years
              Hearthstone San Antonio, TX — 1,035,900.00 3,525,388.03 — 1,207,992.39 1,035,900.00 4,733,380.42 5,769,280.42 (1,682,919.24)1982 30 Years
              Heathmoore (Eva) Evansville, IN 1,114,476.27 162,374.53 1,430,746.53 — 124,164.53 162,374.53 1,554,911.06 1,717,285.59 (133,743.02)1984 30 Years
              Heathmoore (KY) Louisville, KY 893,567.76 156,839.84 1,381,729.91 — 55,433.64 156,839.84 1,437,163.55 1,594,003.39 (124,253.08)1983 30 Years
              Heathmoore (MI) Clinton Twp., MI 1,675,538.58 227,105.01 2,001,242.63 — 109,552.97 227,105.01 2,110,795.60 2,337,900.61 (185,534.41)1983 30 Years
              Heathmoore I (IN) Indianapolis, IN 1,200,338.20 144,556.70 1,273,702.04 — 114,811.04 144,556.70 1,388,513.08 1,533,069.78 (126,158.46)1983 30 Years
              Heathmoore I (MI) Canton, MI 1,532,026.10 232,063.87 2,044,226.60 — 121,783.04 232,063.87 2,166,009.64 2,398,073.51 (184,338.43)1986 30 Years
              Heathmoore II (MI) Canton, MI — 170,432.57 1,501,696.63 — 75,872.66 170,432.57 1,577,569.29 1,748,001.86 (134,997.43)1986 30 Years
              Heritage Green Sturbridge, MA 3,799,188.13 835,313.22 5,583,897.92 — 28,862.31 835,313.22 5,612,760.23 6,448,073.45 (245,095.33)1974 30 Years
              Heritage, The Phoenix, AZ — 1,211,205.00 13,136,903.36 — 290,612.86 1,211,205.00 13,427,516.22 14,638,721.22 (1,985,212.77)1995 30 Years
              Heron Cove Coral Springs, FL — 823,000.00 8,114,761.58 — 765,354.85 823,000.00 8,880,116.43 9,703,116.43 (2,618,602.04)1987 30 Years
              Heron Pointe Boynton Beach, FL — 1,546,700.00 7,774,676.05 — 664,682.52 1,546,700.00 8,439,358.57 9,986,058.57 (1,663,404.41)1989 30 Years
              Heron Pointe (Atl) Atlantic Beach, FL 1,577,155.10 214,332.10 1,888,814.41 — 200,993.17 214,332.10 2,089,807.58 2,304,139.68 (197,743.96)1986 30 Years
              Heron Run Plantation, FL — 917,800.00 9,006,476.14 — 943,087.56 917,800.00 9,949,563.70 10,867,363.70 (2,989,284.41)1987 30 Years
              Heronwood (REIT) Ft. Myers, FL 1,223,389.22 146,100.00 1,315,210.70 — 20,524.17 146,100.00 1,335,734.87 1,481,834.87 (49,723.86)1982 30 Years
              Hessian Hills Charlottesville, VA (U) 5,213,954.29 181,229.43 5,024,414.55 — 183,873.99 181,229.43 5,208,288.54 5,389,517.97 (427,362.38)1966 30 Years
              Hickory Creek Richmond, VA — 1,323,000.00 18,520,609.01 — 585,841.38 1,323,000.00 19,106,450.39 20,429,450.39 (2,309,829.73)1984 30 Years
              Hickory Mill Hillard, OH 1,015,317.48 161,714.41 1,424,682.19 — 99,133.63 161,714.41 1,523,815.82 1,685,530.23 (139,302.27)1980 30 Years
              Hickory Mill I Hurricane, WV 912,161.28 129,186.80 1,138,301.52 — 56,481.41 129,186.80 1,194,782.93 1,323,969.73 (103,803.53)1983 30 Years
              Hickory Place Gainesville, GL 1,306,531.16 192,453.32 1,695,454.44 — 177,463.68 192,453.32 1,872,918.12 2,065,371.44 (167,879.06)1983 30 Years
              Hickory Ridge Greenville, SC — 288,200.00 2,591,929.81 — 343,995.27 288,200.00 2,935,925.08 3,224,125.08 (528,448.60)1968 30 Years
              Hidden Acres Sarasota, FL 1,612,777.42 253,138.81 2,230,578.76 — 117,765.70 253,138.81 2,348,344.46 2,601,483.27 (205,288.30)1987 30 Years
              Hidden Lake Sacramento, CA 15,165,000.00 1,715,000.00 11,191,724.28 — 59,098.15 1,715,000.00 11,250,822.43 12,965,822.43 (255,529.74)1985 30 Years
              Hidden Lakes Haltom City, TX — 1,872,000.00 20,242,108.80 — 391,624.21 1,872,000.00 20,633,733.01 22,505,733.01 (2,417,159.94)1996 30 Years
              Hidden Oaks Cary, NC — 1,178,600.00 10,614,135.38 — 1,002,391.39 1,178,600.00 11,616,526.77 12,795,126.77 (2,031,265.19)1988 30 Years
              Hidden Palms Tampa, FL (E)2,049,600.00 6,345,884.76 — 912,069.99 2,049,600.00 7,257,954.75 9,307,554.75 (1,360,802.79)1986 30 Years
              Hidden Pines Casselberry, FL 19,561.52 176,307.96 1,553,565.25 — 190,300.68 176,307.96 1,743,865.93 1,920,173.89 (157,063.88)1981 30 Years
              Hidden Valley Club Ann Arbor, MI — 915,000.00 6,667,098.00 — 2,548,443.67 915,000.00 9,215,541.67 10,130,541.67 (6,074,410.93)1973 30 Years
              High Meadow Ellington, CT 4,267,130.19 583,678.94 3,901,774.26 — 43,394.17 583,678.94 3,945,168.43 4,528,847.37 (174,233.49)1975 30 Years
              High Points New Port Richey, FL — 222,307.63 1,958,772.47 — 221,543.36 222,307.63 2,180,315.83 2,402,623.46 (199,066.08)1986 30 Years
              High River Tuscaloosa, AL (U) 3,572,242.97 208,107.70 3,663,221.04 — 258,237.68 208,107.70 3,921,458.72 4,129,566.42 (333,918.26)1978 30 Years
              Highland Creste Kent, WA — 935,200.00 8,415,391.11 — 682,188.05 935,200.00 9,097,579.16 10,032,779.16 (1,750,309.39)1989 30 Years
              Highland Glen Westwood, MA — 2,832,603.49 16,852,810.04 — 68,033.94 2,832,603.49 16,920,843.98 19,753,447.47 (617,928.88)1979 30 Years
              Highland Point Aurora, CO 9,583,518.83 1,631,900.00 14,684,438.62 — 895,567.42 1,631,900.00 15,580,006.04 17,211,906.04 (2,726,870.17)1984 30 Years
              Highline Oaks Denver, CO 7,100,000.00 1,057,400.00 9,683,371.61 — 819,162.25 1,057,400.00 10,502,533.86 11,559,933.86 (1,896,227.75)1986 30 Years
              Hillcrest Villas Crestview, FL 955,756.77 141,603.03 1,247,677.02 — 79,394.16 141,603.03 1,327,071.18 1,468,674.21 (120,794.47)1985 30 Years
              Hillside Manor Americus, GA — 102,632.19 904,111.39 — 112,741.58 102,632.19 1,016,852.97 1,119,485.16 (99,959.22)1985 30 Years
              Hillside Trace Dade City, FL 1,023,881.30 138,888.03 1,223,754.94 — 119,507.35 138,888.03 1,343,262.29 1,482,150.32 (119,415.46)1987 30 Years
              Holly Ridge Pembroke Park, FL — 295,595.67 2,603,985.01 — 278,988.01 295,595.67 2,882,973.02 3,178,568.69 (237,904.48)1986 30 Years
              Holly Sands I Ft. Walton Bch.,FL 1,325,081.06 190,942.32 1,682,524.45 — 186,547.71 190,942.32 1,869,072.16 2,060,014.48 (165,233.07)1985 30 Years
              Holly Sands II Ft. Walton Bch., FL 1,016,210.13 124,577.52 1,098,074.21 — 113,308.80 124,577.52 1,211,383.01 1,335,960.53 (104,958.59)1986 30 Years
              Horizon Place Tampa, FL 12,345,079.61 2,128,000.00 12,086,936.72 — 593,025.75 2,128,000.00 12,679,962.47 14,807,962.47 (1,607,162.26)1985 30 Years
              Hunt Club Charlotte, NC — 1,090,000.00 17,992,887.39 — 380,941.36 1,090,000.00 18,373,828.75 19,463,828.75 (2,203,126.69)1990 30 Years
              Hunter's Green Fort Worth, TX — 524,300.00 3,653,480.73 — 840,767.25 524,300.00 4,494,247.98 5,018,547.98 (1,710,731.00)1981 30 Years
              Hunters Ridge St. Louis, MO 11,220,000.00 994,500.00 8,913,996.59 — 877,551.12 994,500.00 9,791,547.71 10,786,047.71 (1,848,301.07)1986-1987 30 Years
              Huntington Park Everett, WA — 1,597,500.00 14,367,863.91 — 1,111,610.39 1,597,500.00 15,479,474.30 17,076,974.30 (4,707,269.56)1991 30 Years
              Independence Village Reynoldsbury, OH — 226,987.89 2,000,010.69 — 135,921.22 226,987.89 2,135,931.91 2,362,919.80 (196,315.43)1978 30 Years
              Indian Bend Scottsdale, AZ — 1,075,700.00 9,675,133.10 — 1,576,672.20 1,075,700.00 11,251,805.30 12,327,505.30 (3,551,913.44)1973 30 Years
              Indian Lake I Morrow, GA — 839,668.51 7,398,394.66 — 216,081.32 839,668.51 7,614,475.98 8,454,144.49 (643,405.04)1987 30 Years
              Indian Ridge I (REIT) Tallahassee, FL 912,196.87 135,500.00 1,218,597.92 — 26,955.01 135,500.00 1,245,552.93 1,381,052.93 (47,119.44)1981 30 Years
              Indian Ridge II (REIT) Tallahassee, FL 552,138.68 94,300.00 849,191.77 — 27,176.66 94,300.00 876,368.43 970,668.43 (33,494.17)1982 30 Years
              Indian Tree Arvada, CO — 881,225.00 4,552,814.73 — 1,047,253.32 881,225.00 5,600,068.05 6,481,293.05 (2,029,727.99)1983 30 Years
              Indigo Springs Kent, WA 7,363,723.23 1,270,500.00 11,446,901.75 — 1,212,395.40 1,270,500.00 12,659,297.15 13,929,797.15 (2,549,490.44)1991 30 Years
              Iris Glen Conyers, GA 1,742,041.38 270,458.00 2,383,029.71 — 56,267.41 270,458.00 2,439,297.12 2,709,755.12 (205,621.92)1984 30 Years
              Ironwood at the Ranch Wesminster, CO — 1,493,300.00 13,439,304.62 — 518,833.34 1,493,300.00 13,958,137.96 15,451,437.96 (2,418,968.16)1986 30 Years
              Isle at Arrowhead Ranch Glendale, AZ — 1,650,237.00 19,593,123.35 — 248,684.20 1,650,237.00 19,841,807.55 21,492,044.55 (2,887,121.22)1996 30 Years
              Ivy Place Atlanta, GA — 802,950.00 7,228,256.57 — 789,169.59 802,950.00 8,017,426.16 8,820,376.16 (1,746,611.05)1978 30 Years
              Jaclen Towers Beverly 2,082,529.15 437,071.76 2,921,735.25 — 19,335.50 437,071.76 2,941,070.75 3,378,142.51 (134,333.17)1976 30 Years
              James Street Crossing Kent, WA 16,379,123.00 2,081,253.61 18,748,337.37 — 671,740.80 2,081,253.61 19,420,078.17 21,501,331.78 (2,962,359.21)1989 30 Years
              Jefferson Way I Orange Park, FL 1,007,395.69 147,798.72 1,302,267.82 — 68,334.57 147,798.72 1,370,602.39 1,518,401.11 (121,952.13)1987 30 Years
              Junipers at Yarmouth Yarmouth, ME — 1,355,700.00 7,860,134.79 — 760,790.57 1,355,700.00 8,620,925.36 9,976,625.36 (1,638,590.31)1970 30 Years
              Jupiter Cove I Jupiter, FL 1,590,498.00 233,932.43 2,060,899.62 — 232,347.90 233,932.43 2,293,247.52 2,527,179.95 (201,948.87)1987 30 Years
              Jupiter Cove II Jupiter, FL 1,556,210.04 1,220,000.00 483,833.40 — 119,395.40 1,220,000.00 603,228.80 1,823,228.80 (39,603.09)1987 30 Years

              S-4

              Jupiter Cove III Jupiter, FL 1,673,308.55 242,009.98 2,131,721.71 — 154,539.82 242,009.98 2,286,261.53 2,528,271.51 (188,972.02)1987 30 Years
              Kempton Downs Gresham, OR — 1,217,348.91 10,943,371.79 — 1,307,466.23 1,217,348.91 12,250,838.02 13,468,186.93 (3,369,398.79)1990 30 Years
              Ketwood Kettering, OH — 266,443.18 2,347,654.75 — 166,449.76 266,443.18 2,514,104.51 2,780,547.69 (218,584.76)1979 30 Years
              Keystone Austin, TX — 498,500.00 4,487,295.31 — 893,084.06 498,500.00 5,380,379.37 5,878,879.37 (1,675,480.06)1981 30 Years
              Kings Colony Savannah, GA 2,023,836.37 230,149.18 2,027,865.07 — 152,580.47 230,149.18 2,180,445.54 2,410,594.72 (194,619.43)1987 30 Years
              Kingsport Alexandria, VA — 1,262,250.00 12,479,294.10 — 1,385,461.54 1,262,250.00 13,864,755.64 15,127,005.64 (3,978,382.14)1986 30 Years
              Kirby Place Houston, TX (E)3,621,600.00 25,896,773.53 — 473,687.67 3,621,600.00 26,370,461.20 29,992,061.20 (4,049,319.32)1994 30 Years
              Knox Landing Knoxville, TN 1,496,166.57 158,588.62 1,397,353.53 — 87,746.90 158,588.62 1,485,100.43 1,643,689.05 (136,808.35)1986 30 Years
              La Costa Brava (ORL) Orlando, FL — 206,626.00 3,652,534.00 — 4,094,316.57 206,626.00 7,746,850.57 7,953,476.57 (4,773,249.80)1967 30 Years
              La Mariposa Mesa, AZ — 2,047,539.00 12,466,128.12 — 691,629.68 2,047,539.00 13,157,757.80 15,205,296.80 (2,083,540.10)1986 30 Years
              La Mirage San Diego, CA — 28,895,200.00 95,495,040.45 — 3,181,243.71 28,895,200.00 98,676,284.16 127,571,484.16 (15,583,702.01)1988/1992 30 Years
              La Mirage IV San Diego, CA — 6,000,000.00 43,559,287.34 — 1,360.53 6,000,000.00 43,560,647.87 49,560,647.87 (38.40)2001 30 Years
              La Reserve Oro Valley, AZ — 3,264,562.00 4,936,545.77 — 412,065.54 3,264,562.00 5,348,611.31 8,613,173.31 (994,284.99)1988 30 Years
              La Tour Fontaine Houston, TX — 2,916,000.00 15,917,178.19 — 248,987.31 2,916,000.00 16,166,165.50 19,082,165.50 (1,848,411.44)1994 30 Years
              La Ventana Las Vegas, NV — 1,427,200.00 12,844,277.03 — 426,383.58 1,427,200.00 13,270,660.61 14,697,860.61 (2,277,095.17)1989 30 Years
              Ladera Phoenix, AZ 9,143,923.90 2,978,879.00 20,640,453.27 — 291,534.66 2,978,879.00 20,931,987.93 23,910,866.93 (3,020,739.37)1995 30 Years
              Lake Point Charlotte, NC — 1,058,975.00 13,587,337.70 — 334,102.50 1,058,975.00 13,921,440.20 14,980,415.20 (1,705,751.21)1984 30 Years
              Lakes at Vinings Atlanta, GA 21,762,913.63 6,498,000.00 21,832,252.08 — 1,177,814.74 6,498,000.00 23,010,066.82 29,508,066.82 (3,061,926.31)1972/1975 30 Years
              Lakeshore at Preston Plano, TX 12,637,778.42 3,325,800.00 15,208,347.74 — 427,063.74 3,325,800.00 15,635,411.48 18,961,211.48 (2,045,353.70)1992 30 Years
              Lakeshore I (GA) Ft. Oglethorpe, GA 1,210,396.67 169,374.96 1,492,377.98 — 143,385.62 169,374.96 1,635,763.60 1,805,138.56 (166,233.24)1986 30 Years
              Lakeview Lodi, CA 7,286,000.00 950,000.00 4,881,263.25 — 34,424.83 950,000.00 4,915,688.08 5,865,688.08 (116,116.86)1983 30 Years
              Lakeville Resort Petaluma, CA — 2,736,500.00 24,610,650.73 — 1,754,973.74 2,736,500.00 26,365,624.47 29,102,124.47 (5,325,169.30)1984 30 Years
              Lakewood Tulsa, OK 5,600,000.00 855,000.00 6,160,787.53 — 44,493.25 855,000.00 6,205,280.78 7,060,280.78 (141,539.62)1985 30 Years
              Lakewood Greens Dallas, TX 8,110,593.29 2,019,600.00 9,026,906.66 — 365,185.74 2,019,600.00 9,392,092.40 11,411,692.40 (1,320,744.11)1986 30 Years
              Lakewood Oaks Dallas, TX — 1,631,600.00 14,686,191.51 — 1,300,315.04 1,631,600.00 15,986,506.55 17,618,106.55 (4,593,423.61)1987 30 Years
              Landera San Antonio, TX — 766,300.00 6,896,811.43 — 654,918.51 766,300.00 7,551,729.94 8,318,029.94 (1,437,156.90)1983 30 Years
              Landings (FL), The Winterhaven, FL 689,217.37 130,953.32 1,153,841.50 — 158,456.19 130,953.32 1,312,297.69 1,443,251.01 (120,679.15)1984 30 Years
              Landings (TN) Memphis, TN — 1,314,000.00 14,090,108.94 — 521,887.43 1,314,000.00 14,611,996.37 15,925,996.37 (1,783,526.51)1986 30 Years
              Landings at Port Imperial W. New York, NJ — 27,246,045.14 37,741,049.53 — 29,315.42 27,246,045.14 37,770,364.95 65,016,410.09 (1,386,583.75)1999 30 Years
              Lantern Cove Foster City, CA 36,403,000.00 6,945,000.00 18,505,343.02 — 107,112.35 6,945,000.00 18,612,455.37 25,557,455.37 (367,849.36)1985 30 Years
              Larkspur I (Hil) Hillard, OH — 179,628.06 1,582,518.99 — 168,858.07 179,628.06 1,751,377.06 1,931,005.12 (149,104.73)1983 30 Years
              Larkspur Shores Hillard, OH — 17,107,300.00 31,399,237.02 — 2,974,249.02 17,107,300.00 34,373,486.04 51,480,786.04 (4,628,115.49)1983 30 Years
              Larkspur Woods Sacramento, CA (E)5,802,900.00 14,576,106.49 — 605,705.14 5,802,900.00 15,181,811.63 20,984,711.63 (2,441,773.83)1989/1993 30 Years
              Laurel Bay Ypsilanti, MI — 186,003.87 1,639,365.78 — 39,347.00 186,003.87 1,678,712.78 1,864,716.65 (139,661.24)1989 30 Years
              Laurel Gardens Coral Springs, FL — 4,800,000.00 25,942,631.08 — 760,404.56 4,800,000.00 26,703,035.64 31,503,035.64 (3,192,240.82)1989 30 Years
              Laurel Glen Acworth, GA 1,666,581.75 289,509.11 2,550,890.77 — 64,216.56 289,509.11 2,615,107.33 2,904,616.44 (217,909.62)1986 30 Years
              Laurel Ridge Chapel Hill, NC — 182,550.75 3,206,076.00 — 2,079,015.27 182,550.75 5,285,091.27 5,467,642.02 (3,387,495.24)1975 30 Years
              Legends at Preston Morrisville, NC — 3,056,000.00 27,150,720.51 — 34,117.26 3,056,000.00 27,184,837.77 30,240,837.77 (851,680.41)2000 30 Years
              Lexington Farm Alpharetta, GA 18,021,192.71 3,521,900.00 21,449,708.40 — 431,235.65 3,521,900.00 21,880,944.05 25,402,844.05 (2,754,631.74)1995 30 Years
              Lexington Glen Atlanta, GA — 5,760,000.00 40,190,507.44 — 936,965.35 5,760,000.00 41,127,472.79 46,887,472.79 (4,714,652.18)1990 30 Years
              Lexington Park Orlando, FL — 2,016,000.00 12,346,725.62 — 798,368.48 2,016,000.00 13,145,094.10 15,161,094.10 (1,637,340.28)1988 30 Years
              Lincoln Green I San Antonio, TX — 947,366.00 5,876,614.69 — 572,272.74 947,366.00 6,448,887.43 7,396,253.43 (3,818,970.82)1984/1986 30 Years
              Lincoln Green II San Antonio, TX — 1,052,340.00 5,218,545.96 — 1,178,645.53 1,052,340.00 6,397,191.49 7,449,531.49 (3,322,929.49)1984/1986 30 Years
              Lincoln Green III San Antonio, TX 3,510,000.00 536,010.00 1,830,435.35 — 444,695.93 536,010.00 2,275,131.28 2,811,141.28 (1,220,277.46)1984/1986 30 Years
              Lincoln Heights Quincy, MA 20,536,053.18 5,928,400.00 33,595,261.97 — 559,220.45 5,928,400.00 34,154,482.42 40,082,882.42 (4,911,196.62)1991 30 Years
              Lindendale Columbus, OH 1,334,608.90 209,158.53 1,842,815.57 — 154,849.56 209,158.53 1,997,665.13 2,206,823.66 (173,705.60)1987 30 Years
              Link Terrace Hinesville, GA 866,681.49 121,838.57 1,073,580.55 — 91,847.77 121,838.57 1,165,428.32 1,287,266.89 (105,511.54)1984 30 Years
              Little Cottonwoods Tempe, AZ — 3,050,133.00 26,991,689.47 — 883,770.19 3,050,133.00 27,875,459.66 30,925,592.66 (4,140,097.81)1984 30 Years
              Lodge (OK), The Tulsa, OK — 313,371.00 2,750,936.00 — 1,583,499.28 313,371.00 4,334,435.28 4,647,806.28 (2,954,074.92)1979 30 Years
              Lodge (TX), The San Antonio, TX — 1,363,636.00 7,464,586.00 — 2,351,691.15 1,363,636.00 9,816,277.15 11,179,913.15 (4,702,464.27)1979(#) 30 Years
              Lofton Place Tampa, FL — 2,240,000.00 16,679,214.01 — 767,302.08 2,240,000.00 17,446,516.09 19,686,516.09 (2,141,191.41)1988 30 Years
              Longfellow Glen Sudbury, MA 4,863,183.82 1,094,273.45 7,314,994.04 — 164,710.98 1,094,273.45 7,479,705.02 8,573,978.47 (314,954.33)1984 30 Years

