Exhibit 13
FINANCIAL STATEMENTS AND
INDEPENDENT AUDITORS’ REPORT
AMERICAN AFFORDABLE HOUSING II
LIMITED PARTNERSHIP
MARCH 31, 2004 AND 2003
American Affordable Housing II Limited Partnership
TABLE OF CONTENTS
Schedules not listed are omitted because of the absence of the conditions under which they are required or because the information is included in the financial statements or the notes thereto.
Reznick Fedder & Silverman
Certified Public Accountants * A Professional Corporation
7700 Old Georgetown Road * Suite 400 * Bethesda, MD 20814-6224
(301) 652-9100 * Fax (301) 652-1848
To the Partners
American Affordable Housing II
Limited Partnership
We have audited the accompanying balance sheets of American Affordable Housing II Limited Partnership as of March 31, 2004 and 2003, and the related statements of operations, changes in partners’ deficit and cash flows for each of the three years in the period ended March 31, 2003. These financial statements are the responsibility of the partnership’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We did not audit the financial statements of certain operating limited partnerships which investments represent $558,536 and $0, respectively, of the total assets as of March 31, 2004 and 2003, and $56,418, $0 and $375, respectively, of the total loss for each of the three years in the period ended March 31, 2004. Those financial statements were audited by other auditors, whose reports have been furnished to us, and our opinion, insofar as it relates to those operating limited partnerships, is based solely on the reports of the other auditors.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (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 and the reports of the other auditors provide a reasonable basis for our opinion.
In our opinion, based on our audits and the reports of the other auditors, the financial statements referred to above present fairly, in all material respects, the financial position of American Affordable Housing II Limited Partnership as of March 31, 2004 and 2003, and the results of its operations and its cash flows for each of the three years in the period ended March 31, 2004, in conformity with accounting principles generally accepted in the United States of America.
F-3
We have also audited the related financial statement schedule listed in Form 10-K, item 15(a) of American Affordable Housing II Limited Partnership as of March 31, 2004. In our opinion, the schedule presents fairly the information required to be set forth therein, in conformity with accounting principles generally accepted in the United States of America.
| /s/ Reznick Fedder & Silverman |
Bethesda, Maryland |
June 25, 2004 |
F-4
American Affordable Housing II Limited Partnership
BALANCE SHEETS
March 31,
| | 2004 | | 2003 | |
| | | | | |
ASSETS | | | | | |
| | | | | |
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C) | | $ | 558,536 | | $ | 614,954 | |
| | | | | |
OTHER ASSETS | | | | | |
Cash and cash equivalents (note E) | | 999,699 | | 925,288 | |
Other assets | | — | | 17,849 | |
| | | | | |
| | $ | 1,558,235 | | $ | 1,558,091 | |
| | | | | |
LIABILITY AND PARTNERS’ DEFICIT | | | | | |
| | | | | |
LIABILITY | | | | | |
Due to affiliates (note B) | | $ | 6,720,590 | | $ | 6,267,665 | |
| | | | | |
PARTNERS’ DEFICIT | | | | | |
Limited partners | | | | | |
Units of limited partnership interest, consisting of 50,000 authorized units, $1,000 stated value per unit; issued and outstanding - 26,501 units | | (4,880,826 | ) | (4,432,573 | ) |
General partners | | (281,529 | ) | (277,001 | ) |
| | | | | |
| | (5,162,355 | ) | (4,709,574 | ) |
| | | | | |
| | $ | 1,558,235 | | $ | 1,558,091 | |
See notes to financial statements
F-5
American Affordable Housing II Limited Partnership
STATEMENTS OF OPERATIONS
Year ended March 31,
| | 2004 | | 2003 | | 2002 | |
Income | | | | | | | |
Interest income | | $ | 5,200 | | $ | 1,322 | | $ | 726 | |
Miscellaneous income | | 27,151 | | 5,793 | | 2,627 | |
| | | | | | | |
| | 32,351 | | 7,115 | | 3,353 | |
| | | | | | | |
Share of losses from operating limited partnerships (note A) | | (31,312 | )* | (49,915 | )* | (217,158 | ) |
| | | | | | | |
Expenses | | | | | | | |
Professional fees | | 72,095 | | 33,603 | | 30,815 | |
General and administrative expense (note B) | | 11,587 | | 15,344 | | 20,017 | |
Asset management fee (note B) | | 370,138 | | 430,991 | | 396,189 | |
| | | | | | | |
| | (453,820 | ) | (479,938 | ) | (447,021 | ) |
| | | | | | | |
NET LOSS | | $ | (452,781 | ) | $ | (522,738 | ) | $ | (660,826 | ) |
| | | | | | | |
Net loss allocated to general partners | | $ | (4,528 | ) | $ | (5,227 | ) | $ | (6,608 | ) |
| | | | | | | |
Net loss allocated to limited partners | | $ | (448,253 | ) | $ | (517,511 | ) | $ | (654,218 | ) |
| | | | | | | |
Net loss per unit of limited partnership interest | | $ | (16.91 | ) | $ | (19.53 | ) | $ | (24.69 | ) |
* During the years ended March 31, 2004 and 2003, share of losses includes $42,955 and $61,337, respectively, of net gain on sale of operating limited partnerships.
