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Maryland | 6798 | 84-1259577 | ||
(State of other jurisdiction of incorporation or organization) | (Primary standard industrial classification code number) | (IRS Employer Identification Number) |
Delaware | 6513 | 84-1275621 | ||
(State of other jurisdiction of incorporation or organization) | (Primary standard industrial classification code number) | (IRS Employer Identification Number) |
Jonathan Friedman, Esq. Skadden, Arps, Slate, Meagher & Flom LLP 300 South Grand Avenue, Suite 3400 Los Angeles, CA 90071 Telephone:(213) 687-5396 Fax:(213) 621-5396 | Joseph Coco, Esq. Skadden, Arps, Slate, Meagher & Flom LLP Four Times Square New York, NY 10036 Telephone: (212) 735-3050 Fax: (917) 777-3050 |
Large accelerated filer þ | Accelerated filer o | Non-accelerated filer o | Smaller reporting company o |
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• | $4.31 in cash, or | |
• | $4.31 in partnership common units of Aimco OP, or OP Units. |
YOU ARE REQUESTED NOT TO SEND US A PROXY
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Annexes | ||||||||
Annex A | Agreement and Plan of Merger | A-1 | ||||||
Annex B | Appraisal Rights of Limited Partners | B-1 | ||||||
Annex C | Officers and Directors | C-1 | ||||||
Annex D | CCIP’s Annual Report on Form 10-K for the year ended December 31, 2009 | D-1 | ||||||
Annex E | CCIP’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2010 | E-1 | ||||||
Annex F | Summary of Appraisals Table | F-1 | ||||||
Annex G | Aimco OP’s Annual Report onForm 10-K for the year ended December 31, 2009 | G-1 | ||||||
Annex H | Aimco OP’s Quarterly Report onForm 10-Q for the quarter ended September 30, 2010 | H-1 | ||||||
Annex I | Aimco OP’s Current Report onForm 8-K, dated November 19, 2010 | I-1 | ||||||
EX-23.1 | ||||||||
EX-23.2 | ||||||||
EX-23.3 |
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• | The Merger: CCIP has entered into an agreement and plan of merger with the Aimco Subsidiary and Aimco OP. Under the merger agreement, at the effective time of the merger, the Aimco Subsidiary will be merged with and into CCIP, with CCIP as the surviving entity. A copy of the merger agreement is attached asAnnex A to this information statement/prospectus. You are encouraged to read the merger agreement carefully in its entirety because it is the legal agreement that governs the merger. | |
• | Merger Consideration: In the merger, each Series A Unit will be converted into the right to receive, at the election of the holder of such Series A Unit, either $4.31 in cash or equivalent value in OP Units. The number of OP Units issuable with respect to each Series A Unit will be calculated by dividing the $4.31 per unit cash merger consideration by the average closing price of Aimco common stock, as reported on the NYSE over the ten consecutive trading days ending on the second trading day immediately prior to the consummation of the merger. For a full description of the determination of the merger consideration, see “The Merger — Determination of Merger Consideration” beginning on page 39. | |
• | Effects of the Merger: After the merger, Aimco OP will be the sole limited partner in CCIP, and will own all of the outstanding Series A Units. As a result, after the merger, you will cease to have any rights in CCIP as a limited partner.See “Special Factors — Effects of the Merger,” beginning on page 5. | |
• | Appraisal Rights: Pursuant to the terms of the merger agreement, Aimco OP will provide each limited partner with contractual dissenters’ appraisal rights that are similar to the dissenters’ appraisal rights available to a stockholder of a constituent corporation in a merger under Delaware law, and which will enable a limited partner to obtain an appraisal of the value of the limited partner’s Series A Units in connection with the merger. See “The Merger — Appraisal Rights,” beginning on page 43. A description of the appraisal rights being provided, and the procedures that a limited partner must follow to seek such rights, is attached to this information statement/prospectus asAnnex B. | |
• | Additional Payment for Waiver and Release: In addition to the merger consideration, each limited partner unaffiliated with Aimco OP or its affiliates may elect to receive an additional cash payment of $2.16 per Series A Unit in exchange for executing a waiver and release of potential claims such unaffiliated limited partner may have had in the past, may now have or may have in the future (through and including the date of the consummation of the merger) against CCIP, ConCap, Aimco OP or its affiliates and certain other persons and entities, including but not limited to claims related to the merger agreement and the transactions contemplated thereby, but excluding claims limited partners may have under federal securities laws. See “The Merger — Waiver and Release and Additional Consideration,” beginning on page 41. | |
• | Parties Involved: |
• | Consolidated Capital Institutional Properties, LP, or CCIP, is a Delaware limited partnership formed on March 19, 2008, following a redomestication of the partnership in Delaware. CCIP owns and operates three investment properties: the Sterling Apartment Homes and Commerce Center, which consists of a 536 unit apartment project and a 137,068 square foot commercial space located in Philadelphia, Pennsylvania, or the Sterling Property; the Plantations Gardens Apartments, a 372 unit apartment project located in Plantation, Florida, or the Plantation Gardens Property; and the Regency Oak Apartments, a 343 unit apartment project located in Fern Park, Florida, or the Regency Oaks Property. See “Information About CCIP,” beginning on page 31. CCIP’s principal address is 55 Beattie Place, P.O. Box 1089, Greenville, South Carolina 29602, and its telephone number is(864) 239-1000. |
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• | Apartment Investment and Management Company, or Aimco, is a Maryland corporation that is a self-administered and self-managed real estate investment trust, or REIT, focused on the ownership and management of quality apartment communities located in the 20 largest markets in the United States. Aimco is one of the largest owners and operators of apartment properties in the United States. Aimco’s common stock is listed and traded on the NYSE under the symbol “AIV.” See “Information about the Aimco Entities,” beginning on page 29. | |
• | AIMCO Properties, L.P., or Aimco OP, is a Delaware limited partnership which, through its operating divisions and subsidiaries, holds substantially all of Aimco’s assets and manages the daily operations of Aimco’s business and assets. See “Information about the Aimco Entities,” beginning on page 29. | |
• | AIMCO CCIP Merger Sub LLC, or the Aimco Subsidiary, is a Delaware limited liability company formed for the purpose of consummating the merger with CCIP. The Aimco Subsidiary is a direct wholly-owned subsidiary of Aimco OP. See “Information about the Aimco Entities,” beginning on page 29. |
• | Reasons for the Merger: Under its partnership agreement, CCIP’s term expires December 31, 2011. As a result, ConCap, as the general partner of CCIP, would be obligated to liquidate and wind-up the partnership at that time. ConCap and the other Aimco Entities identified two principal concerns with a liquidation of CCIP: (i) based on the age and condition of the properties owned by CCIP, the net proceeds from their sale (after deducting sales and other transaction costs) might not be sufficient to satisfy all of CCIP’s liabilities, and the remaining proceeds available for distribution to limited partners, if any, would probably not be very significant; and (ii) in liquidation, limited partners would recognize taxable gain, and that gain could exceed any proceeds from liquidation. On the other hand, Aimco and Aimco OP are in the business of acquiring apartment properties such as those owned by CCIP, and have decided to proceed with the merger as a means of acquiring the properties currently owned by CCIP in a manner that (i) provides fair value to limited partners, (ii) offers limited partners an opportunity to receive immediate liquidity, or defer recognition of taxable gain (except where the law of the state or other jurisdiction in which a limited partner resides would prohibit the issuance of OP Units in that state or other jurisdiction, or where registrations or qualification would be prohibitively costly), and (iii) relieves CCIP of the expenses associated with a sale of the properties, including marketing and other transaction costs. | |
• | Fairness of the Merger: Although the Aimco Entities have interests that may conflict with those of CCIP’s unaffiliated limited partners, each of the Aimco Entities believe that the merger is fair to the unaffiliated limited partners of CCIP. See “Special Factors — Fairness of the Transaction” beginning on page 6. | |
• | Conflicts of Interest: ConCap is the general partner of CCIP and is wholly-owned by AIMCO/IPT, Inc., which in turn is wholly-owned by Aimco. Therefore, ConCap has a conflict of interest with respect to the merger. ConCap has fiduciary duties to AIMCO/IPT, Inc., ConCap’s sole stockholder and an affiliate of Aimco, on the one hand, and to CCIP and its limited partners, on the other hand. The duties of ConCap to CCIP and its limited partners conflict with the duties of ConCap to AIMCO/IPT, Inc., which could result in ConCap approving a transaction that is more favorable to Aimco than might be the case absent such conflict of interest. See, “The Merger — Conflicts of Interest,” beginning on page 41. | |
• | Risk Factors: In evaluating the merger agreement and the merger, CCIP limited partners should carefully read this information statement/prospectus and especially consider the factors discussed in the section entitled “Risk Factors” beginning on page 17. Some of the risk factors associated with the merger are summarized below: |
• | Aimco owns ConCap, the general partner of CCIP. As a result, ConCap has a conflict of interest in the merger. A transaction with a third party in the absence of this conflict could result in better terms or greater consideration to CCIP limited partners. | |
• | CCIP limited partners who receive cash may recognize taxable gain in the merger and that gain could exceed the merger consideration. | |
• | There are a number of significant differences between CCIP Series A Units and Aimco OP Units relating to, among other things, the nature of the investment, voting rights, distributions and liquidity and |
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transferability/redemption. For more information regarding those differences, see “Comparison of CCIP Series A Units and Aimco OP Units,” beginning on page 64. |
• | CCIP limited partners may elect to receive OP Units as merger consideration, and there are risks related to an investment in OP Units, including the fact that there are restrictions on transferability of OP Units; there is no public market for OP Units; and there is no assurance as to the value that might be realized upon a future redemption of OP Units. |
• | Material United States Federal Income Tax Consequences of the Merger: The merger will generally be treated as a partnership merger for Federal income tax purposes. In general, any payment of cash for Series A Units will be treated as a sale of such Series A Units by such holder, and any exchange of Series A Units for OP Units under the terms of the merger agreement will be treated, in accordance with Sections 721 and 731 of the Internal Revenue Code of 1986, as amended, or the Code, as a tax free transaction, except to the extent described in “Material United States Federal Income Tax Matters — Taxation of Aimco OP and OP Unitholders — United States Federal Income Tax Consequences Relating to the Merger,” beginning on page 69. |
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• | The merger consideration of $4.31 per Series A Unit was based on independent third party appraisals of each of CCIP’s three properties by CRA, an independent valuation firm. |
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• | The merger consideration is greater than the Aimco Entities’ estimate of liquidation value ($0.00 per Series A Unit), calculated as the aggregate appraised value of all of CCIP’s properties, plus the amount of any other assets, less the amount of CCIP’s liabilities, including mortgage debt (taking into account prepayment penalties thereon). | |
• | The merger consideration exceeds the net book value per unit (a deficit of $335.07 per Series A Unit at September 30, 2010). | |
• | The merger consideration is greater than the price paid by the Aimco Entities to purchase units of limited partnership interest in CCIP during the past two years ($4.25 per unit in June 2008). | |
• | Limited partners may defer recognition of taxable gain by electing to receive OP Units in the merger, except in those jurisdictions where the law prohibits the offer of OP Units (or registration would be prohibitively costly). | |
• | The number of OP Units issuable to limited partners in the merger will be determined based on the average closing price of Aimco common stock, as reported on the NYSE, over the ten consecutive trading days ending on the second trading day immediately prior to the consummation of the merger. | |
• | Limited partners who receive cash consideration will achieve immediate liquidity with respect to their investment. | |
• | Limited partners who receive OP Units in the merger will have the opportunity to participate in Aimco OP, which has a more diversified property portfolio than CCIP. | |
• | Although limited partners are not entitled to dissenters’ appraisal rights under Delaware law, the merger agreement provides them with contractual dissenters’ appraisal rights that are similar to the dissenters’ appraisal rights that are available to stockholders in a corporate merger under Delaware law. | |
• | Although the merger agreement may be terminated by either side at any time, Aimco OP and the Aimco Subsidiary are very likely to complete the merger on a timely basis. | |
• | Unlike a typical property sale agreement, the merger agreement contains no indemnification provisions, so there is no risk of subsequent reduction of the proceeds. | |
• | In contrast to a sale of the properties to a third party, which would involve marketing and other transaction costs, Aimco OP has agreed to pay all expenses associated with the merger. |
• | The merger consideration is greater than some of the prices at which Series A Units have recently sold in the secondary market ($3 to $160 per Series A Unit from January 1, 2010 through December 3, 2010). |
• | ConCap, the general partner of CCIP, has substantial conflicts of interest with respect to the merger as a result of (i) the fiduciary duties it owes to unaffiliated limited partners, who have an interest in receiving the highest possible consideration, and (ii) the fiduciary duties it owes to its sole stockholder, a subsidiary of Aimco OP, which has an interest in obtaining the CCIP properties for the lowest possible consideration. | |
• | The terms of the merger were not approved by any independent directors. | |
• | An unaffiliated representative was not retained to act solely on behalf of the unaffiliated limited partners for purposes of negotiating the merger agreement on an independent, arm’s-length basis, which might have resulted in better terms for the unaffiliated limited partners. | |
• | The merger agreement does not require the approval of any unaffiliated limited partners. | |
• | No opinion has been obtained from an independent financial advisor that the merger is fair to the unaffiliated limited partners. |
• | The merger consideration is less than some of the prices at which Series A Units have recently sold in the secondary market ($3 to $160 per Series A Unit from January 1, 2010 through December 3, 2010). |
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• | The merger consideration is less than the prices at which Series A Units have historically sold in the secondary market ($8 to $228 per Series A Unit from June 1, 2008 through December 31, 2009). However, those sales prices were impacted by the sale of a property by CCIP in December of 2008. | |
• | The merger consideration is less than the going concern value, calculated as the aggregate appraised value of all of CCIP’s properties, plus the amount of any other assets, less the amount of CCIP’s liabilities, including mortgage debt (but without taking into account prepayment penalties thereon). | |
• | Limited partners who receive cash consideration in the merger may recognize taxable gain and that gain could exceed the merger consideration. | |
• | Limited partners who receive OP Units in the merger could recognize taxable gain if Aimco subsequently sells any of the properties. | |
• | Limited partners who receive OP Units in the merger will be subject to the risks related to an investment in OP Units, as described in greater detail under the heading “Risk Factors — Risks Related to an Investment in OP Units.” | |
• | CRA, the valuation firm that appraised the CCIP properties, has performed work for Aimco OP and its affiliates in the past and this pre-existing relationship could negatively impact CRA’s independence. |
• | Inspected the property and its environs; |
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• | Reviewed demographic and other socioeconomic trends pertaining to the city and region where the property is located; | |
• | Examined regional apartment, office and retail market conditions, with special emphasis on the property’s submarket; | |
• | Investigated lease and sale transactions involving comparable properties in the influencing market; | |
• | Reviewed the existing rent roll and discussed the leasing status with the building manager and leasing agent. In addition, CRA reviewed the property’s recent operating history and those of competing properties; | |
• | Utilized appropriate appraisal methodology to derive estimates of value; and | |
• | Reconciled the estimates of value into a single value conclusion. |
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• | potential gross income from apartment unit rentals of $838,736 per month or $10,064,832 for the appraised year; | |
• | a loss to lease allowance of 1.5% of the gross rent potential; | |
• | rent concessions of 1.0% of the gross rent potential; | |
• | a combined vacancy and collection loss allowance of 5.0%; | |
• | estimated utility recovery of $833 per unit; | |
• | other income of $450 per unit; | |
• | total expenses of $4,248,859; | |
• | capitalization rate of 7.0%. |
• | discounting to present value future cash flows commencing on January 1, 2010 for a ten-year holding period with the eleventh year net operating income used in developing the Sterling Property’s future reversionary value; |
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• | expenses grown by an average annual inflation rate of 3.0%; | |
• | projected revenue increases of 1.5% in year one and 3.0% annually thereafter; | |
• | 535 rentable units throughout the projection period; | |
• | stabilized cash flow based on the income and expense assumptions described above; | |
• | sales expense equal to 2.0% of the reversion. |
• | potential gross income of $2,117,628 for the appraised year; | |
• | a combined vacancy and collection loss allowance of 11.0%; | |
• | parking revenue of $217,044 for the appraised year; | |
• | projected expense recovery amount of $133,389; | |
• | other income of $1,000 for the appraised year; | |
• | total expenses of $1,171,401; | |
• | capitalization rate of 8.50%. |
• | discounting to present value future cash flows commencing on January 1, 2010 for a ten-year holding period with the eleventh year net operating income used in developing the Sterling Property’s future reversionary value; and | |
• | expenses grown by an average annual inflation rate of 3.0%; | |
• | projected revenue increases of 0.0% in year one and 3.0% annually thereafter; | |
• | net rentable area of 115,551 square feet throughout the projection period; | |
• | stabilized cash flow based on the income and expense assumptions described above; | |
• | sales expense equal to 2.0% of the reversion. |
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• | potential gross income from apartment unit rentals of $327,150 per month or $3,925,800 for the appraised year; | |
• | no allowance attributable to loss to lease, based on current rents in place; | |
• | rent concessions of 2.0% of the potential gross income; | |
• | a combined vacancy and collection loss allowance of 5.5%; | |
• | other income of $1,260 per unit; | |
• | total expenses of $2,064,243; | |
• | capitalization rate of 7.75%. |
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• | potential gross income from apartment unit rentals of $211,100 per month or $2,533,200 for the appraised year; | |
• | no allowance attributable to loss to lease, based on current rents in place; | |
• | concession allowance of 1% of the gross rent potential; | |
• | a combined vacancy and collection loss factor of 8.0%; | |
• | estimated utility income of $214,375, or $625 per unit; | |
• | estimated other income of $650 per unit; | |
• | total estimated expenses of $1,776,766; | |
• | capitalization rate of 8.25%. |
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• | Decisions of the general partner with respect to the amount and timing of cash expenditures, borrowings, issuances of additional interests and reserves in any quarter will affect whether or the extent to which there is available cash to make distributions in a given quarter. | |
• | Under the terms of the Aimco OP partnership agreement, Aimco OP will reimburse the general partner and its affiliates for costs incurred in managing and operating Aimco OP, including compensation of officers and employees. | |
• | Whenever possible, the general partner seeks to limit Aimco OP’s liability under contractual arrangements to all or particular assets of Aimco OP, with the other party thereto having no recourse against the general partner or its assets. | |
• | Any agreements between Aimco OP and the general partner and its affiliates will not grant to the OP Unitholders, separate and apart from Aimco OP, the right to enforce the obligations of the general partner and such affiliates in favor of Aimco OP. Therefore, the general partner, in its capacity as the general partner of Aimco OP, will be primarily responsible for enforcing such obligations. | |
• | Under the terms of the Aimco OP partnership agreement, the general partner is not restricted from causing Aimco OP to pay the general partner or its affiliates for any services rendered on terms that are fair and reasonable to Aimco OP or entering into additional contractual arrangements with any of such entities on behalf of Aimco OP. Neither the Aimco OP partnership agreement nor any of the other agreements, contracts |
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and arrangements between Aimco OP, on the one hand, and the general partner of Aimco OP and its affiliates, on the other, are or will be the result of arm’s-length negotiations. |
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APARTMENT INVESTMENT AND MANAGEMENT COMPANY
For the Nine Months | ||||||||||||||||||||||||||||
Ended September 30, | For the Years Ended December 31, | |||||||||||||||||||||||||||
2010 | 2009(1) | 2009(1) | 2008(1) | 2007(1) | 2006(1) | 2005(1) | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
(Dollar amounts in thousands, except per unit data) | ||||||||||||||||||||||||||||
Consolidated Statements of Operations: | ||||||||||||||||||||||||||||
Total revenues | $ | 869,180 | $ | 859,848 | $ | 1,151,736 | $ | 1,199,423 | $ | 1,132,109 | $ | 1,043,683 | $ | 866,992 | ||||||||||||||
Total operating expenses(2) | (770,635 | ) | (783,101 | ) | (1,051,394 | ) | (1,151,459 | ) | (958,070 | ) | (879,107 | ) | (731,102 | ) | ||||||||||||||
Operating income(2) | 98,545 | 76,747 | 100,342 | 47,964 | 174,039 | 164,576 | 135,890 | |||||||||||||||||||||
Loss from continuing operations(2) | (123,944 | ) | (136,045 | ) | (198,703 | ) | (119,163 | ) | (50,097 | ) | (44,798 | ) | (36,366 | ) | ||||||||||||||
Income from discontinued operations, net(3) | 68,532 | 86,289 | 153,903 | 746,165 | 175,603 | 331,820 | 161,718 | |||||||||||||||||||||
Net (loss) income | (55,412 | ) | (49,756 | ) | (44,800 | ) | 627,002 | 125,506 | 287,022 | 125,352 | ||||||||||||||||||
Net loss (income) attributable to noncontrolling interests | 5,147 | (20,725 | ) | (19,474 | ) | (214,995 | ) | (95,595 | ) | (110,234 | ) | (54,370 | ) | |||||||||||||||
Net income attributable to preferred stockholders | (36,626 | ) | (37,631 | ) | (50,566 | ) | (53,708 | ) | (66,016 | ) | (81,132 | ) | (87,948 | ) | ||||||||||||||
Net (loss) income attributable to Aimco common stockholders | (86,891 | ) | (108,112 | ) | (114,840 | ) | 351,314 | (40,586 | ) | 93,710 | (21,223 | ) | ||||||||||||||||
Earnings (loss) per common share — basic and diluted: | ||||||||||||||||||||||||||||
Loss from continuing operations attributable to Aimco common stockholders | $ | (1.12 | ) | $ | (1.18 | ) | $ | (1.75 | ) | $ | (2.11 | ) | $ | (1.42 | ) | $ | (1.48 | ) | $ | (1.33 | ) | |||||||
Net (loss) income attributable to Aimco common stockholders | $ | (0.75 | ) | $ | (0.95 | ) | $ | (1.00 | ) | $ | 3.96 | $ | (0.43 | ) | $ | 0.98 | $ | (0.23 | ) | |||||||||
Consolidated Balance Sheets: | ||||||||||||||||||||||||||||
Real estate, net of accumulated depreciation | $ | 6,685,389 | — | $ | 6,795,391 | $ | 6,956,631 | $ | 6,729,914 | $ | 6,265,294 | $ | 5,573,491 | |||||||||||||||
Total assets | 7,617,072 | — | 7,906,468 | 9,441,870 | 10,617,681 | 10,292,587 | 10,019,160 | |||||||||||||||||||||
Total indebtedness | 5,542,562 | — | 5,541,148 | 5,919,771 | 5,534,154 | 4,852,928 | 4,192,292 | |||||||||||||||||||||
Total equity | 1,462,808 | — | 1,534,703 | 1,646,749 | 2,048,546 | 2,650,182 | 3,060,969 | |||||||||||||||||||||
Other Information: | ||||||||||||||||||||||||||||
Dividends declared per common share | $ | 0.20 | $ | 0.20 | $ | 0.40 | $ | 7.48 | $ | 4.31 | $ | 2.40 | $ | 3.00 | ||||||||||||||
Total consolidated properties (end of period) | 419 | 458 | 426 | 514 | 657 | 703 | 619 | |||||||||||||||||||||
Total consolidated apartment units (end of period) | 93,008 | 104,301 | 95,202 | 117,719 | 153,758 | 162,432 | 158,548 | |||||||||||||||||||||
Total unconsolidated properties (end of period) | 59 | 79 | 77 | 85 | 94 | 102 | 264 | |||||||||||||||||||||