              S-5

              EQUITY RESIDENTIAL PROPERTIES TRUST
              Schedule III — Real Estate and Accumulated Depreciation
              December 31, 2001

               
              		  
              		  
              		 Initial Cost to
              Company
              		 Cost Capitalized
              Subsequent to
              (Improvements, net) (H)
              		 Gross Amount Carried
              at Close of
              Period 12/31/01
              		  
              Description
              		  
              		 Life Used to
              Compute
              Depreciation in
              Latest Income
              Statement (C)
              Apartment Name
              		 Location
              		 Encumbrances
              		 Land
              		 Building &
              Fixtures
              		 Land
              		 Building &
              Fixtures
              		 Land
              		 Building &
              Fixtures (A)
              		 Total (B)
              		 Accumulated
              Depreciation
              		 Date of
              Construction
              Longfellow Place Boston, MA (T) — 53,164,160.00 183,940,618.58 — 6,650,987.48 53,164,160.00 190,591,606.06 243,755,766.06 (16,102,637.27)1975 30 Years
              Longwood Decatur, GA — 1,454,048.00 13,087,837.00 — 622,586.87 1,454,048.00 13,710,423.87 15,164,471.87 (3,984,430.24)1992 30 Years
              Longwood (KY) Lexington,KY 912,582.23 146,309.02 1,289,041.95 — 99,195.63 146,309.02 1,388,237.58 1,534,546.60 (122,287.23)1985 30 Years
              Loomis Manor West Hartford, CT 1,768,351.00 422,350.36 2,823,325.73 — 44,547.47 422,350.36 2,867,873.20 3,290,223.56 (122,619.79)1948 30 Years
              Madison at Cedar Springs Dallas, TX 15,672,076.39 2,470,000.00 33,194,620.41 — 314,308.07 2,470,000.00 33,508,928.48 35,978,928.48 (3,810,677.81)1995 30 Years
              Madison at Chase Oaks Plano, TX — 3,055,000.00 28,932,884.84 — 487,497.99 3,055,000.00 29,420,382.83 32,475,382.83 (3,459,987.96)1995 30 Years
              Madison at River Sound Lawrenceville, GA — 3,666,999.30 47,387,106.44 — 274,849.26 3,666,999.30 47,661,955.70 51,328,955.00 (5,455,446.48)1996 30 Years
              Madison at Round Grove Lewisville, TX 10,552,968.30 2,626,000.00 25,682,373.18 — 410,231.19 2,626,000.00 26,092,604.37 28,718,604.37 (3,083,267.46)1995 30 Years
              Madison at Scofield Farms Austin, TX 12,747,524.72 2,080,000.00 14,597,971.03 — 457,178.34 2,080,000.00 15,055,149.37 17,135,149.37 (722,710.45)1996 30 Years
              Madison at Stone Creek Austin, TX — 2,535,000.00 22,611,699.63 — 701,912.41 2,535,000.00 23,313,612.04 25,848,612.04 (2,755,864.17)1995 30 Years
              Madison at the Arboretum Austin, TX — 1,046,500.00 9,638,268.79 — 465,265.89 1,046,500.00 10,103,534.68 11,150,034.68 (1,227,354.83)1995 30 Years
              Madison at Walnut Creek Austin, TX (E)2,737,600.00 14,623,573.62 — 730,601.24 2,737,600.00 15,354,174.86 18,091,774.86 (2,481,123.40)1994 30 Years
              Madison at Wells Branch Austin, TX 13,838,387.25 2,400,000.00 16,370,878.87 — 590,261.65 2,400,000.00 16,961,140.52 19,361,140.52 (820,888.89)1995 30 Years
              Madison on Melrose Richardson, TX — 1,300,000.00 15,096,550.79 — 248,598.21 1,300,000.00 15,345,149.00 16,645,149.00 (1,769,382.57)1995 30 Years
              Madison on the Parkway Dallas, TX — 2,444,000.00 22,505,043.24 — 463,448.56 2,444,000.00 22,968,491.80 25,412,491.80 (2,705,165.27)1995 30 Years
              Mallard Cove Greenville, SC — 813,350.00 7,321,951.26 — 1,046,144.60 813,350.00 8,368,095.86 9,181,445.86 (2,029,093.11)1983 30 Years
              Mallard Cove at Conway Orlando, FL — 600,000.00 3,528,927.00 — 4,289,487.96 600,000.00 7,818,414.96 8,418,414.96 (5,747,065.05)1974 30 Years
              Mallgate Louisville, KY — — 6,702,515.00 — 4,900,891.49 — 11,603,406.49 11,603,406.49 (8,807,285.54)1969 30 Years
              Manchester (REIT) Jacksonville, Fl 1,262,548.28 184,100.00 1,657,193.63 — 35,859.07 184,100.00 1,693,052.70 1,877,152.70 (62,491.82)1985 30 Years
              Marabou Mills I Indianpolis, IN 1,365,313.18 224,177.96 1,974,952.13 — 147,346.04 224,177.96 2,122,298.17 2,346,476.13 (191,617.55)1986 30 Years
              Marabou Mills II Indianpolis, IN — 192,186.25 1,693,220.33 — 88,819.32 192,186.25 1,782,039.65 1,974,225.90 (156,128.79)1987 30 Years
              Marabou Mills III Indianpolis, IN 1,152,533.53 171,556.72 1,511,601.62 — 74,681.52 171,556.72 1,586,283.14 1,757,839.86 (136,607.32)1987 30 Years
              Mariner Club (FL) Pembroke Pines, FL 9,309,240.43 1,824,500.00 20,771,566.44 — 408,833.84 1,824,500.00 21,180,400.28 23,004,900.28 (2,512,989.83)1988 30 Years
              Mariners Wharf Orange Park, FL — 1,861,200.00 16,744,951.02 — 406,005.35 1,861,200.00 17,150,956.37 19,012,156.37 (2,711,100.95)1989 30 Years
              Mark Landing I Miami, FL 1,280,381.26 191,985.73 1,691,253.52 — 59,155.57 191,985.73 1,750,409.09 1,942,394.82 (148,926.52)1987 30 Years
              Marks Englewood, CO (T) 20,215,000.00 4,928,500.00 44,621,813.77 — 1,624,346.04 4,928,500.00 46,246,159.81 51,174,659.81 (7,873,640.51)1987 30 Years
              Marquessa Corona Hills, CA (R)6,888,500.00 21,604,583.64 — 828,040.53 6,888,500.00 22,432,624.17 29,321,124.17 (3,504,292.06)1992 30 Years
              Marsh Landing I Brunswick, GA — 133,192.75 1,173,573.30 — 160,327.69 133,192.75 1,333,900.99 1,467,093.74 (122,557.91)1984 30 Years
              Marshlanding II Brunswick, GA 927,306.51 111,187.09 979,679.39 — 102,618.07 111,187.09 1,082,297.46 1,193,484.55 (99,922.68)1986 30 Years
              Martha Lake Lynnwood, WA — 821,200.00 7,405,070.49 — 962,749.10 821,200.00 8,367,819.59 9,189,019.59 (1,437,073.90)1991 30 Years
              Martins Landing Roswell, GA 12,433,225.00 4,802,000.00 12,899,971.68 — 838,194.58 4,802,000.00 13,738,166.26 18,540,166.26 (1,853,511.73)1972 30 Years
              McDowell Place Naperville, IL 14,985,079.01 2,580,400.00 23,209,628.88 — 1,299,859.12 2,580,400.00 24,509,488.00 27,089,888.00 (4,924,499.58)1988 30 Years
              Meadow Ridge Norwich, CT 4,472,657.61 747,956.65 4,999,937.12 — 55,148.05 747,956.65 5,055,085.17 5,803,041.82 (221,314.97)1987 30 Years
              Meadowland Bogart, GA — 152,394.70 1,342,663.37 — 41,265.26 152,394.70 1,383,928.63 1,536,323.33 (120,205.25)1984 30 Years
              Meadowood (Cin) Cincinnati, OH — 330,734.47 2,913,731.09 — 132,672.64 330,734.47 3,046,403.73 3,377,138.20 (257,129.98)1985 30 Years
              Meadowood (Cuy) Cuyahoga Falls, OH 1,240,053.16 201,406.59 1,774,784.23 — 122,690.88 201,406.59 1,897,475.11 2,098,881.70 (154,435.63)1985 30 Years
              Meadowood (Fra) Franklin, IN 987,833.77 129,251.57 1,138,733.20 — 95,144.61 129,251.57 1,233,877.81 1,363,129.38 (113,427.50)1983 30 Years
              Meadowood (New) Newburgh, IN 952,926.76 131,546.01 1,159,063.71 — 66,367.80 131,546.01 1,225,431.51 1,356,977.52 (111,653.21)1984 30 Years
              Meadowood (Nic) Nicholasville, KY 1,368,327.43 173,222.98 1,526,283.21 — 130,305.62 173,222.98 1,656,588.83 1,829,811.81 (146,187.15)1983 30 Years
              Meadowood (OH) Flatwoods, KY 842,082.89 96,349.54 848,944.48 — 76,867.50 96,349.54 925,811.98 1,022,161.52 (82,444.33)1983 30 Years
              Meadowood (Tem) Temperance, MI 1,301,920.11 173,674.59 1,530,262.41 — 32,332.74 173,674.59 1,562,595.15 1,736,269.74 (130,323.74)1984 30 Years
              Meadowood (Wel) Wellsville, OH — 58,570.28 516,067.98 — 43,059.52 58,570.28 559,127.50 617,697.78 (53,380.39)1986 30 Years
              Meadowood Apts. (Man) Mansfield, OH 909,059.75 118,504.27 1,044,001.75 — 126,692.89 118,504.27 1,170,694.64 1,289,198.91 (101,091.61)1983 30 Years
              Meadowood I (GA) Norcross, GA — 205,467.55 1,810,393.05 — 100,365.70 205,467.55 1,910,758.75 2,116,226.30 (157,715.80)1982 30 Years
              Meadowood I (MI) Jackson, MI 920,691.19 146,207.88 1,288,500.74 — 61,708.44 146,207.88 1,350,209.18 1,496,417.06 (111,627.03)1983 30 Years
              Meadowood I (OH) Columbus, OH — 146,912.36 1,294,457.97 — 172,970.52 146,912.36 1,467,428.49 1,614,340.85 (141,197.86)1984 30 Years
              Meadowood II (FL) Altamonte Springs, FL 793,663.28 160,366.67 1,413,005.15 — 45,070.84 160,366.67 1,458,075.99 1,618,442.66 (123,605.69)1980 30 Years
              Meadowood II (GA) Norcross, GA — 176,968.08 1,559,544.46 — 96,869.56 176,968.08 1,656,414.02 1,833,382.10 (138,369.68)1984 30 Years
              Meadowood II (OH) Columbus, OH 472,665.35 57,801.92 509,198.89 — 71,309.14 57,801.92 580,508.03 638,309.95 (54,615.08)1985 30 Years
              Meadows I (OH), The Columbus, OH 756,797.37 150,800.30 1,328,616.01 — 125,788.98 150,800.30 1,454,404.99 1,605,205.29 (131,365.92)1985 30 Years
              Meadows II (OH), The Columbus, OH 1,134,461.91 186,636.48 1,644,520.78 — 121,951.00 186,636.48 1,766,471.78 1,953,108.26 (154,267.71)1987 30 Years
              Meadows in the Park Birmingham, AL — 1,000,900.00 8,533,099.29 — 456,234.18 1,000,900.00 8,989,333.47 9,990,233.47 (1,486,033.71)1986 30 Years
              Meadows on the Lake Birmingham, AL — 1,000,900.00 8,515,348.35 — 343,715.53 1,000,900.00 8,859,063.88 9,859,963.88 (1,403,539.67)1987 30 Years
              Meldon Place Toledo, OH 2,331,026.09 288,433.76 2,541,700.52 — 402,025.26 288,433.76 2,943,725.78 3,232,159.54 (284,571.79)1978 30 Years
              Merrifield Salisbury, MD 1,978,084.32 268,711.88 2,367,644.55 — 93,784.52 268,711.88 2,461,429.07 2,730,140.95 (207,140.42)1988 30 Years
              Merrill Creek Lakewood, WA — 814,200.00 7,330,605.66 — 268,243.15 814,200.00 7,598,848.81 8,413,048.81 (1,307,316.60)1994 30 Years
              Merrimac Woods Costa Mesa, CA — 675,700.00 6,081,676.67 — 691,668.88 675,700.00 6,773,345.55 7,449,045.55 (1,445,819.97)1970 30 Years
              Merritt at Satellite Place Duluth, GA — 3,400,000.00 30,115,674.42 — 87,898.92 3,400,000.00 30,203,573.34 33,603,573.34 (2,418,722.24)1999 30 Years
              Mesa Del Oso Albuquerque, NM 10,961,721.58 4,305,000.00 12,057,358.28 — 76,483.36 4,305,000.00 12,133,841.64 16,438,841.64 (257,589.99)1983 30 Years
              Miguel Place Port Richey, FL 1,438,948.19 199,349.05 1,756,482.38 — 178,218.53 199,349.05 1,934,700.91 2,134,049.96 (175,708.51)1987 30 Years
              Mill Pond Millersville, MD 7,641,784.38 2,880,000.00 8,950,400.03 — 492,966.01 2,880,000.00 9,443,366.04 12,323,366.04 (1,125,368.28)1984 30 Years
              Mill Village Randolph, MA 12,560,000.00 6,185,300.00 13,191,505.89 — 1,069,133.28 6,185,300.00 14,260,639.17 20,445,939.17 (2,279,117.81)1971/1977 30 Years
              Millburn Stow, OH 159,019.31 192,062.04 1,692,275.85 — 49,810.72 192,062.04 1,742,086.57 1,934,148.61 (144,501.20)1984 30 Years
              Millburn Court I Centerville, OH — 260,000.00 1,246,756.52 — 40,997.35 260,000.00 1,287,753.87 1,547,753.87 (60,009.37)1979 30 Years
              Millburn Court II Centerville, OH 887,381.81 122,870.44 1,082,697.52 — 170,311.88 122,870.44 1,253,009.40 1,375,879.84 (119,889.72)1981 30 Years
              Mission Bay Orlando, FL — 2,432,000.00 21,623,560.46 — 409,674.63 2,432,000.00 22,033,235.09 24,465,235.09 (2,603,436.19)1991 30 Years
              Mission Hills Oceanside, CA 10,416,347.64 5,640,000.00 21,130,732.38 — 143,667.98 5,640,000.00 21,274,400.36 26,914,400.36 (644,636.96)1984 30 Years
              Misty Woods Cary, NC — 720,790.00 18,063,934.26 — 1,650,965.27 720,790.00 19,714,899.53 20,435,689.53 (2,631,197.60)1984 30 Years