See notes to financial statements
F-6
American Affordable Housing II Limited Partnership
STATEMENTS OF CHANGES IN PARTNERS’ DEFICIT
Years ended March 31, 2004, 2003 and 2002
| | Limited
partners | | General
partners | | Total | |
| | | | | | | |
Partners’ deficit, March 31, 2001 | | $ | (3,260,844 | ) | $ | (265,166 | ) | $ | (3,526,010 | ) |
| | | | | | | |
Net loss | | (654,218 | ) | (6,608 | ) | (660,826 | ) |
| | | | | | | |
Partners’ deficit, March 31, 2002 | | (3,915,062 | ) | (271,774 | ) | (4,186,836 | ) |
| | | | | | | |
Net loss | | (517,511 | ) | (5,227 | ) | (522,738 | ) |
| | | | | | | |
Partners’ deficit, March 31, 2003 | | (4,432,573 | ) | (277,001 | ) | (4,709,574 | ) |
| | | | | | | |
Net loss | | (448,253 | ) | (4,528 | ) | (452,781 | ) |
| | | | | | | |
Partners’ deficit, March 31, 2004 | | $ | (4,880,826 | ) | $ | (281,529 | ) | $ | (5,162,355 | ) |
See notes to financial statements
F-7
American Affordable Housing II Limited Partnership
STATEMENTS OF CASH FLOWS
Year ended March 31,
| | 2004 | | 2003 | | 2002 | |
| | | | | | | |
Cash flows from operating activities | | | | | | | |
Net loss | | $ | (452,781 | ) | $ | (522,738 | ) | $ | (660,826 | ) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities | | | | | | | |
Distributions from operating limited partnerships | | — | | — | | 1,280 | |
Share of losses from operating limited partnerships | | 74,267 | | 111,252 | | 217,158 | |
Net gain on sale of operating limited partnerships | | (42,955 | ) | (61,337 | ) | — | |
Increase in other assets | | — | | — | | (1,115 | ) |
Increase in due to affiliates | | 452,925 | | 445,239 | | 444,265 | |
| | | | | | | |
Net cash provided by (used in) operating activities | | 31,456 | | (27,584 | ) | 762 | |
| | | | | | | |
Cash flows from investing activities | | | | | | | |
Advance to operating limited partnership | | — | | (5,000 | ) | — | |
Proceeds from sale of operating limited partnerships | | 42,955 | | 922,741 | | — | |
| | | | | | | |
Net cash provided by investing activities | | 42,955 | | 917,741 | | — | |
| | | | | | | |
NET INCREASE IN CASH AND CASH EQUIVALENTS | | 74,411 | | 890,157 | | 762 | |
| | | | | | | |
Cash and cash equivalents, beginning | | 925,288 | | 35,131 | | 34,369 | |
| | | | | | | |
Cash and cash equivalents, end | | $ | 999,699 | | $ | 925,288 | | $ | 35,131 | |
See notes to financial statements
F-8
American Affordable Housing II Limited Partnership
NOTES TO FINANCIAL STATEMENTS
March 31, 2004, 2003 and 2002
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
American Affordable Housing II Limited Partnership (the “partnership”) was formed under the laws of the Commonwealth of Massachusetts on May 13, 1987, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating limited partnerships which were established to acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated apartment complexes which qualify for the Low-Income Housing Tax Credit established by the Tax Reform Act of 1986. Accordingly, the apartment complexes are restricted as to rent charges and operating methods. Certain of the apartment complexes may also qualify for the Historic Rehabilitation Tax Credit for their rehabilitation of certified historic structures and are subject to the provisions of the Internal Revenue Code relating to the rehabilitation investment credit. The general partners of the partnership are Boston Capital Associates Limited Partnership and Boston Capital Associates.