Total unconsolidated apartment units (end of period) | 6,933 | 8,657 | 8,478 | 9,613 | 10,878 | 11,791 | 35,269 | |||||||||||||||||||||
Units managed (end of period)(4) | 27,357 | 33,623 | 31,974 | 35,475 | 38,404 | 42,190 | 46,667 |
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(1) | Certain reclassifications have been made to conform to the September 30, 2010 financial statement presentation, including retroactive adjustments to reflect additional properties sold or classified as held for sale as of September 30, 2010, as discontinued operations (see Note 3 to the condensed consolidated financial statements in “Item 1 — Financial Statements” in Aimco’s Quarterly Report onForm 10-Q for the quarter ended September 30, 2010, and Note 13 to the consolidated financial statements in “Item 8 — Financial Statements and Supplementary Data” in Aimco’s Current Report onForm 8-K, filed with the SEC on November 19, 2010, which are incorporated by reference in this information statement/prospectus.). |
(2) | Total operating expenses, operating income and loss from continuing operations for the year ended December 31, 2008, include a $91.1 million pre-tax provision for impairment losses on real estate development assets, which is discussed further in “Item 7 — Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Aimco’s Current Report onForm 8-K filed with the SEC on November 19, 2010, which is incorporated by reference in this information statement/prospectus. |
(3) | Income from discontinued operations for the years ended December 31, 2009, 2008, 2007, 2006 and 2005 includes $221.8 million, $800.3 million, $117.6 million, $337.1 million and $162.7 million in gains on disposition of real estate, respectively. Income from discontinued operations for 2009, 2008 and 2007 is discussed further in “Item 7 — Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Aimco’s Current Report onForm 8-K filed with the SEC on November 19, 2010, which is incorporated by reference in this information statement/prospectus. |
(4) | Units managed represents units in properties for which we provide asset management services only, although in certain cases we may indirectly own generally less than one percent of the economic interest in such properties through a partnership syndication or other fund. |
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For the Nine Months | ||||||||||||||||||||||||||||
Ended September 30, | For the Years Ended December 31, | |||||||||||||||||||||||||||
2010 | 2009(1) | 2009(1) | 2008(1) | 2007(1) | 2006(1) | 2005(1) | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
(Dollar amounts in thousands, except per unit data) | ||||||||||||||||||||||||||||
Consolidated Statements of Operations: | ||||||||||||||||||||||||||||
Total revenues | $ | 869,180 | $ | 859,848 | $ | 1,151,736 | $ | 1,199,423 | $ | 1,132,109 | $ | 1,043,683 | $ | 866,992 | ||||||||||||||
Total operating expenses(2) | (770,635 | ) | (783,101 | ) | (1,051,394 | ) | (1,151,459 | ) | (958,070 | ) | (879,107 | ) | (731,102 | ) | ||||||||||||||
Operating income(2) | 98,545 | 76,747 | 100,342 | 47,964 | 174,039 | 164,576 | 135,890 | |||||||||||||||||||||
Loss from continuing operations(2) | (123,302 | ) | (135,431 | ) | (197,883 | ) | (118,377 | ) | (49,348 | ) | (41,838 | ) | (31,908 | ) | ||||||||||||||
Income from discontinued operations, net(3) | 68,532 | 86,289 | 153,903 | 746,165 | 175,603 | 331,820 | 161,718 | |||||||||||||||||||||
Net (loss) income | (54,770 | ) | (49,142 | ) | (43,980 | ) | 627,788 | 126,255 | 289,982 | 129,810 | ||||||||||||||||||
Net loss (income) attributable to noncontrolling interests | 1,795 | (24,665 | ) | (22,442 | ) | (155,749 | ) | (92,138 | ) | (92,917 | ) | (49,064 | ) | |||||||||||||||
Net income attributable to preferred unitholders | (39,918 | ) | (42,189 | ) | (56,854 | ) | (61,354 | ) | (73,144 | ) | (90,527 | ) | (98,946 | ) | ||||||||||||||
Net (loss) income attributable to the Partnership’s common unitholders | (92,893 | ) | (115,996 | ) | (123,276 | ) | 403,700 | (43,508 | ) | 104,592 | (22,458 | ) | ||||||||||||||||
Earnings (loss) per common unit — basic and diluted: | ||||||||||||||||||||||||||||
Loss from continuing operations attributable to the Partnership’s common unitholders | $ | (1.12 | ) | $ | (1.17 | ) | $ | (1.75 | ) | $ | (1.96 | ) | $ | (1.40 | ) | $ | (1.47 | ) | $ | (1.32 | ) | |||||||
Net (loss) income attributable to the Partnership’s common unitholders | $ | (0.75 | ) | $ | (0.94 | ) | $ | (1.00 | ) | $ | 4.11 | $ | (0.42 | ) | $ | 0.99 | $ | (0.21 | ) | |||||||||
Consolidated Balance Sheets: | ||||||||||||||||||||||||||||
Real estate, net of accumulated depreciation | $ | 6,685,894 | — | $ | 6,795,896 | $ | 6,957,136 | $ | 6,730,419 | $ | 6,265,799 | $ | 5,573,996 | |||||||||||||||
Total assets | 7,633,385 | — | 7,922,139 | 9,456,721 | 10,631,746 | 10,305,903 | 10,031,761 | |||||||||||||||||||||
Total indebtedness | 5,542,562 | — | 5,541,148 | 5,919,771 | 5,534,154 | 4,852,928 | 4,192,292 | |||||||||||||||||||||
Total partners’ capital | 1,479,121 | — | 1,550,374 | 1,661,600 | 2,152,326 | 2,753,617 | 3,164,111 | |||||||||||||||||||||
Other Information: | ||||||||||||||||||||||||||||
Distributions declared per common unit | $ | 0.20 | $ | 0.20 | $ | 0.40 | $ | 7.48 | $ | 4.31 | $ | 2.40 | $ | 3.00 | ||||||||||||||
Total consolidated properties (end of period) | 419 | 458 | 426 | 514 | 657 | 703 | 619 | |||||||||||||||||||||
Total consolidated apartment units (end of period) | 93,008 | 104,301 | 95,202 | 117,719 | 153,758 | 162,432 | 158,548 | |||||||||||||||||||||
Total unconsolidated properties (end of period) | 59 | 79 | 77 | 85 | 94 | 102 | 264 | |||||||||||||||||||||
Total unconsolidated apartment units (end of period) | 6,933 | 8,657 | 8,478 | 9,613 | 10,878 | 11,791 | 35,269 | |||||||||||||||||||||
Units managed (end of period)(4) | 27,357 | 33,623 | 31,974 | 35,475 | 38,404 | 42,190 | 46,667 |
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(1) | Certain reclassifications have been made to conform to the September 30, 2010 financial statement presentation, including retroactive adjustments to reflect additional properties sold or classified as held for sale as of September 30, 2010, as discontinued operations (see Note 3 to the condensed consolidated financial statements in “Item 1 — Financial Statements” in Aimco OP’s Quarterly Report on Form10-Q for the quarter ended September 30, 2010, and Note 13 to the consolidated financial statements in “Item 8 — Financial Statements and Supplementary Data” included inAnnex I to this information statement/prospectus. | |
(2) | Total operating expenses, operating income and loss from continuing operations for the year ended December 31, 2008, include a $91.1 million pre-tax provision for impairment losses on real estate development assets, which is discussed further in “Item 7 — Management’s Discussion and Analysis of Financial Condition and Results of Operations” included inAnnex I to this information statement/prospectus. | |
(3) | Income from discontinued operations for the years ended December 31, 2009, 2008, 2007, 2006 and 2005 includes $221.8 million, $800.3 million, $117.6 million, $337.1 million and $162.7 million in gains on disposition of real estate, respectively. Income from discontinued operations for 2009, 2008 and 2007 is discussed further in “Item 7 — Management’s Discussion and Analysis of Financial Condition and Results of Operations” included inAnnex I to this information statement/prospectus. | |
(4) | Units managed represents units in properties for which we provide asset management services only, although in certain cases we may indirectly own generally less than one percent of the economic interest in such properties through a partnership syndication or other fund. |
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For the Nine Months | For the Years Ended | |||||||||||||||
Ended September 30, | December 31, | |||||||||||||||
2010 | 2009 | 2009 | 2008 | |||||||||||||
(Unaudited) | ||||||||||||||||
(Dollar amounts in thousands, except per unit data) | ||||||||||||||||
Consolidated Statements of Income: | ||||||||||||||||
Total revenues | $ | 14,231 | $ | 14,628 | $ | 19,438 | $ | 20,112 | ||||||||
Loss from continuing operations | (2,746 | ) | (1,399 | ) | (2,087 | ) | (2,221 | ) | ||||||||
Net (loss) income | (2,746 | ) | (5,068 | ) | (5,738 | ) | 481 | |||||||||
Loss from continuing operations per unit | (13.66 | )(1) | (6.95 | )(1) | (10.38 | )(1) | (11.05 | )(1) | ||||||||
Net (loss) income per limited partnership unit | (13.66 | ) | (25.20 | ) | (28.54 | ) | 2.39 | |||||||||
Distributions per limited partnership unit | ||||||||||||||||
Series A | — | 20.57 | 20.57 | 21.23 | ||||||||||||
Series B | — | 26.32 | 26.73 | — | ||||||||||||
Series C | — | 6.04 | 6.99 | — | ||||||||||||
Deficit of earnings to fixed charges | (2,822 | ) | (1,399 | ) | (2,088 | ) | (2,242 | ) | ||||||||
Consolidated Balance Sheets: | ||||||||||||||||
Cash and Cash Equivalents | 488 | 482 | 302 | 4,777 | ||||||||||||
Real Estate, Net of Accumulated Depreciation | 50,239 | 49,456 | 48,658 | 51,574 | ||||||||||||
Assets Held for Sale | — | — | — | 22,247 | (2) | |||||||||||
Total Assets | 53,442 | 53,382 | 51,848 | �� | 82,019 | |||||||||||
Mortgage Notes Payable | 111,972 | 113,583 | 113,189 | 114,731 | ||||||||||||
Due to Affiliates | 4,708 | 14 | 129 | 226 | ||||||||||||
Liabilities Related to Assets Held for Sale | — | — | — | 11,111 | (2) | |||||||||||
General Partners’ Capital | 87 | 120 | 114 | 171 | ||||||||||||
Limited Partners’ Deficit Series A | (66,689 | ) | (29,331 | ) | (63,970 | ) | (23,852 | ) | ||||||||
Limited Partners’ Deficit Series B | — | (27,625 | ) | — | (20,558 | ) | ||||||||||
Limited Partners’ Deficit Series C | — | (6,078 | ) | — | (3,072 | ) | ||||||||||
Total Partners’ Deficit | (66,602 | ) | (62,914 | ) | (63,856 | ) | (47,311 | ) | ||||||||
Total Distributions | — | — | — | 750 | ||||||||||||
Series A | — | 4,095 | 4,095 | 3,475 | ||||||||||||
Series B | — | 5,238 | 5,321 | — | ||||||||||||
Series C | — | 1,202 | 1,391 | — |
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For the Nine Months | For the Years Ended | |||||||||||||||
Ended September 30, | December 31, | |||||||||||||||
2010 | 2009 | 2009 | 2008 | |||||||||||||
(Unaudited) | ||||||||||||||||
(Dollar amounts in thousands, except per unit data) | ||||||||||||||||
Book value per limited partnership unit Series A | (335.07 | ) | (147.36 | ) | (321.41 | ) | (119.83 | ) | ||||||||
Book value per limited partnership unit Series B | — | (138.79 | ) | — | (103.29 | ) | ||||||||||
Book value per limited partnership unit Series C | — | (30.54 | ) | — | (15.43 | ) | ||||||||||
Other Information: | ||||||||||||||||
Net increase (decrease) increase in cash and cash equivalents | 186 | (4,295 | ) | (4,475 | ) | 1,816 | ||||||||||
Net cash provided by operating activities | 1,984 | 1,855 | 2,625 | 4,562 |
(1) | Represents Series A interest only, which includes the operations of The Sterling Property, Plantations Gardens Property and Regency Oaks Property in the historical financial statements. |
(2) | Represents The Dunes Apartments, which was sold on August 7, 2009, and The Knolls Apartments, which was sold on September 21, 2009. |
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Nine Months Ended | Fiscal Year Ended | |||||||||||||||
September 30, | December 31, | |||||||||||||||
2010 | 2009 | 2008 | 2007 | |||||||||||||
Cash dividends declared per share/unit | ||||||||||||||||
Aimco Common Stock | $ | 0.20 | $ | 0.40 | $ | 2.40 | $ | 2.40 | ||||||||
Aimco OP Units | $ | 0.20 | $ | 0.40 | $ | 2.40 | $ | 2.40 | ||||||||
CCIP | $ | 351.69 | ||||||||||||||
Series A Units | $ | 0.00 | $ | 20.57 | $ | 21.23 | — | |||||||||
Series B Units(1) | — | $ | 26.73 | — | — | |||||||||||
Series C Units(1) | — | $ | 6.99 | — | — | |||||||||||
Loss per common share/unit from continuing operations | ||||||||||||||||
Aimco Common Stock | $ | (1.12 | ) | $ | (1.75 | ) | $ | (2.11 | ) | $ | (1.42 | ) | ||||
Aimco OP Units | $ | (1.12 | ) | $ | (1.75 | ) | $ | (1.96 | ) | $ | (1.40 | ) | ||||
CCIP | $ | (1.73 | ) | |||||||||||||
Series A Units | $ | (13.66 | ) | $ | (10.38 | ) | $ | (11.05 | ) | — |
September 30, 2010 | December 31, 2009 | |||||||
Book value per share/unit | ||||||||
Aimco Common Stock(2) | $ | 10.20 | $ | 10.64 | ||||
Aimco OP Units(3) | 9.39 | 9.88 | ||||||
CCIP | ||||||||
Series A Units | (335.07 | ) | (321.41 | ) |
(1) | Series B Units and Series C Units were not outstanding during 2007, 2008 or the nine months ended September 30, 2010. |
(2) | Based on 117.0 million and 116.5 million shares of common stock outstanding at September 30, 2010 and December 31, 2009, respectively. |
(3) | Based on 125.3 million and 124.9 million common OP Units and equivalents outstanding at September 30, 2010 and December 31, 2009, respectively. |
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• | own and operate a broadly diversified portfolio of primarily class “B/B+” assets with properties concentrated in the 20 largest markets in the United States (as measured by total apartment value, which is the total market value of institutional-grade apartment properties in a particular market); |
• | improve its portfolio through selling assets with lower projected returns and reinvesting those proceeds through the purchase of new assets or redevelopment of assets in its portfolio; and |
• | finance its operations using non-recourse, long-dated, fixed-rate property debt and perpetual preferred equity. |
• | owned an equity interest in 227 conventional real estate properties with 70,844 units; |
• | owned an equity interest in 251 affordable real estate properties with 29,097 units; and |
• | provided services for or managed 27,357 units in 323 properties, primarily pursuant to long-term asset management agreements. In certain cases, Aimco may indirectly own generally less than one percent of the operations of such properties through a syndication or other fund. |
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• | the Sterling Property, which consists of a 536 unit apartment project and a 137,068 square foot commercial space, located in Philadelphia, Pennsylvania; | |
• | the Plantation Gardens Property, a 372 unit apartment project located in Plantation, Florida; and | |
• | the Regency Oaks Apartments, a 343 unit apartment project located in Fern Park, Florida. |
Average Annual Rental Rates | ||||||||||||||||||||
Property | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||
The Sterling Apartment Homes | $ | 19,172/unit | $ | 19,530/unit | $ | 18,741/unit | $ | 18,041/unit | $ | 17,563/unit | ||||||||||
The Sterling Commerce Center | 16.39/s.f. | 16.94/s.f. | 15.92/s.f. | 15.52/s.f. | 15.44/s.f. | |||||||||||||||
Plantation Gardens Apartments | 11,056/unit | 11,474/unit | 11,346/unit | 10,597/unit | 9,795/unit | |||||||||||||||
Regency Oaks Apartments | 7,904/unit | 8,693/unit | 9,174/unit | 8,851/unit | 7,790/unit |
Average Occupancy | ||||||||||||||||||||||||||||
For the Nine Months | ||||||||||||||||||||||||||||
Ended September 30, | For the Years Ended December 31, | |||||||||||||||||||||||||||
Property | 2010 | 2009 | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||||
The Sterling Apartment Homes | 96 | % | 93 | % | 94 | % | 97 | % | 96 | % | 96 | % | 94 | % | ||||||||||||||
The Sterling Commerce Center | 78 | % | 81 | % | 81 | % | 82 | % | 80 | % | 80 | % | 82 | % | ||||||||||||||
Plantation Gardens Apartments | 91 | % | 95 | % | 95 | % | 95 | % | 98 | % | 98 | % | 97 | % | ||||||||||||||
Regency Oaks Apartments | 92 | % | 91 | % | 91 | % | 91 | % | 90 | % | 94 | % | 97 | % |
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Principal, | Principal | |||||||||||||||||||
Balance at | Balance | |||||||||||||||||||
September 30, | Interest | Period | Maturity | Due at | ||||||||||||||||
Property | 2010 | Rate(2) | Amortized | Date | Maturity(1) | |||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||
The Sterling Apartment Homes and Commerce Center | $ | 77,068 | 5.84 | % | 360 months | 12/01/17 | $ | 66,807 | ||||||||||||
Plantation Gardens Apartments | 23,886 | 6.08 | % | 360 months | 10/01/17 | 20,855 | ||||||||||||||
Regency Oaks Apartments | 11,018 | 6.16 | % | 360 months | 10/01/17 | 9,635 | ||||||||||||||
$ | 111,972 | $ | 97,297 | |||||||||||||||||
(1) | See “Note C — Mortgage Notes Payable” to the consolidated financial statements included in “Item 8. Financial Statements and Supplementary Data” in CCIP’s Annual Report onForm 10-K for the year ended December 31, 2009 for information with respect to CCIP’s ability to prepay these mortgages and other specific details about the mortgages. | |
(2) | Fixed rate mortgages. |
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Year Ended December 31, 2009 | Year Ended December 31, 2008 | |||||||||||||||
Per Limited | Per Limited | |||||||||||||||
Partnership | Partnership | |||||||||||||||
Aggregate | Unit | Aggregate | Unit | |||||||||||||
Surplus Funds(1) | $ | 4,095,000 | $ | 20.57 | $ | 3,475,000 | $ | 17.46 | ||||||||
Surplus Funds(2) | — | — | 750,000 | 3.77 | ||||||||||||
Sales Proceeds(3) | 5,321,000 | 26.73 | — | — | ||||||||||||
Sales Proceeds(4) | 1,391,000 | 6.99 | — | — | ||||||||||||
Total | $ | 10,807,000 | $ | 54.29 | $ | 4,225,000 | $ | 21.23 | ||||||||
(1) | Distribution to Series A limited partners consisted of the release of funds previously reserved from the November 2007 refinance of The Sterling Apartment Homes. | |
(2) | Distribution to limited partners consisted of the release of funds previously reserved from the November 2007 refinance of The Sterling Apartment Homes. | |
(3) | Distribution to Series B limited partners consisted of sale proceeds from the sale of The Knolls Apartments on September 21, 2009. | |
(4) | Distribution to Series C limited partners consisted of sale proceeds from the sale of The Dunes Apartments on August 17, 2009. |
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Approximate | Approximate | |||||||
Number of Series A | Percent of | |||||||
Entity Name and Address | Units | Class | ||||||
Apartment Investment and Management Company(1) | 152,648.05 | (2) | 76.70 | % | ||||
4582 South Ulster Street Parkway, | ||||||||
Suite 1100 | ||||||||
Denver, CO 80237 | ||||||||
AIMCO-GP, Inc.(1) | 152,648.05 | (2) | 76.70 | % | ||||
4582 South Ulster Street Parkway, | ||||||||
Suite 1100 | ||||||||
Denver, CO 80237 | ||||||||
AIMCO Properties, L.P.(1) | 152,648.05 | (2) | 76.70 | % | ||||
4582 South Ulster Street Parkway, | ||||||||
Suite 1100 | ||||||||
Denver, CO 80237 | ||||||||
AIMCO IPLP, L.P.(3) | 50,572.4 | (4) | 25.41 | % | ||||
4582 South Ulster Street Parkway, | ||||||||
Suite 1100 | ||||||||
Denver, CO 80237 | ||||||||
AIMCO/IPT, Inc.(3) | 50,572.4 | (4) | 25.41 | % | ||||
4582 South Ulster Street Parkway, | ||||||||
Suite 1100 | ||||||||
Denver, CO 80237 | ||||||||
Cooper River Properties, L.L.C.(5) | 11,365.6 | 5.71 | % | |||||
4582 South Ulster Street Parkway, | ||||||||
Suite 1100 | ||||||||
Denver, CO 80237 | ||||||||
Reedy River Properties, L.L.C.(6) | 28,832.5 | 14.49 | % | |||||
4582 South Ulster Street Parkway, | ||||||||
Suite 1100 | ||||||||
Denver, CO 80237 |
(1) | AIMCO-GP, Inc., a Delaware corporation, is the sole general partner of AIMCO Properties, L.P., and owns approximately a 1% general partner interest in AIMCO Properties, L.P. AIMCO-GP, Inc. is wholly owned by Apartment Investment and Management Company. As of December 3, 2010, AIMCO-LP Trust, a Delaware trust wholly owned by Apartment Investment and Management Company, owns approximately a 92% interest in the OP Units and equivalents of AIMCO Properties, L.P. |
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(2) | AIMCO Properties, L.P., AIMCO-GP, Inc. and Apartment Investment and Management Company share voting and dispositive power over 152,648.05 Units, representing approximately 76.70% of the class.AIMCO-GP, Inc. holds its Series A Units, directly or indirectly, as nominee for AIMCO Properties, L.P. and so AIMCO Properties, L.P. may be deemed the beneficial owner of the Series A Units held by AIMCO-GP, Inc. Apartment Investment and Management Company may be deemed the beneficial owner of the Series A Units held by AIMCO Properties, L.P. and AIMCO-GP, Inc. by virtue of its indirect ownership or control of these entities. | |
(3) | AIMCO/IPT, Inc. is wholly owned by Apartment Investment and Management Company and holds a 70.0% interest in AIMCO IPLP, L.P. as its general partner. AIMCO Properties, L.P. holds a 30% interest in AIMCO IPLP as the limited partner. | |
(4) | AIMCO IPLP, L.P. and AIMCO/IPT, Inc. share voting and dispositive power over 50,572.4 Series A Units, representing approximately 25.41% of the class. | |
(5) | AIMCO IPLP, L.P. owns 100% of Cooper River Properties, L.L.C. | |
(6) | AIMCO IPLP, L.P. owns 100% of Reedy River Properties, L.L.C. |
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Appraised value of the Sterling Property | $ | 93,900,000 | ||
Plus: Appraised value of the Plantation Gardens Property | 23,100,000 | |||
Plus: Appraised value of the Regency Oaks Property | 11,700,000 | |||
Plus: Cash and cash equivalents | 523,397 | |||
Plus: Other assets | 1,419,294 | |||
Less: Mortgage debt, including accrued interest | (112,800,556 | ) | ||
Less: Estimated prepayment penalties as of July 31, 2010(1) | (16,801,485 | ) | ||
Less: Loans from affiliates of the general partner(2) | — | |||
Less: Accounts payable and accrued expenses owed to third parties | (1,111,834 | ) | ||
Less: Other liabilities(3) | (824,860 | ) | ||
Less: Estimated trailing payables | (500,000 | ) | ||
Estimated net proceeds available to all partners | $ | (1,396,044 | ) | |
Aggregate proceeds to limited partners | $ | 200,000 | ||
Total number of Series A Units held by unaffiliated limited partners | 46,382.15 | |||
Cash consideration per unit | $ | 4.31 | ||
(1) | Does not include approximately $1,394,235 of the prepayment penalty related to the portion of mortgage debt attributable to the Regency Oaks Property and approximately $5,294,979 of the prepayment penalty related to the portion of the mortgage debt attributable to the Plantation Gardens Property. | |
(2) | Does not include loans from affiliates of the general partner, including accrued interest, of $3,206,600. | |
(3) | Consists primarily of security deposits paid by tenants of the properties. |
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Liquidation | ||||||||||||
Units | Quarterly Distribution | Preference | ||||||||||
Class | Outstanding | per Unit | (per Unit) | |||||||||
Partnership Common Units (OP Units) | 122,972,734 | $ | — | N/A | ||||||||
Class G Partnership Preferred Units(1) | 4,050,000 | $ | 0.586 | $ | 25.00 | |||||||
Class T Partnership Preferred Units | 6,000,000 | $ | 0.50 | $ | 25.00 | |||||||
Class U Partnership Preferred Units | 12,000,000 | $ | 0.484 | $ | 25.00 | |||||||
Class V Partnership Preferred Units | 3,450,000 | $ | 0.50 | $ | 25.00 | |||||||
Class Y Partnership Preferred Units | 3,450,000 | $ | 0.492 | $ | 25.00 | |||||||
Series A CRA Perpetual Partnership Preferred Units(2) | 114 | $ | 2,274.44 | $ | 500,000.00 | |||||||
Class One Partnership Preferred Units(3) | 90,000 | $ | 2.00 | $ | 91.43 | |||||||
Class Two Partnership Preferred Units(3) | 23,700 | $ | 0.115 | $ | 25.00 | |||||||
Class Three Partnership Preferred Units(3) | 1,366,771 | $ | 0.4923 | $ | 25.00 | |||||||
Class Four Partnership Preferred Units(3) | 755,999 | $ | 0.50 | $ | 25.00 | |||||||
Class Six Partnership Preferred Units(3) | 796,668 | $ | 0.53125 | $ | 25.00 | |||||||
Class Seven Partnership Preferred Units(3) | 27,960 | $ | 0.5938 | $ | 25.00 | |||||||
Class Eight Partnership Preferred Units(4) | 6,250 | $ | — | N/A | ||||||||
Class I High Performance Partnership Units (HPUs)(4) | 2,339,950 | $ | — | N/A |
(1) | On October 7, 2010, Aimco OP redeemed all of the outstanding Class G Partnership Preferred Units. The redemption was funded primarily from the proceeds of Aimco OP’s issuance to Aimco of 4,000,000 Class U Partnership Preferred Units during September 2010. | |
(2) | During 2006, Aimco sold 200 shares of its Series A Community Reinvestment Act Perpetual Preferred Stock, $0.01 par value per share, or the CRA Preferred Stock, with a liquidation preference of $500,000 per share, for net proceeds of $97.5 million. The Series A Community Reinvestment Act Perpetual Partnership Preferred Units, or the CRA Preferred Units, have substantially the same terms as the CRA Preferred Stock. Holders of the CRA Preferred Units are entitled to cumulative cash dividends payable quarterly in arrears on March 31, June 30, September 30, and December 31 of each year, when and as declared, beginning on September 30, 2006. For the period from the date of original issuance through March 31, 2015, the distribution rate is a variable rate per annum equal to the Three-Month LIBOR Rate (as defined in the articles supplementary designating the CRA Preferred Stock) plus 1.25%, calculated as of the beginning of each quarterly dividend period. The rate at September 30, 2010 was 1.78%. Upon liquidation, holders of the CRA Preferred Stock are entitled to a preference of $500,000 per share, plus an amount equal to accumulated, accrued and unpaid dividends, whether or not earned or declared. The CRA Preferred Units rank prior to Common OP Units and on the same level as Aimco OP’s other Preferred OP Units, with respect to the payment of distributions and the distribution of amounts upon liquidation, dissolution or winding up. The CRA Preferred Units are not redeemable prior to June 30, 2011, except in limited circumstances related to Aimco’s REIT qualification. On and after June 30, 2011, the CRA Preferred Units are redeemable for cash, in whole or from time to time in part, upon the redemption, at Aimco’s option, of its CRA Preferred Stock at a price per share equal to the liquidation preference, plus accumulated, accrued and unpaid distributions, if any, to the redemption date. | |
(3) | The Class One, Class Two, Class Three, Class Four, Class Six and Class Seven preferred OP Units are redeemable, at the holders’ option. Aimco OP, at its sole discretion, may settle such redemption requests in cash or shares of Aimco’s Class A Common Stock in a value equal to the redemption preference. In the event Aimco OP requires Aimco to issue shares to settle a redemption request, it would issue to Aimco a corresponding number of common OP Units. Aimco OP has a redemption policy that requires cash settlement of redemption requests for the redeemable preferred OP Units, subject to limited exceptions. |