              S-6

              Montecito Valencia, CA — 8,400,000.00 24,709,145.69 — 133,577.15 8,400,000.00 24,842,722.84 33,242,722.84 (885,862.61)1999 30 Years
              Montgomery Court I (MI) Haslett, MI 1,179,149.16 156,297.73 1,377,153.31 — 133,893.22 156,297.73 1,511,046.53 1,667,344.26 (130,746.31)1984 30 Years
              Montgomery Court I (OH) Dublin, OH 1,250,671.79 163,755.09 1,442,642.83 — 204,344.65 163,755.09 1,646,987.48 1,810,742.57 (148,706.86)1985 30 Years
              Montgomery Court II (OH) Dublin, OH — 149,733.82 1,319,417.16 — 113,880.66 149,733.82 1,433,297.82 1,583,031.64 (121,238.11)1986 30 Years
              Montierra Scottsdale, AZ — 3,455,000.00 17,266,786.53 — 127,547.33 3,455,000.00 17,394,333.86 20,849,333.86 (1,719,410.21)1999 30 Years
              Montrose Square Columbus, OH — 193,266.04 1,703,260.43 — 271,170.07 193,266.04 1,974,430.50 2,167,696.54 (190,880.39)1987 30 Years
              Morgan Trace Union City, GA 1,386,691.30 239,102.45 2,105,728.19 — 94,361.15 239,102.45 2,200,089.34 2,439,191.79 (190,450.72)1986 30 Years
              Morningside Scottsdale, AZ — 670,470.00 12,607,976.02 — 381,813.99 670,470.00 12,989,790.01 13,660,260.01 (1,920,500.35)1989 30 Years
              Morningside (FL) Titusville, FL — 197,889.52 1,743,622.33 — 382,147.30 197,889.52 2,125,769.63 2,323,659.15 (224,437.30)1984 30 Years
              Mosswood I Winter Springs, FL 757,050.19 163,293.72 1,438,795.64 — 104,046.87 163,293.72 1,542,842.51 1,706,136.23 (136,265.14)1981 30 Years
              Mosswood II Winter Springs, FL 1,505,917.07 275,329.91 2,426,157.56 — 96,016.92 275,329.91 2,522,174.48 2,797,504.39 (215,755.29)1982 30 Years
              Mountain Park Ranch Phoenix, AZ (M)1,662,332.00 18,260,275.87 — 522,439.47 1,662,332.00 18,782,715.34 20,445,047.34 (2,849,683.80)1994 30 Years
              Mountain Run Albuquerque, NM — 2,304,000.00 20,734,818.06 — 1,040,173.35 2,304,000.00 21,774,991.41 24,078,991.41 (4,031,188.32)1985 30 Years
              Mountain Terrace Stevenson Ranch, CA — 3,966,500.00 35,814,994.74 — 765,112.59 3,966,500.00 36,580,107.33 40,546,607.33 (6,780,075.59)1992 30 Years
              Nehoiden Glen Needham, MA 2,342,858.68 634,537.73 4,241,754.83 — 36,958.60 634,537.73 4,278,713.43 4,913,251.16 (179,534.32)1978 30 Years
              Newberry I Lansing, MI 1,103,255.33 183,508.91 1,616,913.48 — 136,021.66 183,508.91 1,752,935.14 1,936,444.05 (156,503.94)1985 30 Years
              Newberry II Lansing, MI 1,174,665.78 142,292.43 1,253,951.34 — 93,154.14 142,292.43 1,347,105.48 1,489,397.91 (120,028.98)1986 30 Years
              Newport Heights Tukwila, WA — 391,200.00 3,522,780.07 — 521,129.87 391,200.00 4,043,909.94 4,435,109.94 (1,192,201.83)1985 30 Years
              Noonan Glen Winchester, MA 577,319.95 151,343.51 1,011,700.36 — 54,550.80 151,343.51 1,066,251.16 1,217,594.67 (44,431.43)1983 30 Years
              North Creek (Everett) Evertt, WA — 3,967,500.00 12,387,189.94 — 567,690.51 3,967,500.00 12,954,880.45 16,922,380.45 (1,693,071.20)1986 30 Years
              North Hill Atlanta, GA 15,628,982.39 2,525,300.00 18,550,989.31 — 4,122,828.85 2,525,300.00 22,673,818.16 25,199,118.16 (4,868,926.13)1984 30 Years
              Northampton 1 Largo, MD 19,950,834.63 1,843,200.00 17,528,380.75 — 2,462,983.47 1,843,200.00 19,991,364.22 21,834,564.22 (6,346,762.53)1977 30 Years
              Northampton 2 Largo, MD — 1,513,500.00 14,246,990.27 — 986,159.49 1,513,500.00 15,233,149.76 16,746,649.76 (4,201,568.36)1988 30 Years
              Northgate Village San Antonio, TX — 660,100.00 5,974,145.35 — 1,055,488.17 660,100.00 7,029,633.52 7,689,733.52 (2,492,175.49)1984 30 Years
              Northglen Valencia, CA 15,193,319.49 9,360,000.00 20,778,552.71 — 158,247.48 9,360,000.00 20,936,800.19 30,296,800.19 (762,136.87)1988 30 Years
              Northridge Pleasant Hill, CA — 5,527,800.00 14,691,704.52 — 863,730.21 5,527,800.00 15,555,434.73 21,083,234.73 (2,201,058.01)1974 30 Years
              Northridge (GA) Carrolton, GA — 238,810.55 2,104,181.16 — 84,460.96 238,810.55 2,188,642.12 2,427,452.67 (188,599.63)1985 30 Years
              Northrup Court I Coraopolis, PA 1,343,152.35 189,245.89 1,667,462.56 — 111,976.62 189,245.89 1,779,439.18 1,968,685.07 (150,029.76)1985 30 Years
              Northrup Court II Coraopolis, PA 852,912.68 157,190.30 1,385,017.88 — 83,389.45 157,190.30 1,468,407.33 1,625,597.63 (127,171.60)1985 30 Years
              Northwoods Village Cary, NC (E)1,369,700.00 11,460,336.89 — 1,054,730.46 1,369,700.00 12,515,067.35 13,884,767.35 (2,168,945.56)1986 30 Years
              Norton Glen Norton, MA 4,800,960.60 1,012,555.59 6,768,726.88 — 108,143.63 1,012,555.59 6,876,870.51 7,889,426.10 (298,571.10)1983 30 Years
              Nova Glen I Daytona Beach, FL — 142,085.70 1,251,929.83 — 221,526.14 142,085.70 1,473,455.97 1,615,541.67 (136,025.03)1984 30 Years
              Nova Glen II Daytona Beach, FL — 175,167.84 1,543,419.55 — 122,008.13 175,167.84 1,665,427.68 1,840,595.52 (148,591.99)1986 30 Years
              Novawood I Daytona Beach, FL 149,213.33 122,311.47 1,077,897.38 — 81,755.49 122,311.47 1,159,652.87 1,281,964.34 (104,908.10)1980 30 Years
              Novawood II Daytona Beach, FL 695,847.38 144,401.43 1,272,483.95 — 69,413.35 144,401.43 1,341,897.30 1,486,298.73 (116,916.73)1980 30 Years
              Oak Gardens Hollywood, FL — 329,967.88 2,907,287.62 — 65,009.54 329,967.88 2,972,297.16 3,302,265.04 (250,445.84)1988 30 Years
              Oak Mill 2 Germantown, MD 9,600,000.00 854,132.73 9,010,184.18 — 595,242.27 854,132.73 9,605,426.45 10,459,559.18 (2,411,207.87)1985 30 Years
              Oak Park North Agoura Hills, CA (L)1,706,900.00 15,362,665.94 — 472,871.14 1,706,900.00 15,835,537.08 17,542,437.08 (3,551,635.45)1990 30 Years
              Oak Park South Agoura Hills, CA (L)1,683,800.00 15,154,607.90 — 551,091.16 1,683,800.00 15,705,699.06 17,389,499.06 (3,571,447.35)1989 30 Years
              Oak Ridge Clermont, FL 1,188,632.36 173,616.92 1,529,936.27 — 230,737.51 173,616.92 1,760,673.78 1,934,290.70 (154,107.23)1985 30 Years
              Oak Shade Orange City, FL — 229,403.00 2,021,290.39 — 85,230.13 229,403.00 2,106,520.52 2,335,923.52 (182,133.17)1985 30 Years
              Oakland Hills Margate, FL 4,884,575.57 3,040,000.00 4,930,603.61 — 480,587.50 3,040,000.00 5,411,191.11 8,451,191.11 (296,541.62)1987 30 Years
              Oakley Woods Union City, GA 1,098,792.31 165,448.86 1,457,484.78 — 129,612.12 165,448.86 1,587,096.90 1,752,545.76 (148,490.30)1984 30 Years
              Oaks (NC) Charlotte, NC — 2,196,744.00 23,601,539.52 — 231,149.49 2,196,744.00 23,832,689.01 26,029,433.01 (2,765,807.35)1996 30 Years
              Oakwood Manor Hollywood, FL — 173,246.93 1,525,972.93 — 42,537.90 173,246.93 1,568,510.83 1,741,757.76 (135,271.43)1986 30 Years

              S-7

              EQUITY RESIDENTIAL PROPERTIES TRUST
              Schedule III — Real Estate and Accumulated Depreciation
              December 31, 2001

               
              		  
              		  
              		 Initial Cost to
              Company
              		 Cost Capitalized
              Subsequent to
              (Improvements, net) (H)
              		 Gross Amount Carried
              at Close of
              Period 12/31/01
              		  
              Description
              		  
              		 Life Used to
              Compute
              Depreciation in
              Latest Income
              Statement (C)
              Apartment Name
              		 Location
              		 Encumbrances
              		 Land
              		 Building &
              Fixtures
              		 Land
              		 Building &
              Fixtures
              		 Land
              		 Building &
              Fixtures (A)
              		 Total (B)
              		 Accumulated
              Depreciation
              		 Date of
              Construction
              Oakwood Village (FL) Hudson, FL — 177,280.95 1,285,011.00 — 247,268.86 177,280.95 1,532,279.86 1,709,560.81 (147,783.33)1986 30 Years
              Oakwood Village (GA) Augusta, GA — 161,174.07 1,420,119.23 — 92,774.67 161,174.07 1,512,893.90 1,674,067.97 (130,598.64)1985 30 Years
              Ocean Walk Key West, FL 21,079,921.00 2,838,748.50 25,545,008.72 — 652,506.51 2,838,748.50 26,197,515.23 29,036,263.73 (3,868,848.50)1990 30 Years
              Old Archer Court Gainesville, FL 961,384.20 170,323.43 1,500,735.06 — 229,976.06 170,323.43 1,730,711.12 1,901,034.55 (164,282.96)1977 30 Years
              Old Mill Glen Maynard, MA 2,012,754.62 396,755.99 2,652,232.60 — 47,186.17 396,755.99 2,699,418.77 3,096,174.76 (118,634.26)1983 30 Years
              Olde Redmond Place Redmond, WA 8,774,326.08 4,807,100.00 14,126,038.08 — 446,326.92 4,807,100.00 14,572,365.00 19,379,465.00 (1,865,188.77)1986 30 Years
              Olivewood (MI) Sterling Hts., MI — 519,166.75 4,574,904.84 — 235,884.64 519,166.75 4,810,789.48 5,329,956.23 (416,545.41)1986 30 Years
              Olivewood I Indianapolis, IN — 184,701.38 1,627,420.44 — 218,311.70 184,701.38 1,845,732.14 2,030,433.52 (159,602.50)1985 30 Years
              Olivewood II Indianapolis, IN 1,260,906.30 186,234.55 1,640,570.51 — 144,541.29 186,234.55 1,785,111.80 1,971,346.35 (154,608.56)1986 30 Years
              One Eton Square Tulsa, OK — 1,570,100.00 14,130,936.96 — 1,630,791.66 1,570,100.00 15,761,728.62 17,331,828.62 (3,006,920.39)1985 30 Years
              Orange Grove Village Tucson, AZ — 1,813,154.00 14,893,346.51 — 580,659.62 1,813,154.00 15,474,006.13 17,287,160.13 (2,487,339.10)1986/1995 30 Years
              Orchard Ridge Lynnwood, WA — 485,600.00 4,372,032.68 — 414,125.21 485,600.00 4,786,157.89 5,271,757.89 (1,390,416.14)1988 30 Years
              Overlook San Antonio, TX — 1,100,200.00 9,901,516.56 — 1,110,946.83 1,100,200.00 11,012,463.39 12,112,663.39 (2,211,582.73)1985 30 Years
              Overlook Manor Frederick, MD — 1,299,100.00 3,930,931.05 — 444,522.67 1,299,100.00 4,375,453.72 5,674,553.72 (598,748.92)1980/1985 30 Years
              Overlook Manor II Frederick, MD 5,635,000.00 2,186,300.00 6,262,597.06 — 125,040.08 2,186,300.00 6,387,637.14 8,573,937.14 (869,580.83)1980/1985 30 Years
              Overlook Manor III Frederick, MD — 1,026,300.00 3,027,389.58 — 65,905.10 1,026,300.00 3,093,294.68 4,119,594.68 (407,947.72)1980/1985 30 Years
              Paces Station Atlanta, GA — 4,801,500.00 32,548,052.56 — 2,923,478.41 4,801,500.00 35,471,530.97 40,273,030.97 (6,253,518.18)1984-1988/1989 30 Years
              Palatka Oaks I Palatka, FL 181,304.71 49,535.37 436,420.62 — 70,240.01 49,535.37 506,660.63 556,196.00 (53,625.46)1977 30 Years
              Palatka Oaks II Palatka, FL 199,544.81 42,766.52 376,720.61 — 33,733.93 42,766.52 410,454.54 453,221.06 (40,156.97)1980 30 Years
              Palladia Hillsboro, OR — 6,461,000.00 44,888,155.82 — 24,874.25 6,461,000.00 44,913,030.07 51,374,030.07 (436,512.22)2000 30 Years
              Palm Place Sarasota. FL — 248,314.81 2,188,339.09 — 315,627.26 248,314.81 2,503,966.35 2,752,281.16 (226,755.51)1984 30 Years
              Palms at South Shore League City, TX — 1,200,000.00 16,522,432.71 — 738,457.46 1,200,000.00 17,260,890.17 18,460,890.17 (2,087,509.92)1990 30 Years
              Panther Ridge Federal Way, WA — 1,055,800.00 9,506,116.69 — 832,579.26 1,055,800.00 10,338,695.95 11,394,495.95 (1,996,666.11)1980 30 Years
              Paradise Pointe Dania, FL — 1,913,414.15 17,417,955.82 — 2,367,236.54 1,913,414.15 19,785,192.36 21,698,606.51 (5,156,535.52)1987-90 30 Years
              Parc Royale Houston, TX — 2,223,000.00 11,936,832.68 — 244,717.72 2,223,000.00 12,181,550.40 14,404,550.40 (1,420,116.75)1994 30 Years
              Park Meadow Gilbert, AZ — 835,217.00 15,120,768.64 — 488,537.92 835,217.00 15,609,306.56 16,444,523.56 (2,344,741.72)1986 30 Years
              Park Place (MN) Plymouth, MN 8,568,150.49 1,219,900.00 10,964,119.20 — 829,253.41 1,219,900.00 11,793,372.61 13,013,272.61 (2,642,369.00)1986 30 Years
              Park Place (TX) Houston, TX 9,754,182.23 1,603,000.00 12,054,925.78 — 269,038.09 1,603,000.00 12,323,963.87 13,926,963.87 (1,821,622.95)1996 30 Years
              Park Place II Plymouth, MN 8,611,501.79 1,216,100.00 10,951,697.51 — 660,694.28 1,216,100.00 11,612,391.79 12,828,491.79 (2,537,384.34)1986 30 Years
              Park Place West (CT) West Hartford, CT — 466,243.49 3,116,742.32 — 77,016.19 466,243.49 3,193,758.51 3,660,002.00 (137,372.75)1961 30 Years
              Park West (CA) Los Angeles, CA — 3,033,500.00 27,302,382.65 — 1,268,261.85 3,033,500.00 28,570,644.50 31,604,144.50 (6,827,611.70)1987/90 30 Years
              Park West (TX) Austin, TX — 648,705.00 4,738,541.73 — 773,633.25 648,705.00 5,512,174.98 6,160,879.98 (1,817,027.73)1985 30 Years
              Park West End (VA) Richmond, VA — 1,562,500.00 11,871,449.21 — 731,971.58 1,562,500.00 12,603,420.79 14,165,920.79 (1,923,267.76)1985 30 Years
              Parkfield Denver, CO — 8,330,000.00 28,695,685.66 — 56,919.84 8,330,000.00 28,752,605.50 37,082,605.50 (1,067,991.43)2000 30 Years
              Parkridge Place Irving, TX — 6,432,900.00 17,094,962.48 — 1,090,359.86 6,432,900.00 18,185,322.34 24,618,222.34 (3,076,932.96)1985 30 Years
              Parkside Union City, CA — 6,246,700.00 11,827,452.91 — 1,787,633.41 6,246,700.00 13,615,086.32 19,861,786.32 (1,872,621.31)1979 30 Years
              Parkview Terrace Redlands, CA — 4,969,200.00 35,653,777.06 — 1,006,415.09 4,969,200.00 36,660,192.15 41,629,392.15 (5,402,791.46)1986 30 Years
              Parkville (Col) Columbus, OH 1,720,364.95 150,432.98 1,325,756.49 — 171,046.68 150,432.98 1,496,803.17 1,647,236.15 (157,443.41)1978 30 Years
              Parkville (IN) Gas City, IN 727,900.03 103,434.26 911,493.58 — 99,008.67 103,434.26 1,010,502.25 1,113,936.51 (94,668.30)1982 30 Years

              S-8

              EQUITY RESIDENTIAL PROPERTIES TRUST
              Schedule III — Real Estate and Accumulated Depreciation
              December 31, 2001

               
              		  
              		  
              		 Initial Cost to
              Company
              		 Cost Capitalized
              Subsequent to
              (Improvements, net) (H)
              		 Gross Amount Carried
              at Close of
              Period 12/31/01
              		  