In accordance with the limited partnership agreement, profits, losses and cash flow (subject to certain priority allocations and distributions) and tax credits are allocated 99% to the limited partners and 1% to the general partners.
Pursuant to the Securities Act of 1933, the partnership filed a Form S-11 Registration Statement with the Securities and Exchange Commission, effective September 21, 1987, which covered the offering (the “Public Offering”) of the partnership’s units of limited partnership interest, as well as the units of limited partnership interest offered by American Affordable Housing I, III, IV and V Limited Partnerships. The partnership registered 50,000 units of limited partnership interest at $1,000 each unit for sale to the public. During 1988, the partnership sold 26,501 units of limited partnership interest, representing $26,501,000 of capital contributions.
Income Taxes
No provision or benefit for income taxes has been included in these financial statements since taxable income or loss passes through to, and is reportable by, the partners individually.
F-9
Investments in Operating Limited Partnerships
The partnership accounts for its investments in operating limited partnerships using the equity method of accounting. Under the equity method of accounting, the partnership adjusts its investment cost for its share of each operating limited partnership’s results of operations and for any distributions received or accrued. However, the partnership recognizes an individual operating limited partnership’s losses only to the extent that the partnership’s share of losses of the operating limited partnership does not exceed the carrying amount of its investment. Unrecognized losses will be suspended and offset against future individual operating limited partnership income.
A loss in value of an investment in an operating limited partnership other than a temporary decline would be recorded as an impairment loss. Impairment is measured by comparing the investment carrying amount to the sum of the total amount of the remaining tax credits allocated to the partnership and the estimated residual value of the investment.
Capital contributions to operating limited partnerships are adjusted by tax credit adjusters. Tax credit adjusters are defined as adjustments to operating limited partnership capital contributions due to reductions in actual tax credits from those originally projected. The partnership records tax credit adjusters as a reduction in investments in operating limited partnerships and capital contributions payable.
The operating limited partnerships maintain their financial statements based on a calendar year and the partnership utilizes a March 31 year-end. The partnership records losses and income from the operating limited partnerships on a calendar year basis which is not materially different from losses and income generated if the operating limited partnerships utilized a March 31 year-end.
The partnership records capital contributions payable to the operating limited partnerships once there is a binding obligation to fund a specified amount. The operating limited partnerships record capital contributions from the partnership when received.
The partnership records acquisition costs as an increase in its investments in operating limited partnerships. Certain operating limited partnerships have not recorded the acquisition costs as a capital contribution from the partnership. These differences are shown as reconciling items in note C.
F-10
Fiscal Year
For financial reporting purposes, the partnership uses a March 31 year-end, whereas for income tax reporting purposes, the partnership uses a calendar year. The operating limited partnerships use a calendar year for both financial and income tax reporting.
Cash Equivalents
Cash equivalents include repurchase agreements and money market accounts having original maturities at their acquisition dates of three months or less.
Net Loss per Unit of Limited Partnership Interest
Net loss per unit of limited partnership interest is calculated based upon the number of units outstanding. For each of the three years in the period ended March 31, 2003, 26,501 units were outstanding.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make 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 and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Recent Accounting Pronouncements
In January 2003, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 46 (FIN 46), “Consolidation of Variable Interest Entities,” an interpretation of ARB No. 51, “Consolidated Financial Statements,” which provides new accounting guidance on when a business enterprise must consolidate a variable interest entity, as defined in FIN 46. In December 2003, the FASB reissued the interpretation to clarify certain requirements and provide additional implementation guidance. The general partners, after careful review and analysis of FIN 46, have preliminarily determined that FIN 46 will have no effect on the partnership’s current accounting for its investments in operating limited partnerships.