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(4) | The holders of Class Eight preferred OP Units and HPUs receive the same amount of distributions that are paid to holders of an equivalent number of Aimco OP’s outstanding common OP Units. |
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Quarter Ended | High | Low | Dividends | |||||||||
December 31, 2010 (through December 3, 2010) | $ | 25.61 | $ | 21.22 | $ | 0.10 | ||||||
September 30, 2010 | 22.82 | 18.12 | 0.10 | |||||||||
June 30, 2010 | 24.21 | 18.14 | 0.10 | |||||||||
March 31, 2010 | 19.17 | 15.01 | 0.00 | |||||||||
December 31, 2009 | $ | 17.09 | $ | 11.80 | $ | 0.20 | ||||||
September 30, 2009 | 15.91 | 7.36 | 0.10 | |||||||||
June 30, 2009 | 11.10 | 5.18 | 0.10 | |||||||||
March 31, 2009 | 12.89 | 4.57 | 0.00 | |||||||||
December 31, 2008(1) | $ | 43.67 | $ | 7.01 | $ | 3.88 | ||||||
September 30, 2008(1) | 42.28 | 29.25 | 3.00 | |||||||||
June 30, 2008 | 41.24 | 33.33 | 0.60 | |||||||||
March 31, 2008 | 41.11 | 29.91 | 0.00 |
(1) | During 2008, Aimco’s Board of Directors declared special dividends which were paid part in cash and part in shares of Common Stock as further discussed in Note 11 to the consolidated financial statements in Item 8 of Aimco’s Current Report onForm 8-K, dated September 10, 2010 and filed with the SEC on September 10, 2010, which is incorporated herein by reference. Aimco’s Board of Directors declared the dividends to address taxable gains from 2008 property sales. |
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Quarterly | Liquidation | |||||||||||||||||||
Shares | Shares | Dividend | Preference | Conversion | ||||||||||||||||
Class | Authorized | Outstanding | per Share | per Share | Price | |||||||||||||||
Class G Cumulative Preferred Stock(1) | 4,050,000 | 4,050,000 | $ | 0.586 | $ | 25 | NA | |||||||||||||
Class T Cumulative Preferred Stock | 6,000,000 | 6,000,000 | $ | 0.50 | $ | 25 | NA | |||||||||||||
Class U Cumulative Preferred Stock | 12,000,000 | 12,000,000 | $ | 0.484 | $ | 25 | NA | |||||||||||||
Class V Cumulative Preferred Stock | 3,450,000 | 3,450,000 | $ | 0.50 | $ | 25 | NA | |||||||||||||
Class Y Cumulative Preferred Stock | 3,450,000 | 3,450,000 | $ | 0.492 | $ | 25 | NA | |||||||||||||
Series A CRA Perpetual Preferred Stock(2) | 240 | 114 | $ | 2,274.44 | $ | 500,000 | NA |
(1) | On October 7, 2010, Aimco redeemed all of the 4,050,000 outstanding shares of Class G Cumulative Preferred Stock. The redemption was funded primarily from the proceeds of Aimco’s issuance during September 2010 of 4,000,000 shares of its Class U Cumulative Preferred Stock. | |
(2) | During 2006, Aimco sold 200 shares of Series A Community Reinvestment Act Perpetual Preferred Stock, $0.01 par value per share, or the CRA Preferred Stock, with a liquidation preference of $500,000 per share, for net proceeds of $97.5 million. For the period from the date of original issuance through March 31, 2015, the dividend rate is a variable rate per annum equal to the Three-Month LIBOR Rate (as defined in the articles supplementary designating the CRA Preferred Stock) plus 1.25%, calculated as of the beginning of each quarterly dividend period. The rate at September 30, 2010 was 1.78%. Upon liquidation, holders of the CRA Preferred Stock are entitled to a preference of $500,000 per share, plus an amount equal to accumulated, accrued and unpaid dividends, whether or not earned or declared. The CRA Preferred Stock ranks prior to the Aimco common stock and on the same level as Aimco’s outstanding shares of preferred stock with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up. The CRA Preferred Stock is not redeemable prior to June 30, 2011, except in limited circumstances related to REIT qualification. On and after June 30, 2011, the CRA Preferred Stock is redeemable for cash, in whole or from time to time in part, at Aimco’s option, at a price per share equal to the liquidation preference, plus accumulated, accrued and unpaid dividends, if any, to the redemption date. |
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Class | Date | Price | ||||
Class G Cumulative Preferred Stock(1) | July 15, 2008 | 100 | % | |||
Class T Cumulative Preferred Stock | July 31, 2008 | 100 | % | |||
Class U Cumulative Preferred Stock | March 24, 2009 | 100 | % | |||
Class V Cumulative Preferred Stock | September 29, 2009 | 100 | % | |||
Class Y Cumulative Preferred Stock | December 21, 2009 | 100 | % | |||
Series A CRA Perpetual Preferred Stock | June 30, 2011 | 100 | % |
(1) | On October 7, 2010, Aimco redeemed all of the outstanding Class G Cumulative Preferred Stock. |
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OP Units | Common Stock | |
Nature of Investment | ||
The OP Units constitute equity interests entitling each holder to his or her pro rata share of cash distributions made from Available Cash (as such term is defined in the Aimco OP partnership agreement) to the partners of Aimco OP, a Delaware limited partnership. | The common stock constitutes equity interests in Aimco, a Maryland corporation. | |
Voting Rights | ||
Under the Aimco OP partnership agreement, limited partners have voting rights only with respect to certain limited matters such as certain amendments of the partnership agreement and certain transactions such as the institution of bankruptcy proceedings, an assignment for the benefit of creditors and certain transfers by the general partner of its interest in Aimco OP or the admission of a successor general partner. | Each outstanding share of common stock entitles the holder thereof to one vote on all matters submitted to stockholders for a vote, including the election of directors. Holders of common stock have the right to vote on, among other things, a merger of Aimco, amendments to the Aimco charter and the dissolution of Aimco. Certain amendments to the Aimco charter require the affirmative vote of not less than two-thirds of votes entitled to be cast on the matter. The Aimco charter permits the Aimco Board of Directors to classify and issue capital stock in one or more series having voting power which may differ from that of the common stock. | |
Under Maryland law, a consolidation, merger, share exchange or transfer of all or substantially all of the assets of Aimco requires the affirmative vote of not less than two-thirds of all of the votes entitled to be cast on the matter. With respect to each of these transactions, only the holders of common stock are entitled to vote on the matters. No approval of the stockholders is required for the sale of less than all or substantially all of Aimco’s assets. | ||
Maryland law provides that the Aimco Board of Directors must obtain the affirmative vote of at least two-thirds of the votes entitled to be cast on the matter in order to dissolve Aimco. Only the holders of common stock are entitled to vote on Aimco’s dissolution. | ||
Distributions/Dividends | ||
Subject to the rights of holders of any outstanding partnership preferred units, the Aimco OP partnership agreement requires the general partner to cause Aimco OP to distribute quarterly all, or such portion as the general partner may in its sole and absolute discretion determine, of Available Cash (as such term is defined in the partnership agreement) generated by Aimco OP during such quarter to the general partner, the Special Limited Partner and the holders of OP Units and HPUs on the record date established by the general partner with respect to such quarter, in accordance with their respective interests in Aimco OP on such record date. Holders of any Partnership Preferred Units currently issued and which may be issued in the future may have priority over the general partner, the special limited partner and holders of OP Units and HPUs | Holders of the common stock are entitled to receive dividends when and as declared by the Aimco Board of Directors, out of funds legally available therefor. Under the REIT rules, Aimco is required to distribute dividends (other than capital gain dividends) to its stockholders in an amount at least equal to (A) the sum of (i) 90% of Aimco’s “REIT taxable income” (computed without regard to the dividends paid deduction and Aimco’s net capital gain) and (ii) 90% of the net income (after tax), if any, from foreclosure property, minus (B) the sum of certain items of noncash income. See “Material United States Federal Income Tax Matters.” |
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OP Units | Common Stock | |
with respect to distributions of Available Cash, distributions upon liquidation or other distributions. See “Description of OP Units — Distributions.” The general partner in its sole and absolute discretion may distribute to the holders of OP Units and HPUs Available Cash on a more frequent basis and provide for an appropriate record date. The partnership agreement requires the general partner to take such reasonable efforts, as determined by it in its sole and absolute discretion and consistent with the REIT Requirements, to cause Aimco OP to distribute sufficient amounts to enable the general partner to transfer funds to Aimco and enable Aimco to pay stockholder dividends that will (i) satisfy the requirements for qualifying as a REIT under the Code, and the Treasury Regulations and (ii) avoid any United States Federal income or excise tax liability of Aimco. See “Description of OP Units — Distributions.” | ||
Liquidity and Transferability/Redemption | ||
There is no public market for the OP Units and the OP Units are not listed on any securities exchange. | The common stock is transferable subject to the Ownership Limit set forth in the Aimco charter. The common stock is listed on the NYSE. | |
Under the Aimco OP partnership agreement, until the expiration of one year from the date on which a holder acquired OP Units, subject to certain exceptions, such OP Unitholder may not transfer all or any portion of its OP Units to any transferee without the consent of the general partner, which consent may be withheld in its sole and absolute discretion. After the expiration of one year, such OP Unitholder has the right to transfer all or any portion of its OP Units to any person, subject to the satisfaction of certain conditions specified in the partnership agreement, including the general partner’s right of first refusal. See “Description of OP Units — Transfers and Withdrawals.” After the first anniversary of becoming a holder of OP Units, a holder has the right, subject to the terms and conditions of the partnership agreement, to require Aimco OP to redeem all or a portion of such holder’s OP Units in exchange for shares of common stock or a cash amount equal to the value of such shares, as Aimco OP may elect. See “Description of OP Units — Redemption Rights of Qualifying Parties.” Upon receipt of a notice of redemption, Aimco OP may, in its sole and absolute discretion but subject to the restrictions on the ownership of common stock imposed under the Aimco charter and the transfer restrictions and other limitations thereof, elect to cause Aimco to acquire some or all of the tendered OP Units in exchange for common stock, based on an exchange ratio of one share of common stock for each OP Unit, subject to adjustment as provided in the partnership agreement. |
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Series A Units | OP Units | |
Nature of Investment | ||
The Series A Units constitute equity interests entitling each partner to its pro rata share of distributions to be made to the partners of CCIP. | The OP Units constitute equity interests entitling each holder to his or her pro rata share of cash distributions made from Available Cash (as such term is defined in the partnership agreement) to the partners of Aimco OP. | |
Voting Rights | ||
With limited exceptions, under the CCIP partnership agreement, upon the vote of a majority in units of all limited partners of each series, the limited partners may make amendments to CCIP’s partnership agreement. The limited partners holding a majority of units of each series may remove any or all of the general partners. If a general partner withdraws or is otherwise removed, the remaining general partners may elect to carry on the business of CCIP. If no general partner remains in office, all of the limited partners may elect to reform CCIP and elect a successor general partner to continue CCIP’s business. An affiliate of the general partner of CCIP currently owns a majority of each series of CCIP’s limited partnership units. | Under the Aimco OP partnership agreement, limited partners have voting rights only with respect to certain limited matters such as certain amendments of the partnership agreement and certain transactions such as the institution of bankruptcy proceedings, an assignment for the benefit of creditors and certain transfers by the general partner of its interest in Aimco OP or the admission of a successor general partner. | |
The general partner of CCIP may serialize interests without the consent of the limited partners. | Under the Aimco OP partnership agreement, the general partner has the power to effect the acquisition, sale, transfer, exchange or other disposition of any assets of Aimco OP (including, but not limited to, the exercise or grant of any conversion, option, privilege or subscription right or any other right available in connection with any assets at any time held by Aimco OP) or the merger, consolidation, reorganization or other combination of Aimco OP with or into another entity, all without the consent of the OP Unitholders. | |
The general partner may cause the dissolution of Aimco OP by an “event of withdrawal,” as defined in the Delaware Act (including, without limitation, bankruptcy), unless, within 90 days after the withdrawal, holders of a “majority in interest,” as defined in the Delaware Act, agree in writing, in their sole and absolute discretion, to continue the business of Aimco OP and to the appointment of a successor general partner. The general partner may elect to dissolve Aimco OP in its sole and absolute discretion, with or without the consent of the OP Unitholders. OP Unitholders cannot remove the general partner of Aimco OP with or without cause. |
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Series A Units | OP Units | |
Distributions | ||
Distributions from operations will be made quarterly to the extent deemed available by the general partner. The distributions payable to the partners are not fixed in amount and depend upon the operating results and net sales or refinancing proceeds available from the disposition of CCIP’s assets. | Subject to the rights of holders of any outstanding partnership preferred units, the Aimco OP partnership agreement requires the general partner to cause Aimco OP to distribute quarterly all, or such portion as the general partner may in its sole and absolute discretion determine, of Available Cash (as such term is defined in the partnership agreement) generated by Aimco OP during such quarter to the general partner, the special limited partner and the holders of OP Units and HPUs on the record date established by the general partner with respect to such quarter, in accordance with their respective interests in Aimco OP on such record date. Holders of any partnership preferred units currently issued and which may be issued in the future may have priority over the general partner, the special limited partner and holders of OP Units and HPUs with respect to distributions of Available Cash, distributions upon liquidation or other distributions. See “Description of OP Units — Distributions.” The general partner in its sole and absolute discretion may distribute to the holders of OP Units and HPUs Available Cash on a more frequent basis and provide for an appropriate record date. The partnership agreement requires the general partner to take such reasonable efforts, as determined by it in its sole and absolute discretion and consistent with the REIT requirements, to cause Aimco OP to distribute sufficient amounts to enable the general partner to transfer funds to Aimco and enable Aimco to pay stockholder dividends that will (i) satisfy the requirements for qualifying as a REIT under the Code, and the Treasury Regulations and (ii) avoid any United States Federal income or excise tax liability of Aimco. See “Description of OP Units — Distributions.” | |
Liquidity and Transferability/Redemption | ||
There is a limited market for the Series A Units and the Series A Units are not listed on any securities exchange. | There is no public market for the OP Units and the OP Units are not listed on any securities exchange. |
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Series A Units | OP Units | |
Under the CCIP partnership agreement, holders of Series A Units may transfer Series A Units by written instrument satisfactory in form to the general partner, accompanied by such assurances of the genuineness and effectiveness of each such signature, provided that the limited partner obtains any governmental approval as reasonably required by the general partner and that the transfer is effected in accordance with the provisions of the CCIP partnership agreement. A minimum of five units may be transferred. Notwithstanding the above, no partner may make a transfer if the transfer would, when considered with all other transfers in the same applicable twelve month period, cause a termination of the partnership for federal or any applicable state income tax purposes. No assignee of a limited partner’s interest may become a substituted limited partner unless (a) the assignor designates such intention in the instrument of assignment, (b) the written consent of the general partner is obtained, which consent may be withheld in the general partner’s sole discretion, (c) the assignment instrument is satisfactory to the general partner in form and substance, (d) the assignor and assignee execute and acknowledge other instruments that the general partner deems necessary or desirable to effect admission, and (e) and the assignee accepts, adopts, and approves in writing all the terms of the partnership agreement. Unauthorized assignments and transfers arevoid ab initio. The CCIP partnership agreement contains no redemption rights. | Under the Aimco OP partnership agreement, until the expiration of one year from the date on which a holder acquired OP Units, subject to certain exceptions, such OP Unitholder may not transfer all or any portion of its OP Units to any transferee without the consent of the general partner, which consent may be withheld in its sole and absolute discretion. After the expiration of one year, such OP Unitholder has the right to transfer all or any portion of its OP Units to any person, subject to the satisfaction of certain conditions specified in the partnership agreement, including the general partner’s right of first refusal. See “Description of OP Units — Transfers and Withdrawals.” After the first anniversary of becoming a holder of OP Units, a holder has the right, subject to the terms and conditions of the partnership agreement, to require Aimco OP to redeem all or a portion of such holder’s OP Units in exchange for shares of common stock or a cash amount equal to the value of such shares, as Aimco OP may elect. See “Description of OP Units — Redemption Rights of Qualifying Parties.” Upon receipt of a notice of redemption, Aimco OP may, in its sole and absolute discretion but subject to the restrictions on the ownership of common stock imposed under the Aimco charter and the transfer restrictions and other limitations thereof, elect to cause Aimco to acquire some or all of the tendered OP Units in exchange for common stock, based on an exchange ratio of one share of common stock for each OP Unit, subject to adjustment as provided in the partnership agreement. |
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Series A Units | OP Units | |
Fiduciary Duty | ||
Delaware law provides that, except as provided in a partnership agreement, a general partner owes the fiduciary duties of loyalty and care to the partnership and its limited partners. The CCIP partnership agreement provides that ConCap, as the general partner, has a fiduciary responsibility for the safekeeping and use of all funds of the partnership, whether or not in ConCap’s immediate possession or control, and shall not employ or permit another to employ such funds or assets in any manner except for the exclusive benefit of the partnership. ConCap and its affiliates may acquire units on their own behalf and for their own benefit, provided that such right does not create any preference in rights or benefits in favor of such persons or permit them to buy units other than at the same cash price and on the same terms as are available to other non-affiliated limited partners. The CCIP partnership agreement expressly limits the liability of ConCap and its affiliates by providing that, except in the case of negligence or misconduct, ConCap and its affiliates or agents acting on their behalf will not be liable, responsible or accountable in damages or otherwise to CCIP (in any action, including a CCIP derivative suit) or to any of the limited partners for the doing of any act or the failure to do any act, the effect of which may cause or result in loss or damage to CCIP, if done in good faith to promote the best interests of CCIP. | Delaware law provides that, except as provided in a partnership agreement, a general partner owes the fiduciary duties of loyalty and care to the partnership and its limited partners. The Aimco OP partnership agreement expressly authorizes the general partner to enter into, on behalf of Aimco OP, a right of first opportunity arrangement and other conflict avoidance agreements with various affiliates of Aimco OP and the general partner, on such terms as the general partner, in its sole and absolute discretion, believes are advisable. The Aimco OP partnership agreement expressly limits the liability of the general partner by providing that the general partner, and its officers and directors, will not be liable or accountable in damages to Aimco OP, the limited partners or assignees for errors in judgment or mistakes of fact or law or of any act or omission if the general partner or such director or officer acted in good faith. | |
Investment Policy | ||
CCIP is engaged in the business of operating and holding real estate properties for investment. In general, ConCap, as the general partner, regularly evaluates CCIP’s properties by considering various factors, such as the partnership’s financial position and real estate and capital markets conditions. ConCap monitors a property’s specific locale andsub-market conditions (including stability of the surrounding neighborhood), evaluating current trends, competition, new construction and economic changes. It oversees the operating performance of the property and evaluates the physical improvement requirements. In addition, the financing structure for the property (including any prepayment penalties), tax implications, availability of attractive mortgage financing to a purchaser, and the investment climate are all considered. Any of these factors, and possibly others, could potentially contribute to any decision by ConCap to sell, refinance, upgrade with capital improvements or hold a partnership property. | Aimco OP was formed to engage in the acquisition, ownership, management and redevelopment of apartment properties. Although it holds all of its properties for investment, Aimco OP may sell properties when they do not meet its investment criteria or are located in areas that it believes do not justify a continued investment when compared to alternative uses for capital. Its portfolio management strategy includes property acquisitions and dispositions to concentrate its portfolio in its target markets. It may market for sale certain properties that are inconsistent with this long-term investment strategy. Additionally, from time to time, Aimco OP may market certain properties that are consistent with this strategy but offer attractive returns. Aimco OP may use its share of the net proceeds from such dispositions to, among other things, reduce debt, fund capital expenditures on existing assets, fund acquisitions, and for other operating needs and corporate purposes. |
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• | Aimco will be taxed at regular corporate rates on any undistributed REIT taxable income, including undistributed net capital gains. | |
• | A 100% excise tax may be imposed on some items of income and expense that are directly or constructively paid between Aimco and its taxable REIT subsidiaries (as described below) if and to the extent that the IRS successfully asserts that the economic arrangements between Aimco and its taxable REIT subsidiaries are not comparable to similar arrangements between unrelated parties. | |
• | If Aimco has net income from prohibited transactions, which are, in general, sales or other dispositions of property held primarily for sale to customers in the ordinary course of business, other than foreclosure property, such income will be subject to a 100% tax. | |
• | If we elect to treat property that we acquire in connection with a foreclosure of a mortgage loan or certain leasehold terminations as “foreclosure property,” we may thereby avoid the 100% prohibited transactions tax on gain from a resale of that property (if the sale would otherwise constitute a prohibited transaction), but the income from the sale or operation of the property may be subject to corporate income tax at the highest applicable rate. We do not anticipate receiving any income from foreclosure property. | |
• | If Aimco should fail to satisfy the 75% gross income test or the 95% gross income test (as discussed below), but has nonetheless maintained its qualification as a REIT because certain other requirements have been met, it will be subject to a 100% tax on an amount based on the magnitude of the failure adjusted to reflect the profit margin associated with Aimco’s gross income. | |
• | Similarly, if Aimco should fail to satisfy the asset or other requirements applicable to REITs, as described below, yet nonetheless maintain its qualification as a REIT because there is reasonable cause for the failure and other applicable requirements are met, it may be subject to an excise tax. In that case, the amount of the tax will be at least $50,000 per failure, and, in the case of certain asset test failures, will be determined as the amount of net income generated by the assets in question multiplied by the highest corporate tax rate if that amount exceeds $50,000 per failure. | |