              Description
              		  
              		 Life Used to
              Compute
              Depreciation in
              Latest Income
              Statement (C)
              Apartment Name
              		 Location
              		 Encumbrances
              		 Land
              		 Building &
              Fixtures
              		 Land
              		 Building &
              Fixtures
              		 Land
              		 Building &
              Fixtures (A)
              		 Total (B)
              		 Accumulated
              Depreciation
              		 Date of
              Construction
              Parkville (Par) Englewood, OH  —  127,863.02  1,126,637.55  —  60,362.67  127,863.02  1,187,000.22  1,314,863.24  (103,332.60)1982 30 Years
              Parkville (WV) Parkersburg, WV  —  105,459.86  929,406.33  —  69,879.54  105,459.86  999,285.87  1,104,745.73  (85,661.01)1982 30 Years
              Parkway North (REIT) Ft. Meyers, FL  1,111,267.94  145,350.00  1,308,114.98  —  51,157.94  145,350.00  1,359,272.92  1,504,622.92  (52,593.15)1984 30 Years
              Parkwood (CT) East Haven, CT  2,819,019.22  531,364.67  3,552,064.06  —  42,864.44  531,364.67  3,594,928.50  4,126,293.17  (162,061.94)1975 30 Years
              Parkwood East Fort Collins, CO  —  1,644,000.00  14,790,697.98  —  374,646.52  1,644,000.00  15,165,344.50  16,809,344.50  (2,626,019.70)1986 30 Years
              Patchen Oaks Lexington, KY  —  1,345,300.00  8,129,209.54  —  476,342.70  1,345,300.00  8,605,552.24  9,950,852.24  (1,239,907.21)1990 30 Years
              Pembroke Lake Virginia Beach, VA (U)  8,844,977.98  511,947.00  8,889,539.36  —  366,482.55  511,947.00  9,256,021.91  9,767,968.91  (755,609.06)1975 30 Years
              Phillips Park Wellesley, MA  4,033,425.65  816,921.82  5,460,955.15  —  28,264.23  816,921.82  5,489,219.38  6,306,141.20  (225,336.46)1988 30 Years
              Pine Barrens Jacksonville, FL  1,433,094.42  268,302.86  2,364,040.59  —  144,783.26  268,302.86  2,508,823.85  2,777,126.71  (226,778.84)1986 30 Years
              Pine Harbour Orlando, FL  —  1,664,300.00  14,970,914.84  —  1,334,630.60  1,664,300.00  16,305,545.44  17,969,845.44  (5,026,374.72)1991 30 Years
              Pine Knoll Jonesboro, GA  1,185,389.89  138,052.24  1,216,390.69  —  41,602.60  138,052.24  1,257,993.29  1,396,045.53  (107,870.30)1985 30 Years
              Pine Lake Tampa, FL  636,062.89  79,876.79  703,801.58  —  43,693.10  79,876.79  747,494.68  827,371.47  (65,086.53)1982 30 Years
              Pine Meadow Greensboro, NC  4,511,994.02  720,650.00  6,483,337.55  —  995,978.07  720,650.00  7,479,315.62  8,199,965.62  (1,928,161.49)1974 30 Years
              Pine Meadows I (FL) Ft. Meyers, FL  —  152,019.39  1,339,596.48  —  300,478.94  152,019.39  1,640,075.42  1,792,094.81  (159,171.49)1985 30 Years
              Pine Terrace I Callaway, FL  2,104,499.48  288,991.84  2,546,426.41  —  389,840.61  288,991.84  2,936,267.02  3,225,258.86  (283,100.90)1983 30 Years
              Pine Tree Club Wildwood, MO  —  1,125,000.00  7,017,082.20  —  241,316.65  1,125,000.00  7,258,398.85  8,383,398.85  (755,693.25)1986 30 Years
              Pinellas Pines Pinellas Park, FL  93,994.37  174,999.26  1,541,934.20  —  178,834.52  174,999.26  1,720,768.72  1,895,767.98  (142,937.13)1983 30 Years
              Pines of Cloverlane Ypsilanti, MI  —  1,907,800.00  16,767,519.36  —  4,689,181.35  1,907,800.00  21,456,700.71  23,364,500.71  (6,215,998.67)1975-79 30 Years
              Pines of Springdale Palm Springs, FL  —  473,867.00  4,265,174.32  —  861,936.65  473,867.00  5,127,110.97  5,600,977.97  (1,669,285.59)1985/87 30 Years
              Pinney Brook Ellington, CT  —  198,450.84  1,326,603.25  —  9,898.26  198,450.84  1,336,501.51  1,534,952.35  (59,319.39)1968 30 Years
              Pleasant Ridge Arlington, TX  1,602,898.08  445,100.00  1,996,549.84  —  109,277.42  445,100.00  2,105,827.26  2,550,927.26  (297,464.70)1982 30 Years
              Plum Tree Hales Corners, WI  (N) 1,996,700.00  20,247,195.39  —  640,070.83  1,996,700.00  20,887,266.22  22,883,966.22  (3,019,616.25)1989 30 Years
              Plumwood (Che) Chesterfield, IN  416,476.29  84,922.60  748,260.67  —  37,271.88  84,922.60  785,532.55  870,455.15  (70,857.64)1980 30 Years
              Plumwood (For) Ft. Wayne, IN  —  131,350.81  1,157,243.81  —  119,008.83  131,350.81  1,276,252.64  1,407,603.45  (118,862.73)1981 30 Years
              Plumwood I Columbus, OH  1,665,394.01  289,814.33  2,553,597.34  —  268,975.70  289,814.33  2,822,573.04  3,112,387.37  (244,439.84)1978 30 Years
              Plumwood II Columbus, OH  —  107,583.06  947,924.01  —  71,557.14  107,583.06  1,019,481.15  1,127,064.21  (83,433.46)1983 30 Years
              Point (NC) Charlotte, NC  12,765,000.00  1,700,000.00  25,417,266.78  —  224,071.46  1,700,000.00  25,641,338.24  27,341,338.24  (2,961,316.13)1996 30 Years
              Pointe at South Mountain Phoenix, AZ  —  2,228,800.00  20,059,310.98  —  939,917.52  2,228,800.00  20,999,228.50  23,228,028.50  (3,773,568.36)1988 30 Years
              Pointe East Redmond, WA  —  602,600.00  5,425,762.95  —  327,561.97  602,600.00  5,753,324.92  6,355,924.92  (1,547,040.17)1988 30 Years
              Polos Fort Myers, FL  —  1,640,000.00  18,444,965.76  —  672,163.25  1,640,000.00  19,117,129.01  20,757,129.01  (2,367,184.61)1991 30 Years
              Polos East Orlando, FL  —  1,386,000.00  19,058,620.04  —  512,233.31  1,386,000.00  19,570,853.35  20,956,853.35  (2,327,981.53)1991 30 Years
              Port Royale Ft. Lauderdale, FL  —  1,754,200.00  15,789,873.13  —  1,080,965.84  1,754,200.00  16,870,838.97  18,625,038.97  (4,584,811.52)1988 30 Years
              Port Royale II Ft. Lauderdale, FL  —  1,022,200.00  9,203,165.98  —  680,056.70  1,022,200.00  9,883,222.68  10,905,422.68  (2,347,670.24)1988 30 Years
              Port Royale III Ft. Lauderdale, FL  —  7,454,900.00  14,725,801.67  —  841,293.33  7,454,900.00  15,567,095.00  23,021,995.00  (2,826,214.37)1988 30 Years
              Portland Center Combined Portland, OR  21,443,864.24  6,032,900.00  43,554,398.53  —  3,162,690.15  6,032,900.00  46,717,088.68  52,749,988.68  (5,542,038.01)1965 30 Years
              Portofino Chino Hills, CA  —  3,572,400.00  14,660,993.76  —  333,917.44  3,572,400.00  14,994,911.20  18,567,311.20  (2,214,314.61)1989 30 Years
              Portofino (Val) Valencia, CA  14,791,077.46  8,640,000.00  21,487,126.27  —  89,953.24  8,640,000.00  21,577,079.51  30,217,079.51  (780,200.73)1989 30 Years
              Portside Towers Combined Jersey City, NJ  56,184,308.32  22,455,700.00  96,842,912.99  —  1,497,625.37  22,455,700.00  98,340,538.36  120,796,238.36  (12,089,410.60)1992/1997 30 Years
              Prairie Creek I Richardson, TX  —  4,067,291.52  38,986,022.29  —  243,731.62  4,067,291.52  39,229,753.91  43,297,045.43  (3,930,026.41)1998/99 30 Years
              Preakness Antioch, TN  (E) 1,561,900.00  7,668,520.58  —  1,299,867.31  1,561,900.00  8,968,387.89  10,530,287.89  (1,703,911.86)1986 30 Years
              Preserve at Squaw Peak Phoenix, AZ  —  517,788.00  8,533,991.83  —  221,919.23  517,788.00  8,755,911.06  9,273,699.06  (1,326,803.02)1990 30 Years
              Preston at Willowbend Plano, TX  —  872,500.00  7,878,915.24  —  2,375,710.57  872,500.00  10,254,625.81  11,127,125.81  (3,384,683.80)1985 30 Years
              Preston Bend Dallas, TX  8,719,000.00  1,085,200.00  9,948,004.66  —  567,758.70  1,085,200.00  10,515,763.36  11,600,963.36  (1,896,751.05)1986 30 Years
              Princeton Court Evansville, IN  879,993.55  116,696.04  1,028,219.32  —  121,398.16  116,696.04  1,149,617.48  1,266,313.52  (107,024.33)1985 30 Years
              Princeton Square Jacksonville, FL  —  864,000.00  11,910,477.70  —  334,584.86  864,000.00  12,245,062.56  13,109,062.56  (1,514,327.59)1984 30 Years
              Promenade (FL) St. Petersburg, FL  —  2,124,193.40  25,804,036.95  —  650,627.07  2,124,193.40  26,454,664.02  28,578,857.42  (3,073,425.89)1994 30 Years
              Promenade at Aventura Aventura, FL  —  13,320,000.00  30,353,748.43  —  82,029.43  13,320,000.00  30,435,777.86  43,755,777.86  (725,205.15)1995 30 Years
              Promenade at Wyndham Lakes Coral Springs, FL  —  6,640,000.00  26,743,759.79  —  116,496.38  6,640,000.00  26,860,256.17  33,500,256.17  (1,442,142.77)1998 30 Years
              Promenade Terrace Corona, CA  15,037,654.63  2,282,800.00  20,546,289.38  —  803,549.92  2,282,800.00  21,349,839.30  23,632,639.30  (4,353,403.30)1990 30 Years
              Promontory Pointe I & II Phoenix, AZ  —  2,355,509.00  30,421,839.60  —  949,142.38  2,355,509.00  31,370,981.98  33,726,490.98  (4,653,300.91)1984/1996 30 Years
              Prospect Towers Hackensack, NJ  14,287,216.23  3,926,600.00  27,966,416.19  —  1,691,887.65  3,926,600.00  29,658,303.84  33,584,903.84  (3,982,421.23)1995 30 Years
              Prospect Towers II Hackensack, NJ  28,077,524.00  4,500,000.00  26,930,124.43  —  —  4,500,000.00  26,930,124.43  31,430,124.43  — (Z) 30 Years
              Pueblo Villas Albuquerque, NM  —  855,600.00  7,694,320.11  —  1,620,612.51  855,600.00  9,314,932.62  10,170,532.62  (2,221,317.23)1975 30 Years
              Quail Call Albany, GA  695,742.06  104,723.44  922,727.65  —  105,593.04  104,723.44  1,028,320.69  1,133,044.13  (100,826.03)1984 30 Years
              Ramblewood I (Val) Valdosta, GA  941,264.39  132,083.69  1,163,801.21  —  57,830.31  132,083.69  1,221,631.52  1,353,715.21  (108,471.03)1983 30 Years
              Ramblewood II (Aug) Augusta, GA  —  169,269.38  1,490,782.67  —  220,355.12  169,269.38  1,711,137.79  1,880,407.17  (161,623.11)1986 30 Years
              Ramblewood II (Val) Valdosta, GA  466,062.80  61,672.12  543,398.57  —  23,171.51  61,672.12  566,570.08  628,242.20  (50,391.45)1983 30 Years
              Ranchside New Port Richery, FL  —  144,692.45  1,274,898.15  —  96,629.45  144,692.45  1,371,527.60  1,516,220.05  (123,884.27)1985 30 Years
              Ranchstone Houston, TX  —  770,000.00  15,371,430.67  —  211,116.18  770,000.00  15,582,546.85  16,352,546.85  (1,817,598.37)1996 30 Years
              Ravens Crest Plainsboro, NJ  —  4,670,850.00  42,080,642.31  —  3,492,308.39  4,670,850.00  45,572,950.70  50,243,800.70  (12,809,771.47)1984 30 Years
              Ravinia Greenfield, WI  (N) 1,240,100.00  12,055,713.24  —  400,283.94  1,240,100.00  12,455,997.18  13,696,097.18  (1,810,071.37)1991 30 Years
              Red Deer I Fairborn, OH  —  204,316.78  1,800,253.53  —  119,916.88  204,316.78  1,920,170.41  2,124,487.19  (161,158.04)1986 30 Years
              Red Deer II Fairborn, OH  —  193,851.63  1,708,044.09  —  88,504.48  193,851.63  1,796,548.57  1,990,400.20  (151,169.03)1987 30 Years
              Redan Village I Decatur, GA  —  274,294.48  2,416,963.33  —  160,176.63  274,294.48  2,577,139.96  2,851,434.44  (218,876.49)1984 30 Years
              Redan Village II Decatur, GA  —  240,605.46  2,119,855.32  —  113,742.82  240,605.46  2,233,598.14  2,474,203.60  (183,119.76)1986 30 Years
              Redlands Lawn and Tennis Redlands, CA  —  4,822,320.00  26,359,328.48  —  1,306,669.12  4,822,320.00  27,665,997.60  32,488,317.60  (4,178,836.87)1986 30 Years
              Regatta (Vacant Land) Marina Del Rey, CA  27,468,117.21  60,591,375.00  44,541,748.64  —  —  60,591,375.00  44,541,748.64  105,133,123.64  — (Z) 30 Years
              Regency Charlotte, NC  —  890,000.00  11,783,919.89  —  538,722.06  890,000.00  12,322,641.95  13,212,641.95  (1,435,251.96)1986 30 Years
              Regency Palms Huntington Beach, CA  —  1,857,400.00  16,713,253.54  —  1,049,944.62  1,857,400.00  17,763,198.16  19,620,598.16  (4,045,389.96)1969 30 Years
              Reserve at Ashley Lake Boynton Beach, FL  24,150,000.00  3,520,400.00  23,332,493.58  —  800,861.74  3,520,400.00  24,133,355.32  27,653,755.32  (3,738,739.69)1990 30 Years
              Reserve Square Combined Cleveland, OH  —  2,618,851.89  23,582,868.99  —  14,143,504.79  2,618,851.89  37,726,373.78  40,345,225.67  (13,386,787.93)1973 30 Years
              Reserve Square-Hotel Cleveland, OH  —  —  —  —  532,146.34  —  532,146.34  532,146.34  (102,296.86)1973 30 Years
              Retreat, The Phoenix, AZ  —  3,475,114.00  27,265,251.81  —  176,673.77  3,475,114.00  27,441,925.58  30,917,039.58  (2,504,269.99)1999 30 Years
              Ribbon Mill Manchester, CT  4,462,893.75  787,929.00  5,267,144.05  —  58,449.04  787,929.00  5,325,593.09  6,113,522.09  (228,709.18)1908 30 Years
              Richmond Townhomes Houston, TX  —  940,000.00  13,906,905.00  —  335,062.61  940,000.00  14,241,967.61  15,181,967.61  (1,673,270.63)1995 30 Years
              Ridgegate Kent, WA  —  805,800.00  7,323,524.49  —  558,555.50  805,800.00  7,882,079.99  8,687,879.99  (1,374,524.67)1990 30 Years
              Ridgetop Silverdale, WA  —  811,500.00  7,299,489.64  —  469,487.86  811,500.00  7,768,977.50  8,580,477.50  (1,397,185.37)1988 30 Years
              Ridgetree Dallas, TX  —  2,115,200.00  19,030,979.07  —  1,813,480.81  2,115,200.00  20,844,459.88  22,959,659.88  (5,379,820.64)1983 30 Years
              Ridgeway Commons Memphis, TN  —  583,239.59  5,396,306.17  —  378,066.27  583,239.59  5,774,372.44  6,357,612.03  (943,605.55)1970 30 Years
              Ridgewood (Lou) Louisville, KY  —  163,685.89  1,442,301.06  —  38,285.39  163,685.89  1,480,586.45  1,644,272.34  (124,070.73)1984 30 Years
              Ridgewood (MI) Westland, MI  1,178,618.71  176,968.96  1,559,588.43  —  71,910.91  176,968.96  1,631,499.34  1,808,468.30  (140,395.41)1983 30 Years
              Ridgewood (Rus) Russellville, KY  744,971.22  69,156.10  609,340.64  —  70,226.31  69,156.10  679,566.95  748,723.05  (69,901.41)1984 30 Years
              Ridgewood I (Bed) Bedford, IN  830,345.96  107,119.92  943,843.19  —  83,618.07  107,119.92  1,027,461.26  1,134,581.18  (93,893.70)1984 30 Years
              Ridgewood I (Elk) Elkhart, IN  1,128,693.61  159,371.17  1,404,233.72  —  172,755.57  159,371.17  1,576,989.29  1,736,360.46  (137,341.08)1984 30 Years
              Ridgewood I (GA) Decatur, GA  1,357,942.30  230,574.17  2,031,609.72  —  113,210.75  230,574.17  2,144,820.47  2,375,394.64  (182,968.64)1984 30 Years
              Ridgewood I (Lex) Lexington, KY  —  203,719.66  1,794,792.23  —  101,925.97  203,719.66  1,896,718.20  2,100,437.86  (159,668.01)1984 30 Years
              Ridgewood I (OH) Columbus, OH  1,171,840.81  174,065.87  1,534,135.00  —  104,675.10  174,065.87  1,638,810.10  1,812,875.97  (144,783.51)1984 30 Years
              Ridgewood II (Bed) Bedford, IN  861,087.79  99,558.74  877,220.98  —  73,117.41  99,558.74  950,338.39  1,049,897.13  (86,020.45)1986 30 Years
              Ridgewood II (Elk) Elkhart, IN  —  215,334.70  1,897,333.39  —  233,328.16  215,334.70  2,130,661.55  2,345,996.25  (192,611.95)1986 30 Years
              Ridgewood II (GA) Decatur, GA  973,982.41  164,999.02  1,453,626.21  —  48,790.46  164,999.02  1,502,416.67  1,667,415.69  (124,284.69)1986 30 Years
              Ridgewood II (OH) Columbus, OH  1,132,779.44  162,913.98  1,435,647.68  —  93,864.63  162,913.98  1,529,512.31  1,692,426.29  (132,883.19)1985 30 Years
              Ridgewood Village San Diego, CA  (R) 5,761,500.00  14,032,510.64  —  74,524.53  5,761,500.00  14,107,035.17  19,868,535.17  (2,037,157.91)1997 30 Years
              Ridgewood Village II San Diego, CA  —  6,048,000.00  19,971,537.18  —  22,067.70  6,048,000.00  19,993,604.88  26,041,604.88  (805,991.45)1997 30 Years
              Rincon Houston, TX  (E) 4,401,900.00  16,734,745.75  —  324,714.44  4,401,900.00  17,059,460.19  21,461,360.19  (2,907,444.37)1996 30 Years
              River Bend Tampa, FL  —  602,945.00  1,760,822.60  —  3,129,497.36  602,945.00  4,890,319.96  5,493,264.96  (4,216,431.92)1971 30 Years
              River Glen I Reynoldsbury, OH  —  171,271.91  1,508,892.15  —  47,733.32  171,271.91  1,556,625.47  1,727,897.38  (131,762.00)1987 30 Years
              River Glen II Reynoldsbury, OH  1,132,517.14  158,683.55  1,398,175.02  —  42,303.29  158,683.55  1,440,478.31  1,599,161.86  (120,647.82)1987 30 Years
              River Hill Grand Prairie, TX  —  2,004,000.00  19,272,943.71  —  384,472.47  2,004,000.00  19,657,416.18  21,661,416.18  (2,355,483.58)1996 30 Years
              River Oaks (CA) Oceanside, CA  10,576,578.77  5,600,000.00  20,673,713.81  —  217,129.97  5,600,000.00  20,890,843.78  26,490,843.78  (632,562.71)1984 30 Years
              River Park Fort Worth, TX  7,456,459.73  2,245,400.00  8,811,726.50  —  1,708,294.19  2,245,400.00  10,520,020.69  12,765,420.69  (1,604,295.95)1984 30 Years
              River's Bend (CT) Windsor, CT  12,389,455.00  3,325,516.73  22,230,398.58  —  127,761.19  3,325,516.73  22,358,159.77  25,683,676.50  (949,975.71)1973 30 Years
              Rivers Edge Waterbury, CT  —  781,900.00  6,561,167.21  —  262,709.27  781,900.00  6,823,876.48  7,605,776.48  (906,443.35)1974 30 Years
              Rivers End I Jacksonville, FL  1,366,089.67  171,744.81  1,507,064.67  —  123,721.74  171,744.81  1,630,786.41  1,802,531.22  (145,355.27)1986 30 Years
              Rivers End II Jacksonville, FL  1,087,480.02  190,687.68  1,680,171.28  —  138,763.78  190,687.68  1,818,935.06  2,009,622.74  (158,561.42)1986 30 Years
              Riverside Park Tulsa, OK  (E) 1,441,400.00  12,371,637.06  —  432,928.68  1,441,400.00  12,804,565.74  14,245,965.74  (2,092,346.66)1994 30 Years
              Riverview Condominiums Norwalk, CT  6,200,915.99  2,300,000.00  7,406,729.78  —  282,851.33  2,300,000.00  7,689,581.11  9,989,581.11  (264,397.10)1991 30 Years
              Roanoke Rochester Hills, MI  40,500.00  369,911.16  3,259,270.40  —  120,918.19  369,911.16  3,380,188.59  3,750,099.75  (279,634.15)1985 30 Years
              Rock Creek Corrboro, NC  —  895,700.00  8,062,542.86  —  555,270.36  895,700.00  8,617,813.22  9,513,513.22  (1,743,215.89)1986 30 Years
              Rockingham Glen West Roxbury, MA  4,395,436.78  1,124,216.91  7,515,159.93  —  111,701.55  1,124,216.91  7,626,861.48  8,751,078.39  (331,156.52)1974 30 Years
              Rolido Parque Houston, TX  6,931,475.78  2,955,900.00  7,931,879.77  —  1,098,090.87  2,955,900.00  9,029,970.64  11,985,870.64  (1,609,019.58)1978 30 Years
              Rolling Green (Amherst) Amherst, MA  4,088,592.03  1,340,701.85  8,962,317.43  —  296,210.91  1,340,701.85  9,258,528.34  10,599,230.19  (410,450.92)1970 30 Years
              Rolling Green (Fall River) Fall River, MA  8,157,815.54  2,481,821.11  16,780,359.12  —  488,092.81  2,481,821.11  17,268,451.93  19,750,273.04  (779,640.72)1971 30 Years
              Rolling Green (Milford) Milford, MA  8,085,754.69  2,012,350.35  13,452,150.14  —  601,940.25  2,012,350.35  14,054,090.39  16,066,440.74  (622,351.84)1970 30 Years
              Rosecliff Quincy, MA  —  5,460,000.00  15,722,948.35  —  32,511.99  5,460,000.00  15,755,460.34  21,215,460.34  (1,357,488.19)1990 30 Years
              Rosehill Pointe Lenexa, KS  12,286,411.01  2,093,300.00  18,863,514.87  —  2,955,883.01  2,093,300.00  21,819,397.88  23,912,697.88  (5,334,414.08)1984 30 Years
              Rosewood (KY) Louisville, KY  1,550,067.20  253,452.90  2,233,196.22  —  95,218.43  253,452.90  2,328,414.65  2,581,867.55  (198,052.96)1984 30 Years
              Rosewood (OH) Columbus, OH  —  212,378.37  1,871,185.91  —  132,454.41  212,378.37  2,003,640.32  2,216,018.69  (177,790.35)1985 30 Years
              Rosewood Commons I Indianapolis, IN  1,810,848.21  228,644.39  2,014,652.29  —  170,129.32  228,644.39  2,184,781.61  2,413,426.00  (203,149.18)1986 30 Years
              Rosewood Commons II Indianapolis, IN  —  220,463.03  1,942,519.54  —  128,960.57  220,463.03  2,071,480.11  2,291,943.14  (187,081.14)1987 30 Years
              Royal Oak Eagan, MN  13,139,491.00  1,602,903.51  14,423,662.47  —  629,043.35  1,602,903.51  15,052,705.82  16,655,609.33  (2,322,559.80)1989 30 Years
              Royal Oaks (FL) Jacksonville, FL  —  1,988,000.00  13,645,117.44  —  418,480.80  1,988,000.00  14,063,598.24  16,051,598.24  (1,718,318.81)1991 30 Years