F-11
In May 2003, the FASB issued Statement of Financial Accounting Standards (“SFAS”) No. 150, “Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity.” SFAS No. 150 changes the accounting for certain financial instruments that, under previous guidance, could be classified as equity or “mezzanine” equity, by now requiring those instruments to be classified as liabilities (or assets in some circumstances) in the balance sheets. Further, SFAS No. 150 requires disclosure regarding the terms of those instruments and settlement alternatives. The guidance in SFAS No. 150 generally was effective for all financial instruments entered into or modified after May 31, 2003, and was otherwise effective at the beginning of the first interim period beginning after June 15, 2003. The general partners have evaluated SFAS No. 150 and determined that it does not have an effect on the partnership’s financial reporting and disclosures.
NOTE B - RELATED PARTY TRANSACTIONS
During the years ended March 31, 2004, 2003 and 2002, the partnership entered into several transactions with various affiliates of the general partners, including Boston Capital Partners, Inc., Boston Capital Holdings Limited Partnership and Boston Capital Asset Management Limited Partnership, as follows:
Advances to operating limited partnerships, to pay third-party expenses and accruals of related party general and administrative expenses in the amounts of $45,404, $8,278 and $7,305, incurred by Boston Capital Asset Management Limited Partnership, Boston Capital Holdings Limited Partnership, and Boston Capital Partners, Inc., were charged to operations during the years ended March 31, 2004, 2003 and 2002, respectively. At March 31, 2004 and 2003, the unpaid advances and general and administrative expenses totaled $290,533 and $245,130, respectively.
An annual asset management fee based on 0.5% of the aggregate cost of all apartment complexes acquired by the operating limited partnerships has been accrued as payable to Boston Capital Asset Management Limited Partnership. The aggregate cost is comprised of the capital contributions made by the partnership to the operating limited partnership and 99% of the permanent financing at the operating limited partnership level. At March 31, 2004 and 2003, the unpaid asset management fees totaled $6,430,057 and $6,022,535, respectively.
F-12
The fee is payable without interest as sufficient funds become available from sales or refinancing proceeds from operating limited partnerships. The asset management fees accrued during the years ended March 31, 2004, 2003 and 2002 were $407,522, $436,961 and $436,961, respectively. These amounts are presented net of reporting fees paid by the operating limited partnerships during the years ended March 31, 2004, 2003 and 2002, of $37,384, $5,970 and $40,772, respectively, in the statements of operations.
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
At March 31, 2004 and 2003, the partnership has limited partnership equity interests in 44 and 47 operating limited partnerships, respectively, which own apartment complexes. During the fiscal years ended March 31, 2004 and 2003, three of the operating limited partnerships were sold during each year.
Under the terms of the partnership’s investment in each operating limited partnership, the partnership was required to make capital contributions to the operating limited partnerships. These contributions were payable in installments over several years based upon each operating limited partnership achieving specified levels of construction and/or operations. All contributions have been made to the operating limited partnerships as of March 31, 2004 and 2003. The partnership has no further obligation to make any additional contributions.