• | If Aimco should fail to distribute during each calendar year at least the sum of (i) 85% of its REIT ordinary income for such year, (ii) 95% of its REIT capital gain net income for such year, and (iii) any undistributed taxable income from prior periods, Aimco would be required to pay a 4% excise tax on the excess of the required distribution over the sum of (a) the amounts actually distributed, plus (b) retained amounts on which income tax is paid at the corporate level. | |
• | Aimco may be required to pay monetary penalties to the IRS in certain circumstances, including if it fails to meet the record keeping requirements intended to monitor its compliance with rules relating to the composition of a REIT’s stockholders, as described below in “— Taxation of Aimco and Aimco Stockholders — Requirements for Qualification — General.” |
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• | If Aimco acquires appreciated assets from a corporation that is not a REIT (i.e., a “subchapter C corporation”) in a transaction in which the adjusted tax basis of the assets in the hands of Aimco is determined by reference to the adjusted tax basis of the assets in the hands of the subchapter C corporation, Aimco may be subject to tax on such appreciation at the highest corporate income tax rate then applicable if Aimco subsequently recognizes gain on the disposition of any such asset during the ten-year period following its acquisition from the subchapter C corporation. | |
• | Certain earnings of Aimco’s subsidiaries are subchapter C corporations, the earnings of which could be subject to Federal corporate income tax. | |
• | Aimco may be subject to the “alternative minimum tax” on its items of tax preference, including any deductions of net operating losses. | |
• | Aimco and its subsidiaries may be subject to a variety of taxes, including state, local and foreign income taxes, property taxes and other taxes on their assets and operations. Aimco could also be subject to tax in situations and on transactions not presently contemplated. |
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• | First, at least 75% of Aimco’s gross income for each taxable year, excluding gross income from sales of inventory or dealer property in “prohibited transactions,” must be derived from investments relating to real property or mortgages on real property, including “rents from real property,” dividends received from other REITs, interest income derived from mortgage loans secured by real property, and gains from the sale of real estate assets, as well as certain types of temporary investments. | |
• | Second, at least 95% of Aimco’s gross income for each taxable year, excluding gross income from prohibited transactions, must be derived from some combination of such income from investments in real property (i.e., income that qualifies under the 75% income test described above), as well as other dividends, interest and gains from the sale or disposition of stock or securities, which need not have any relation to real property. |
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• | First, at least 75% of the value of the total assets of Aimco total assets must be represented by some combination of “real estate assets,” cash, cash items, U.S. government securities, and under some circumstances, stock or debt instruments purchased with new capital. For this purpose, “real estate assets” include interests in real property, such as land, buildings, leasehold interests in real property, stock of other corporations that qualify as REITs, and some kinds of mortgage backed securities and mortgage loans. Assets that do not qualify for purposes of the 75% test are subject to the additional asset tests described below. | |
• | Second, not more than 25% of Aimco’s total assets may be represented by securities other than those in the 75% asset class. | |
• | Third, of the investments included in the 25% asset class, the value of any one issuer’s securities owned by Aimco may not exceed 5% of the value of Aimco’s total assets, Aimco may not own more than 10% of any one issuer’s outstanding voting securities, and Aimco may not own more than 10% of the total value of the |
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outstanding securities of any one issuer. The 5% and 10% asset tests do not apply to securities of taxable REIT subsidiaries. |
• | Fourth, the aggregate value of all securities of taxable REIT subsidiaries held by Aimco may not exceed 25% of the value of Aimco’s total assets. |
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• | the sum of |
• | the sum of certain items of noncash income. |
• | 85% of its REIT ordinary income for such year, |
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• | the stock is of a class that is “regularly traded” (as defined by applicable Treasury Regulations) on an established securities market (e.g., the NYSE, on which Aimco stock is listed), and | |
• | the sellingNon-U.S. Holder held 5% or less of such class of Aimco’s outstanding stock at all times during a specified testing period. |
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• | the UBTI Percentage is at least 5%, | |
• | Aimco qualifies as a REIT by reason of the modification of the5/50 Rule that allows the beneficiaries of the pension trust to be treated as holding shares of Aimco in proportion to their actuarial interest in the pension trust, and | |
• | either (A) one pension trust owns more than 25% of the value of Aimco’s stock or (B) a group of pension trusts each individually holding more than 10% of the value of Aimco’s stock collectively owns more than 50% of the value of Aimco’s stock. |
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Information Agent Fees | $ | 7,500 | ||
Printing Fees | 20,000 | |||
Postage Fees | 42,000 | |||
Tax and Accounting Fees | 100,000 | |||
Appraisal Fees | 35,310 | |||
Legal Fees | 400,000 | |||
Total | $ | 604,810 | ||
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• | Proxy Statement for the 2010 Annual Meeting of Stockholders of Aimco; | |
• | Aimco’s Annual Report onForm 10-K for the year ended December 31, 2009; |
• | Aimco’s Quarterly Report onForm 10-Q for the quarter ended September 30, 2010; and |
• | Aimco’s Current Reports onForm 8-K, dated April 26, 2010 (filed April 29, 2010), dated May 24, 2010 (filed May 24, 2010), dated July 30, 2010 (filed July 30, 2010), dated September 1, 2010 (filed September 3, 2010), dated September 7, 2010 (filed September 7, 2010), dated September 10, 2010 (filed September 10, 2010), dated September 29, 2010 (filed September 30, 2010), dated October 29, 2010 (filed October 29, 2010) and dated November 19, 2010 (filed November 19, 2010). |
• | Annex A — Agreement and Plan of Merger; | |
• | Annex B — Appraisal Rights of Limited Partners; | |
• | Annex C — Officers and Directors; | |
• | Annex D — CCIP’s Annual Report onForm 10-K for the year ended December 31, 2009; | |
• | Annex E — CCIP’s Quarterly Report onForm 10-Q for the quarter ended September 30, 2010; | |
• | Annex F — Summary of Appraisals Table; | |
• | Annex G — Aimco OP’s Annual Report onForm 10-K for the year ended December 31, 2009 (excluding the report of the independent registered public accounting firm, the financial statements and the notes thereto); | |
• | Annex H — Aimco OP’s Quarterly Report onForm 10-Q for the quarter ended September 30, 2010; and |
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• | Annex I — Aimco OP’s Current Report onForm 8-K, filed with the SEC on November 19, 2010, which includes Aimco OP’s Selected Financial Data, Management’s Discussion and Analysis of Financial Condition and Results of Operations and Financial Statements and Supplementary Data for the year ended December 31, 2009, revised to reflect discontinued operations and changes in business segments. |
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A-1
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By: | ConCap Equities, Inc., its General Partner | |
By: |
By: | Aimco Properties, L.P., its sole Member |
By: | AIMCO-GP, Inc. its General Partner | |
By: |
By: | AIMCO-GP, Inc., its General Partner | |
By: |
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Name (Age) | Position | |
Terry Considine(62) | Chairman of the Board of Directors and Chief Executive Officer of Aimco; Director, Chief Executive Officer and President of AIMCO-GP and AIMCO/IPT. | |
Timothy Beaudin(51) | President and Chief Operating Officer of Aimco, AIMCO-GP, AIMCO/IPT and ConCap. | |
Lisa R. Cohn(41) | Executive Vice President, General Counsel and Secretary of Aimco, AIMCO-GP, AIMCO/IPT and ConCap. | |
Miles Cortez(66) | Executive Vice President and Chief Administrative Officer of Aimco, AIMCO-GP and AIMCO/IPT. | |
Ernest M. Freedman(39) | Executive Vice President and Chief Financial Officer of Aimco,AIMCO-GP, AIMCO/IPT and ConCap. | |
Steven D. Cordes(37) | Senior Vice President of Aimco, AIMCO-GP, AIMCO/IPT and ConCap; Director of ConCap. | |
John Bezzant(47) | Senior Vice President of Aimco, AIMCO-GP, AIMCO/IPT and ConCap; Director of ConCap. | |
Paul Beldin(36) | Senior Vice President and Chief Accounting Officer of Aimco,AIMCO-GP, AIMCO/IPT and ConCap. | |
Stephen B. Waters(47) | Senior Director of Partnership Accounting of Aimco, AIMCO-GP, AIMCO/IPT and ConCap. | |
James N. Bailey(63) | Director of Aimco | |
Richard S. Ellwood(78) | Director of Aimco | |
Thomas L. Keltner(63) | Director of Aimco | |
J. Landis Martin(64) | Director of Aimco | |
Robert A. Miller(64) | Director of Aimco | |
Michael A. Stein(56) | Director of Aimco | |
Kathleen M. Nelson(64) | Director of Aimco |
Name | Biographical Summary of Current Directors and Officers | |
Terry Considine | Mr. Considine has been Chairman of the Board of Directors and Chief Executive Officer of Aimco and AIMCO-GP, Inc. since July 1994, and has been a director, Chief Executive Officer and President of AIMCO/IPT since February 1999. Mr. Considine also serves on the board of directors of Intrepid Potash, Inc. a publicly held producer of potash, and, until its acquisition in early 2009, Mr. Considine served as Chairman of the Board and Chief Executive Officer of American Land Lease, Inc. Mr. Considine has over 40 years of experience in the real estate and other industries. Among other real estate ventures, in 1975, Mr. Considine founded and managed the predecessor companies that became Aimco at its initial public offering in 1994. |
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Table of Contents
Name | Biographical Summary of Current Directors and Officers | |
Timothy Beaudin | Mr. Beaudin was appointed President and Chief Operating Officer of Aimco, AIMCO-GP, AIMCO/IPT and ConCap in February 2009. He joined the companies as Executive Vice President and Chief Development Officer in October 2005 and was appointed Executive Vice President and Chief Property Operating Officer in October 2008. Mr. Beaudin oversees conventional and affordable property operations, transactions, asset management, and redevelopment and construction services. Prior to joining Aimco and beginning in 1995, Mr. Beaudin was with Catellus Development Corporation, a San Francisco, California-based real estate investment trust. During his last five years at Catellus, Mr. Beaudin served as Executive Vice President, with management responsibility for development, construction and asset management. | |
Lisa R. Cohn | Ms. Cohn was appointed Executive Vice President, General Counsel and Secretary of Aimco, AIMCO-GP, AIMCO/IPT and ConCap in December 2007. In addition to serving as general counsel, Ms. Cohn has executive responsibility for insurance and risk management as well as human resources. From January 2004 to December 2007, Ms. Cohn served as Senior Vice President and Assistant General Counsel. She joined Aimco in July 2002 as Vice President and Assistant General Counsel. Prior to joining the Company, Ms. Cohn was in private practice with the law firm of Hogan & Hartson LLP with a focus on public and private mergers and acquisitions, venture capital financing, securities and corporate governance. | |
Miles Cortez | Mr. Cortez was appointed Executive Vice President and Chief Administrative Officer in December 2007. He is responsible for administration, government relations, communications and special projects. Mr. Cortez joined Aimco in August 2001 as Executive Vice President, General Counsel and Secretary. Prior to joining the Company, Mr. Cortez was the senior partner of Cortez Macaulay Bernhardt & Schuetze LLC, a Denver, Colorado law firm, from December 1997 through September 2001. He served as president of the Colorado Bar Association from 1996 to 1997 and the Denver Bar Association from 1982 to 1983. | |
Ernest M. Freedman | Ernest M. Freedman was appointed Executive Vice President and Chief Financial Officer of Aimco, AIMCO-GP, AIMCO/IPT and ConCap effective November 1, 2009. Mr. Freedman joined Aimco in 2007 as Senior Vice President of Financial Planning and Analysis and has served as Senior Vice President of Finance since February 2009, responsible for financial planning, tax, accounting and related areas. From 2004 to 2007, Mr. Freedman served as Chief Financial Officer of HEI Hotels and Resorts. From 2000 to 2004, Mr. Freedman was at GE Real Estate in a number of capacities, including operations controller and finance manager for investments and acquisitions. From 1993 to 2000, Mr. Freedman was with Ernst & Young, LLP, including one year as a senior manager in the real estate practice. Mr. Freedman is a certified public accountant. | |
Steven D. Cordes | Steven D. Cordes was appointed as a Director of ConCap effective March 2, 2009. Mr. Cordes has been a Senior Vice President of Aimco,AIMCO-GP, AIMCO/IPT and ConCap since May 2007. Mr. Cordes was appointed Senior Vice President — Structured Equity in May 2007. Mr. Cordes joined Aimco in 2001 as a Vice President of Capital Markets with responsibility for Aimco’s joint ventures and equity capital markets activity. Prior to joining Aimco, Mr. Cordes was a manager in the financial consulting practice of PricewaterhouseCoopers. Effective March 2009, Mr. Cordes was appointed to serve as the equivalent of the chief executive officer of the Partnership. |
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Name | Biographical Summary of Current Directors and Officers | |
John Bezzant | John Bezzant was appointed as a Director of ConCap effective December 16, 2009. Mr. Bezzant currently serves as a Senior Vice President of ConCap and Aimco. Mr. Bezzant joined Aimco in June 2006 as Senior Vice President — Development. Prior to joining Aimco, from 2005 to June 2006, Mr. Bezzant was a First Vice President at Prologis and from 1986 to 2005, Mr. Bezzant served as Vice President, Asset Management at Catellus Development Corporation. | |
Paul Beldin | Paul Beldin was appointed Senior Vice President and Chief Accounting Officer of Aimco and ConCap in May 2008. Mr. Beldin joined Aimco in May 2008. Prior to that, Mr. Beldin served as controller and then as chief financial officer of America First Apartment Investors, Inc., a publicly traded multifamily real estate investment trust, from May 2005 to September 2007 when the company was acquired by Sentinel Real Estate Corporation. Prior to joining America First Apartment Investors, Inc., Mr. Beldin was a senior manager at Deloitte and Touche LLP, where he was employed from August 1996 to May 2005, including two years as an audit manager in SEC services at Deloitte’s national office. | |
Stephen B. Waters | Stephen B. Waters was appointed Senior Director of Partnership Accounting of Aimco and ConCap in June 2009. Mr. Waters has responsibility for partnership accounting with Aimco and serves as the principal financial officer of ConCap. Mr. Waters joined Aimco as a Director of Real Estate Accounting in September 1999 and was appointed Vice President of ConCap and Aimco in April 2004. Prior to joining Aimco, Mr. Waters was a senior manager at Ernst & Young LLP. | |
James N. Bailey | Mr. Bailey was first elected as a director of Aimco in June 2000 and is currently Chairman of the Nominating and Corporate Governance Committee and a member of the Audit and Compensation and Human Resources Committees. Mr. Bailey co-founded Cambridge Associates, LLC, an investment consulting firm, in 1973 and currently serves as its Senior Managing Director and Treasurer. He is also a co-founder, director and treasurer of The Plymouth Rock Company, and a director of SRB Corporation, Inc. and Homeowners Direct Company, all three of which are insurance companies and insurance company affiliates. He also serves as an Overseer for the New England Aquarium, and is on its audit and investment committees. Mr. Bailey is a member of the Massachusetts Bar and the American Bar Associations. Mr. Bailey, a long-time entrepreneur, brings particular expertise to the board in the areas of investment and financial planning, capital markets, evaluation of institutional real estate markets and managers of all property types. |
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Name | Biographical Summary of Current Directors and Officers | |
Richard S. Ellwood | Mr. Ellwood was first elected as a director of Aimco in July 1994. Mr. Ellwood is currently a member of the Audit, Compensation and Human Resources, and Nominating and Corporate Governance Committees. Mr. Ellwood was the founder and President of R.S. Ellwood & Co., Incorporated, which he operated as a real estate investment banking firm through 2004. Prior to forming his firm, Mr. Ellwood had 31 years experience on Wall Street as an investment banker, serving as: Managing Director and senior banker at Merrill Lynch Capital Markets from 1984 to 1987; Managing Director at Warburg Paribas Becker from 1978 to 1984; general partner and then Senior Vice President and a director at White, Weld & Co. from 1968 to 1978; and in various capacities at J.P. Morgan & Co. from 1955 to 1968. Mr. Ellwood served as a director of Felcor Lodging Trust, Incorporated, a publicly held company, from 1994 to 2009. He is as a trustee of the Diocesan Investment Trust of the Episcopal Diocese of New Jersey and is chairman of the diocesan audit committee. As one of the first real estate investment bankers, Mr. Ellwood brings particular expertise in real estate finance through corporate securities in both public and private markets as well as in direct property financings through mortgage placements, limited partnerships and joint ventures. | |
Thomas L. Keltner | Mr. Keltner was first elected as a director of Aimco in April 2007 and is currently a member of the Audit, Compensation and Human Resources, and Nominating and Corporate Governance Committees. Mr. Keltner served as Executive Vice President and Chief Executive Officer — Americas and Global Brands for Hilton Hotels Corporation from March 2007 through March 2008, which concluded the transition period following Hilton’s acquisition by The Blackstone Group. Mr. Keltner joined Hilton Hotels Corporation in 1999 and served in various roles. Mr. Keltner has more than 20 years of experience in the areas of hotel development, acquisition, disposition, franchising and management. Prior to joining Hilton Hotels Corporation, from 1993 to 1999, Mr. Keltner served in several positions with Promus Hotel Corporation, including President, Brand Performance and Development. Before joining Promus Hotel Corporation, he served in various capacities with Holiday Inn Worldwide, Holiday Inns International and Holiday Inns, Inc. In addition, Mr. Keltner was President of Saudi Marriott Company, a division of Marriott Corporation, and was a management consultant with Cresap, McCormick and Paget, Inc. Mr. Keltner brings particular expertise to the board in the areas of property operations, marketing, branding, development and customer service. |
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Name | Biographical Summary of Current Directors and Officers | |
J. Landis Martin | Mr. Martin was first elected as a director of Aimco in July 1994 and is currently Chairman of the Compensation and Human Resources Committee. Mr. Martin is also a member of the Audit and Nominating and Corporate Governance Committees and serves as the Lead Independent Director of Aimco’s Board. Mr. Martin is the Founder and Managing Director of Platte River Ventures LLC, a private equity firm. In November 2005, Mr. Martin retired as Chairman and CEO of Titanium Metals Corporation, a publicly held integrated producer of titanium metals, where he served since January 1994. Mr. Martin served as President and CEO of NL Industries, Inc., a publicly held manufacturer of titanium dioxide chemicals, from 1987 to 2003. Mr. Martin is also a director of Crown Castle International Corporation, a publicly held wireless communications company, Halliburton Company, a publicly held provider of products and services to the energy industry, and Intrepid Potash, Inc., a publicly held producer of potash. As a former chief executive of four NYSE-listed companies, Mr. Martin brings particular expertise to the board in the areas of operations, finance and governance. | |
Robert A. Miller | Mr. Miller was first elected as a director of Aimco in April 2007 and is currently a member of the Audit, Compensation and Human Resources, and Nominating and Corporate Governance Committees. Mr. Miller has served as the President of Marriott Leisure since 1997. Prior to joining Marriott Leisure, from 1984 to 1988, Mr. Miller served as Executive Vice President & General Manager of Marriott Vacation Club International and then as its President from 1988 to 1997. In 1984, Mr. Miller and a partner sold their company, American Resorts, Inc., to Marriott. Mr. Miller co-founded American Resorts, Inc. in 1978, and it was the first business model to encompass all aspects of timeshare resort development, sales, management and operations. Prior to founding American Resorts, Inc., from 1972 to 1978, Mr. Miller was Chief Financial Officer of Fleetwing Corporation, a regional retail and wholesale petroleum company. Prior to joining Fleetwing, Mr. Miller served for five years as a staff accountant for Arthur Young & Company. Mr. Miller is past Chairman and currently a director of the American Resort Development Association (“ARDA”) and currently serves as Chairman and director of the ARDA International Foundation. As a successful real estate entrepreneur, Mr. Miller brings particular expertise to the board in the areas of operations, management, marketing, sales, and development, as well as finance and accounting. |
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Name | Biographical Summary of Current Directors and Officers | |
Michael A. Stein | Mr. Stein was first elected as a director of Aimco in October 2004 and is currently the Chairman of the Audit Committee. Mr. Stein is also a member of the Compensation and Human Resources and Nominating and Corporate Governance Committees. From January 2001 until its acquisition by Eli Lilly in January 2007, Mr. Stein served as Senior Vice President and Chief Financial Officer of ICOS Corporation, a biotechnology company based in Bothell, Washington. From October 1998 to September 2000, Mr. Stein was Executive Vice President and Chief Financial Officer of Nordstrom, Inc. From 1989 to September 1998, Mr. Stein served in various capacities with Marriott International, Inc., including Executive Vice President and Chief Financial Officer from 1993 to 1998. Mr. Stein serves on the Board of Directors of Nautilus, Inc., which is a publicly held fitness company, and the Board of Directors of Providence Health & Services, a not-for-profit health system operating hospitals and other health care facilities across Alaska, Washington, Montana, Oregon and California. As the former chief financial officer of two NYSE-listed companies and a former partner at Arthur Andersen, Mr. Stein brings particular expertise to the board in the areas of corporate and real estate finance, and accounting and auditing for large and complex business operations. | |
Kathleen M. Nelson | Ms. Nelson was first elected as a director of Aimco in April 2010, and currently serves on the Audit, Compensation and Human Resources, and Nominating and Corporate Governance Committees. Ms. Nelson has an extensive background in commercial real estate and financial services with over 40 years of experience including 36 years at TIAA-CREF. She held the position of Managing Director/Group Leader and Chief Administrative Officer for TIAA-CREF’s mortgage and real estate division. Ms. Nelson developed and staffed TIAA’s real estate research department. She retired from this position in December 2004 and founded and serves as president of KMN Associates LLC, a commercial real estate investment advisory and consulting firm. In 2009, Ms. Nelson co-founded and serves as Managing Principal of Bay Hollow Associates, LLC, a commercial real estate consulting firm, which provides counsel to institutional investors. Ms. Nelson served as the International Council of Shopping Centers’ chairman for the 2003-04 term and has been an ICSC Trustee since 1991. She also is the chairman of the ICSC Audit Committee and is a member of various other committees. Ms. Nelson serves on the Board of Directors of CBL & Associates Properties, Inc., which is a publicly held REIT that develops and manages retail shopping properties. She is a member of Castagna Realty Company Advisory Board and has served as an advisor to the Rand Institute Center for Terrorism Risk Management Policy and on the board of the Greater Jamaica Development Corporation. Ms. Nelson serves on the Advisory Board of the Beverly Willis Architectural Foundation and is a member of the Anglo American Real Property Institute. Ms. Nelson brings to the board particular expertise in the areas of real estate finance and investment. |
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(Mark One) | ||
þ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the fiscal year ended December 31, 2009 | ||
or | ||
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the transition period from to |
Delaware | 94-2744492 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Large accelerated filer o | Accelerated filer o | Non-accelerated filer o | Smaller reporting company þ |
None
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Item 1. | Business. |
D-2
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D-3
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Item 2. | Properties. |
Date of | ||||||||
Property | Acquisition | Type of Ownership | Use | |||||