              S-9

              Royale Cranston, RI  2,018,441.00  512,785.47  3,427,865.91  —  67,145.83  512,785.47  3,495,011.74  4,007,797.21  (151,247.13)1976 30 Years
              Sabal Palm at Boot Ranch Palm Harbor, FL  16,147,538.57  3,888,000.00  28,923,691.69  —  575,271.44  3,888,000.00  29,498,963.13  33,386,963.13  (3,449,742.27)1996 30 Years
              Sabal Palm at Carrollwood Place Tampa, FL  —  3,888,000.00  26,911,542.48  —  327,961.98  3,888,000.00  27,239,504.46  31,127,504.46  (3,215,088.15)1995 30 Years
              Sabal Palm at Lake Buena Vista Orlando, Fl  21,170,000.00  2,800,000.00  23,687,892.95  —  676,324.66  2,800,000.00  24,364,217.61  27,164,217.61  (2,910,953.95)1988 30 Years
              Sabal Palm at Metrowest Orlando, Fl  —  4,110,000.00  38,394,864.86  —  651,119.46  4,110,000.00  39,045,984.32  43,155,984.32  (4,481,380.07)1998 30 Years
              Sabal Palm at Metrowest II Orlando, Fl  —  4,560,000.00  33,907,282.83  —  301,554.82  4,560,000.00  34,208,837.65  38,768,837.65  (3,950,874.16)1997 30 Years
              Sabal Pointe Coral Springs, FL  —  1,951,600.00  17,570,507.92  —  724,611.78  1,951,600.00  18,295,119.70  20,246,719.70  (3,939,925.21)1995 30 Years
              Saddle Ridge Ashburn, VA  —  1,364,800.00  12,283,616.32  —  620,984.37  1,364,800.00  12,904,600.69  14,269,400.69  (2,965,216.53)1989 30 Years
              Sailboat Bay Raleigh, NC  —  960,000.00  8,797,579.84  —  322,796.26  960,000.00  9,120,376.10  10,080,376.10  (1,129,195.17)1986 30 Years
              Sandalwood Toledo, OH  1,077,848.97  151,926.23  1,338,635.64  —  30,212.24  151,926.23  1,368,847.88  1,520,774.11  (115,586.33)1984 30 Years
              Sandpiper II Fort Pierce, FL  —  155,495.65  1,369,987.12  —  286,788.90  155,495.65  1,656,776.02  1,812,271.67  (158,135.54)1982 30 Years
              Sanford Court Sanford, FL  1,710,085.85  238,814.10  2,104,212.44  —  240,218.67  238,814.10  2,344,431.11  2,583,245.21  (216,037.02)1976 30 Years
              Scarborough Square Rockville, MD  5,012,038.89  1,815,000.00  7,608,125.57  —  637,655.90  1,815,000.00  8,245,781.47  10,060,781.47  (938,332.71)1967 30 Years
              Schooner Bay I Foster City, CA  27,000,000.00  5,345,000.00  14,702,681.68  —  60,528.25  5,345,000.00  14,763,209.93  20,108,209.93  (287,395.97)1985 30 Years
              Schooner Bay II Foster City, CA  23,760,000.00  4,550,000.00  12,970,054.24  —  52,913.76  4,550,000.00  13,022,968.00  17,572,968.00  (251,971.99)1985 30 Years
              Scottsdale Courtyards Scottsdale, AZ  —  2,979,269.00  25,073,537.79  —  474,233.39  2,979,269.00  25,547,771.18  28,527,040.18  (3,762,268.62)1993 30 Years
              Scottsdale Meadows Scottsdale, AZ  —  1,512,000.00  11,407,698.76  —  501,722.24  1,512,000.00  11,909,421.00  13,421,421.00  (1,785,958.09)1984 30 Years
              Security Manor Westfield, MA  1,443,634.00  355,456.23  2,376,152.12  —  15,389.07  355,456.23  2,391,541.19  2,746,997.42  (105,841.69)1971 30 Years
              Sedona Springs Austin, TX  15,975,000.00  2,574,000.00  23,477,042.72  —  819,920.92  2,574,000.00  24,296,963.64  26,870,963.64  (2,871,163.85)1995 30 Years
              Seeley Lake Lakewood, WA  —  2,760,400.00  24,845,286.28  —  959,417.87  2,760,400.00  25,804,704.15  28,565,104.15  (4,482,780.99)1990 30 Years
              Settler's Point Salt Lake City, UT  —  1,715,100.00  15,437,046.26  —  823,930.36  1,715,100.00  16,260,976.62  17,976,076.62  (2,936,857.93)1986 30 Years
              Seventh & James Seattle, WA  —  663,800.00  5,974,802.99  —  1,714,645.90  663,800.00  7,689,448.89  8,353,248.89  (1,251,360.04)1992 30 Years
              Shadetree West Palm Beach, FL  —  532,000.00  1,420,721.36  —  130,892.18  532,000.00  1,551,613.54  2,083,613.54  (22,701.97)1982 30 Years
              Shadow Bay I Jacksonville, FL  —  123,318.51  1,086,720.43  —  78,824.99  123,318.51  1,165,545.42  1,288,863.93  (107,332.55)1984 30 Years
              Shadow Bay II Jacksonville, FL  967,211.18  139,708.74  1,231,134.03  —  79,472.65  139,708.74  1,310,606.68  1,450,315.42  (119,008.83)1985 30 Years
              Shadow Brook Scottsdale, AZ  —  3,065,496.00  18,367,686.39  —  695,603.54  3,065,496.00  19,063,289.93  22,128,785.93  (2,852,836.65)1984 30 Years
              Shadow Lake Doraville, GA  —  1,140,000.00  13,117,276.66  —  240,299.76  1,140,000.00  13,357,576.42  14,497,576.42  (1,588,617.17)1989 30 Years
              Shadow Ridge Tallahassee, FL  —  150,326.51  1,324,061.38  —  120,666.11  150,326.51  1,444,727.49  1,595,054.00  (128,291.17)1983 30 Years
              Shadow Trace Stone Mountain, GA  —  244,320.39  2,152,728.92  —  150,256.61  244,320.39  2,302,985.53  2,547,305.92  (202,912.92)1984 30 Years
              Shadowood I Sarasota, FL  1,394,425.14  157,660.55  1,389,061.24  —  101,651.07  157,660.55  1,490,712.31  1,648,372.86  (132,806.98)1982 30 Years
              Shadowood II Sarasota, FL  1,185,160.61  152,030.92  1,339,469.12  —  41,207.18  152,030.92  1,380,676.30  1,532,707.22  (121,829.69)1983 30 Years
              Sheffield Court Arlington, VA  —  3,349,350.00  31,960,799.88  —  1,255,129.32  3,349,350.00  33,215,929.20  36,565,279.20  (8,241,627.01)1986 30 Years
              Sherbrook (IN) Indianapolis, IN  1,625,092.56  171,920.49  1,514,706.88  —  103,271.24  171,920.49  1,617,978.12  1,789,898.61  (148,113.91)1986 30 Years
              Sherbrook (OH) Columbus, OH  1,074,187.90  163,493.35  1,440,035.77  —  129,635.21  163,493.35  1,569,670.98  1,733,164.33  (141,811.49)1985 30 Years
              Sherbrook (PA) Wexford, PH  —  279,665.03  2,464,403.71  —  164,151.90  279,665.03  2,628,555.61  2,908,220.64  (218,694.98)1986 30 Years
              Shoal Run Birmingham, AL  —  1,380,000.00  12,218,577.43  —  282,586.96  1,380,000.00  12,501,164.39  13,881,164.39  (1,506,549.04)1986 30 Years
              Siena Terrace Lake Forest, CA  18,038,474.01  8,900,000.00  24,083,023.60  —  457,835.33  8,900,000.00  24,540,858.93  33,440,858.93  (2,571,775.12)1988 30 Years
              Sierra Canyon Santa Clarita, CA  —  3,484,200.00  12,523,276.06  —  893,727.28  3,484,200.00  13,417,003.34  16,901,203.34  (2,063,553.10)1987 30 Years
              Silver Creek Phoenix, AZ  —  712,102.00  6,707,495.59  —  349,601.28  712,102.00  7,057,096.87  7,769,198.87  (1,119,903.17)1986 30 Years
              Silver Forest Ocala, FL  837,810.82  126,535.69  1,114,917.31  —  34,644.29  126,535.69  1,149,561.60  1,276,097.29  (100,259.28)1985 30 Years
              Silver Shadow Las Vegas, NV  —  953,440.00  8,599,510.80  —  799,422.92  953,440.00  9,398,933.72  10,352,373.72  (2,821,691.43)1992 30 Years
              Silver Springs (FL) Jacksonville, FL  —  1,831,100.00  16,474,734.54  —  3,466,305.30  1,831,100.00  19,941,039.84  21,772,139.84  (3,282,345.29)1985 30 Years
              Silverwood Mission, KS  (P) 1,230,000.00  11,070,904.41  —  1,501,760.46  1,230,000.00  12,572,664.87  13,802,664.87  (3,599,579.67)1986 30 Years
              Sky Pines I Orlando, Fl  2,240,675.98  349,028.75  3,075,448.67  —  169,847.93  349,028.75  3,245,296.60  3,594,325.35  (292,036.85)1986 30 Years
              Sky Ridge Woodstock, GA  —  437,373.49  3,853,792.10  —  193,464.05  437,373.49  4,047,256.15  4,484,629.64  (337,287.03)1987 30 Years
              Skycrest Valencia, CA  18,390,094.19  10,560,000.00  25,574,457.27  —  78,292.83  10,560,000.00  25,652,750.10  36,212,750.10  (927,025.66)1999 30 Years
              Skylark Union City, CA  —  1,781,600.00  16,731,915.87  —  470,686.84  1,781,600.00  17,202,602.71  18,984,202.71  (2,078,518.17)1986 30 Years
              Skyview Rancho Santa Margarita, CA  —  3,380,000.00  21,953,151.07  —  139,816.58  3,380,000.00  22,092,967.65  25,472,967.65  (2,042,853.50)1999 30 Years
              Slate Run (Hop) Hopkinsville, KY  875,341.46  91,303.73  804,535.36  —  95,168.08  91,303.73  899,703.44  991,007.17  (88,232.12)1984 30 Years
              Slate Run (Ind) Indianapolis, IN  1,980,685.72  295,593.01  2,604,496.55  —  207,677.12  295,593.01  2,812,173.67  3,107,766.68  (241,319.12)1984 30 Years
              Slate Run (Leb) Lebanon, IN  1,202,838.17  154,060.96  1,357,444.95  —  115,764.02  154,060.96  1,473,208.97  1,627,269.93  (139,064.85)1984 30 Years
              Slate Run (Mia) Miamisburg, OH  833,093.01  136,064.79  1,198,879.10  —  59,175.48  136,064.79  1,258,054.58  1,394,119.37  (107,754.90)1985 30 Years
              Slate Run I (Lou) Louisville, KY  —  179,765.59  1,583,930.73  —  60,948.69  179,765.59  1,644,879.42  1,824,645.01  (143,286.33)1984 30 Years
              Slate Run II (Lou) Louisville, KY  1,139,968.44  167,722.89  1,477,722.46  —  28,322.19  167,722.89  1,506,044.65  1,673,767.54  (128,437.18)1985 30 Years
              Smoketree Polo Club Indio, CA  8,425,000.00  867,200.00  6,971,076.37  —  738,804.36  867,200.00  7,709,880.73  8,577,080.73  (1,121,625.00)1987-89 30 Years
              Sommerset Place Raleigh, NC  —  360,000.00  7,800,205.70  —  266,457.98  360,000.00  8,066,663.68  8,426,663.68  (980,508.89)1983 30 Years
              Sonata at Cherry Creek Denver, CO  —  5,490,000.00  18,130,479.26  —  102,396.24  5,490,000.00  18,232,875.50  23,722,875.50  (721,776.75)1999 30 Years
              Songbird San Antonio, TX  6,231,299.17  1,082,500.00  9,733,790.98  —  1,314,252.02  1,082,500.00  11,048,043.00  12,130,543.00  (2,460,006.11)1981 30 Years
              Sonoran Phoenix, AZ  —  2,361,922.00  31,841,723.63  —  609,899.29  2,361,922.00  32,451,622.92  34,813,544.92  (4,816,563.34)1995 30 Years
              Sonterra at Foothill Ranch Foothill Ranch, DA  15,496,245.19  7,503,400.00  24,048,506.71  —  163,128.01  7,503,400.00  24,211,634.72  31,715,034.72  (3,236,282.86)1997 30 Years
              South Creek Phoenix, AZ  14,885,762.84  2,671,300.00  24,042,041.82  —  1,466,378.90  2,671,300.00  25,508,420.72  28,179,720.72  (5,528,499.13)1986-89 30 Years
              South Pointe St. Louis, MO  7,110,250.00  961,100.00  8,651,149.61  —  802,494.05  961,100.00  9,453,643.66  10,414,743.66  (1,790,159.68)1986 30 Years
              South Shore Stockton, CA  6,833,000.00  840,000.00  6,057,952.19  —  248,527.30  840,000.00  6,306,479.49  7,146,479.49  (140,324.39)1979 30 Years
              Southwood Palo Alto, CA  —  6,936,600.00  14,324,068.88  —  732,139.53  6,936,600.00  15,056,208.41  21,992,808.41  (2,039,111.17)1985 30 Years
              Spicewood Indianapolis, IN  991,211.49  128,354.56  1,131,043.53  —  77,644.99  128,354.56  1,208,688.52  1,337,043.08  (101,603.73)1986 30 Years
              Spicewood Springs Jacksonville, FL  —  1,536,000.00  21,138,008.81  —  2,565,633.08  1,536,000.00  23,703,641.89  25,239,641.89  (3,114,213.15)1986 30 Years
              Spinnaker Cove Hermitage, TN  —  1,461,731.24  12,770,420.93  —  1,037,201.69  1,461,731.24  13,807,622.62  15,269,353.86  (2,569,739.82)1986 30 Years
              Spring Gate Springfield, FL  —  132,951.42  1,171,446.91  —  211,427.02  132,951.42  1,382,873.93  1,515,825.35  (136,913.18)1983 30 Years
              Spring Hill Commons Acton, MA  —  1,107,435.54  7,402,979.90  —  75,852.17  1,107,435.54  7,478,832.07  8,586,267.61  (316,390.14)1973 30 Years
              Spring Lake Manor Birmingham, AL (U)  3,709,099.98  199,991.58  4,512,048.07  —  388,198.78  199,991.58  4,900,246.85  5,100,238.43  (450,216.92)1972 30 Years
              Springbrook Anderson, SC  1,666,989.07  168,958.84  1,488,611.47  —  111,104.27  168,958.84  1,599,715.74  1,768,674.58  (145,440.15)1986 30 Years
              Springs Colony Altamonte Springs, FL  (P) 640,400.00  5,852,156.88  —  1,086,929.00  640,400.00  6,939,085.88  7,579,485.88  (2,252,282.34)1986 30 Years
              Springtree (REIT) W. Palm Beach, FL  1,198,245.66  183,100.00  1,648,300.69  —  21,953.02  183,100.00  1,670,253.71  1,853,353.71  (62,269.55)1982 30 Years
              Springwood (Col) Columbus, OH  1,051,769.83  189,947.71  1,672,888.81  —  81,898.29  189,947.71  1,754,787.10  1,944,734.81  (152,601.60)1983 30 Years
              Springwood (IN) New Haven, IN  743,357.41  119,198.99  1,050,337.97  —  109,794.38  119,198.99  1,160,132.35  1,279,331.34  (99,038.59)1981 30 Years
              Steeplechase Charlotte, NC  —  1,111,500.00  10,180,749.95  —  453,520.91  1,111,500.00  10,634,270.86  11,745,770.86  (1,344,747.00)1986 30 Years
              Sterling Point Littleton, CO  —  935,500.00  8,419,199.52  —  446,679.06  935,500.00  8,865,878.58  9,801,378.58  (1,544,161.93)1979 30 Years
              Stewart Way I Hinesville, GA  2,135,208.21  290,772.56  2,562,373.14  —  177,842.76  290,772.56  2,740,215.90  3,030,988.46  (253,946.21)1986 30 Years
              Stillwater Savannah, GA  910,121.15  151,197.79  1,332,417.32  —  47,992.70  151,197.79  1,380,410.02  1,531,607.81  (120,497.98)1983 30 Years
              Stone Crossing Montgomery, AL (U)  2,009,311.36  103,186.01  2,716,315.53  —  237,101.87  103,186.01  2,953,417.40  3,056,603.41  (273,855.72)1973 30 Years
              Stonehenge (Day) Dayton, OH  1,134,126.05  202,293.85  1,782,140.24  —  147,203.20  202,293.85  1,929,343.44  2,131,637.29  (164,577.63)1985 30 Years
              Stonehenge (Ind) Indianapolis, IN  1,170,688.31  146,810.32  1,293,558.94  —  129,045.40  146,810.32  1,422,604.34  1,569,414.66  (142,558.39)1984 30 Years
              Stonehenge (Jas) Jasper, IN  420,823.40  78,334.74  690,214.46  —  35,340.46  78,334.74  725,554.92  803,889.66  (64,242.83)1985 30 Years
              Stonehenge (KY) Glasgow, KY  775,924.01  111,631.60  983,596.05  —  54,548.03  111,631.60  1,038,144.08  1,149,775.68  (95,285.40)1983 30 Years
              Stonehenge (Mas) Massillon, OH  601,790.89  145,386.28  1,281,011.57  —  95,900.96  145,386.28  1,376,912.53  1,522,298.81  (123,026.89)1984 30 Years
              Stonehenge (MI) Tecumseh, MI  1,044,839.53  146,553.91  1,291,449.64  —  72,166.08  146,553.91  1,363,615.72  1,510,169.63  (113,230.22)1984 30 Years
              Stonehenge I (Ric) Richmond, IN  1,096,252.13  156,342.98  1,377,552.00  —  199,547.81  156,342.98  1,577,099.81  1,733,442.79  (139,279.74)1984 30 Years
              Stoney Creek Lakewood, WA  —  1,215,200.00  10,938,133.89  —  716,256.55  1,215,200.00  11,654,390.44  12,869,590.44  (1,992,462.04)1990 30 Years
              Stratford Square Winter Park, FL (U)  4,976,334.07  391,300.00  3,176,441.37  —  210,332.96  391,300.00  3,386,774.33  3,778,074.33  (317,384.75)1972 30 Years
              Strawberry Place Plant City, FL  —  78,444.76  691,183.84  —  88,180.15  78,444.76  779,363.99  857,808.75  (76,977.94)1982 30 Years
              Sturbridge Meadows Sturbridge, MA  2,293,529.81  702,446.99  4,695,714.32  —  88,853.44  702,446.99  4,784,567.76  5,487,014.75  (206,434.74)1985 30 Years
              Suerte San Diego, CA  18,291,416.96  8,160,000.00  29,360,938.17  —  125,626.66  8,160,000.00  29,486,564.83  37,646,564.83  (1,116,925.99)1990 30 Years
              Suffolk Grove I Grove City, OH  —  214,106.74  1,886,414.73  —  89,330.45  214,106.74  1,975,745.18  2,189,851.92  (167,181.69)1985 30 Years
              Suffolk Grove II Grove City, OH  1,012,102.90  167,682.97  1,477,568.67  —  38,931.54  167,682.97  1,516,500.21  1,684,183.18  (127,588.87)1987 30 Years
              Sugartree I New Smyna Beach, FL  951,712.17  155,018.08  1,453,696.13  —  106,158.43  155,018.08  1,559,854.56  1,714,872.64  (136,045.34)1984 30 Years
              Summer Chase Denver, CO  12,794,478.68  1,709,200.00  15,375,007.91  —  1,752,688.66  1,709,200.00  17,127,696.57  18,836,896.57  (3,928,914.12)1983 30 Years
              Summer Creek Plymouth, MN  2,222,245.40  579,600.00  3,815,800.17  —  284,280.36  579,600.00  4,100,080.53  4,679,680.53  (581,720.61)1985 30 Years
              Summer Ridge Riverside, CA  —  602,400.00  5,422,807.38  —  305,692.16  602,400.00  5,728,499.54  6,330,899.54  (1,224,095.88)1985 30 Years
              Summerhill Glen Maynard, MA  2,023,574.82  415,812.01  2,779,618.15  —  124,016.67  415,812.01  2,903,634.82  3,319,446.83  (137,849.40)1980 30 Years
              Summerset Village Chatsworth, CA  19,306,077.37  2,891,345.68  23,692,592.45  —  568,929.73  2,891,345.68  24,261,522.18  27,152,867.86  (4,643,488.56)1985 30 Years
              Summerwood Hayward, CA  —  4,866,600.00  6,942,743.34  —  488,937.23  4,866,600.00  7,431,680.57  12,298,280.57  (1,017,788.73)1982 30 Years
              Summit & Birch Hill Farmington, CT  7,286,123.00  1,757,437.88  11,748,112.49  —  78,917.15  1,757,437.88  11,827,029.64  13,584,467.52  (501,178.98)1967 30 Years
              Summit at Lake Union Seattle, WA  —  1,424,700.00  12,852,461.39  —  958,386.00  1,424,700.00  13,810,847.39  15,235,547.39  (2,353,930.17)1995—1997 30 Years
              Summit Center (FL) W. Palm Beach, FL  2,219,511.26  670,000.00  1,733,311.89  —  282,920.53  670,000.00  2,016,232.42  2,686,232.42  (116,692.32)1987 30 Years
              Summit Chase Coral Springs, FL  —  1,122,100.00  4,431,710.99  —  514,155.19  1,122,100.00  4,945,866.18  6,067,966.18  (1,058,009.28)1985 30 Years
              Sun Creek Glendale, AZ  —  896,929.00  7,066,939.86  —  301,620.11  896,929.00  7,368,559.97  8,265,488.97  (1,161,504.14)1985 30 Years
              Sunny Oak Village Overland Park, KS  14,111,424.18  2,247,750.00  20,230,536.38  —  2,851,741.65  2,247,750.00  23,082,278.03  25,330,028.03  (5,795,770.15)1984 30 Years
              Sunnyside Tifton, GA  1,293,809.89  166,887.10  1,470,612.23  —  159,033.39  166,887.10  1,629,645.62  1,796,532.72  (143,143.59)1984 30 Years
              Sunrise Springs Las Vegas, NV  —  975,300.00  8,775,662.32  —  529,662.44  975,300.00  9,305,324.76  10,280,624.76  (2,604,496.39)1989 30 Years
              Sunset Way I Miami, FL  1,564,299.73  258,567.91  2,278,539.10  —  219,429.40  258,567.91  2,497,968.50  2,756,536.41  (214,894.59)1987 30 Years
              Sunset Way II Miami, FL  2,567,314.06  274,903.14  2,422,546.26  —  175,374.40  274,903.14  2,597,920.66  2,872,823.80  (219,400.26)1988 30 Years
              Suntree West Palm Beach, FL  —  469,000.00  1,479,588.79  —  1,278.25  469,000.00  1,480,867.04  1,949,867.04  (22,032.91)1982 30 Years
              Suntree Village Oro Valley, AZ  —  1,571,745.00  13,095,941.30  —  887,460.34  1,571,745.00  13,983,401.64  15,555,146.64  (2,333,335.96)1986 30 Years
              Surrey Downs Bellevue, WA  —  3,057,100.00  7,848,618.09  —  317,326.74  3,057,100.00  8,165,944.83  11,223,044.83  (1,058,943.45)1986 30 Years
              Sutton Place Dallas, TX  —  1,358,400.00  12,227,724.86  —  3,240,611.36  1,358,400.00  15,468,336.22  16,826,736.22  (5,451,106.58)1985 30 Years
              Sutton Place (FL) Lakeland, FL  828,139.14  120,887.43  1,065,150.01  —  130,309.75  120,887.43  1,195,459.76  1,316,347.19  (113,292.97)1984 30 Years
              Sweetwater Glen Lawrenceville, GA  —  500,000.00  10,469,749.09  —  320,788.03  500,000.00  10,790,537.12  11,290,537.12  (1,315,234.28)1986 30 Years
              Sycamore Creek Scottsdale, AZ  (E) 3,152,000.00  19,083,727.11  —  769,673.32  3,152,000.00  19,853,400.43  23,005,400.43  (3,191,796.43)1984 30 Years
              Tabor Ridge Berea, OH  —  235,940.28  2,079,290.00  —  208,859.09  235,940.28  2,288,149.09  2,524,089.37  (200,811.01)1986 30 Years
              Talleyrand Tarrytown, NY  36,500,000.00  12,000,000.00  49,522,408.25  —  2,662.58  12,000,000.00  49,525,070.83  61,525,070.83  (299,560.04)1997-98 30 Years
              Tamarlane Portland, ME  —  690,900.00  5,153,632.57  —  230,658.71  690,900.00  5,384,291.28  6,075,191.28  (962,626.79)1986 30 Years
              Tanasbourne Terrace Hillsboro, OR  12,258,262.41  1,876,700.00  16,891,204.54  —  1,732,941.35  1,876,700.00  18,624,145.89  20,500,845.89  (5,404,089.61)1986-89 30 Years
              Tanglewood (RI) West Warwick, RI  6,537,748.18  1,141,415.46  7,630,128.68  —  60,881.10  1,141,415.46  7,691,009.78  8,832,425.24  (335,754.52)1973 30 Years
              Tanglewood (VA) Manassas, VA  25,110,000.00  2,108,295.00  20,932,970.86  —  1,644,546.87  2,108,295.00  22,577,517.73  24,685,812.73  (5,918,484.65)1987 30 Years
              Terrace Trace Tampa, FL  1,590,157.36  193,916.40  1,708,614.78  —  193,534.92  193,916.40  1,902,149.70  2,096,066.10  (160,555.55)1985 30 Years
              Three Chopt West Richmond, VA (U)  8,407,726.28  432,956.59  8,256,577.14  —  181,426.24  432,956.59  8,438,003.38  8,870,959.97  (688,100.02)1962 30 Years
              Thymewood II Miami, FL  —  219,660.95  1,936,463.36  —  126,183.40  219,660.95  2,062,646.76  2,282,307.71  (164,793.56)1986 30 Years
              Tierra Antigua Albuquerque, NM  6,477,380.94  1,825,000.00  7,737,626.64  —  55,587.03  1,825,000.00  7,793,213.67  9,618,213.67  (166,778.75)1985 30 Years