F-13
The partnership’s investments in operating limited partnerships at March 31, 2004 and 2003 are summarized as follows:
| | 2004 | | 2003 | |
| | | | | |
Capital contributions paid to operating limited partnerships, net of tax credit adjusters of $213,468 and $213,468, respectively | | $ | 18,550,924 | | $ | 18,550,924 | |
Acquisition costs of operating limited partnerships | | 2,492,705 | | 2,492,705 | |
Cumulative losses from operating limited partnerships | | (20,412,120 | ) | (20,355,702 | ) |
Cumulative distributions from operating limited partnerships | | (72,973 | ) | (72,973 | ) |
| | | | | |
Investment per balance sheet | | 558,536 | | 614,954 | |
| | | | | |
Acquisition costs not included in net assets of operating limited partnerships (see note A) | | 114,961 | | 122,748 | |
Loss from operating limited partnerships of $253,315 and $875,460 for the three months ended March 31, 1990 and 1989 which the operating limited partnerships have not included in partners’ capital (see note A) | | 1,128,775 | | 1,128,775 | |
Tax credit adjusters not accounted for in net assets of operating limited partnerships (see note A) | | 118,338 | | 121,349 | |
Loss of operating limited partnerships not recognized under the equity method of accounting (see note A) | | (18,704,853 | ) | (17,469,814 | ) |
Other adjustments | | (493,421 | ) | 229,846 | |
| | | | | |
Capital (deficit) per operating limited partnerships’ combined financial statements | | $ | (17,277,664 | ) | $ | (15,252,142 | ) |
F-14
The combined summarized balance sheets of the operating limited partnerships at December 31, 2003 and 2002 are as follows:
COMBINED SUMMARIZED BALANCE SHEETS
| | 2003 | | 2002 | |
ASSETS | | | | | |
| | | | | |
Buildings and improvements, net of accumulated depreciation of $40,717,965 and $42,647,082 | | $ | 42,772,123 | | $ | 50,251,246 | |
Land | | 3,898,725 | | 4,301,969 | |
Other assets | | 4,550,233 | | 5,675,845 | |
| | | | | |
| | $ | 51,221,081 | | $ | 60,229,060 | |
| | | | | |
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | | | | | |
| | | | | |
Mortgages payable | | $ | 61,003,223 | | $ | 67,158,221 | |
Accounts payable and accrued expenses | | 4,628,428 | | 5,178,133 | |
Other liabilities | | 2,336,841 | | 2,412,172 | |
| | | | | |
| | 67,968,492 | | 74,748,526 | |
| | | | | |
PARTNERS’ CAPITAL (DEFICIT) | | | | | |
American Affordable Housing II Limited Partnership | | (17,277,664 | ) | (15,252,142 | ) |
Other partners | | 530,253 | | 732,676 | |
| | | | | |
| | (16,747,411 | ) | (14,519,466 | ) |
| | | | | |
| | $ | 51,221,081 | | $ | 60,229,060 | |
F-15
The combined summarized statements of operations of the operating limited partnerships for the years ended December 31, 2003, 2002 and 2001 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
| | 2003 | | 2002 | | 2001 | |
Revenue | | | | | | | |
Rental | | $ | 9,865,162 | | $ | 10,723,139 | | $ | 11,029,188 | |
Interest and other | | 382,856 | | 460,034 | | 560,211 | |
| | | | | | | |
| | 10,248,018 | | 11,183,173 | | 11,589,399 | |
| | | | | | | |
Expenses | | | | | | | |
Interest | | 2,423,236 | | 2,749,794 | | 3,642,866 | |
Depreciation and amortization | | 2,733,300 | | 3,087,814 | | 3,010,167 | |
Taxes and insurance | | 1,499,545 | | 1,588,809 | | 1,456,143 | |
Repairs and maintenance | | 2,084,710 | | 2,012,988 | | 1,939,832 | |
Operating expenses | | 4,172,735 | | 4,399,298 | | 4,233,605 | |
| | | | | | | |
| | 12,913,526 | | 13,838,703 | | 14,282,613 | |
| | | | | | | |
NET LOSS | | $ | (2,665,508 | ) | $ | (2,655,530 | ) | $ | (2,693,214 | ) |
| | | | | | | |
Net loss allocated to American Affordable Housing II Limited Partnership * | | $ | (2,600,758 | ) | $ | (2,613,354 | ) | $ | (2,638,120 | ) |
| | | | | | | |
Net loss allocated to other partners | | $ | (64,750 | ) | $ | (42,176 | ) | $ | (55,094 | ) |
* Amount includes $2,526,491, $2,502,103 and $2,420,962 for the years ended December 31, 2003, 2002 and 2001, respectively, of loss not recognized under the equity method of accounting as described in note A.