The Sterling Apartment Homes and Commerce Center Philadelphia, PA | 12/01/95 | Fee ownership, subject to a first mortgage(1) | Apartment 536 units Commercial 137,068 sq ft | |||||
Plantation Gardens Apartments Plantation, FL | 11/10/03 | Fee ownership, subject to a first mortgage | Apartment 372 units | |||||
Regency Oaks Apartments Fern Park, FL | 11/10/03 | Fee ownership, subject to a first mortgage | Apartment 343 units |
(1) | Property is held by a limited partnership in which the Partnership ultimately owns a 100% interest. |
D-4
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Gross | ||||||||||||||||||||
Carrying | Accumulated | Depreciable | Method of | Federal | ||||||||||||||||
Property | Value | Depreciation | Life | Depreciation | Tax Basis | |||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||
The Sterling Apartment Homes and Commerce Center | $ | 52,416 | $ | 33,375 | 5-30 yrs | S/L | $ | 26,301 | ||||||||||||
Plantation Gardens Apartments | 23,729 | 4,102 | 5-30 yrs | S/L | 19,143 | |||||||||||||||
Regency Oaks Apartments | 14,252 | 4,262 | 5-30 yrs | S/L | 10,293 | |||||||||||||||
$ | 90,397 | $ | 41,739 | $ | 55,737 | |||||||||||||||
D-5
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Principal | Principal | |||||||||||||||||||
Balance at | Balance | |||||||||||||||||||
December 31, | Interest | Period | Maturity | Due at | ||||||||||||||||
Property | 2009 | Rate(2) | Amortized | Date | Maturity(1) | |||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||
The Sterling Apartment Homes and Commerce Center | $ | 77,915 | 5.84 | % | 360 months | 12/01/17 | $ | 66,807 | ||||||||||||
Plantation Gardens Apartments | 24,141 | 6.08 | % | 360 months | 10/01/17 | 20,855 | ||||||||||||||
Regency Oaks Apartments | 11,133 | 6.16 | % | 360 months | 10/01/17 | 9,635 | ||||||||||||||
$ | 113,189 | $ | 97,297 | |||||||||||||||||
(1) | See “Note C — Mortgage Notes Payable” to the consolidated financial statements included in “Item 8. Financial Statements and Supplementary Data” for information with respect to the Partnership’s ability to prepay these mortgages and other specific details about the mortgages. | |
(2) | Fixed rate mortgages. |
Average Annual | Average | |||||||||||||||
Rental Rates | Occupancy | |||||||||||||||
Property | 2009 | 2008 | 2009 | 2008 | ||||||||||||
The Sterling Apartment Homes(1) | $ | 19,172/unit | $ | 19,530/unit | 94 | % | 97 | % | ||||||||
The Sterling Commerce Center | 16.39/s.f. | 16.94/s.f. | 81 | % | 82 | % | ||||||||||
Plantation Gardens Apartments | 11,056/unit | 11,474/unit | 95 | % | 95 | % | ||||||||||
Regency Oaks Apartments | 7,904/unit | 8,693/unit | 91 | % | 91 | % |
(1) | The General Partner attributes the decrease in occupancy at The Sterling Apartment Homes to the soft rental market in the local area. |
D-6
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Number of | % of Gross | |||||||
Expirations | Square Feet | Annual Rent | Annual Rent | |||||
2010 | 7 | 27,492 | $480,148 | 28.72% | ||||
2011 | 4 | 14,142 | 360,804 | 21.58% | ||||
2012 | 2 | 2,040 | 40,337 | 2.41% | ||||
2013 | 3 | 32,090 | 317,278 | 18.97% | ||||
2014 | 3 | 7,558 | 67,928 | 4.06% | ||||
2015 | 1 | 3,456 | 52,995 | 3.17% | ||||
2016 | — | — | — | — | ||||
2017 | 1 | 3,766 | 149,800 | 8.96% | ||||
2018 | 2 | 8,641 | 163,907 | 9.80% | ||||
2019 | 1 | 1,414 | 38,992 | 2.33% |
2009 | 2009 | |||||||
Billing | Rate | |||||||
(In thousands) | ||||||||
The Sterling Apartment Homes and Commerce Center | $ | 871 | 8.92 | % | ||||
Plantation Gardens Apartments | 358 | 1.95 | % | |||||
Regency Oaks Apartments | 169 | 1.79 | % |
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Item 3. | Legal Proceedings. |
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Item 5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. |
Year | Year | |||||||||||||||
Ended | Per Limited | Ended | Per Limited | |||||||||||||
December 31, | Partnership | December 31, | Partnership | |||||||||||||
2009 | Unit | 2008 | Unit | |||||||||||||
Surplus Funds(1) | $ | 4,095 | $ | 20.57 | $ | 3,475 | $ | 17.46 | ||||||||
Surplus Funds(2) | — | — | 750 | 3.77 | ||||||||||||
Sales Proceeds(3) | 5,321 | 26.73 | — | — | ||||||||||||
Sales Proceeds(4) | 1,391 | 6.99 | — | — | ||||||||||||
total | $ | 10,807 | $ | 54.29 | $ | 4,225 | $ | 21.23 | ||||||||
(1) | Distribution to Series A limited partners consists of the release of funds previously reserved from the November 2007 refinance of The Sterling Apartment Homes. | |
(2) | Distribution to limited partners consists of the release of funds previously reserved from the November 2007 refinance of The Sterling Apartment Homes. | |
(3) | Distribution to Series B limited partners consists of sale proceeds from the sale of The Knolls Apartments on September 21, 2009. | |
(4) | Distribution to Series C limited partners consists of sale proceeds from the sale of The Dunes Apartments on August 17, 2009. |
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Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
Years Ended December 31, 2009 | ||||||||||||||||||||||||
Gain on | Loss from | |||||||||||||||||||||||
Casualty | Extinguishment | Impairment | Discontinued | |||||||||||||||||||||
Revenues | Expenses | Gain | of Debt | Loss | Operations | |||||||||||||||||||
The Knolls Apartments | $ | 1,666 | $ | (2,759 | ) | $ | 11 | $ | 20 | $ | (900 | ) | $ | (1,962 | ) | |||||||||
The Dunes Apartments | 1,014 | (1,463 | ) | 7 | 6 | (1,200 | ) | (1,636 | ) | |||||||||||||||
$ | 2,680 | $ | (4,222 | ) | $ | 18 | $ | 26 | $ | (2,100 | ) | $ | (3,598 | ) | ||||||||||
Year Ended December 31, 2008 | ||||||||||||||||||||||||
Loss on | Loss from | |||||||||||||||||||||||
Casualty | Extinguishment | Impairment | Discontinued | |||||||||||||||||||||
Revenues | Expenses | Loss | of Debt | Loss | Operations | |||||||||||||||||||
The Knolls Apartments | $ | 2,261 | $ | (3,543 | ) | $ | — | $ | — | $ | (3,000 | ) | $ | (4,282 | ) | |||||||||
The Dunes Apartments | 1,601 | (1,749 | ) | (84 | ) | — | — | (232 | ) | |||||||||||||||
Palm Lake Apartments | 1,367 | (1,587 | ) | — | (77 | ) | — | (297 | ) | |||||||||||||||
The Loft Apartments | 1,638 | (1,213 | ) | — | (623 | ) | — | (198 | ) | |||||||||||||||
$ | 6,867 | $ | (8,092 | ) | $ | (84 | ) | $ | (700 | ) | $ | (3,000 | ) | $ | (5,009 | ) | ||||||||
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Year | Year | |||||||||||||||
Ended | Per Limited | Ended | Per Limited | |||||||||||||
December 31, | Partnership | December 31, | Partnership | |||||||||||||
2009 | Unit | 2008 | Unit | |||||||||||||
Surplus Funds(1) | $ | 4,095 | $ | 20.57 | $ | 3,475 | $ | 17.46 | ||||||||
Surplus Funds(2) | — | — | 750 | 3.77 | ||||||||||||
Sales Proceeds(3) | 5,321 | 26.73 | — | — | ||||||||||||
Sales Proceeds(4) | 1,391 | 6.99 | — | — | ||||||||||||
total | $ | 10,807 | $ | 54.29 | $ | 4,225 | $ | 21.23 | ||||||||
D-13
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(1) | Distribution to Series A limited partners consists of the release of funds previously reserved from the November 2007 refinance of The Sterling Apartment Homes. | |
(2) | Distribution to limited partners consists of the release of funds previously reserved from the November 2007 refinance of The Sterling Apartment Homes. | |
(3) | Distribution to Series B limited partners consists of sale proceeds from the sale of The Knolls Apartments on September 21, 2009. | |
(4) | Distribution to Series C limited partners consists of sale proceeds from the sale of The Dunes Apartments on August 17, 2009. |
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D-15
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Item 8. | Financial Statements and Supplementary Data. |
D-17 | ||||
D-18 | ||||
D-19 | ||||
D-20 | ||||
D-21 | ||||
D-22 |
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December 31, | ||||||||
2009 | 2008 | |||||||
(In thousands, except unit data) | ||||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 302 | $ | 4,777 | ||||
Receivables and deposits | 547 | 709 | ||||||
Deferred tax asset (Note B) | 481 | 391 | ||||||
Other assets | 1,380 | 1,755 | ||||||
Investment in affiliated partnerships (Note H) | 480 | 566 | ||||||
Investment properties (Notes C and E): | ||||||||
Land | 8,637 | 8,637 | ||||||
Buildings and related personal property | 81,760 | 79,438 | ||||||
90,397 | 88,075 | |||||||
Less accumulated depreciation | (41,739 | ) | (36,501 | ) | ||||
48,658 | 51,574 | |||||||
Assets held for sale (Note A) | — | 22,247 | ||||||
$ | 51,848 | $ | 82,019 | |||||
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIENCY) | ||||||||
Liabilities | ||||||||
Accounts payable | $ | 379 | $ | 1,128 | ||||
Tenant security deposit liabilities | 737 | 799 | ||||||
Other liabilities | 1,270 | 1,335 | ||||||
Due to affiliates (Note D) | 129 | 226 | ||||||
Mortgage notes payable (Note C) | 113,189 | 114,731 | ||||||
Liabilities related to assets held for sale (Note A) | — | 11,111 | ||||||
115,704 | 129,330 | |||||||
Partners’ Capital (Deficiency) | ||||||||
General partner | 114 | 171 | ||||||
Limited partners (199,030.2 units issued and outstanding) | (63,970 | ) | (47,482 | ) | ||||
(63,856 | ) | (47,311 | ) | |||||
$ | 51,848 | $ | 82,019 | |||||
D-18
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Years Ended December 31, | ||||||||
2009 | 2008 | |||||||
(In thousands, except per unit data) | ||||||||
Revenues: | ||||||||
Rental income | $ | 17,590 | $ | 18,353 | ||||
Other income | 1,848 | 1,759 | ||||||
Total revenues | 19,438 | 20,112 | ||||||
Expenses: | ||||||||
Operating | 8,002 | 8,251 | ||||||
General and administrative | 350 | 627 | ||||||
Depreciation | 5,238 | 4,986 | ||||||
Interest | 6,962 | 6,936 | ||||||
Property taxes | 1,439 | 1,464 | ||||||
Total expenses | 21,991 | 22,264 | ||||||
Loss before income taxes, discontinued operations, casualty gain (loss), distributions in excess of investment and equity in loss from investment | (2,553 | ) | (2,152 | ) | ||||
Income tax (expense) benefit (Note B): | ||||||||
Current | (26 | ) | (10 | ) | ||||
Deferred | 90 | 30 | ||||||
Casualty gain (loss) (Note I) | 7 | (61 | ) | |||||
Distributions in excess of investment (Note H) | 461 | 33 | ||||||
Equity in loss from investment (Note H) | (66 | ) | (61 | ) | ||||
Loss before discontinued operations | (2,087 | ) | (2,221 | ) | ||||
Loss from discontinued operations (Notes A and F) | (3,598 | ) | (5,009 | ) | ||||
(Loss) gain from sale of discontinued operations (Note F) | (53 | ) | 7,711 | |||||
Net (loss) income (Note B) | $ | (5,738 | ) | $ | 481 | |||
Net (loss) income allocated to general partner | $ | (57 | ) | $ | 5 | |||
Net (loss) income allocated to limited partners | — | (1,095 | ) | |||||
(Series A) (Note A) | (2,066 | ) | 5,608 | |||||
(Series B) (Note A) | (1,811 | ) | (3,836 | ) | ||||
(Series C) (Note A) | (1,804 | ) | (201 | ) | ||||
$ | (5,738 | ) | $ | 481 | ||||
Per limited partnership unit: | ||||||||
Loss before discontinued operations | $ | — | $ | (3.63 | ) | |||
(Series A) (Note A) | (10.38 | ) | (7.42 | ) | ||||
Loss from discontinued operations | — | (1.86 | ) | |||||
Loss from discontinued operations (Series A) | — | (2.76 | ) | |||||
Loss from discontinued operations (Series B) | (9.10 | ) | (19.27 | ) | ||||
Loss from discontinued operations (Series C) | (9.06 | ) | (1.02 | ) | ||||
Gain on sale of discontinued operations (Series A) | — | 38.35 | ||||||
Net (loss) income | $ | (28.54 | ) | $ | 2.39 | |||
Distribution per limited partnership unit: | ||||||||
Series A | $ | 20.57 | $ | 21.23 | ||||
Series B | 26.73 | — | ||||||
Series C | 6.99 | — | ||||||
$ | 54.29 | $ | 21.23 | |||||
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CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIENCY)
Limited | Limited | Limited | Limited | Subtotal | ||||||||||||||||||||||||||||
Partnership | General | Limited | Partners | Partners | Partners | Limited | ||||||||||||||||||||||||||
Units | Partner | Partners | (Series A) | (Series B) | (Series C) | Partners | Total | |||||||||||||||||||||||||
(In thousands, except unit data) | ||||||||||||||||||||||||||||||||
Partners’ capital (deficiency) at December 31, 2007 | 199,041.2 | $ | 166 | $ | (43,733 | ) | $ | — | $ | — | $ | — | $ | (43,733 | ) | $ | (43,567 | ) | ||||||||||||||
Distribution to partners | — | — | (750 | ) | — | — | — | (750 | ) | (750 | ) | |||||||||||||||||||||
Net loss for the period January 1, 2008 through April 30, 2008 | — | (11 | ) | (1,095 | ) | — | — | — | (1,095 | ) | (1,106 | ) | ||||||||||||||||||||
Partners’ capital (deficiency) at April 30, 2008 | 199,041.2 | 155 | (45,578 | ) | — | — | — | (45,578 | ) | (45,423 | ) | |||||||||||||||||||||
Transfer of interest (Note A) | — | — | 45,578 | (25,985 | ) | (16,722 | ) | (2,871 | ) | — | — | |||||||||||||||||||||
Distribution to partners | — | — | — | (3,475 | ) | — | — | (3,475 | ) | (3,475 | ) | |||||||||||||||||||||
Net income (loss) for the period May 1, 2008 through December 31, 2008 | — | 16 | — | 5,608 | (3,836 | ) | (201 | ) | 1,571 | 1,587 | ||||||||||||||||||||||
Partners’ capital (deficiency) at December 31, 2008 | 199,041.2 | 171 | — | (23,852 | ) | (20,558 | ) | (3,072 | ) | (47,482 | ) | (47,311 | ) | |||||||||||||||||||
Distributions to partners | — | — | — | (4,095 | ) | (5,321 | ) | (1,391 | ) | (10,807 | ) | (10,807 | ) | |||||||||||||||||||
Abandonment of limited partnership units (Note A) | (11.0 | ) | — | — | — | — | — | — | — | |||||||||||||||||||||||
Net loss for the year ended December 31, 2009 | — | (57 | ) | — | (2,066 | ) | (1,811 | ) | (1,804 | ) | (5,681 | ) | (5,738 | ) | ||||||||||||||||||
Transfer of interest (Note A) | — | — | — | (33,957 | ) | 27,690 | 6,267 | — | — | |||||||||||||||||||||||
Partners’ capital (deficiency) at December 31, 2009 | 199,030.2 | $ | 114 | $ | — | $ | (63,970 | ) | $ | — | $ | — | $ | (63,970 | ) | $ | (63,856 | ) | ||||||||||||||
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Years Ended December 31, | ||||||||
2009 | 2008 | |||||||
(In thousands) | ||||||||
Cash flows from operating activities: | ||||||||
Net (loss) income | $ | (5,738 | ) | $ | 481 | |||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||||||
Depreciation | 6,795 | 7,761 | ||||||
Amortization of loan costs, lease commissions and mortgage premiums | 144 | 36 | ||||||
Equity in loss from investment | 66 | 61 | ||||||
Impairment loss | 2,100 | 3,000 | ||||||
Write off of redevelopment costs | 232 | — | ||||||
Loss (gain) from sale of discontinued operations | 53 | (7,711 | ) | |||||
(Gain) loss on early extinguishment of debt | (26 | ) | 700 | |||||
Casualty (gain) loss | (25 | ) | 145 | |||||
Distributions in excess of investment | (461 | ) | (33 | ) | ||||
Change in accounts: | ||||||||
Receivables and deposits | 299 | — | ||||||
Deferred tax asset | (90 | ) | (30 | ) | ||||
Other assets | 153 | (44 | ) | |||||
Accounts payable | (388 | ) | 121 | |||||
Tenant security deposit liabilities | (199 | ) | (9 | ) | ||||
Accrued property taxes | (55 | ) | (6 | ) | ||||
Due to affiliates | (100 | ) | 101 | |||||
Other liabilities | (135 | ) | (11 | ) | ||||
Net cash provided by operating activities | 2,625 | 4,562 | ||||||
Cash flows from investing activities: | ||||||||
Net proceeds from sale of discontinued operations | 19,297 | 15,711 | ||||||
Property improvements and replacements | (3,834 | ) | (4,777 | ) | ||||
Insurance proceeds received | 47 | — | ||||||
Distributions from affiliated partnership | 481 | 33 | ||||||
Net cash provided by investing activities | 15,991 | 10,967 | ||||||
Cash flows from financing activities: | ||||||||
Distributions to partners | (10,807 | ) | (4,225 | ) | ||||
Payments on mortgage notes payable | (1,950 | ) | (2,160 | ) | ||||
Repayment of mortgage notes payable | (10,311 | ) | (6,669 | ) | ||||
Prepayment penalties | (25 | ) | (695 | ) | ||||
Lease commissions paid | (1 | ) | (74 | ) | ||||
Loan costs paid | — | (15 | ) | |||||
Advances from affiliate | 2,611 | 500 | ||||||
Repayment of advances from affiliate | (2,608 | ) | (375 | ) | ||||
Net cash used in financing activities | (23,091 | ) | (13,713 | ) | ||||
Net (decrease) increase in cash and cash equivalents | (4,475 | ) | 1,816 | |||||
Cash and cash equivalents at beginning of year | 4,777 | 2,961 | ||||||
Cash and cash equivalents at end of year | $ | 302 | $ | 4,777 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Cash paid for interest, net of capitalized interest | $ | 7,472 | $ | 8,106 | ||||
Supplemental disclosure of non-cash activity: | ||||||||
Property improvements and replacements included in accounts payable | $ | 196 | $ | 664 | ||||
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Note A — | Organization and Summary of Significant Accounting Policies |
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Year Ended December 31, 2009 | ||||||||||||||||||||||||
Gain on | Loss from | |||||||||||||||||||||||
Casualty | Extinguishment | Impairment | Discontinued | |||||||||||||||||||||
Revenues | Expenses | Gain | of Debt | Loss | Operations | |||||||||||||||||||
The Knolls Apartments | $ | 1,666 | $ | (2,759 | ) | $ | 11 | $ | 20 | $ | (900 | ) | $ | (1,962 | ) | |||||||||
The Dunes Apartments | 1,014 | (1,463 | ) | 7 | 6 | (1,200 | ) | (1,636 | ) | |||||||||||||||
$ | 2,680 | $ | (4,222 | ) | $ | 18 | $ | 26 | $ | (2,100 | ) | $ | (3,598 | ) | ||||||||||
Year Ended December 31, 2008 | ||||||||||||||||||||||||
Loss on | Loss from | |||||||||||||||||||||||
Casualty | Extinguishment | Impairment | Discontinued | |||||||||||||||||||||
Revenues | Expenses | Loss | of Debt | Loss | Operations | |||||||||||||||||||
The Knolls Apartments | $ | 2,261 | $ | (3,543 | ) | $ | — | $ | — | $ | (3,000 | ) | $ | (4,282 | ) | |||||||||
The Dunes Apartments | 1,601 | (1,749 | ) | (84 | ) | — | — | (232 | ) | |||||||||||||||
Palm Lake Apartments | 1,367 | (1,587 | ) | — | (77 | ) | — | (297 | ) | |||||||||||||||
The Loft Apartments | 1,638 | (1,213 | ) | — | (623 | ) | — | (198 | ) | |||||||||||||||
$ | 6,867 | $ | (8,092 | ) | $ | (84 | ) | $ | (700 | ) | $ | (3,000 | ) | $ | (5,009 | ) | ||||||||
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D-25
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D-26
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Note B — | Income Taxes |
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2009 | 2008 | |||||||
Net (loss) income as reported | $ | (5,738 | ) | $ | 481 | |||
Add (deduct): | ||||||||
Deferred revenue and other liabilities | 31 | (92 | ) | |||||
Depreciation differences | 1,546 | 1,512 | ||||||
Accrued expenses | (5 | ) | (167 | ) | ||||
Casualty | 7 | 69 | ||||||
Gain on sale of property | (5,251 | ) | (1,288 | ) | ||||
Write down of asset value | 2,100 | — | ||||||
Other | (1,147 | ) | 4,177 | |||||
Federal taxable (loss) income | $ | (8,457 | ) | $ | 4,692 | |||
Federal taxable (loss) income per limited partnership unit | $ | (41.75 | ) | $ | 23.34 | |||
Federal taxable (loss) income | $ | — | $ | — | ||||
Federal taxable (loss) income Series A | (1,933 | ) | 5,033 | |||||
Federal taxable (loss) income Series B | (4,383 | ) | (296 | ) | ||||
Federal taxable (loss) income Series C | (2,141 | ) | (45 | ) | ||||
$ | (8,457 | ) | $ | 4,692 | ||||
Per limited partnership unit: | ||||||||
Federal taxable (loss) income | $ | — | $ | — | ||||
Federal taxable (loss) income Series A | (9.62 | ) | 25.03 | |||||
Federal taxable (loss) income Series B | (21.53 | ) | (1.47 | ) | ||||
Federal taxable (loss) income Series C | (10.60 | ) | (0.22 | ) | ||||
$ | (41.75 | ) | $ | 23.34 | ||||
December 31, | ||||||||
2009 | 2008 | |||||||
Net liabilities as reported | $ | (63,856 | ) | $ | (47,311 | ) | ||
Land and buildings | 1,806 | (3,752 | ) | |||||
Accumulated depreciation | 5,273 | 12,427 | ||||||
Syndication fees | 22,524 | 22,500 | ||||||
Other | 2,595 | 3,378 | ||||||
Net liabilities — Federal tax basis | $ | (31,658 | ) | $ | (12,758 | ) | ||
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Note C — | Mortgage Notes Payable |
Principal | Monthly | Principal | ||||||||||||||||||||||
Balance at | Payment | Balance | ||||||||||||||||||||||
December 31, | (Including | Interest | Maturity | Due at | ||||||||||||||||||||
Property | 2009 | 2008 | Interest) | Rate | Date(1) | Maturity | ||||||||||||||||||
(In thousands) | (In thousands) | (In thousands) | ||||||||||||||||||||||
The Sterling Apartment Homes and Commerce Center | $ | 77,915 | $ | 78,988 | $ | 471 | 5.84 | % | 12/01/17 | $ | 66,807 | |||||||||||||
Plantation Gardens Apartments | 24,141 | 24,463 | 150 | 6.08 | % | 10/01/17 | 20,855 | |||||||||||||||||
Regency Oaks Apartments | 11,133 | 11,280 | 70 | 6.16 | % | 10/01/17 | 9,635 | |||||||||||||||||
$ | 113,189 | $ | 114,731 | $ | 691 | $ | 97,297 | |||||||||||||||||
(1) | Maturity dates of the mortgage notes payable extend beyond the termination date of the Partnership which is December 31, 2011. |
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2010 | $ | 1,635 | ||
2011 | 1,735 | |||
2012 | 1,840 | |||
2013 | 1,952 | |||
2014 | 2,071 | |||
Thereafter | 103,956 | |||
Total | $ | 113,189 | ||
Note D — | Transactions with Affiliated Parties |
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Note E — | Investment Properties and Accumulated Depreciation |
Initial Cost to Partnership | ||||||||||||||||
Buildings | Net Cost | |||||||||||||||
and Related | Capitalized | |||||||||||||||
Personal | Subsequent to | |||||||||||||||
Description | Encumbrances | Land | Property | Acquisition | ||||||||||||
(In thousands) | (In thousands) | |||||||||||||||
(In thousands) | ||||||||||||||||
The Sterling Apartment Homes and Commerce Center | $ | 77,915 | $ | 2,567 | $ | 12,341 | $ | 37,508 | ||||||||
Plantation Gardens Apartments | 24,141 | 4,046 | 15,217 | 4,466 | ||||||||||||
Regency Oaks Apartments | 11,133 | 2,024 | 6,902 | 5,326 | ||||||||||||
Total | $ | 113,189 | $ | 8,637 | $ | 34,460 | $ | 47,300 | ||||||||
At December 31, 2009
(In thousands)
Buildings | ||||||||||||||||||||||||
and Related | ||||||||||||||||||||||||
Personal | Accumulated | Date | Depreciable | |||||||||||||||||||||
Description | Land | Property | Total | Depreciation | Acquired | Life | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
The Sterling Apartment Homes and Commerce Center | $ | 2,567 | $ | 49,849 | $ | 52,416 | $ | 33,375 | 12/01/95 | 5-30 yrs | ||||||||||||||
Plantation Gardens Apartments | 4,046 | 19,683 | 23,729 | 4,102 | 11/10/03 | 5-30 yrs | ||||||||||||||||||
Regency Oaks Apartments | 2,024 | 12,228 | 14,252 | 4,262 | 11/10/03 | 5-30 yrs | ||||||||||||||||||
Totals | $ | 8,637 | $ | 81,760 | $ | 90,397 | $ | 41,739 | ||||||||||||||||
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Years Ended December 31, | ||||||||
2009 | 2008 | |||||||
(In thousands) | ||||||||
Investment Properties | ||||||||
Balance at beginning of year | $ | 88,075 | $ | 118,148 | ||||
Property improvements and replacements | 5,466 | 4,952 | ||||||
Impairment | (2,100 | ) | (3,000 | ) | ||||
Disposal of property | (1,044 | ) | (183 | ) | ||||
Assets held for sale | — | (31,842 | ) | |||||
Balance at end of year | $ | 90,397 | $ | 88,075 | ||||
Accumulated Depreciation | ||||||||
Balance at beginning of year | $ | 36,501 | $ | 38,203 | ||||
Additions charged to expense | 6,795 | 7,761 | ||||||
Disposal of property | (1,557 | ) | (37 | ) | ||||
Assets held for sale | — | (9,426 | ) | |||||
Balance at end of year | $ | 41,739 | $ | 36,501 | ||||
Note F — | Sale of Investment Properties |
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Year Ended December 31, 2009 | ||||||||||||||||||||||||
Gain on | Loss from | |||||||||||||||||||||||
Casualty | Extinguishment | Impairment | Discontinued | |||||||||||||||||||||
Revenues | Expenses | Gain | of Debt | Loss | Operations | |||||||||||||||||||
The Knolls Apartments | $ | 1,666 | $ | (2,759 | ) | $ | 11 | $ | 20 | $ | (900 | ) | $ | (1,962 | ) | |||||||||
The Dunes Apartments | 1,014 | (1,463 | ) | 7 | 6 | (1,200 | ) | (1,636 | ) | |||||||||||||||
$ | 2,680 | $ | (4,222 | ) | $ | 18 | $ | 26 | $ | (2,100 | ) | $ | (3,598 | ) | ||||||||||
Year Ended December 31, 2008 | ||||||||||||||||||||||||
Loss on | Loss from | |||||||||||||||||||||||
Casualty | Extinguishment | Impairment | Discontinued | |||||||||||||||||||||
Revenues | Expenses | Loss | of Debt | Loss | Operations | |||||||||||||||||||
The Knolls Apartments | $ | 2,261 | $ | (3,543 | ) | $ | — | $ | — | $ | (3,000 | ) | $ | (4,282 | ) | |||||||||
The Dunes Apartments | 1,601 | (1,749 | ) | (84 | ) | — | — | (232 | ) | |||||||||||||||
Palm Lake Apartments | 1,367 | (1,587 | ) | — | (77 | ) | — | (297 | ) | |||||||||||||||
The Loft Apartments | 1,638 | (1,213 | ) | — | (623 | ) | — | (198 | ) | |||||||||||||||
$ | 6,867 | $ | (8,092 | ) | $ | (84 | ) | $ | (700 | ) | $ | (3,000 | ) | $ | (5,009 | ) | ||||||||
Note G — | Commercial Leases |
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Table of Contents
Year Ending December 31, | ||||
2010 | $ | 1,501 | ||
2011 | 1,017 | |||
2012 | 831 | |||
2013 | 654 | |||
2014 | 388 | |||
Thereafter | 1,257 | |||
$ | 5,648 | |||
Note H — | Investments in Affiliated Partnerships |
Investment at | ||||||||||||||
Ownership | December 31, | |||||||||||||
Partnership | Type of Ownership | Percentage | 2009 | 2008 | ||||||||||
(In thousands) | ||||||||||||||
Consolidated Capital Growth Fund | Special Limited Partner | 0.40 | % | $ | — | $ | — | |||||||
Consolidated Capital Properties III | Special Limited Partner | 1.86 | % | — | 3 | |||||||||
Consolidated Capital Properties IV | Special Limited Partner | 1.86 | % | 480 | 563 | |||||||||
$ | 480 | $ | 566 | |||||||||||
Note I — | Casualty Events |
D-34
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Note J — | Segment Reporting |
D-35
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Residential | Commercial | Other | Totals | |||||||||||||
Rental income | $ | 15,774 | $ | 1,816 | $ | — | $ | 17,590 | ||||||||
Other income | 1,643 | 205 | — | 1,848 | ||||||||||||
Casualty gain | 7 | — | — | 7 | ||||||||||||
Loss from discontinued operations | (3,232 | ) | — | (366 | ) | (3,598 | ) | |||||||||
Loss from sale of discontinued operations | (53 | ) | — | — | (53 | ) | ||||||||||
Distributions in excess of investment | — | — | 461 | 461 | ||||||||||||
Equity in loss from investment | — | — | (66 | ) | (66 | ) | ||||||||||
Interest expense | 6,229 | 687 | 46 | 6,962 | ||||||||||||
Depreciation | 4,969 | 269 | — | 5,238 | ||||||||||||
General and administrative expenses | — | — | 350 | 350 | ||||||||||||
Current income tax expense | 26 | — | — | 26 | ||||||||||||
Deferred income tax benefit | (90 | ) | (90 | ) | ||||||||||||
Segment loss | (5,277 | ) | (94 | ) | (367 | ) | (5,738 | ) | ||||||||