              S-10

              Timber Hollow Chapel Hill, NC  —  800,000.00  11,219,536.59  —  565,343.08  800,000.00  11,784,879.67  12,584,879.67  (1,407,138.51)1986 30 Years
              Timbercreek Toledo, OH  1,498,004.43  203,419.77  1,792,349.87  —  86,625.48  203,419.77  1,878,975.35  2,082,395.12  (158,843.37)1987 30 Years
              Timberwalk Jacksonville, FL  —  1,988,000.00  13,204,218.78  —  408,474.08  1,988,000.00  13,612,692.86  15,600,692.86  (1,685,220.69)1987 30 Years
              Timberwood Aurora, CO  —  1,518,600.00  14,587,786.32  —  800,162.88  1,518,600.00  15,387,949.20  16,906,549.20  (2,176,760.29)1983 30 Years
              Timberwood (GA) Perry, GA  —  144,299.39  1,271,304.85  —  58,663.80  144,299.39  1,329,968.65  1,474,268.04  (116,161.68)1985 30 Years
              Toscana Irvine, CA  —  39,410,000.00  50,823,062.30  —  704,583.08  39,410,000.00  51,527,645.38  90,937,645.38  (1,883,907.81)1991/1993 30 Years
              Town & Country Birmingham, AL (U)  2,341,799.87  147,122.73  2,610,973.58  —  183,850.84  147,122.73  2,794,824.42  2,941,947.15  (251,125.90)1973 30 Years
              Town Center (TX) Kingwood, TX  —  1,291,300.00  11,530,216.18  —  335,878.87  1,291,300.00  11,866,095.05  13,157,395.05  (2,134,832.42)1994 30 Years
              Town Center II (TX) Kingwood, TX  —  1,375,000.00  14,169,655.96  —  92,682.72  1,375,000.00  14,262,338.68  15,637,338.68  (1,061,573.11)1994 30 Years
              Townhomes of Meadowbrook Auburn Hills, MI  9,846,293.88  1,382,600.00  12,366,207.39  —  1,720,515.03  1,382,600.00  14,086,722.42  15,469,322.42  (1,944,044.56)1988 30 Years
              Townhouse Park Richmond, VA (U)  7,504,187.26  384,176.00  9,599,803.46  —  826,392.06  384,176.00  10,426,195.52  10,810,371.52  (926,366.53)1966 30 Years
              Trails (CO), The Aurora, CO  11,162,361.50  1,217,900.00  8,877,204.73  —  2,013,356.50  1,217,900.00  10,890,561.23  12,108,461.23  (3,863,798.67)1986 30 Years
              Trails at Briar Forest Houston, TX  13,575,460.57  2,380,000.00  24,911,560.72  —  565,356.08  2,380,000.00  25,476,916.80  27,856,916.80  (3,088,461.75)1990 30 Years
              Trails at Dominion Park Houston, TX  24,066,836.60  2,531,800.00  35,699,589.07  —  2,052,774.23  2,531,800.00  37,752,363.30  40,284,163.30  (6,933,995.31)1992 30 Years
              Trailway Pond I Burnsville, MN  4,909,210.00  479,284.26  4,312,143.56  —  309,758.04  479,284.26  4,621,901.60  5,101,185.86  (738,242.05)1988 30 Years
              Trailway Pond II Burnsville, MN  11,354,755.00  1,107,287.54  9,961,408.87  —  377,533.88  1,107,287.54  10,338,942.75  11,446,230.29  (1,588,820.90)1988 30 Years
              Trinity Lakes Cordova, TN  (E) 1,982,000.00  14,941,745.65  —  799,963.65  1,982,000.00  15,741,709.30  17,723,709.30  (2,596,662.96)1985 30 Years
              Turf Club Littleton, CO  9,520,000.00  2,107,300.00  15,478,040.20  —  1,398,493.30  2,107,300.00  16,876,533.50  18,983,833.50  (2,456,863.63)1986 30 Years
              Turkscap I Brandon, FL  —  125,766.44  1,108,139.39  —  250,845.98  125,766.44  1,358,985.37  1,484,751.81  (128,891.62)1977 30 Years
              Turkscap III Brandon, FL  750,694.28  135,850.08  1,196,987.24  —  76,598.79  135,850.08  1,273,586.03  1,409,436.11  (112,694.83)1982 30 Years
              Twin Gates Birmingham, AL (U)  4,833,400.20  273,144.27  4,826,938.66  —  189,655.04  273,144.27  5,016,593.70  5,289,737.97  (444,585.80)1967 30 Years
              Tyrone Gardens Randolph, MA  —  4,953,000.00  5,799,572.09  —  508,972.52  4,953,000.00  6,308,544.61  11,261,544.61  (858,818.07)1961/1965 30 Years
              University Square I Tampa, FL  884,927.57  197,456.54  1,739,807.29  —  63,720.25  197,456.54  1,803,527.54  2,000,984.08  (153,377.42)1979 30 Years
              Valencia Plantation Orlando, FL  —  873,000.00  12,819,377.37  —  157,765.42  873,000.00  12,977,142.79  13,850,142.79  (1,510,827.81)1990 30 Years
              Valley Creek I Woodbury, MN  12,815,000.00  1,626,715.30  14,634,831.43  —  924,519.69  1,626,715.30  15,559,351.12  17,186,066.42  (2,419,858.43)1989 30 Years
              Valley Creek II Woodbury, MN  10,100,000.00  1,232,659.25  11,097,830.18  —  376,310.22  1,232,659.25  11,474,140.40  12,706,799.65  (1,731,237.98)1990 30 Years
              Valleybrook Newnan, GA  1,475,136.52  254,490.09  2,242,463.08  —  52,113.23  254,490.09  2,294,576.31  2,549,066.40  (192,385.58)1986 30 Years
              Valleyfield (KY) Lexington, KY  1,792,533.69  252,328.74  2,223,757.07  —  206,528.50  252,328.74  2,430,285.57  2,682,614.31  (209,911.51)1985 30 Years
              Valleyfield (PA) Bridgeville, PA  —  274,316.67  2,417,028.77  —  188,881.62  274,316.67  2,605,910.39  2,880,227.06  (220,671.58)1985 30 Years
              Valleyfield I Decatur, GA  1,577,047.66  252,413.03  2,224,133.89  —  130,378.94  252,413.03  2,354,512.83  2,606,925.86  (195,848.82)1984 30 Years
              Valleyfield II Decatur, GA  —  258,320.37  2,276,083.97  —  91,790.84  258,320.37  2,367,874.81  2,626,195.18  (192,058.98)1985 30 Years
              Van Deene Manor West Springfield, MA  3,071,031.00  744,491.11  4,976,770.67  —  31,574.87  744,491.11  5,008,345.54  5,752,836.65  (217,703.84)1970 30 Years
              Via Ventura Scottsdale, AZ  (E) 1,486,600.00  13,382,005.92  —  5,874,753.10  1,486,600.00  19,256,759.02  20,743,359.02  (6,205,353.34)1980 30 Years
              Villa Encanto Phoenix, AZ  11,963,000.00  2,884,447.00  22,197,362.84  —  1,338,947.47  2,884,447.00  23,536,310.31  26,420,757.31  (3,778,895.99)1983 30 Years
              Villa Solana Laguna Hills, CA  —  1,665,100.00  14,985,677.51  —  1,660,693.31  1,665,100.00  16,646,370.82  18,311,470.82  (4,955,419.62)1984 30 Years
              Village at Bear Creek Lakewood, CO  20,013,136.61  4,519,700.00  40,676,389.86  —  708,577.58  4,519,700.00  41,384,967.44  45,904,667.44  (6,795,439.50)1987 30 Years
              Village at Lakewood Phoenix, AZ  (M) 3,166,411.00  13,859,089.81  —  613,327.97  3,166,411.00  14,472,417.78  17,638,828.78  (2,330,151.94)1988 30 Years
              Village at Tanque Verde Tucson, AZ  (M) 1,434,838.00  7,134,637.58  —  548,289.11  1,434,838.00  7,682,926.69  9,117,764.69  (1,324,253.01)1984-1994 30 Years
              Village Oaks Austin, TX  4,562,265.80  1,186,000.00  10,663,736.24  —  858,286.83  1,186,000.00  11,522,023.07  12,708,023.07  (2,451,986.12)1984 30 Years
              Village of Newport Kent, WA  —  416,300.00  3,756,582.21  —  440,884.44  416,300.00  4,197,466.65  4,613,766.65  (1,231,847.87)1987 30 Years
              Villas at Josey Ranch Carrollton, TX  6,584,261.03  1,587,700.00  7,254,727.19  —  583,855.82  1,587,700.00  7,838,583.01  9,426,283.01  (1,103,355.23)1986 30 Years
              Villas of Oak Creste San Antonio, TX  —  905,800.00  8,151,737.96  —  922,123.70  905,800.00  9,073,861.66  9,979,661.66  (1,823,293.26)1979 30 Years
              Viridian Lake Fort Myers, FL  —  960,000.00  17,806,757.92  —  1,006,022.02  960,000.00  18,812,779.94  19,772,779.94  (2,284,494.66)1991 30 Years
              Vista Del Lago Mission Viejo, CA  29,779,124.37  4,525,800.00  40,736,293.14  —  3,119,563.10  4,525,800.00  43,855,856.24  48,381,656.24  (12,705,647.22)1986-88 30 Years
              Vista Del Lago (TX) Dallas, TX  —  3,552,000.00  20,107,928.23  —  14,791.22  3,552,000.00  20,122,719.45  23,674,719.45  (204,600.87)1992 30 Years
              Vista Grove Mesa, AZ  —  1,341,796.00  12,157,045.12  —  256,176.60  1,341,796.00  12,413,221.72  13,755,017.72  (1,691,173.02)1997—1998 30 Years
              Walden Wood Southfield, MI  5,486,443.33  834,700.00  7,513,690.33  —  1,675,131.66  834,700.00  9,188,821.99  10,023,521.99  (3,090,558.66)1972 30 Years
              Warwick Station Westminster, CO  8,973,000.00  2,282,000.00  20,543,194.91  —  424,491.90  2,282,000.00  20,967,686.81  23,249,686.81  (3,556,599.87)1986 30 Years
              Waterbury (GA) Athens, GA  —  147,450.03  1,299,195.48  —  27,368.43  147,450.03  1,326,563.91  1,474,013.94  (112,607.45)1985 30 Years
              Waterbury (IN) Greenwood, IN  804,848.27  105,245.15  927,324.45  —  67,165.58  105,245.15  994,490.03  1,099,735.18  (88,410.83)1984 30 Years
              Waterbury (MI) Westland, MI  2,030,514.79  331,738.84  2,922,588.70  —  172,470.89  331,738.84  3,095,059.59  3,426,798.43  (265,638.64)1985 30 Years
              Waterbury (OH) Cincinnati, OH  —  193,166.67  1,701,833.85  —  197,917.60  193,166.67  1,899,751.45  2,092,918.12  (170,725.24)1985 30 Years
              Waterbury (TN) Clarksville, TN  —  116,967.54  1,031,171.54  —  46,147.29  116,967.54  1,077,318.83  1,194,286.37  (96,717.85)1985 30 Years
              Waterfield Square I Stockton, CA  6,923,000.00  950,000.00  5,805,116.30  —  31,883.92  950,000.00  5,837,000.22  6,787,000.22  (139,400.60)1984 30 Years
              Waterfield Square II Stockton, CA  6,595,000.00  845,000.00  5,314,072.44  —  22,445.09  845,000.00  5,336,517.53  6,181,517.53  (128,188.87)1984 30 Years
              Waterford (Jax) Jacksonville, FL  —  3,550,922.50  23,716,533.06  —  1,006,809.56  3,550,922.50  24,723,342.62  28,274,265.12  (3,086,724.74)1988 30 Years
              Waterford at Deerwood Jacksonville, FL  10,456,047.51  1,696,000.00  10,659,701.84  —  595,683.12  1,696,000.00  11,255,384.96  12,951,384.96  (1,472,015.47)1985 30 Years
              Waterford at Orange Park Orange Park, FL  9,540,000.00  1,960,000.00  12,098,784.47  —  1,124,297.33  1,960,000.00  13,223,081.80  15,183,081.80  (1,946,885.18)1986 30 Years
              Waterford at Regency Jacksonville, FL  7,024,453.13  1,113,000.00  5,184,161.74  —  241,267.29  1,113,000.00  5,425,429.03  6,538,429.03  (727,977.61)1985 30 Years
              Waterford at the Lakes Kent, WA  —  3,100,200.00  16,140,923.73  —  907,400.06  3,100,200.00  17,048,323.79  20,148,523.79  (3,087,713.54)1990 30 Years
              Waterford Village (Broward) Delray Beach, FL  —  1,888,000.00  15,358,635.40  —  1,700,690.53  1,888,000.00  17,059,325.93  18,947,325.93  (2,303,045.22)1989 30 Years
              Watermark Square Portland, OR  7,508,710.60  1,580,500.00  14,194,258.85  —  1,442,061.33  1,580,500.00  15,636,320.18  17,216,820.18  (3,108,788.98)1990 30 Years
              Waterstone Place Federal Way, WA  —  2,964,000.00  26,674,598.90  —  3,817,909.68  2,964,000.00  30,492,508.58  33,456,508.58  (9,811,026.13)1990 30 Years
              Webster Green Needham, MA  6,468,224.78  1,418,892.54  9,485,006.17  —  79,304.73  1,418,892.54  9,564,310.90  10,983,203.44  (389,424.93)1985 30 Years