F-16
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO TAX RETURN
For income tax purposes, the partnership reports using a December 31 year-end. The partnership’s net loss for financial reporting and tax return purposes for the years ended March 31 is reconciled as follows:
| | 2004 | | 2003 | | 2002 | |
| | | | | | | |
Net loss for financial reporting purposes | | $ | (452,781 | ) | $ | (522,738 | ) | $ | (660,826 | ) |
| | | | | | | |
Operating limited partnership rents received in advance | | (32,865 | ) | 43,534 | | (4,821 | ) |
| | | | | | | |
Related party expenditures | | 41,015 | | 79,231 | | (93,345 | ) |
| | | | | | | |
Asset management fee not deductible for tax purposes until paid | | 407,523 | | 436,961 | | 436,961 | |
| | | | | | | |
Excess of tax depreciation over book depreciation on operating limited partnership assets | | (232,259 | ) | (400,888 | ) | (276,642 | ) |
| | | | | | | |
Difference due to fiscal year for book purposes and calendar year for tax purposes | | 1,347,152 | | (93,446 | ) | (675 | ) |
| | | | | | | |
Operating limited partnership net loss not allowed for financial reporting under equity method | | (2,526,491 | ) | (2,502,103 | ) | (2,420,962 | ) |
| | | | | | | |
Other | | (52,273 | ) | (63,412 | ) | (13,963 | ) |
| | | | | | | |
Net loss for income tax purposes | | $ | (1,500,979 | ) | $ | (3,022,861 | ) | $ | (3,034,273 | ) |
F-17
The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes are primarily due to the differences in the losses not recognized under the equity method of accounting, the three month period due to fiscal year reporting and the historic tax credits taken for income tax purposes. At March 31, 2004 and 2003, the differences are as follows:
| | 2004 | | 2003 | |
| | | | | |
Investments in operating limited partnerships - tax basis | | $ | (21,468,795 | ) | $ | (19,025,386 | ) |
| | | | | |
Add back losses not recognized under the equity method | | 18,704,853 | | 17,469,814 | |
| | | | | |
Estimated share of loss of $253,315 and $875,460 for the three months ended March 31, 1990 and 1989 due to fiscal year reporting | | (1,128,775 | ) | (1,128,775 | ) |
| | | | | |
Historic tax credits | | 651,016 | | 651,016 | |
| | | | | |
Other | | 3,800,237 | | 2,648,285 | |
| | | | | |
Investments in operating limited partnerships - as reported | | $ | 558,536 | | $ | 614,954 | |
NOTE E - CASH EQUIVALENTS
On March 31, 2004, the fund purchased $900,000 of U.S. Government Securities under agreements for resale on April 1, 2004. Interest is earned at .95% per annum.
F-18
NOTE F - QUARTERLY FINANCIAL INFORMATION - UNAUDITED
The following is a summary of the results of operations for each of the four quarters for the years indicated:
| | First
Quarter | | Second
Quarter | | Third
Quarter | | Fourth
Quarter | |
| | | | | | | | | |
2004 | | | | | | | | | |
| | | | | | | | | |
Total revenue | | $ | 4,470 | | $ | 1,046 | | $ | 19,706 | | $ | 7,129 | |
| | | | | | | | | |
Loss from operations | | (119,317 | ) | (121,287 | ) | (88,503 | ) | (92,362 | ) |
| | | | | | | | | |
Equity in income (loss) of investments in operating partnerships | | (69,535 | ) | 3,868 | | (2,873 | ) | 37,228 | |
| | | | | | | | | |
Net loss | | (188,852 | ) | (117,419 | ) | (91,376 | ) | (55,134 | ) |
| | | | | | | | | |
2003 | | | | | | | | | |
| | | | | | | | | |
Total revenue | | $ | 232 | | $ | 3,894 | | $ | 2 | | $ | 2,987 | |
| | | | | | | | | |
Loss from operations | | (115,874 | ) | (124,729 | ) | (119,151 | ) | (113,069 | ) |
| | | | | | | | | |
Equity in income (loss) of investments in operating partnerships | | (46,800 | ) | (58,703 | ) | (35,252 | ) | 90,840 | |
| | | | | | | | | |
Net loss | | (162,674 | ) | (183,432 | ) | (154,403 | ) | (22,229 | ) |
| | | | | | | | | |
2002 | | | | | | | | | |
| | | | | | | | | |
Total revenue | | $ | 777 | | $ | 2,383 | | $ | 114 | | $ | 79 | |
| | | | | | | | | |
Loss from operations | | (83,442 | ) | (125,064 | ) | (120,704 | ) | (114,458 | ) |
| | | | | | | | | |
Equity in income (loss) of investments in operating partnerships | | (25,633 | ) | (2,108 | ) | 1,974 | | (191,391 | ) |
| | | | | | | | | |
Net loss | | (109,075 | ) | (127,172 | ) | (118,730 | ) | (305,849 | ) |
F-19