Total assets | 49,628 | 1,710 | 510 | 51,848 | ||||||||||||
Capital expenditures for investment properties | 2,914 | 452 | — | 3,366 |
Residential | Commercial | Other | Totals | |||||||||||||
Rental income | $ | 16,676 | $ | 1,677 | $ | — | $ | 18,353 | ||||||||
Other income | 1,445 | 267 | 47 | 1,759 | ||||||||||||
Casualty loss | (61 | ) | — | — | (61 | ) | ||||||||||
Loss from discontinued operations | (4,908 | ) | — | (101 | ) | (5,009 | ) | |||||||||
Gain from sale of discontinued operations | 7,711 | — | — | 7,711 | ||||||||||||
Distributions in excess of investment | — | — | 33 | 33 | ||||||||||||
Equity in loss from investment | — | — | (61 | ) | (61 | ) | ||||||||||
Interest expense | 6,230 | 697 | 9 | 6,936 | ||||||||||||
Depreciation | 4,766 | 220 | — | 4,986 | ||||||||||||
General and administrative expenses | — | — | 627 | 627 | ||||||||||||
Current income tax expense | 10 | — | — | 10 | ||||||||||||
Deferred income tax benefit | (30 | ) | — | — | (30 | ) | ||||||||||
Segment profit (loss) | 1,418 | (219 | ) | (718 | ) | 481 | ||||||||||
Total assets | 75,700 | 1,563 | 4,756 | 82,019 | ||||||||||||
Capital expenditures for investment properties and assets held for sale | 4,230 | 722 | — | 4,952 |
Note K — | Contingencies |
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D-37
Table of Contents
Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. |
Item 9A(T). | Controls and Procedures. |
(a) | Disclosure Controls and Procedures |
• | pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of assets; | |
• | provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorizations of the Partnership’s management; and | |
• | provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets that could have a material effect on the consolidated financial statements. |
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Table of Contents
(b) | Changes in Internal Control Over Financial Reporting. |
Item 9B. | Other Information. |
Item 10. | Directors, Executive Officers and Corporate Governance. |
Name | Age | Position | ||||
Steven D. Cordes | 38 | Director and Senior Vice President | ||||
John Bezzant | 47 | Director and Senior Vice President | ||||
Timothy J. Beaudin | 51 | President and Chief Operating Officer | ||||
Ernest M. Freedman | 39 | Executive Vice President and Chief Financial Officer | ||||
Lisa R. Cohn | 41 | Executive Vice President, General Counsel and Secretary | ||||
Paul Beldin | 36 | Senior Vice President and Chief Accounting Officer | ||||
Stephen B. Waters | 48 | Senior Director of Partnership Accounting |
D-39
Table of Contents
Item 11. | Executive Compensation. |
D-40
Table of Contents
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. |
(a) | Security Ownership of Certain Beneficial Owners |
Name and Address | Number of Units | Percentage | ||||||
AIMCO IPLP, L.P. (an affiliate of AIMCO) | 50,572.40 | 25.41 | % | |||||
Reedy River Properties, L.L.C. (an affiliate of AIMCO) | 28,832.50 | 14.49 | % | |||||
Cooper River Properties, L.L.C. (an affiliate of AIMCO) | 11,365.60 | 5.71 | % | |||||
AIMCO Properties, L.P. (an affiliate of AIMCO) | 61,877.55 | 31.09 | % |
(b) | Beneficial Owners of Management |
(c) | Changes in Control |
Number of | Percent of | |||||||
Name and Address | Units | Total | ||||||
Insignia Properties Trust 55 Beattie Place P.O. Box 1089 Greenville, SC 29602 | 100,000 | 100 | % |
Item 13. | Certain Relationships and Related Transactions, and Director Independence. |
D-41
Table of Contents
Item 14. | Principal Accounting Fees and Services. |
D-42
Table of Contents
Item 15. | Exhibits, Financial Statement Schedules. |
D-17 | ||||
D-18 | ||||
D-19 | ||||
D-20 | ||||
D-21 | ||||
D-22 |
• | should not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate; | |
• | have been qualified by disclosures that were made to the other party in connection with the negotiation of the applicable agreement, which disclosures are not necessarily reflected in the agreement; | |
• | may apply standards of materiality in a way that is different from what may be viewed as material to an investor; and | |
• | were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement and are subject to more recent developments. |
D-43
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By: | ConCap Equities, Inc. |
By: | /s/ Steven D. Cordes |
By: | /s/ Stephen B. Waters |
/s/ John Bezzant John Bezzant | Director and Senior Vice President | Date: April 9, 2010 | ||||
/s/ Steven D. Cordes Steven D. Cordes | Director and Senior Vice President | Date: April 9, 2010 | ||||
/s/ Stephen B. Waters Stephen B. Waters | Senior Director of Partnership Accounting | Date: April 9, 2010 |
D-44
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Exhibit | ||||
Number | Description of Exhibit | |||
3 | Certificates of Limited Partnership, as amended to date. (Incorporated by reference to the Annual Report onForm 10-K for the fiscal year ended December 31, 1991 (“1991 Annual Report”)). | |||
3 | .1 | Certificate of Limited Partnership of Registrant, dated March 19, 2008 (incorporated herein by reference to Exhibit 3.1 to the Registrant’s Current Report onForm 8-K, dated April 30, 2008). | ||
3 | .2 | Amendment to Certificate of Limited Partnership of Registrant, dated April 30, 2008 (incorporated herein by reference to Exhibit 3.2 to the Registrant’s Current Report onForm 8-K, dated April 30, 2008). | ||
3 | .3 | Limited Partnership Agreement of Registrant, dated April 28, 1981 (incorporated herein by reference to Appendix A to the Prospectus included in the Registrant’s Registration Statement onForm S-11 (Reg.No. 2-72384)). | ||
3 | .4 | First Amendment to the Limited Partnership Agreement of Registrant, dated July 11, 1985. | ||
3 | .5 | Second Amendment to the Limited Partnership Agreement of Registrant, dated October 23, 1990. | ||
3 | .6 | Third Amendment to the Limited Partnership Agreement of Registrant, dated October 17, 2000 (incorporated herein by reference to Exhibit 10.23 to the Registrant’s Annual Report onForm 10-K for the fiscal year ended December 31, 2001). | ||
3 | .7 | Fourth Amendment to the Limited Partnership Agreement of Registrant, dated May 25, 2001 (incorporated herein by reference to Exhibit 10.24 to the Registrant’s Annual Report onForm 10-K for the fiscal year ended December 31, 2001). | ||
3 | .8 | Fifth Amendment to the Limited Partnership Agreement of Registrant, dated March 19, 2008 (incorporated herein by reference to Exhibit 3.3 to the Registrant’s Current Report onForm 8-K, dated April 30, 2008). | ||
3 | .9 | Sixth Amendment to the Limited Partnership Agreement of Registrant, dated April 30, 2008 (incorporated herein by reference to Exhibit 3.4 to the Registrant’s Current Report onForm 8-K, dated April 30, 2008). | ||
3 | .10 | Eighth Amendment to the Limited Partnership Agreement of Registrant, dated December 31, 2009 (Incorporated herein by reference to the Registrant’s Current Report onForm 8-K, dated December 31, 2009). | ||
3 | .11 | Ninth Amendment to the Limited Partnership Agreement of Registrant, dated December 31, 2009 (Incorporated herein by reference to the Registrant’s Current Report onForm 8-K, dated December 31, 2009). | ||
10 | .28 | Form of Amended Order Setting Foreclosure Sale Date pursuant to amending the foreclosure date filed on September 25, 2003. (Incorporated herein by reference to the Registrant’s Quarterly Report onForm 10-Q for the quarterly period ended September 30, 2003.) | ||
10 | .30 | Form of Certificate of Sale as to Property “2” pursuant to sale of Regency Oaks Apartments to CCIP Regency Oaks, L.L.C. filed October 28, 2003. (Incorporated herein by reference to the Registrant’s Quarterly Report onForm 10-Q for the quarterly period ended September 30, 2003.) | ||
10 | .32 | Form of Certificate of Sale as to Property “4” pursuant to sale of Plantation Gardens Apartments to CCIP Plantation Gardens, L.L.C. filed October 28, 2003. (Incorporated herein by reference to the Registrant’s Quarterly Report onForm 10-Q for the quarterly period ended September 30, 2003.) | ||
10 | .53 | Amended and Restated Multifamily Note, dated September 28, 2007 between CCIP Plantation Gardens, L.L.C., a Delaware limited liability company, and Capmark Bank, a Utah industrial bank. Filed on Current Report onForm 8-K dated September 28, 2007 and incorporated herein by reference. | ||
10 | .54 | Amended and Restated Multifamily Mortgage, Assignment of Rents and Security Agreement, dated September 28, 2007 between CCIP Plantation Gardens, L.L.C., a Delaware limited liability company, and Capmark Bank, a Utah industrial bank. Filed on Current Report onForm 8-K dated September 28, 2007 and incorporated herein by reference. |
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Exhibit | ||||
Number | Description of Exhibit | |||
10 | .55 | Amended and Restated Multifamily Note, dated September 28, 2007 between CCIP Regency Oaks, L.L.C., a Delaware limited liability company, and Capmark Bank, a Utah industrial bank. Filed on Current Report onForm 8-K dated September 28, 2007 and incorporated herein by reference. | ||
10 | .56 | Amended and Restated Multifamily Mortgage, Assignment of Rents and Security Agreement, dated September 28, 2007 between CCIP Regency Oaks, L.L.C., a Delaware limited liability company, and Capmark Bank, a Utah industrial bank. Filed on Current Report onForm 8-K dated September 28, 2007 and incorporated herein by reference. | ||
10 | .57 | Multifamily Note, dated November 30, 2007 between CCIP Sterling, L.P., a Pennsylvania limited partnership, and Wachovia Multifamily Capital, Inc., a Delaware corporation. Filed on Current Report onForm 8-K dated November 30, 2007 and incorporated herein by reference. | ||
10 | .58 | Multifamily Mortgage, Assignment of Rents and Security Agreement, dated November 30, 2007 between CCIP Sterling, L.P., a Pennsylvania limited partnership, and Wachovia Multifamily Capital, Inc., a Delaware corporation. Filed on Current Report onForm 8-K dated November 30, 2007 and incorporated herein by reference. | ||
10 | .65 | Purchase and Sale Contract between CCIP Palm Lake, L.L.C., a Delaware limited liability company, and Blackhawk Apartments Opportunity Fund II LLC, an Illinois limited liability company, dated October 24, 2008. Incorporated by reference to the Partnership’s Current Report onForm 8-K dated October 24, 2008. | ||
10 | .66 | Purchase and Sale Contract between CCIP Loft, L.L.C., a Delaware limited liability company, and The Embassy Group LLC, a New York limited liability company, dated October 28, 2008. Incorporated by reference to the Partnership’s Current Report onForm 8-K dated October 28, 2008. | ||
10 | .69 | First Amendment to Purchase and Sale Contract between CCIP Palm Lake, L.L.C., a Delaware limited liability company, and Blackhawk Apartments Opportunity Fund II LLC, an Illinois limited liability company, dated November 24, 2008. Incorporated by reference to the Partnership’s Current Report onForm 8-K dated November 24, 2008. | ||
10 | .70 | First Amendment of Purchase and Sale Contract between CCIP Loft, L.L.C., a Delaware limited liability company, and The Embassy Group, LLC, a New York limited liability company, dated November 26, 2008. Incorporated by reference to the Partnership’s Current Report onForm 8-K dated November 26, 2008. | ||
10 | .71 | Second Amendment to Purchase and Sale Contract between CCIP Palm Lake, L.L.C., a Delaware limited liability company and Blackhawk Apartments Opportunity Fund II LLC, an Illinois limited liability company, dated November 26, 2008. Incorporated by reference to the Partnership’s Current Report onForm 8-K dated December 9, 2008. | ||
10 | .72 | Third Amendment to Purchase and Sale Contract between CCIP Palm Lake, L.L.C., a Delaware limited liability company and Blackhawk Apartments Opportunity Fund II LLC, an Illinois limited liability company, dated December 9, 2008. Incorporated by reference to the Partnership’s Current Report onForm 8-K dated December 9, 2008. | ||
10 | .73 | Second Amendment of Purchase and Sale Contract between CCIP Loft, L.L.C., a Delaware limited liability company and TEG Lofts LLC, a North Carolina limited liability company, dated December 10, 2008. Incorporated by reference to the Partnership’s Current Report onForm 8-K dated December 29, 2008. | ||
10 | .74 | Purchase and Sale Contract between CCIP Society Park East, L.L.C., a Delaware limited liability company, and CD Group, LLC, a Florida limited liability company, dated April 21, 2009. Incorporated by reference to the Partnership’s Current Report onForm 8-K dated April 21, 2009. | ||
10 | .75 | Purchase and Sale Contract between CCIP Knolls, L.L.C., a Delaware limited liability company, and Hamilton Zanze & Company, a California corporation, dated May 12, 2009. Incorporated by reference to the Partnership’s Current Report onForm 8-K dated May 12, 2009. | ||
10 | .76 | Reinstatement of and Amendment to Purchase and Sale Contract between CCIP Society Park East, L.L.C., a Delaware limited liability company, and CD Group, LLC, a Florida limited liability company, dated June 1, 2009. Incorporated by reference to the Partnership’s Current Report onForm 8-K dated June 1, 2009. |
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Exhibit | ||||
Number | Description of Exhibit | |||
10 | .77 | First Amendment to Purchase and Sale Contract between CCIP Knolls, L.L.C., a Delaware limited liability company, and Hamilton Zanze & Company, a California corporation, dated June 4, 2009. Incorporated by reference to the Partnership’s Current Report onForm 8-K dated June 4, 2009. | ||
10 | .78 | Reinstatement and Second Amendment to Purchase and Sale Contract between CCIP Knolls, L.L.C., a Delaware limited liability company, and Hamilton Zanze & Company, a California corporation, dated July 1, 2009. Incorporated by reference to the Partnership’s Current Report onForm 8-K dated June 26, 2009. | ||
10 | .79 | Third Amendment to Purchase and Sale Contract between CCIP Knolls, L.L.C., a Delaware limited liability company, and Hamilton Zanze & Company, a California corporation, dated July 10, 2009. Incorporated by reference to the Partnership’s Current Report onForm 8-K dated July 10, 2009. | ||
10 | .80 | Fourth Amendment to Purchase and Sale Contract between CCIP Knolls, L.L.C., a Delaware limited liability company, and Hamilton Zanze & Company, a California corporation, dated July 20, 2009. Incorporated by reference to the Partnership’s Current Report onForm 8-K dated July 20, 2009. | ||
10 | .81 | Fifth Amendment to Purchase and Sale Contract between CCIP Knolls, L.L.C., a Delaware limited liability company, and Hamilton Zanze & Company, a California corporation, dated July 23, 2009. Incorporated by reference to the Partnership’s Current Report onForm 8-K dated July 23, 2009. | ||
31 | .1 | Certification of equivalent of Chief Executive Officer pursuant to Securities Exchange ActRules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
31 | .2 | Certification of equivalent of Chief Financial Officer pursuant to Securities Exchange ActRules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
32 | .1 | Certification of the equivalent of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
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D-48
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D-49
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Pursuant to 18 U.S.C. Section 1350,
As Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
D-50
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Washington, D.C. 20549
(Mark One) | ||
þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the quarterly period ended September 30, 2010 | ||
or | ||
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the transition period from to |
Delaware | 94-2744492 | |
(State or other jurisdiction of | (I.R.S. Employer | |
incorporation or organization) | Identification No.) |
Large accelerated filer o | Accelerated filer o | Non-accelerated filer o (Do not check if a smaller reporting company) | Smaller reporting company þ |
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Item 1. | Financial Statements. |
September 30, | December 31, | |||||||
2010 | 2009 | |||||||
(Unaudited) | (Note) | |||||||
(In thousands, except unit data) | ||||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 488 | $ | 302 | ||||
Receivables and deposits | 425 | 547 | ||||||
Deferred tax asset (Note F) | 521 | 481 | ||||||
Other assets | 1,326 | 1,380 | ||||||
Investment in affiliated partnerships (Note C) | 443 | 480 | ||||||
Investment properties (Note I): | ||||||||
Land | 8,637 | 8,637 | ||||||
Buildings and related personal property | 87,491 | 81,760 | ||||||
96,128 | 90,397 | |||||||
Less accumulated depreciation | (45,889 | ) | (41,739 | ) | ||||
50,239 | 48,658 | |||||||
$ | 53,442 | $ | 51,848 | |||||
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIENCY) | ||||||||
Liabilities | ||||||||
Accounts payable | $ | 1,102 | $ | 379 | ||||
Tenant security deposit liabilities | 667 | 737 | ||||||
Accrued property taxes | 370 | — | ||||||
Other liabilities | 1,225 | 1,270 | ||||||
Due to affiliates (Note B) | 4,708 | 129 | ||||||
Mortgage notes payable | 111,972 | 113,189 | ||||||
120,044 | 115,704 | |||||||
Partners’ Capital (Deficiency) | ||||||||
General partner | 87 | 114 | ||||||
Limited partners (199,030.2 units issued and outstanding) | (66,689 | ) | (63,970 | ) | ||||
(66,602 | ) | (63,856 | ) | |||||
$ | 53,442 | $ | 51,848 | |||||
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Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
(Unaudited) | ||||||||||||||||
(In thousands, except per unit data) | ||||||||||||||||
Revenues: | ||||||||||||||||
Rental income | $ | 4,202 | $ | 4,407 | $ | 12,666 | $ | 13,308 | ||||||||
Other income | 442 | 427 | 1,565 | 1,320 | ||||||||||||
Total revenues | 4,644 | 4,834 | 14,231 | 14,628 | ||||||||||||
Expenses: | ||||||||||||||||
Operating | 2,161 | 1,978 | 6,292 | 6,034 | ||||||||||||
General and administrative | 91 | 74 | 254 | 263 | ||||||||||||
Depreciation | 1,435 | 1,314 | 4,159 | 3,915 | ||||||||||||
Interest | 1,735 | 1,709 | 5,252 | 5,191 | ||||||||||||
Property taxes | 292 | 348 | 1,008 | 1,079 | ||||||||||||
Total expenses | 5,714 | 5,423 | 16,965 | 16,482 | ||||||||||||
Loss before income taxes, casualty gain, distributions in excess of investment, equity in loss from investment and discontinued operations | (1,070 | ) | (589 | ) | (2,734 | ) | (1,854 | ) | ||||||||
Income tax (expense) benefit (Note F): | ||||||||||||||||
Current | (7 | ) | (5 | ) | (20 | ) | (14 | ) | ||||||||
Deferred | — | 15 | 40 | 67 | ||||||||||||
Casualty gain (Note E) | 5 | — | 5 | — | ||||||||||||
Distributions in excess of investment (Note C) | — | — | — | 454 | ||||||||||||
Equity in loss from investment (Note C) | (17 | ) | (19 | ) | (37 | ) | (52 | ) | ||||||||
Loss before discontinued operations | (1,089 | ) | (598 | ) | (2,746 | ) | (1,399 | ) | ||||||||
Loss from sale of discontinued operations (Note G) | — | (27 | ) | — | (27 | ) | ||||||||||
Loss from discontinued operations (Notes A and G) | — | (713 | ) | — | (3,642 | ) | ||||||||||
Net loss | $ | (1,089 | ) | $ | (1,338 | ) | $ | (2,746 | ) | $ | (5,068 | ) | ||||
Net loss allocated to general partner | $ | (10 | ) | $ | (13 | ) | $ | (27 | ) | $ | (51 | ) | ||||
Net loss allocated to limited partners | ||||||||||||||||
(Series A) (Note A) | (1,079 | ) | (592 | ) | (2,719 | ) | (1,384 | ) | ||||||||
(Series B) (Note A) | — | (354 | ) | — | (1,829 | ) | ||||||||||
(Series C) (Note A) | — | (379 | ) | — | (1,804 | ) | ||||||||||
$ | (1,089 | ) | $ | (1,338 | ) | $ | (2,746 | ) | $ | (5,068 | ) | |||||
Per limited partnership unit: | ||||||||||||||||
Loss before discontinued operations | ||||||||||||||||
(Series A) (Note A) | $ | (5.42 | ) | $ | (2.98 | ) | $ | (13.66 | ) | $ | (6.95 | ) | ||||
Loss from discontinued operations | ||||||||||||||||
(Series B) (Note A) | — | (1.78 | ) | — | (9.19 | ) | ||||||||||
(Series C) (Note A) | — | (1.90 | ) | — | (9.06 | ) | ||||||||||
Net loss | $ | (5.42 | ) | $ | (6.66 | ) | $ | (13.66 | ) | $ | (25.20 | ) | ||||
Distributions per limited partnership unit: | ||||||||||||||||
(Series A) | $ | — | $ | 2.16 | $ | — | $ | 20.57 | ||||||||
(Series B) | — | 26.32 | — | 26.32 | ||||||||||||
(Series C) | — | 6.04 | — | 6.04 | ||||||||||||
$ | — | $ | 34.52 | $ | — | $ | 52.93 | |||||||||
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Limited | Limited | |||||||||||||||
Partnership | General | Partners | ||||||||||||||
Units | Partner | (Series A) | Total | |||||||||||||
(Unaudited) | ||||||||||||||||
(In thousands, except unit data) | ||||||||||||||||
Partners’ capital (deficiency) at December 31, 2009 | 199,030.2 | $ | 114 | $ | (63,970 | ) | $ | (63,856 | ) | |||||||
Net loss for the nine months ended September 30, 2010 | — | (27 | ) | (2,719 | ) | (2,746 | ) | |||||||||
Partners’ capital (deficiency) at September 30, 2010 | 199,030.2 | $ | 87 | $ | (66,689 | ) | $ | (66,602 | ) | |||||||
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Nine Months Ended | ||||||||
September 30, | ||||||||
2010 | 2009 | |||||||
(Unaudited) | ||||||||
(In thousands) | ||||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (2,746 | ) | $ | (5,068 | ) | ||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
Depreciation | 4,159 | 5,472 | ||||||
Amortization of loan costs, lease commissions and mortgage premiums | 369 | 39 | ||||||
Equity in loss from investment | 37 | 52 | ||||||
Impairment loss | — | 2,100 | ||||||
Write off of redevelopment costs | — | 232 | ||||||
Loss from sale of discontinued operations | — | 27 | ||||||
Gain on extinguishment of debt | — | (26 | ) | |||||
Casualty gain | (9 | ) | (11 | ) | ||||
Casualty loss | 4 | — | ||||||
Distributions in excess of investment | — | (454 | ) | |||||
Change in accounts: | ||||||||
Receivables and deposits | 122 | 234 | ||||||
Deferred tax asset | (40 | ) | (67 | ) | ||||
Other assets | (306 | ) | (242 | ) | ||||
Accounts payable | 38 | (193 | ) | |||||
Tenant security deposit liabilities | (70 | ) | (157 | ) | ||||
Accrued property taxes | 370 | 350 | ||||||
Other liabilities | (45 | ) | (346 | ) | ||||
Due to affiliates | 65 | (87 | ) | |||||
Net cash provided by operating activities | 1,948 | 1,855 | ||||||
Cash flows from investing activities: | ||||||||
Net proceeds from sale of discontinued operations | — | 19,297 | ||||||
Property improvements and replacements | (5,084 | ) | (3,401 | ) | ||||
Distributions from affiliated partnerships | — | 474 | ||||||
Insurance proceeds received | 34 | 33 | ||||||
Net cash (used in) provided by investing activities | (5,050 | ) | 16,403 | |||||
Cash flows from financing activities: | ||||||||
Payments on mortgage notes payable | (1,217 | ) | (1,556 | ) | ||||
Repayment of mortgage notes payable | — | (10,311 | ) | |||||
Prepayment penalties | — | (25 | ) | |||||
Lease commissions paid | (9 | ) | (1 | ) | ||||
Distributions to partners | — | (10,535 | ) | |||||
Advances from affiliate | 4,514 | 2,383 | ||||||
Repayment of advances from affiliate | — | (2,508 | ) | |||||
Net cash provided by (used in) financing activities | 3,288 | (22,553 | ) | |||||
Net increase (decrease) in cash and cash equivalents | 186 | (4,295 | ) | |||||
Cash and cash equivalents at beginning of period | 302 | 4,777 | ||||||
Cash and cash equivalents at end of period | $ | 488 | $ | 482 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Cash paid for interest, net of capitalized interest | $ | 4,929 | $ | 5,791 | ||||
Supplemental disclosure of non-cash activity: | ||||||||
Property improvements and replacements included in accounts payable | $ | 881 | $ | 104 | ||||
E-5
Table of Contents
Note A — | Basis of Presentation |
Nine Months Ended September 30, 2009 | ||||||||||||||||||||||||
Gain on | Loss from | |||||||||||||||||||||||
Casualty | Extinguishment | Impairment | Discontinued | |||||||||||||||||||||
Revenues | Expenses | Gain | of Debt | Loss | Operations | |||||||||||||||||||
The Knolls | ||||||||||||||||||||||||
Apartments | $ | 1,666 | $ | (2,796 | ) | $ | 11 | $ | 20 | $ | (900 | ) | $ | (1,999 | ) | |||||||||
The Dunes | ||||||||||||||||||||||||
Apartments | 1,014 | (1,463 | ) | — | 6 | (1,200 | ) | (1,643 | ) | |||||||||||||||
$ | 2,680 | $ | (4,259 | ) | $ | 11 | $ | 26 | $ | (2,100 | ) | $ | (3,642 | ) | ||||||||||
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E-7
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Note B — | Transactions with Affiliated Parties |
E-8
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Note C — | Investment in Affiliated Partnerships |
Investment Balance at | ||||||||||||||||
Ownership | September 30, | December 31, | ||||||||||||||
Partnership | Type of Ownership | Percentage | 2010 | 2009 | ||||||||||||
(In thousands) | ||||||||||||||||
Consolidated Capital Properties III | Special Limited Partner | 1.86 | % | $ | — | $ | — | |||||||||
Consolidated Capital Properties IV | Special Limited Partner | 1.86 | % | 443 | 480 | |||||||||||
$ | 443 | $ | 480 | |||||||||||||
Note D — | Segment Reporting |
E-9
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For the Three Months Ended September 30, 2010 | Residential | Commercial | Other | Totals | ||||||||||||
Rental income | $ | 3,771 | $ | 431 | $ | — | $ | 4,202 | ||||||||
Other income | 388 | 54 | — | 442 | ||||||||||||
Casualty gain | 5 | — | — | 5 | ||||||||||||
Equity in loss from investment | — | — | (17 | ) | (17 | ) | ||||||||||
Interest expense | 1,539 | 169 | 27 | 1,735 | ||||||||||||
Depreciation | 1,373 | 62 | — | 1,435 | ||||||||||||
General and administrative expenses | — | — | 91 | 91 | ||||||||||||
Current income tax expense | 7 | — | — | 7 | ||||||||||||
Segment (loss) income | (976 | ) | 22 | (135 | ) | (1,089 | ) |
For the Nine Months Ended September 30, 2010 | Residential | Commercial | Other | Totals | ||||||||||||
Rental income | $ | 11,394 | $ | 1,272 | $ | — | $ | 12,666 | ||||||||
Other income | 1,431 | 131 | 3 | 1,565 | ||||||||||||
Casualty gain | 5 | — | — | 5 | ||||||||||||
Equity in loss from investment | — | — | (37 | ) | (37 | ) | ||||||||||
Interest expense | 4,693 | 509 | 50 | 5,252 | ||||||||||||
Depreciation | 3,958 | 201 | — | 4,159 | ||||||||||||
General and administrative expenses | — | — | 254 | 254 | ||||||||||||
Current income tax expense | 20 | — | — | 20 | ||||||||||||
Deferred income tax benefit | (40 | ) | — | — | (40 | ) | ||||||||||
Segment loss | (2,309 | ) | (99 | ) | (338 | ) | (2,746 | ) | ||||||||
Total assets | 51,511 | 1,488 | 443 | 53,442 | ||||||||||||
Capital expenditures for investment properties | 5,737 | 32 | — | 5,769 |