              Welleby Lake Club Sunrise, FL  —  3,648,000.00  17,620,879.42  —  442,951.95  3,648,000.00  18,063,831.37  21,711,831.37  (2,177,635.89)1991 30 Years
              Wellington (WA) Silverdale, WA  —  1,099,300.00  9,883,302.82  —  856,327.28  1,099,300.00  10,739,630.10  11,838,930.10  (2,839,757.09)1990 30 Years
              Wellington Hill Manchester, NH  (P) 1,890,200.00  17,120,661.97  —  2,290,520.96  1,890,200.00  19,411,182.93  21,301,382.93  (5,908,304.89)1987 30 Years
              Wellsford Oaks Tulsa, OK  —  1,310,500.00  11,794,289.56  —  507,799.26  1,310,500.00  12,302,088.82  13,612,588.82  (2,180,728.33)1991 30 Years
              Wentworth Roseville, MI  —  217,502.26  1,916,231.96  —  114,474.06  217,502.26  2,030,706.02  2,248,208.28  (174,120.63)1985 30 Years
              West Of Eastland Columbus, OH  1,970,342.40  234,543.74  2,066,674.99  —  133,717.26  234,543.74  2,200,392.25  2,434,935.99  (205,756.04)1977 30 Years
              Westbrook Village Manchester, MO  —  2,310,000.00  10,606,342.76  —  482,360.63  2,310,000.00  11,088,703.39  13,398,703.39  (1,145,334.22)1984 30 Years
              Westcreek Jacksonville, FL  —  185,199.13  1,632,256.15  —  126,813.22  185,199.13  1,759,069.37  1,944,268.50  (155,867.27)1986 30 Years
              Westridge Tacoma, WA  —  3,501,900.00  31,506,082.24  —  1,941,572.94  3,501,900.00  33,447,655.18  36,949,555.18  (5,912,766.43)1987/1991 30 Years
              Westside Villas I Los Angeles, CA  —  1,785,000.00  3,234,812.08  —  14,818.51  1,785,000.00  3,249,630.59  5,034,630.59  (145,635.55)1999 30 Years
              Westside Villas II Los Angeles, CA  —  1,955,000.00  3,542,992.78  —  11,214.24  1,955,000.00  3,554,207.02  5,509,207.02  (159,555.78)1999 30 Years
              Westside Villas III Los Angeles, CA  —  3,060,000.00  5,541,727.38  —  24,024.71  3,060,000.00  5,565,752.09  8,625,752.09  (250,899.10)1999 30 Years
              Westside Villas IV Los Angeles, CA  —  3,060,000.00  5,541,727.39  —  11,124.23  3,060,000.00  5,552,851.62  8,612,851.62  (248,692.73)1999 30 Years
              Westside Villas V Los Angeles, CA  —  5,100,000.00  9,230,717.47  —  22,350.36  5,100,000.00  9,253,067.83  14,353,067.83  (414,667.23)1999 30 Years
              Westside Villas VI Los Angeles, CA  —  1,530,000.00  3,025,559.20  —  6,651.59  1,530,000.00  3,032,210.79  4,562,210.79  (98,089.53)1989 30 Years
              Westway Brunswick, GA  —  168,322.68  1,483,106.21  —  91,285.65  168,322.68  1,574,391.86  1,742,714.54  (143,804.67)1984 30 Years
              Westwood Glen Westwood, MA  4,279,128.49  1,616,504.78  10,806,003.53  —  83,343.23  1,616,504.78  10,889,346.76  12,505,851.54  (459,102.00)1972 30 Years
              Westwood Pines Tamarac, FL  —  1,528,600.00  13,739,616.00  —  604,351.10  1,528,600.00  14,343,967.10  15,872,567.10  (2,221,111.08)1991 30 Years
              Westwynd Apts West Hartford, CT  —  308,543.13  2,062,547.68  —  19,645.22  308,543.13  2,082,192.90  2,390,736.03  (90,951.07)1969 30 Years
              Whispering Oaks Walnut Creek, CA  10,477,988.96  2,170,800.00  19,539,586.15  —  1,684,485.82  2,170,800.00  21,224,071.97  23,394,871.97  (4,333,994.39)1974 30 Years
              Whispering Pines Fr. Pierce, FL  —  384,000.00  621,367.08  —  179,139.59  384,000.00  800,506.67  1,184,506.67  (48,541.54)1986 30 Years
              Whispering Pines II Fr. Pierce, FL  —  105,171.51  926,475.58  —  122,513.08  105,171.51  1,048,988.66  1,154,160.17  (90,205.71)1986 30 Years
              Whisperwood Cordele, GA  —  84,240.30  742,373.88  —  79,651.51  84,240.30  822,025.39  906,265.69  (77,664.07)1985 30 Years
              White Bear Woods White Bear Lake, MN  14,172,876.00  1,624,740.73  14,618,489.69  —  571,835.40  1,624,740.73  15,190,325.09  16,815,065.82  (2,309,007.15)1989 30 Years
              Wilcrest Woods Savannah, GA  1,309,914.36  187,306.36  1,650,373.13  —  66,511.43  187,306.36  1,716,884.56  1,904,190.92  (150,728.84)1986 30 Years
              Wilde Lake Richmond, VA  4,440,000.00  947,200.00  8,594,105.46  —  667,404.61  947,200.00  9,261,510.07  10,208,710.07  (1,859,072.25)1989 30 Years
              Wilkins Glen Medfield, MA  1,806,507.67  538,482.64  3,599,646.22  —  26,345.38  538,482.64  3,625,991.60  4,164,474.24  (160,998.25)1975 30 Years
              Willow Brook (CA) Pleasant Hill, CA  29,000,000.00  5,055,000.00  17,580,609.02  —  53,086.90  5,055,000.00  17,633,695.92  22,688,695.92  (349,050.35)1985 30 Years
              Willow Creek Fresno, CA  5,112,000.00  275,000.00  4,748,769.13  —  24,335.46  275,000.00  4,773,104.59  5,048,104.59  (108,885.87)1984 30 Years
              Willow Creek I (GA) Griffin, GA  802,655.90  145,768.69  1,298,973.46  —  29,183.39  145,768.69  1,328,156.85  1,473,925.54  (112,370.19)1985 30 Years
              Willow Lakes Spartanburg, SC  2,007,998.42  200,989.58  1,770,937.26  —  74,737.96  200,989.58  1,845,675.22  2,046,664.80  (166,325.39)1986 30 Years
              Willow Run (GA) Stone Mountain, GA  1,689,276.69  197,964.94  1,744,286.82  —  147,738.23  197,964.94  1,892,025.05  2,089,989.99  (173,509.72)1983 30 Years
              Willow Run (IN) New Albany, IN  1,104,174.80  183,872.68  1,620,118.73  —  98,227.25  183,872.68  1,718,345.98  1,902,218.66  (149,746.20)1984 30 Years
              Willow Run (KY) Madisonville, KY  1,101,687.43  141,015.67  1,242,351.72  —  75,584.54  141,015.67  1,317,936.26  1,458,951.93  (118,875.17)1984 30 Years
              Willow Trail Norcross, GA  —  1,120,000.00  11,412,981.59  —  299,719.76  1,120,000.00  11,712,701.35  12,832,701.35  (1,424,714.96)1985 30 Years
              Willowick Aurora, CO  —  506,900.00  4,157,878.35  —  263,746.61  506,900.00  4,421,624.96  4,928,524.96  (639,753.98)1980 30 Years
              Will-O-Wisp Kinston, NC (U)  3,518,463.40  197,397.72  3,926,972.16  —  160,283.53  197,397.72  4,087,255.69  4,284,653.41  (353,364.79)1970 30 Years
              Willowood East II Indianapolis, IN  757,110.80  104,917.75  924,589.72  —  110,229.39  104,917.75  1,034,819.11  1,139,736.86  (103,845.58)1985 30 Years
              Willowood I (Gro) Grove City, OH  924,692.66  126,045.04  1,110,558.13  —  62,448.37  126,045.04  1,173,006.50  1,299,051.54  (100,308.62)1984 30 Years
              Willowood I (IN) Columbus, OH  1,121,126.63  163,896.17  1,444,103.85  —  70,898.96  163,896.17  1,515,002.81  1,678,898.98  (128,730.08)1983 30 Years
              Willowood I (KY) Frankfort, KY  990,683.22  138,822.38  1,223,176.43  —  74,224.34  138,822.38  1,297,400.77  1,436,223.15  (112,421.58)1984 30 Years
              Willowood I (Woo) Wooster, OH  —  117,254.13  1,033,136.63  —  46,907.43  117,254.13  1,080,044.06  1,197,298.19  (95,517.18)1984 30 Years
              Willowood II (Gro) Grove City, OH  539,004.46  70,923.51  624,814.43  —  43,168.75  70,923.51  667,983.18  738,906.69  (58,040.26)1985 30 Years
              Willowood II (IN) Columbus, OH  1,129,495.15  161,306.27  1,421,284.06  —  59,399.99  161,306.27  1,480,684.05  1,641,990.32  (128,008.61)1986 30 Years
              Willowood II (KY) Frankfort, KY  821,067.37  120,375.49  1,060,639.21  —  31,120.19  120,375.49  1,091,759.40  1,212,134.89  (93,251.47)1985 30 Years
              Willowood II (Tro) Trotwood, OH  879,327.29  142,623.37  1,256,667.34  —  76,474.59  142,623.37  1,333,141.93  1,475,765.30  (116,265.30)1987 30 Years
              Willowood II (Woo) Wooster, OH  848,000.89  103,199.14  909,397.90  —  92,905.93  103,199.14  1,002,303.83  1,105,502.97  (93,658.19)1986 30 Years
              Willows I (OH), The Columbus, OH  —  76,283.41  672,339.99  —  46,197.49  76,283.41  718,537.48  794,820.89  (68,423.15)1987 30 Years
              Willows II (OH), The Columbus, OH  617,519.56  96,678.71  851,844.82  —  33,812.18  96,678.71  885,657.00  982,335.71  (78,771.88)1981 30 Years
              Willows III (OH), The Columbus, OH  846,654.63  129,221.40  1,137,783.40  —  64,420.66  129,221.40  1,202,204.06  1,331,425.46  (101,987.99)1987 30 Years
              Wimberly Dallas, TX  —  2,232,000.00  27,685,923.27  —  346,586.89  2,232,000.00  28,032,510.16  30,264,510.16  (3,238,565.43)1996 30 Years
              Wimbledon Oaks Arlington, TX  7,258,525.27  1,491,700.00  8,843,716.03  —  631,521.52  1,491,700.00  9,475,237.55  10,966,937.55  (1,332,114.08)1985 30 Years
              Winchester Park Riverside, RI  —  2,822,618.35  18,868,625.90  —  965,359.11  2,822,618.35  19,833,985.01  22,656,603.36  (904,481.15)1972 30 Years
              Winchester Wood Riverside, RI  2,252,892.08  683,215.23  4,567,153.97  —  65,292.49  683,215.23  4,632,446.46  5,315,661.69  (192,001.39)1989 30 Years
              Windemere Mesa, AZ  —  949,300.00  8,659,280.22  —  964,549.58  949,300.00  9,623,829.80  10,573,129.80  (1,861,315.08)1986 30 Years
              Windmont Atlanta, GA  —  3,204,000.00  7,128,448.37  —  105,121.25  3,204,000.00  7,233,569.62  10,437,569.62  (541,616.38)1988 30 Years
              Windridge (CA) Laguna Niguel, CA  (L) 2,662,900.00  23,985,496.57  —  1,171,309.66  2,662,900.00  25,156,806.23  27,819,706.23  (6,656,339.26)1989 30 Years
              Windridge (GA) Dunwoody, GA  —  1,224,000.00  13,627,761.75  —  750,702.05  1,224,000.00  14,378,463.80  15,602,463.80  (1,798,540.35)1982 30 Years
              Windwood I (FL) Palm Bay, FL  —  113,912.73  1,003,498.28  —  172,454.67  113,912.73  1,175,952.95  1,289,865.68  (108,773.39)1988 30 Years
              Windwood II (FL) Palm Bay, FL  190,000.00  118,915.07  1,047,598.32  —  249,746.96  118,915.07  1,297,345.28  1,416,260.35  (122,223.77)1987 30 Years
              Wingwood (Orl) Orlando, FL  1,448,501.01  236,884.32  2,086,401.61  —  266,451.96  236,884.32  2,352,853.57  2,589,737.89  (204,436.14)1980 30 Years
              Winter Woods I (FL) Winter Garden, FL  —  144,921.36  1,276,965.11  —  111,317.21  144,921.36  1,388,282.32  1,533,203.68  (124,586.34)1985 30 Years
              Winterwood Charlotte, NC  11,285,686.07  1,722,000.00  15,501,141.60  —  2,204,894.25  1,722,000.00  17,706,035.85  19,428,035.85  (5,561,212.79)1986 30 Years
              Winthrop Court (KY) Frankfort, Ky  1,445,597.50  184,709.36  1,627,190.80  —  98,975.57  184,709.36  1,726,166.37  1,910,875.73  (154,226.13)1985 30 Years
              Winthrop Court II (OH) Columbus, OH  727,383.36  102,381.09  896,576.06  —  43,649.70  102,381.09  940,225.76  1,042,606.85  (81,947.52)1986 30 Years
              Wood Creek (CA) Pleasant Hill, CA  (E) 9,729,900.00  23,009,768.39  —  631,562.11  9,729,900.00  23,641,330.50  33,371,230.50  (3,911,201.93)1987 30 Years