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For the Three Months Ended September 30, 2009 | Residential | Commercial | Other | Totals | ||||||||||||
Rental income | $ | 3,955 | $ | 452 | $ | — | $ | 4,407 | ||||||||
Other income | 372 | 55 | — | 427 | ||||||||||||
Loss from discontinued operations | (552 | ) | — | (161 | ) | (713 | ) | |||||||||
Loss from sale of discontinued operations | (27 | ) | — | — | (27 | ) | ||||||||||
Equity in loss from investment | — | — | (19 | ) | (19 | ) | ||||||||||
Interest expense | 1,534 | 172 | 3 | 1,709 | ||||||||||||
Depreciation | 1,245 | 69 | — | 1,314 | ||||||||||||
General and administrative expenses | — | — | 74 | 74 | ||||||||||||
Current income tax expense | 5 | — | — | 5 | ||||||||||||
Deferred income tax benefit | (15 | ) | — | — | (15 | ) | ||||||||||
Segment loss | (1,070 | ) | (11 | ) | (257 | ) | (1,338 | ) |
For the Nine Months Ended September 30, 2009 | Residential | Commercial | Other | Totals | ||||||||||||
Rental income | $ | 11,935 | $ | 1,373 | $ | — | $ | 13,308 | ||||||||
Other income | 1,169 | 153 | (2 | ) | 1,320 | |||||||||||
Loss from discontinued operations | (3,303 | ) | — | (339 | ) | (3,642 | ) | |||||||||
Loss from sale of discontinued operations | (27 | ) | — | — | (27 | ) | ||||||||||
Distributions in excess of investment | — | — | 454 | 454 | ||||||||||||
Equity in loss from investment | — | — | (52 | ) | (52 | ) | ||||||||||
Interest expense | 4,630 | 516 | 45 | 5,191 | ||||||||||||
Depreciation | 3,714 | 201 | — | 3,915 | ||||||||||||
General and administrative expenses | — | — | 263 | 263 | ||||||||||||
Current income tax expense | 14 | — | — | 14 | ||||||||||||
Deferred income tax benefit | (67 | ) | — | — | (67 | ) | ||||||||||
Segment loss | (4,792 | ) | (29 | ) | (247 | ) | (5,068 | ) | ||||||||
Total assets | 51,004 | 1,862 | 516 | 53,382 | ||||||||||||
Capital expenditures for investment properties | 2,401 | 440 | — | 2,841 |
Note E — | Casualty Events |
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Note F — | Partnership Income Taxes |
Note G — | Sale of Investment Properties |
E-12
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Nine Months Ended September 30, 2009 | ||||||||||||||||||||||||
Gain on | Loss from | |||||||||||||||||||||||
Casualty | Extinguishment | Impairment | Discontinued | |||||||||||||||||||||
Revenues | Expenses | Gain | of Debt | Loss | Operations | |||||||||||||||||||
The Knolls | ||||||||||||||||||||||||
Apartments | $ | 1,666 | $ | (2,796 | ) | $ | 11 | $ | 20 | $ | (900 | ) | $ | (1,999 | ) | |||||||||
The Dunes | ||||||||||||||||||||||||
Apartments | 1,014 | (1,463 | ) | — | 6 | (1,200 | ) | (1,643 | ) | |||||||||||||||
$ | 2,680 | $ | (4,259 | ) | $ | 11 | $ | 26 | $ | (2,100 | ) | $ | (3,642 | ) | ||||||||||
Note H — | Fair Value of Financial Instruments |
Note I — | Investment Properties |
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Note J — | Contingencies |
E-14
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E-15
Table of Contents
ITEM 2. | Management’s Discussion and Analysis Of Financial Condition and Results of Operations |
Average Occupancy | ||||||||
Property | 2010 | 2009 | ||||||
The Sterling Apartment Homes(1) | 96 | % | 93 | % | ||||
The Sterling Commerce Center(2) | 78 | % | 81 | % | ||||
Philadelphia, Pennsylvania | ||||||||
Plantation Gardens Apartments(3) | 91 | % | 95 | % | ||||
Plantation, Florida | ||||||||
Regency Oaks Apartments | 92 | % | 91 | % | ||||
Fern Park, Florida |
(1) | The General Partner attributes the increase in occupancy at The Sterling Apartment Homes to increased marketing efforts and competitive pricing. |
(2) | The General Partner attributes the decrease in occupancy at The Sterling Commerce Center to certain tenants relocating their businesses to new locations. |
(3) | The General Partner attributes the decrease in occupancy at Plantation Gardens Apartments to a capital improvement project which began during the second quarter of 2010 and is expected to be completed by December 31, 2011. |
E-16
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Nine Months Ended September 30, 2009 | ||||||||||||||||||||||||
Gain on | Loss from | |||||||||||||||||||||||
Casualty | Extinguishment | Impairment | Discontinued | |||||||||||||||||||||
Revenues | Expenses | Gain | of Debt | Loss | Operations | |||||||||||||||||||
The Knolls | ||||||||||||||||||||||||
Apartments | $ | 1,666 | $ | (2,796 | ) | $ | 11 | $ | 20 | $ | (900 | ) | $ | (1,999 | ) | |||||||||
The Dunes | ||||||||||||||||||||||||
Apartments | 1,014 | (1,463 | ) | — | 6 | (1,200 | ) | (1,643 | ) | |||||||||||||||
$ | 2,680 | $ | (4,259 | ) | $ | 11 | $ | 26 | $ | (2,100 | ) | $ | (3,642 | ) | ||||||||||
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Nine Months | Nine Months | |||||||||||||||
Ended | Per Limited | Ended | Per Limited | |||||||||||||
September 30, | Partnership | September 30, | Partnership | |||||||||||||
2010 | Unit | 2009 | Unit | |||||||||||||
Surplus Funds(1) | $ | — | $ | — | $ | 4,095 | $ | 20.57 | ||||||||
Sales Proceeds(2) | — | — | 5,238 | 26.32 | ||||||||||||
Sales Proceeds(3) | — | — | 1,202 | 6.04 | ||||||||||||
Total | $ | — | $ | — | $ | 10,535 | $ | 52.93 | ||||||||
(1) | Distribution to Series A limited partners consists of the release of funds previously reserved from the November 2007 refinance of The Sterling Apartment Homes. |
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(2) | Distribution to Series B limited partners consists of sale proceeds from the sale of The Knolls Apartments on September 21, 2009. |
(3) | Distribution to Series C limited partners consists of sale proceeds from the sale of The Dunes Apartments on August 17, 2009. |
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Item 4T. | Controls and Procedures. |
(a) | Disclosure Controls and Procedures. |
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(b) | Changes in Internal Control Over Financial Reporting. |
Item 1. | Legal Proceedings. |
Item 6. | Exhibits. |
• | should not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate; |
• | have been qualified by disclosures that were made to the other party in connection with the negotiation of the applicable agreement, which disclosures are not necessarily reflected in the agreement; |
• | may apply standards of materiality in a way that is different from what may be viewed as material to an investor; and |
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• | were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement and are subject to more recent developments. |
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By: | ConCap Equities, Inc. |
By: | /s/ Steven D. Cordes |
By: | /s/ Stephen B. Waters |
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Exhibit | ||||
Number | Description | |||
3 | Certificates of Limited Partnership, as amended to date. (Incorporated by reference to the Annual Report onForm 10-K for the fiscal year ended December 31, 1991 (“1991 Annual Report”)). | |||
3 | .1 | Certificate of Limited Partnership of Registrant, dated March 19, 2008 (incorporated herein by reference to Exhibit 3.1 to the Registrant’s Current Report onForm 8-K, dated April 30, 2008). | ||
3 | .2 | Amendment to Certificate of Limited Partnership of Registrant, dated April 30, 2008 (incorporated herein by reference to Exhibit 3.2 to the Registrant’s Current Report onForm 8-K, dated April 30, 2008). | ||
3 | .3 | Limited Partnership Agreement of Registrant, dated April 28, 1981 (incorporated herein by reference to Appendix A to the Prospectus included in the Registrant’s Registration Statement onForm S-11 (Reg.No. 2-72384)). | ||
3 | .4 | First Amendment to the Limited Partnership Agreement of Registrant, dated July 11, 1985 (incorporated herein by reference to the Registrant’s Statement onForm 8-A dated May 1, 2008). | ||
3 | .5 | Second Amendment to the Limited Partnership Agreement of Registrant, dated October 23, 1990 (incorporated herein by reference to the Registrant’s Statement onForm 8-A dated May 1, 2008). | ||
3 | .6 | Third Amendment to the Limited Partnership Agreement of Registrant, dated October 17, 2000 (incorporated herein by reference to Exhibit 10.23 to the Registrant’s Annual Report onForm 10-K for the fiscal year ended December 31, 2001). | ||
3 | .7 | Fourth Amendment to the Limited Partnership Agreement of Registrant, dated May 25, 2001 (incorporated herein by reference to Exhibit 10.24 to the Registrant’s Annual Report onForm 10-K for the fiscal year ended December 31, 2001). | ||
3 | .8 | Fifth Amendment to the Limited Partnership Agreement of Registrant, dated March 19, 2008 (incorporated herein by reference to Exhibit 3.3 to the Registrant’s Current Report onForm 8-K, dated April 30, 2008). | ||
3 | .9 | Sixth Amendment to the Limited Partnership Agreement of Registrant, dated April 30, 2008 (incorporated herein by reference to Exhibit 3.4 to the Registrant’s Current Report onForm 8-K, dated April 30, 2008). | ||
3 | .10 | Seventh Amendment to the Limited Partnership Agreement of Registrant, dated May 8, 2008 (incorporated herein by reference to Registrant’s Quarterly Report onForm 10-Q for the quarter ended June 30, 2010). | ||
3 | .11 | Eighth Amendment to the Limited Partnership Agreement of Registrant, dated December 31, 2009 (Incorporated herein by reference to Exhibit 3.10 to the Registrant’s Current Report onForm 8-K, dated December 31, 2009). | ||
3 | .12 | Ninth Amendment to the Limited Partnership Agreement of Registrant, dated December 31, 2009 (Incorporated herein by reference to Exhibit 3.11 to the Registrant’s Current Report onForm 8-K, dated December 31, 2009). | ||
10 | .1 | Agreement and Plan of Merger, dated September 13, 2010, by and among Consolidated Capital Institutional Properties, LP, Aimco Properties, L.P. and Aimco CCIP Merger Sub LLC. (Incorporated by reference to the Partnership’s Current Report onForm 8-K dated September 13, 2010.) | ||
10 | .28 | Form of Amended Order Setting Foreclosure Sale Date pursuant to amending the foreclosure date filed on September 25, 2003. (Incorporated herein by reference to the Registrant’s Quarterly Report onForm 10-Q for the quarterly period ended September 30, 2003.) | ||
10 | .30 | Form of Certificate of Sale as to Property “2” pursuant to sale of Regency Oaks Apartments to CCIP Regency Oaks, L.L.C. filed October 28, 2003. (Incorporated herein by reference to the Registrant’s Quarterly Report onForm 10-Q for the quarterly period ended September 30, 2003.) | ||
10 | .32 | Form of Certificate of Sale as to Property “4” pursuant to sale of Plantation Gardens Apartments to CCIP Plantation Gardens, L.L.C. filed October 28, 2003. (Incorporated herein by reference to the Registrant’s Quarterly Report onForm 10-Q for the quarterly period ended September 30, 2003.) |
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Exhibit | ||||
Number | Description | |||
10 | .53 | Amended and Restated Multifamily Note, dated September 28, 2007 between CCIP Plantation Gardens, L.L.C., a Delaware limited liability company, and Capmark Bank, a Utah industrial bank. Filed on Current Report onForm 8-K dated September 28, 2007 and incorporated herein by reference. | ||
10 | .54 | Amended and Restated Multifamily Mortgage, Assignment of Rents and Security Agreement, dated September 28, 2007 between CCIP Plantation Gardens, L.L.C., a Delaware limited liability company, and Capmark Bank, a Utah industrial bank. Filed on Current Report onForm 8-K dated September 28, 2007 and incorporated herein by reference. | ||
10 | .55 | Amended and Restated Multifamily Note, dated September 28, 2007 between CCIP Regency Oaks, L.L.C., a Delaware limited liability company, and Capmark Bank, a Utah industrial bank. Filed on Current Report onForm 8-K dated September 28, 2007 and incorporated herein by reference. | ||
10 | .56 | Amended and Restated Multifamily Mortgage, Assignment of Rents and Security Agreement, dated September 28, 2007 between CCIP Regency Oaks, L.L.C., a Delaware limited liability company, and Capmark Bank, a Utah industrial bank. Filed on Current Report onForm 8-K dated September 28, 2007 and incorporated herein by reference. | ||
10 | .57 | Multifamily Note, dated November 30, 2007 between CCIP Sterling, L.P., a Pennsylvania limited partnership, and Wachovia Multifamily Capital, Inc., a Delaware corporation. Filed on Current Report onForm 8-K dated November 30, 2007 and incorporated herein by reference. | ||
10 | .58 | Multifamily Mortgage, Assignment of Rents and Security Agreement, dated November 30, 2007 between CCIP Sterling, L.P., a Pennsylvania limited partnership, and Wachovia Multifamily Capital, Inc., a Delaware corporation. Filed on Current Report onForm 8-K dated November 30, 2007 and incorporated herein by reference. | ||
10 | .74 | Purchase and Sale Contract between CCIP Society Park East, L.L.C., a Delaware limited liability company, and CD Group, LLC, a Florida limited liability company, dated April 21, 2009. Incorporated by reference to the Partnership’s Current Report onForm 8-K dated April 21, 2009. | ||
10 | .75 | Purchase and Sale Contract between CCIP Knolls, L.L.C., a Delaware limited liability company, and Hamilton Zanze & Company, a California corporation, dated May 12, 2009. Incorporated by reference to the Partnership’s Current Report onForm 8-K dated May 12, 2009. | ||
10 | .76 | Reinstatement of and Amendment to Purchase and Sale Contract between CCIP Society Park East, L.L.C., a Delaware limited liability company, and CD Group, LLC, a Florida limited liability company, dated June 1, 2009. Incorporated by reference to the Partnership’s Current Report onForm 8-K dated June 1, 2009. | ||
10 | .77 | First Amendment to Purchase and Sale Contract between CCIP Knolls, L.L.C., a Delaware limited liability company, and Hamilton Zanze & Company, a California corporation, dated June 4, 2009. Incorporated by reference to the Partnership’s Current Report onForm 8-K dated June 4, 2009. | ||
10 | .78 | Reinstatement and Second Amendment to Purchase and Sale Contract between CCIP Knolls, L.L.C., a Delaware limited liability company, and Hamilton Zanze & Company, a California corporation, dated July 1, 2009. Incorporated by reference to the Partnership’s Current Report onForm 8-K dated June 26, 2009. | ||
10 | .79 | Third Amendment to Purchase and Sale Contract between CCIP Knolls, L.L.C., a Delaware limited liability company, and Hamilton Zanze & Company, a California corporation, dated July 10, 2009. Incorporated by reference to the Partnership’s Current Report onForm 8-K dated July 10, 2009. | ||
10 | .80 | Fourth Amendment to Purchase and Sale Contract between CCIP Knolls, L.L.C., a Delaware limited liability company, and Hamilton Zanze & Company, a California corporation, dated July 20, 2009. Incorporated by reference to the Partnership’s Current Report onForm 8-K dated July 20, 2009. | ||
10 | .81 | Fifth Amendment to Purchase and Sale Contract between CCIP Knolls, L.L.C., a Delaware limited liability company, and Hamilton Zanze & Company, a California corporation, dated July 23, 2009. Incorporated by reference to the Partnership’s Current Report onForm 8-K dated July 23, 2009. | ||
10 | .82 | Agreement Regarding Grant Funds by and among OP Property Management, LLC, a Delaware limited liability company, and CCIP Sterling, L.P., a Pennsylvania limited partnership, dated May 17, 2010. Incorporated by reference to the Partnership’s Current Report onForm 8-K dated May 17, 2009. |
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Exhibit | ||||
Number | Description | |||
31 | .1 | Certification of equivalent of Chief Executive Officer pursuant to Securities Exchange ActRules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
31 | .2 | Certification of equivalent of Chief Financial Officer pursuant to Securities Exchange ActRules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
32 | .1 | Certification of the equivalent of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
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Pursuant to 18 U.S.C. Section 1350,
As Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
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The Sterling Property | ||||||
Appraised Value | ||||||
(as of December | ||||||
Valuation Methodology | 31, 2009) | Material Assumptions | ||||
Income Capitalization Approach — Direct Capitalization Analysis | $92,200,000 | Residential/Apartment Component: | ||||
Office/Retail Component: | ||||||
• potential gross income of $2,117,628 for the appraised year; • a combined vacancy and collection loss allowance of 11.0%; • parking revenue of $217,044 for the appraised year; • projected expense recovery amount of $133,389; • other income of $1,000 for the appraised year; • total expenses of $1,171,401; • capitalization rate of 8.50%. | ||||||
Income Capitalization Approach — Discounted Cash Flow Analysis | $93,900,000 | Residential/Apartment Component: | ||||
• discounting to present value future cash flows commencing on January 1, 2010 for a ten-year holding period with the eleventh year net operating income used in developing the Sterling Property’s future reversionary value; • expenses grown by an average annual inflation rate of 3.0%; • projected revenue increases of 1.5% in year |
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The Sterling Property | ||||||
Appraised Value | ||||||
(as of December | ||||||
Valuation Methodology | 31, 2009) | Material Assumptions | ||||
one and 3.0% annually thereafter; | ||||||
• 535 rentable units throughout the projection period; | ||||||
• stabilized cash flow based on the income and expense assumptions described above; • sales expense equal to 2.0% of the reversion. Office/Retail Component: • discounting to present value future cash flows commencing on January 1, 2010 for a ten-year holding period with the eleventh year net operating income used in developing the Sterling Property’s future reversionary value; and • expenses grown by an average annual inflation rate of 3.0%; • projected revenue increases of 0.0% in year one and 3.0% annually thereafter; • net rentable area of 115,551 square feet throughout the projection period; • stabilized cash flow based on the income and expense assumptions described above; • sales expense equal to 2.0% of the reversion. | ||||||
Sales Comparison Approach | $ | 93,900,000 | Residential/Apartment Component: • CRA examined and analyzed the sales of two low-rise garden style apartments within the Philadelphia area and the sale of three mid- and high-rise apartment buildings in the New York City and Washington D.C. markets as part of its analysis of regional apartment sales. |
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The Sterling Property | ||||||
Appraised Value | ||||||
(as of December | ||||||
Valuation Methodology | 31, 2009) | Material Assumptions | ||||
$164,963 to $173,573 per unit. When tempered against the indicators exhibited by the remaining sales, a value indication in the range of approximately $150,000 to $160,000 per unit was indicated. Office/Retail Component: | ||||||
Income Capitalization Approach — Direct Capitalization Analysis | $ | 24,700,000 | • potential gross income from apartment unit rentals of $327,150 per month or $3,925,800 for the appraised year; • no allowance attributable to loss to lease, |
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The Plantation Gardens Property | ||||||
Appraised Value | ||||||
(as of March | ||||||
Valuation Methodology | 31, 2010) | Material Assumptions | ||||
based on current rents in place; | ||||||
Sales Comparison Approach | $ | 24,500,000 | • CRA examined and analyzed comparable sales of four properties in the influencing market. • The sales reflected per unit unadjusted sales prices ranging from $71,923 to $103,092. After adjustment, the comparable sales illustrated a range from $61,942 to $81,965 per unit with mean and median adjusted sale prices of $70,201 and $68,448 per unit, respectively. • CRA estimated a value of $70,000 per unit. • Applied to the Plantation Gardens Property’s 372 units, this resulted in CRA’s total value estimate for the Plantation Gardens Property of approximately $24,500,000 (as of March 2010). | |||
The Regency Oaks Property | ||||||
Appraised Value | ||||||
Valuation Methodology | (as of April 26, 2010) | Material Assumptions | ||||
Income Capitalization Approach — Direct Capitalization Analysis | $ | 11,700,000 | • potential gross income from apartment unit rentals of $211,100 per month or $2,533,200 for the appraised year; • no allowance attributable to loss to lease, based on current rents in place; • concession allowance of 1% of the gross rent potential; • a combined vacancy and collection loss factor of 8.0%; • estimated utility income of $214,375, or $625 per unit; • estimated other income of $650 per unit; • total estimated expenses of $1,776,766; • capitalization rate of 8.25%. | |||
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The Regency Oaks Property | ||||||
Appraised Value | ||||||
Valuation Methodology | (as of April 26, 2010) | Material Assumptions | ||||
Sales Comparison Approach | • CRA examined and analyzed comparable sales of five properties in the influencing market. • The sales reflected unadjusted sales prices ranging from $27,143 to $50,615 per unit. After adjustment, the comparable sales illustrated a value range of $32,572 to $41,582 per unit, with mean and median adjusted sale prices of $35,894 and $33,646 per unit, respectively. • None of the comparable sales required a significant degree of overall adjustment, and so equal emphasis was accorded to each in the final determination of value via sales comparison. • CRA estimated a value of $35,000 per unit. • Applied to the Regency Oaks Property’s 343 units, this resulted in CRA’s total value estimate for the Regency Oaks Property of approximately $12,000,000. |
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(Mark One) | ||
þ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the fiscal year ended December 31, 2009 | ||
OR | ||
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the transition period from to |
Delaware (State or other jurisdiction of incorporation or organization) 4582 South Ulster Street Parkway, Suite 1100 Denver, Colorado (Address of principal executive offices) | 84-1275621 (I.R.S. Employer Identification No.) 80237 (Zip Code) |
Title of Each Class | Name of Each Exchange on Which Registered | |
Not applicable | Not applicable |
Large accelerated filer o | Accelerated filer þ | Non-accelerated filer o (Do not check if a smaller reporting company) | Smaller reporting company o |
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For the Fiscal Year Ended December 31, 2009
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Item 1. | Business |
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Total Portfolio | ||||||||
Properties | Units | |||||||
Consolidated properties | 426 | 95,202 | ||||||
Unconsolidated properties | 77 | 8,478 | ||||||
Property management | 22 | 2,095 | ||||||
Asset management | 345 | 29,879 | ||||||
Total | 870 | 135,654 | ||||||
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• | property operations — using scale and technology to increase the effectiveness and efficiency of attracting and retaining apartment residents; |
• | portfolio management — allocating capital among geographic markets and apartment property types, primarily Class B and B+ quality apartments that are well located within the 20 largest U.S. markets, through sales, redevelopmentand/or acquisitions; |
• | managing our cost and risk of capital by using leverage that is largely long-term, laddered in maturity, non-recourse and property specific; and |
• | reducing our general and administrative and certain other costs through outsourcing and standardization. |
• | Customer Service. Our operating culture is focused on our residents. Our goal is to provide our residents with consistent service in clean, safe and attractive communities. We evaluate our performance through a customer satisfaction tracking system. In addition, we emphasize the quality of ouron-site employees |
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through recruiting, training and retention programs, which we believe contributes to improved customer service and leads to increased occupancy rates and enhanced operational performance. |
• | Resident Selection and Retention. In apartment properties, neighbors are a meaningful part of the product, together with the location of the property and the physical quality of the apartment units. Part of our property operations strategy is to focus on resident acquisition and retention — attracting and retaining credit-worthy residents who are good neighbors. We have structured goals and coaching for all of our sales personnel, a tracking system for inquiries and a standardized renewal communication program. We have standardized residential financial stability requirements and have policies and monitoring practices to maintain our resident quality. |
• | Revenue Management. For our conventional properties, we have a centralized revenue management system that leverages people, processes and technology to work in partnership with our area operational management teams to develop rental rate pricing. We seek to increase revenue by optimizing the balance between rental and occupancy rates. We are also focused on the automation ofon-site operations, as we believe that timely and accurate collection of property performance and resident profile data will enable us to maximize revenue through better property management and leasing decisions. We have standardized policies for new and renewal pricing with timely data and analyses by floor-plan, thereby enabling us to maximize our ability to modify pricing, even in challengingsub-markets. |
• | Controlling Expenses. Cost controls are accomplished by local focus at the area level and by taking advantage of economies of scale at the corporate level. As a result of the size of our portfolio and our area concentrations of properties, we have the ability to spread over a large property base the fixed costs for general and administrative expenditures and certain operating functions, such as purchasing, insurance and information technology. |
• | Ancillary Services. We believe that our ownership and management of properties provide us with unique access to a customer base that allows us to provide additional services and thereby increase occupancy and rents, while also generating incremental revenue. We currently provide cable television, telephone services, appliance rental, and carport, garage and storage space rental at certain properties. |