              S-11

              Wood Forest Daytona Beach, FL  6,081,096.96  1,008,000.00  4,950,210.29  —  103,125.65  1,008,000.00  5,053,335.94  6,061,335.94  (633,313.02)1985 30 Years
              Wood Lane Place Woodbury, MN  14,000,000.00  2,009,146.73  18,090,498.11  —  1,441,225.02  2,009,146.73  19,531,723.13  21,540,869.86  (2,976,230.72)1989 30 Years
              Woodbine (Cuy) Cuyahoga Falls, OH  —  185,868.12  1,637,700.68  —  59,215.40  185,868.12  1,696,916.08  1,882,784.20  (139,141.16)1982 30 Years
              Woodbine (Por) Portsmouth, OH  621,928.13  78,097.85  688,127.14  —  59,262.89  78,097.85  747,390.03  825,487.88  (71,547.44)1981 30 Years
              Woodbridge Cary, GA  4,563,667.45  737,400.00  6,636,869.85  —  424,986.08  737,400.00  7,061,855.93  7,799,255.93  (1,622,309.45)1993-95 30 Years
              Woodbridge (CT) Newington, CT  2,303,845.00  498,376.96  3,331,547.98  —  29,630.99  498,376.96  3,361,178.97  3,859,555.93  (145,726.60)1968 30 Years
              Woodbridge II Cary, GA  —  1,244,600.00  11,243,364.10  —  385,017.47  1,244,600.00  11,628,381.57  12,872,981.57  (2,486,297.42)1993-95 30 Years
              Woodcliff I Lilburn, GA  —  276,659.02  2,437,667.42  —  145,573.97  276,659.02  2,583,241.39  2,859,900.41  (212,002.19)1984 30 Years
              Woodcliff II Liburn, GA  1,641,890.65  266,449.39  2,347,769.47  —  96,930.33  266,449.39  2,444,699.80  2,711,149.19  (196,931.25)1986 30 Years
              Woodcreek Beaverton, OR  10,253,455.85  1,755,800.00  15,816,454.87  —  2,395,709.09  1,755,800.00  18,212,163.96  19,967,963.96  (5,760,570.56)1982-84 30 Years
              Woodcrest I Warner Robins, GA  —  115,738.70  1,028,353.02  —  18,509.39  115,738.70  1,046,862.41  1,162,601.11  (92,331.25)1984 30 Years
              Woodlake (WA) Kirkland, WA  11,086,250.78  6,631,400.00  16,735,484.40  —  675,714.56  6,631,400.00  17,411,198.96  24,042,598.96  (2,317,275.75)1984 30 Years
              Woodland Hills Decatur, GA  —  1,224,600.00  11,010,680.74  —  1,125,298.51  1,224,600.00  12,135,979.25  13,360,579.25  (2,719,898.57)1985 30 Years
              Woodland I (FL) Orlando, FL  3,397,881.76  461,948.64  4,070,817.98  —  242,073.89  461,948.64  4,312,891.87  4,774,840.51  (379,653.78)1984/85 30 Years
              Woodland Meadows Ann Arbor, MI  15,810,000.00  2,006,000.00  18,049,551.84  —  757,082.01  2,006,000.00  18,806,633.85  20,812,633.85  (3,032,621.95)1987-1989 30 Years
              Woodlands (KY) Franklin, KY  —  72,093.80  634,894.94  —  86,903.51  72,093.80  721,798.45  793,892.25  (74,358.20)1983 30 Years
              Woodlands I (Col) Columbus, OH  1,750,390.65  231,995.55  2,044,232.64  —  109,174.53  231,995.55  2,153,407.17  2,385,402.72  (190,201.73)1983 30 Years
              Woodlands I (PA) Zelienople, PA  1,015,816.14  163,191.69  1,437,896.61  —  87,011.43  163,191.69  1,524,908.04  1,688,099.73  (127,066.51)1983 30 Years
              Woodlands I (Str) Streetsboro, OH  265,139.94  197,377.57  1,739,111.51  —  139,486.70  197,377.57  1,878,598.21  2,075,975.78  (164,101.32)1984 30 Years
              Woodlands II (Col) Columbus, OH  1,517,877.27  192,633.43  1,697,310.42  —  116,183.87  192,633.43  1,813,494.29  2,006,127.72  (158,680.00)1984 30 Years
              Woodlands II (PA) Zelienople, PA  —  192,972.36  1,700,296.78  —  82,449.83  192,972.36  1,782,746.61  1,975,718.97  (148,488.88)1987 30 Years
              Woodlands II (Str) Streetsboro, OH  1,551,162.21  183,996.01  1,621,205.38  —  143,286.36  183,996.01  1,764,491.74  1,948,487.75  (155,075.54)1985 30 Years
              Woodlands III (Col) Columbus, OH  —  230,536.02  2,031,248.57  —  223,055.35  230,536.02  2,254,303.92  2,484,839.94  (191,823.20)1987 30 Years
              Woodlands of Brookfield Brookfield, WI  (N) 1,484,600.00  13,961,080.72  —  508,802.74  1,484,600.00  14,469,883.46  15,954,483.46  (1,937,592.86)1990 30 Years
              Woodlands of Minnetonka Minnetonka, MN  —  2,394,500.00  13,543,076.29  —  602,310.07  2,394,500.00  14,145,386.36  16,539,886.36  (2,250,314.56)1988 30 Years
              Woodleaf Campbell, CA  10,983,236.90  8,550,600.00  16,988,182.50  —  253,043.88  8,550,600.00  17,241,226.38  25,791,826.38  (2,166,338.97)1984 30 Years
              Woodmoor Austin, TX  —  653,800.00  5,875,968.39  —  1,555,294.82  653,800.00  7,431,263.21  8,085,063.21  (2,486,385.65)1981 30 Years
              Woodridge (MN) Eagan, MN  7,554,263.29  1,602,300.00  10,449,579.23  —  668,014.62  1,602,300.00  11,117,593.85  12,719,893.85  (1,568,614.48)1986 30 Years
              Woodridge (CO) Aurora, CO  —  2,780,700.00  7,567,334.68  —  505,696.91  2,780,700.00  8,073,031.59  10,853,731.59  (1,133,764.49)1980-82 30 Years
              Woodridge II (CO) Aurora, CO  —  —  4,148,517.08  —  267,481.88  —  4,415,998.96  4,415,998.96  (623,096.57)1980-82 30 Years
              Woodridge III (CO) Aurora, CO  —  —  9,130,763.69  —  589,716.81  —  9,720,480.50  9,720,480.50  (1,372,019.79)1980-82 30 Years
              Woods of Elm Creek San Antonio, TX  —  590,000.00  5,310,327.86  —  444,833.53  590,000.00  5,755,161.39  6,345,161.39  (1,123,102.77)1983 30 Years
              Woods of North Bend Raleigh, NC  14,960,000.00  1,039,500.00  9,305,318.81  —  1,361,144.55  1,039,500.00  10,666,463.36  11,705,963.36  (2,990,414.59)1983 30 Years
              Woodscape Raleigh, NC  —  957,300.00  8,607,939.89  —  618,321.40  957,300.00  9,226,261.29  10,183,561.29  (1,897,747.47)1979 30 Years
              Woodside Lorton, VA  —  1,326,000.00  12,510,902.78  —  707,493.75  1,326,000.00  13,218,396.53  14,544,396.53  (3,585,940.12)1987 30 Years
              Woodtrail Newnan, GA  —  250,894.94  2,210,657.86  —  53,349.22  250,894.94  2,264,007.08  2,514,902.02  (189,879.38)1984 30 Years
              Woodvalley Anniston, AL  1,382,983.08  190,188.16  1,675,764.93  —  50,107.08  190,188.16  1,725,872.01  1,916,060.17  (150,062.82)1986 30 Years
              Wycliffe Court Murfreesboro, TN  1,105,968.73  166,544.62  1,467,724.60  —  95,336.21  166,544.62  1,563,060.81  1,729,605.43  (136,333.47)1985 30 Years
              Wynbrook Norcross, GA  —  2,546,500.00  11,009,665.73  —  636,124.46  2,546,500.00  11,645,790.19  14,192,290.19  (1,646,533.17)1972/1976 30 Years
              Wyndridge 2 Memphis, TN  14,135,000.00  1,488,000.00  13,607,636.08  —  1,028,472.14  1,488,000.00  14,636,108.22  16,124,108.22  (2,807,469.39)1988 30 Years
              Wyndridge 3 Memphis, TN  10,855,000.00  1,502,500.00  13,531,740.55  —  667,578.36  1,502,500.00  14,199,318.91  15,701,818.91  (2,595,106.03)1988 30 Years
              Yarmouth Woods Yarmouth, ME  —  692,800.00  6,096,155.42  —  314,655.96  692,800.00  6,410,811.38  7,103,611.38  (988,901.83)1971/1978 30 Years
              Yorktowne at Olde Mill Millersville, MD  —  216,000.00  2,674,121.00  —  3,955,745.41  216,000.00  6,629,866.41  6,845,866.41  (5,117,733.51)1974 30 Years
              Management Business Chicago, IL  —  —  —  —  48,371,317.30  —  48,371,317.30  48,371,317.30  (32,429,165.60)(G)  
              Operating Partnership Chicago, IL (AA)  43,792.00  —  201,588.72  —  —  —  201,588.72  201,588.72  — (Y)  
              Total Investment in Real Estate   $2,844,098,866.29 $1,840,169,898.16 $10,529,012,304.53 $— $647,000,892.67 $1,840,169,898.16 $11,176,013,197.20 $13,016,183,095.36 $(1,718,844,690.60)   
              Real Estate Held for Disposition                                 
              Larkspur I (Mor) Moraine, OH $435,131.30 $55,416.09 $488,276.16 $— $53,693.15 $55,416.09 $541,969.31 $597,385.40 $(49,238.63)1982 30 Years
              Larkspur II Moraine, OH  —  29,907.55  263,518.09  —  19,025.44  29,907.55  282,543.53  312,451.08  (24,397.65)1984 30 Years
              Ravenwood Mouldin, SC  —  197,283.52  1,738,282.85  —  26,693.69  197,283.52  1,764,976.54  1,962,260.06  (150,279.41)1987 30 Years
              Springwood II (Aus) Austintown, OH  —  78,057.03  687,767.52  —  19,558.48  78,057.03  707,326.00  785,383.03  (62,799.20)1982 30 Years
              Total Real Estate Held for Disposition   $435,131.30 $360,664.19 $3,177,844.62 $— $118,970.76 $360,664.19 $3,296,815.38 $3,657,479.57 $(286,714.89)   
              Total Real Estate   $2,844,533,997.59 $1,840,530,562.35 $10,532,190,149.15 $— $647,119,863.43 $1,840,530,562.35 $11,179,310,012.58 $13,019,840,574.93 $(1,719,131,405.49)   

              S-12


              EQUITY RESIDENTIAL PROPERTIES TRUST
              Schedule III — Real Estate and Accumulated Depreciation
              December 31, 2001

              NOTES:

              (A)
              The balance of furniture & fixtures included in the total investment in real estate amount was $519,514,809.76 as of December 31, 2001.
              The balance of furniture & fixtures included in the total real estate held for disposition amount was $140,372.21 as of December 31, 2001.

              (B)
              The aggregate cost for Federal Income Tax purposes as of December 31, 2001 was approximately $8.6 billion.

              (C)
              The life to compute depreciation for furniture & fixtures is 5 years.

              (D)
              These two properties are encumbered by $13,862,435.70 in bonds. (EQR Arbors Fin LP)

              (E)
              These 20 properties are encumbered by $136,000,000 in bonds.

              (F)
              This property is encumbered by $15,023,121.50 in bonds. (EQR Breton Hammock's Fin LP)

              (G)
              This asset consists of various acquisition dates and largely represents furniture, fixtures and equipment owned by the Management Business.

              (H)
              Improvements are net of write-off of fully depreciated assets which are no longer in service.

              (L)
              These three properties are pledged as additional collateral in connection with a tax-exempt bond financing.

              (M)
              These 5 properties are encumbered by a $47,119,126.90 note payable. (EWR Northwestern Mutual)

              (N)
              These 5 properties are encumbered by $50,000,000 of mortgage debt.

              (O)
              The development of this property is currently on hold.

              (P)
              These ten properties are encumbered by $177,570,000 in bonds.

              (R)
              These five properties are pledged as additional collateral in connection with a tax-exempt bond financing.

              (T)
              A portion of these properties is commercial office space.

              (U)
              Mortgage debt includes $1,460,000, which is cross-collateralized by these 14 other properties.

              (Y)
              This asset consists of various acquisition dates and largely represents furniture, fixtures and equipment owned by the Operating Partnership.

              (Z)
              These properties are under development.

              (AA)

              (A)

              The balance of furniture & fixtures included in the total investment in real estate amount was $597,215,716.74 as of December 31, 2002.

              (B)

              The aggregate cost for Federal Income Tax purposes as of December 31, 2002 was approximately $8.7 billion.

              (C)

              The life to compute depreciation for furniture & fixtures is 5 years.

              (D)

              This asset consists of various acquisition dates and largely represents furniture, fixtures and equipment owned by the Management Business.

              (E)

              Improvements are net of write-off of fully depreciated assets which are no longer in service.

              (F)

              The development of this property is currently on hold.

              (G)

              A portion of these properties is commercial (retail, parking and/or office space).

              (H)

              The mortgage debt is the balance for a property that was sold, which balance was not collateralized by the property.  The amount was transferred to ERPOP.


              *

              (I)



              Four Lakes was constructed

              These three properties are pledged as additional collateral in phases between 1968 & 1988.connection with a tax-exempt bond financing.


              (#)

              (J)



              The Lodge-Texas was struck by

              These five properties are pledged as additional collateral in connection with a tornado that destroyed most of the property. The property was reconstructed during 1989 & 1990.tax-exempt bond financing.

              Note 1:    Mortgage debt includes $1,245,848.19 collateralized by a warehouse owned by the Company's furniture rental subsidiary.

              Note 2:    The following letters have not been used: (I), (J), (K), (Q), (S), (V), (W), and (X)S - 14


              S-13

              EQUITY RESIDENTIAL PROPERTIES TRUST

              Schedule III—III - Real Estate and Accumulated Depreciation (continued)

              Encumbrances Reconciliation

              December 31, 2002

              Entity Encumbrances

               

              Number of
              Properties
              Encumbered By

               

              See Properties
              With Note:

               

              Amount

               

              EQR Arbors Financing LP

               

              2

               

              (K)

               

              $

              13,546,252.82

               

              EQR Breton Hammocks Financing LP

               

              1

               

              (L)

               

              15,113,185.88

               

              EQR-Bond Partnership

               

              14

               

              (M)

               

              207,594,000.00

               

              EQR Flatlands LLC

               

              5

               

              (N)

               

              50,000,000.00

               

              EWR, LP

               

              5

               

              (O)

               

              46,217,872.78

               

              GPT-Windsor, LLC

               

              17

               

              (P)

               

              63,000,000.00

               

              EQR-Codelle, LP

               

              10

               

              (Q)

               

              121,787,418.54

               

              EQR-Conner, LP

               

              15

               

              (R)

               

              213,801,774.22

               

              EQR-FANCAP 2000A LP

               

              11

               

              (S)

               

              148,333,000.00

               

              GC Southeast Partners LP (SEP)

               

              14

               

              (T)

               

              1,225,000.00

               

              Entity Encumbrances

               

               

               

               

               

              880,618,504.24

               

              Individual Property Encumbrances

               

               

               

               

               

              2,046,995,578.53

               

               

               

               

               

               

               

               

               

              Total Encumbrances per Financial Statements

               

               

               

               

               

              $

              2,927,614,082.77

               

              S - 15



              EQUITY RESIDENTIAL

              Schedule III — Real Estate and Accumulated Depreciation

              (Amounts in thousands)

               

              The changes in total real estate for the years ended December 31, 2002, 2001 2000 and 19992000 are as follows:

               
              		 2001
              		 2000
              		 1999
              		 
              Balance, beginning of year $12,650,028 $12,257,344 $10,986,261 
               Acquisitions and development  753,648  1,273,837  1,448,582 
               Improvements  157,847  142,829  141,935 
               Write-off of fully depreciated assets which are no longer in service  (149) —  — 
               Dispositions and other  (541,533) (1,023,982) (319,434)
                
              		 
              		 
              		 
              Balance, end of year $13,019,841 $12,650,028 $12,257,344 
                
              		 
              		 
              		 

               

               

               

              2002

               

              2001

               

              2000

               

               

               

               

               

               

               

               

               

              Balance, beginning of year

               

              $

              13,019,841

               

              $

              12,650,028

               

              $

              12,257,344

               

              Acquisitions and development

               

              528,302

               

              753,648

               

              1,273,837

               

              Improvements

               

              164,077

               

              157,847

               

              142,829

               

              Write-off of fully depreciated assets which are no longer in service

               

              —

               

              (149

              )

              —

               

              Dispositions and other

               

              (665,957

              )

              (541,533

              )

              (1,023,982

              )

              Balance, end of year

               

              $

              13,046,263

               

              $

              13,019,841

               

              $

              12,650,028

               

              The changes in accumulated depreciation for the years ended December 31, 2002, 2001, 2000, and 19992000 are as follows:

               
              		 2001
              		 2000
              		 1999
              		 
              Balance, beginning of year $1,359,089 $1,076,001 $732,803 
               Depreciation  457,071  441,690  406,962 
               Write-off of fully depreciated assets which are no longer in service  (149) —  — 
               Dispositions and other  (96,880) (158,602) (63,764)
                
              		 
              		 
              		 
              Balance, end of year $1,719,131 $1,359,089 $1,076,001 
                
              		 
              		 
              		 

               

               

              2002

               

              2001

               

              2000

               

               

               

               

               

               

               

               

               

              Balance, beginning of year

               

              $

              1,719,131

               

              $

              1,359,089

               

              $

              1,076,001

               

              Depreciation

               

              471,295

               

              457,071

               

              441,690

               

              Write-off of fully depreciated assets which are no longer in service

               

              —

               

              (149

              )

              —

               

              Dispositions and other

               

              (78,409

              )

              (96,880

              )

              (158,602

              )

              Balance, end of year

               

              $

              2,112,017

               

              $

              1,719,131

               

              $

              1,359,089

               

              S - 16



              QuickLinks

              DOCUMENTS INCORPORATED BY REFERENCE
              PART I
              PART II
              PART III
              PART IV
              SIGNATURES
              INDEX TO FINANCIAL STATEMENTS AND SCHEDULE EQUITY RESIDENTIAL PROPERTIES TRUST
              REPORT OF INDEPENDENT AUDITORS
              EQUITY RESIDENTIAL PROPERTIES TRUST CONSOLIDATED BALANCE SHEETS (Amounts in thousands except for share amounts)
              EQUITY RESIDENTIAL PROPERTIES TRUST CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands except per share data)
              EQUITY RESIDENTIAL PROPERTIES TRUST CONSOLIDATED STATEMENTS OF OPERATIONS (Continued) (Amounts in thousands except per share data)
              EQUITY RESIDENTIAL PROPERTIES TRUST CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands)
              EQUITY RESIDENTIAL PROPERTIES TRUST CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) (Amounts in thousands)
              EQUITY RESIDENTIAL PROPERTIES TRUST CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) (Amounts in thousands)
              EQUITY RESIDENTIAL PROPERTIES TRUST CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Amounts in thousands)
              EQUITY RESIDENTIAL PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
              EQUITY RESIDENTIAL PROPERTIES TRUST Schedule III — Real Estate and Accumulated Depreciation December 31, 2001
              EQUITY RESIDENTIAL PROPERTIES TRUST Schedule III—Real Estate and Accumulated Depreciation (continued) (Amounts in thousands)