• | Maintaining and Improving Property Quality. We believe that the physical condition and amenities of our apartment properties are important factors in our ability to maintain and increase rental rates. In 2009, we spent $70.3 million (our share), or $723 per owned apartment unit, for Capital Replacements, which represent the share of additions that are deemed to replace the consumed portion of acquired capital assets. Additionally, we spent $53.4 million (our share), or $549 per owned apartment unit, for Capital Improvements, which are non-redevelopment capital additions that are made to enhance the value, profitability or useful life of an asset from its original purchase condition. |
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Item 1A. | Risk Factors |
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• | the general economic climate; |
• | an inflationary environment in which the costs to operate and maintain our properties increase at a rate greater than our ability to increase rents only upon renewal of existing leases or at the inception of new leases; |
• | competition from other apartment communities and other housing options; |
• | local conditions, such as loss of jobs, unemployment rates or an increase in the supply of apartments, that might adversely affect apartment occupancy or rental rates; |
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• | changes in governmental regulations and the related cost of compliance; |
• | increases in operating costs (including real estate taxes) due to inflation and other factors, which may not be offset by increased rents; |
• | changes in tax laws and housing laws, including the enactment of rent control laws or other laws regulating multifamily housing; and |
• | changes in interest rates and the availability of financing. |
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• | we may be unable to obtain, or experience delays in obtaining, necessary zoning, occupancy, or other required governmental or third party permits and authorizations, which could result in increased costs or the delay or abandonment of opportunities; |
• | we may incur costs that exceed our original estimates due to increased material, labor or other costs such as litigation; |
• | we may be unable to complete construction and lease up of a property on schedule, resulting in increased construction and financing costs and a decrease in expected rental revenues; |
• | occupancy rates and rents at a property may fail to meet our expectations for a number of reasons, including changes in market and economic conditions beyond our control and the development by competitors of competing communities; |
• | we may be unable to obtain financing with favorable terms, or at all, for the proposed development of a property, which may cause us to delay or abandon an opportunity; |
• | we may abandon opportunities that we have already begun to explore for a number of reasons, including changes in local market conditions or increases in construction or financing costs, and, as a result, we may fail to recover expenses already incurred in exploring those opportunities; |
• | we may incur liabilities to third parties during the redevelopment process, for example, in connection with resident lease terminations, or managing existing improvements on the site prior to resident lease terminations; and |
• | loss of a key member of a project team could adversely affect our ability to deliver redevelopment projects on time and within our budget. |
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• | have at least three directors who are not officers or employees of the entity or related to an acquiring person; and |
• | has a class of equity securities registered under the Securities Exchange Act of 1934, as amended, |
• | the corporation will have a staggered board of directors; |
• | any director may be removed only for cause and by the vote of two-thirds of the votes entitled to be cast in the election of directors generally, even if a lesser proportion is provided in the charter or bylaws; |
• | the number of directors may only be set by the board of directors, even if the procedure is contrary to the charter or bylaws; |
• | vacancies may only be filled by the remaining directors, even if the procedure is contrary to the charter or bylaws; and |
• | the secretary of the corporation may call a special meeting of stockholders at the request of stockholders only on the written request of the stockholders entitled to cast at least a majority of all the votes entitled to be cast at the meeting, even if the procedure is contrary to the charter or bylaws. |
Item 1B. | Unresolved Staff Comments |
Item 2. | Properties |
2009 | 2008 | |||||||||||||||
Number of | Number | Number of | Number | |||||||||||||
Properties | of Units | Properties | of Units | |||||||||||||
Conventional: | ||||||||||||||||
Pacific | 37 | 10,274 | 38 | 10,504 | ||||||||||||
Northeast | 62 | 18,270 | 67 | 21,221 | ||||||||||||
Sunbelt | 77 | 23,546 | 106 | 31,481 | ||||||||||||
Chicago | 15 | 4,633 | 19 | 5,555 | ||||||||||||
Total target markets | 191 | 56,723 | 230 | 68,761 | ||||||||||||
Opportunistic and other markets | 52 | 17,307 | 81 | 25,735 | ||||||||||||
Total conventional owned and managed | 243 | 74,030 | 311 | 94,496 | ||||||||||||
Affordable owned and managed | 260 | 29,650 | 288 | 32,836 | ||||||||||||
Property management | 22 | 2,095 | 34 | 3,252 | ||||||||||||
Asset management | 345 | 29,879 | 359 | 32,223 | ||||||||||||
Total | 870 | 135,654 | 992 | 162,807 | ||||||||||||
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Item 3. | Legal Proceedings |
Item 4. | Submission of Matters to a Vote of Security Holders |
Item 5. | Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |
Quarter Ended | 2009 | 2008 | ||||||
December 31 | $ | 0.20 | $ | 3.88 | (1) | |||
September 30 | 0.10 | 3.00 | (1) | |||||
June 30 | 0.10 | 0.60 | ||||||
March 31 | 0.00 | 0.00 |
(1) | During 2008, we declared special distributions which were paid part in cash and part in common OP Units issued to Aimco as further discussed in Note 11 to the consolidated financial statements in Item 8. These special distributions were in connection with special dividends declared by Aimco’s board of directors to address taxable gains from 2008 property sales. |
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Total Number of | Maximum Number | |||||||||||||||
Units Purchased | of Units that | |||||||||||||||
as Part of | May Yet Be | |||||||||||||||
Total Number | Average | Publicly | Purchased Under | |||||||||||||
of Units | Price Paid | Announced Plans | Plans or Programs | |||||||||||||
Fiscal Period | Purchased | per Unit | or Programs(1) | (2) | ||||||||||||
October 1 — October 31, 2009 | 25,026 | $ | 14.33 | N/A | N/A | |||||||||||
November 1 — November 30, 2009 | 752 | 14.34 | N/A | N/A | ||||||||||||
December 1 — December 31, 2009 | 31,224 | 13.86 | N/A | N/A | ||||||||||||
Total | 57,002 | $ | 14.07 | |||||||||||||
(1) | The terms of our Partnership Agreement do not provide for a maximum number of units that may be repurchased, and other than the express terms of our Partnership Agreement, we have no publicly announced plans or programs of repurchase. However, whenever Aimco repurchases its Class A Common Stock, it is expected that Aimco will fund the repurchase with a concurrent repurchase by us of common OP Units held by Aimco at a price per unit that is equal to the price per share paid for the Class A Common Stock. |
(2) | Aimco’s board of directors has, from time to time, authorized Aimco to repurchase shares of Class A Common Stock. There were no repurchases of Aimco’s equity securities during the year ended December 31, 2009. As of December 31, 2009, Aimco was authorized to repurchase approximately 19.3 million additional shares. This authorization has no expiration date. These repurchases may be made from time to time in the open market or in privately negotiated transactions. |
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Item 6. | Selected Financial Data |
For the Years Ended December 31, | ||||||||||||||||||||
2009 | 2008(1)(2) | 2007(2) | 2006(2) | 2005(2) | ||||||||||||||||
(Dollar amounts in thousands, except per unit data) | ||||||||||||||||||||
OPERATING DATA: | ||||||||||||||||||||
Total revenues | $ | 1,195,763 | $ | 1,243,170 | $ | 1,174,457 | $ | 1,084,552 | $ | 894,060 | ||||||||||
Total operating expenses(3) | (1,085,250 | ) | (1,185,071 | ) | (989,658 | ) | (909,784 | ) | (751,516 | ) | ||||||||||
Operating income(3) | 110,513 | 58,099 | 184,799 | 174,768 | 142,544 | |||||||||||||||
Loss from continuing operations(3) | (196,217 | ) | (117,092 | ) | (45,360 | ) | (39,965 | ) | (30,640 | ) | ||||||||||
Income from discontinued operations, net(4) | 152,237 | 744,880 | 171,615 | 329,947 | 160,450 | |||||||||||||||
Net (loss) income | (43,980 | ) | 627,788 | 126,255 | 289,982 | 129,810 | ||||||||||||||
Net income attributable to noncontrolling interests | (22,442 | ) | (155,749 | ) | (92,138 | ) | (92,917 | ) | (49,064 | ) | ||||||||||
Net income attributable to preferred unitholders | (56,854 | ) | (61,354 | ) | (73,144 | ) | (90,527 | ) | (98,946 | ) | ||||||||||
Net (loss) income attributable to the Partnership’s common unitholders | (123,276 | ) | 403,700 | (43,508 | ) | 104,592 | (22,458 | ) | ||||||||||||
Earnings (loss) per common unit — basic and diluted(5): | ||||||||||||||||||||
Loss from continuing operations attributable to the Partnership’s common unitholders | $ | (1.75 | ) | $ | (1.95 | ) | $ | (1.40 | ) | $ | (1.48 | ) | $ | (1.33 | ) | |||||
Net (loss) income attributable to the Partnership’s common unitholders | $ | (1.00 | ) | $ | 4.11 | $ | (0.42 | ) | $ | 0.99 | $ | (0.21 | ) | |||||||
BALANCE SHEET INFORMATION: | ||||||||||||||||||||
Real estate, net of accumulated depreciation | $ | 6,962,866 | $ | 7,126,142 | $ | 6,902,079 | $ | 6,437,359 | $ | 5,708,824 | ||||||||||
Total assets | 7,922,139 | 9,456,721 | 10,631,746 | 10,305,903 | 10,031,761 | |||||||||||||||
Total indebtedness | 5,690,310 | 6,069,804 | 5,683,884 | 4,969,185 | 4,283,278 | |||||||||||||||
Total partners’ capital | 1,550,374 | 1,661,600 | 2,152,326 | 2,753,617 | 3,164,111 | |||||||||||||||
OTHER INFORMATION: | ||||||||||||||||||||
Distributions declared per common unit | $ | 0.40 | $ | 7.48 | $ | 4.31 | $ | 2.40 | $ | 3.00 | ||||||||||
Total consolidated properties (end of period) | 426 | 514 | 657 | 703 | 619 | |||||||||||||||
Total consolidated apartment units (end of period) | 95,202 | 117,719 | 153,758 | 162,432 | 158,548 | |||||||||||||||
Total unconsolidated properties (end of period) | 77 | 85 | 94 | 102 | 264 | |||||||||||||||
Total unconsolidated apartment units (end of period) | 8,478 | 9,613 | 10,878 | 11,791 | 35,269 | |||||||||||||||
Units managed (end of period)(6) | 31,974 | 35,475 | 38,404 | 42,190 | 46,667 |
(1) | The consolidated statement of income for the year ended December 31, 2008, has been restated to reclassify impairment losses on real estate development assets within operating income. The reclassification reduced |
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operating income by $91.1 million for the year ended December 31, 2008, and had no effect on the reported amounts of loss from continuing operations, net income, net income available to the Partnership’s common unitholders or earnings per unit. Additionally, the reclassification had no effect on the consolidated balance sheets, statements of partners’ capital or statements of cash flows. See Note 2 to the consolidated financial statements in Item 8. |
(2) | Certain reclassifications have been made to conform to the current financial statement presentation, including retroactive adjustments related to our January 1, 2009 adoption of the provisions of Financial Accounting Standards Board, or FASB, Statement of Financial Accounting Standards No. 141(R), or SFAS 141(R), FASB Statement of Financial Accounting Standards No. 160, or SFAS 160, and FASB Staff Position No. EITF03-6-1, or FSP EITF03-6-1 (see Note 2 to the consolidated financial statements in Item 8) and to reflect additional properties sold during 2009 or classified as held for sale as of December 31, 2009, as discontinued operations (see Note 13 to the consolidated financial statements in Item 8). |
(3) | Total operating expenses, operating income and loss from continuing operations for the year ended December 31, 2008, include a $91.1 million pre-tax provision for impairment losses on real estate development assets, which is discussed further inManagement’s Discussion and Analysis of Financial Condition and Results of Operationsin Item 7. |
(4) | Income from discontinued operations for the years ended December 31, 2009, 2008, 2007, 2006 and 2005 includes $221.8 million, $800.3 million, $117.6 million, $337.3 million and $162.7 million in gains on disposition of real estate, respectively. Income from discontinued operations for 2009, 2008 and 2007 is discussed further inManagement’s Discussion and Analysis of Financial Condition and Results of Operationsin Item 7. |
(5) | Weighted average common units, common OP unit equivalents, dilutive preferred securities and earnings per unit amounts for each of the periods presented above have been adjusted for our application during the fourth quarter 2009 of a change in accounting, which requires the units issued in our special distributions paid in 2008 and January 2009 to be treated as issued and outstanding on the distribution payment dates for basic purposes and as potential unit equivalents for the periods between the ex-dividend dates and payment dates for diluted purposes, rather than treating the units as issued and outstanding as of the beginning of the earliest period presented for both basic and diluted purposes. See Note 2 to the consolidated financial statements in Item 8 for further discussion of this accounting change. |
(6) | Units managed represents units in properties for which we provide asset management services only, although in certain cases we may indirectly own generally less than one percent of the economic interest in such properties through a partnership syndication or other fund. |
Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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• | a decrease in income from discontinued operations, primarily related to our sale of fewer assets in 2009 and the recognition of gains on sales as compared to 2008; |
• | a decrease in gain on dispositions of unconsolidated real estate and other, primarily due to a large gain on the sale of an interest in an unconsolidated real estate partnership in 2008; |
• | an increase in depreciation and amortization expense, primarily related to completed redevelopments and capital additions placed in service for partial periods during 2008 and 2009; and |
• | a decrease in asset management and tax credit revenues, primarily due to a reduction in promote income, which is income earned in connection with the disposition of properties owned by our consolidated joint ventures. |
• | a decrease in earnings allocable to noncontrolling interests, primarily due to a decrease in the noncontrolling interests’ share of the decrease in gains on sales discussed above; |
• | a decrease in general and administrative expenses, primarily related to reductions in personnel and related expenses from our organizational restructuring activities during 2008 and 2009; and |
• | impairment losses on real estate development assets in 2008, for which no similar impairments were recognized in 2009. |
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• | an increase in income from discontinued operations, primarily related to an increase in the number of assets sold during 2008 and our recognition of higher gains on sales as compared to 2007; |
• | an increase in gain on dispositions of unconsolidated real estate and other, primarily due to a large gain on the sale of an interest in an unconsolidated real estate partnership in 2008; |
• | an increase in net operating income associated with property operations, reflecting improved operations of our same store properties and other properties; and |
• | an increase in asset management and tax credit revenues, primarily due to an increase in promote income, which is income earned in connection with the disposition of properties owned by our consolidated joint ventures. |
• | impairment losses on real estate development assets in 2008, for which no similar impairments were recognized in 2007; |
• | an increase in earnings allocable to noncontrolling interests, primarily due to an increase in the noncontrolling interests’ share of the increase in gains on sales discussed above; |
• | an increase in depreciation and amortization expense, primarily related to completed redevelopments placed in service for partial periods during 2007 or 2008; |
• | restructuring costs recognized during the fourth quarter of 2008; and |
• | an increase in provisions for losses on notes receivable, primarily due to the impairment during 2008 of our interest in Casden Properties LLC. |
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Year Ended December 31, | ||||||||||||
2009 | 2008 | 2007 | ||||||||||
Real estate segment revenues: | ||||||||||||
Rental and other property revenues | $ | 1,140,828 | $ | 1,137,995 | $ | 1,093,779 | ||||||
Property management revenues, primarily from affiliates | 5,082 | 6,345 | 6,923 | |||||||||
1,145,910 | 1,144,340 | 1,100,702 | ||||||||||
Real estate segment expenses: | ||||||||||||
Property operating expenses | 521,161 | 526,238 | 503,890 | |||||||||
Property management expenses | 2,869 | 5,385 | 6,678 | |||||||||
524,030 | 531,623 | 510,568 | ||||||||||
Real estate segment net operating income | $ | 621,880 | $ | 612,717 | $ | 590,134 | ||||||
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Year Ended December 31, | ||||||||||||
2009 | 2008 | 2007 | ||||||||||
Asset management and tax credit revenues | $ | 52,193 | $ | 101,225 | $ | 73,755 | ||||||
Investment management expenses | 15,779 | 24,784 | 20,507 | |||||||||
Investment segment net operating income | $ | 36,414 | $ | 76,441 | $ | 53,248 | ||||||
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• | the general economic climate; |
• | competition from other apartment communities and other housing options; |
• | local conditions, such as loss of jobs or an increase in the supply of apartments, that might adversely affect apartment occupancy or rental rates; |
• | changes in governmental regulations and the related cost of compliance; |
• | increases in operating costs (including real estate taxes) due to inflation and other factors, which may not be offset by increased rents; |
• | changes in tax laws and housing laws, including the enactment of rent control laws or other laws regulating multifamily housing; and |
• | changes in interest rates and the availability of financing. |
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2009 | 2008 | 2007 | ||||||||||
Net (loss) income attributable to the Partnership’s common unitholders(1) | $ | (123,276 | ) | $ | 403,700 | $ | (43,508 | ) | ||||
Adjustments: | ||||||||||||
Depreciation and amortization | 444,413 | 392,999 | 347,491 | |||||||||
Depreciation and amortization related to non-real estate assets | (16,667 | ) | (17,372 | ) | (20,159 | ) | ||||||
Depreciation of rental property related to noncontrolling partners and unconsolidated entities(2) | (40,852 | ) | (29,872 | ) | (15,888 | ) | ||||||
Gain on dispositions of unconsolidated real estate and other | (22,494 | ) | (99,864 | ) | (24,470 | ) | ||||||
Income tax expense (benefit) arising from disposition of unconsolidated real estate and other | 1,582 | (433 | ) | (17 | ) | |||||||
Add back portion of gain on dispositions of unconsolidated real estate and other that relates to non-depreciable assets and debt extinguishment gain | 7,783 | 1,669 | 17,956 | |||||||||
Deficit distributions to noncontrolling partners(3) | — | 26,211 | 29,210 | |||||||||
Discontinued operations: | ||||||||||||
Gain on dispositions of real estate, net of noncontrolling partners’ interest(2) | (164,281 | ) | (617,906 | ) | (63,923 | ) | ||||||
Depreciation of rental property, net of noncontrolling partners’ interest(2) | 45,836 | 109,043 | 114,586 | |||||||||
(Recovery of deficit distributions) deficit distributions to noncontrolling partners, net(3) | — | (30,354 | ) | 9,550 | ||||||||
Income tax expense arising from disposals | 5,788 | 43,146 | 2,135 | |||||||||
Preferred OP Unit distributions | 58,503 | 62,836 | 70,509 | |||||||||
Preferred OP Unit redemption related (gains) costs | (1,649 | ) | (1,482 | ) | 2,635 | |||||||
Amounts allocable to participating securities(4) | — | 6,985 | 4,481 | |||||||||
FFO | $ | 194,686 | $ | 249,306 | $ | 430,588 | ||||||
Preferred OP Unit distributions | (58,503 | ) | (62,836 | ) | (70,509 | ) | ||||||
Preferred OP Unit redemption related gains (costs) | 1,649 | 1,482 | (2,635 | ) | ||||||||
Amounts allocable to participating securities(4) | (792 | ) | (6,985 | ) | (4,481 | ) | ||||||
Distributions on dilutive preferred securities | — | 4,292 | 1,442 | |||||||||
FFO attributable to the Partnership’s common unitholders — diluted | $ | 137,040 | $ | 185,259 | $ | 354,405 | ||||||
Weighted average number of common units, common unit equivalents and dilutive preferred securities outstanding(5): | ||||||||||||
Common units and equivalents(6)(7) | 124,442 | 99,386 | 106,802 | |||||||||
Dilutive preferred securities | — | 1,490 | 457 | |||||||||
Total | 124,442 | 100,876 | 107,259 | |||||||||
(1) | Represents the numerator for calculating basic earnings per common unit in accordance with GAAP (see Note 14 to the consolidated financial statements in Item 8). |
(2) | “Noncontrolling partners” refers to noncontrolling partners in our consolidated real estate partnerships. |
(3) | Prior to adoption of SFAS 160 (see Note 2 to the consolidated financial statements in Item 8), we recognized deficit distributions to noncontrolling partners as charges in our income statement when cash was distributed to a noncontrolling partner in a consolidated partnership in excess of the positive balance in such partner’s |
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noncontrolling interest balance. We recorded these charges for GAAP purposes even though there was no economic effect or cost. Deficit distributions to noncontrolling partners occurred when the fair value of the underlying real estate exceeded its depreciated net book value because the underlying real estate had appreciated or maintained its value. As a result, the recognition of expense for deficit distributions to noncontrolling partners represented, in substance, either (a) our recognition of depreciation previously allocated to the noncontrolling partner or (b) a payment related to the noncontrolling partner’s share of real estate appreciation. Based on White Paper guidance that requires real estate depreciation and gains to be excluded from FFO, we added back deficit distributions and subtracted related recoveries in our reconciliation of net income to FFO. Subsequent to our adoption of SFAS 160, effective January 1, 2009, we may reduce the balance of noncontrolling interests below zero in such situations and we are no longer required to recognize such charges in our income statement. |
(4) | Amounts allocable to participating securities represent distributions declared and any amounts of undistributed earnings allocable to participating securities. See Note 2 and Note 14 to the consolidated financial statements in Item 8 for further information regarding participating securities. |
(5) | Weighted average common units, common unit equivalents, dilutive preferred securities for each of the periods presented above have been adjusted for our application during the fourth quarter 2009 of a change in GAAP, which requires the common OP units issued to Aimco in connection with our special distributions paid in 2008 and January 2009 to be treated as issued and outstanding on the distribution payment dates for basic purposes and as potential unit equivalents for the periods between the ex-dividend dates and the payment dates for diluted purposes, rather than treating the units as issued and outstanding as of the beginning of the earliest period presented for both basic and diluted purposes. The change in accounting treatment had no effect on diluted weighted average units outstanding for the year ended December 31, 2009. The change in accounting treatment reduced diluted weighted average units outstanding by 32.9 million and 46.7 million for the years ended December 31, 2008 and 2007, respectively. |
(6) | Represents the denominator for earnings per common unit — diluted, calculated in accordance with GAAP, plus common OP unit equivalents that are dilutive for FFO. |
(7) | During the years ended December 31, 2009, 2008 and 2007, we had 6,534,140, 7,191,199, and 7,367,400 common OP Units outstanding and 2,344,719, 2,367,629 and 2,379,084 High Performance Units outstanding. |
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Per | ||||||||
Our Share of | Effective | |||||||
Additions | Unit | |||||||
Capital Replacements Detail: | ||||||||
Building and grounds | $ | 32,876 | $ | 338 | ||||
Turnover related | 30,298 | 312 | ||||||
Capitalized site payroll and indirect costs | 7,076 | 73 | ||||||
Our share of Capital Replacements | $ | 70,250 | $ | 723 | ||||
Capital Replacements: | ||||||||
Conventional | $ | 64,675 | $ | 797 | ||||
Affordable | 5,575 | $ | 347 | |||||
Our share of Capital Replacements | 70,250 | $ | 723 | |||||
Capital Improvements: | ||||||||
Conventional | 47,634 | $ | 587 | |||||
Affordable | 5,755 | $ | 358 | |||||
Our share of Capital Improvements | 53,389 | $ | 549 | |||||
Casualties: | ||||||||
Conventional | 17,724 | |||||||
Affordable | 1,872 | |||||||
Our share of casualties | 19,596 | |||||||
Redevelopment: | ||||||||
Conventional projects | 66,768 | |||||||
Tax credit projects(1) | 46,066 | |||||||
Our share of redevelopment | 112,834 | |||||||
Our share of capital additions | 256,069 | |||||||
Plus noncontrolling partners’ share of consolidated additions | 20,062 | |||||||
Less our share of unconsolidated additions | (687 | ) | ||||||
Total capital additions | $ | 275,444 | ||||||
(1) | Redevelopment additions on tax credit projects are substantially funded from tax credit investor contributions. |
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Less Than | More Than | |||||||||||||||||||
Total | One Year | 1-3 Years | 3-5 Years | 5 Years | ||||||||||||||||
Scheduled long-term debt maturities(1) | $ | 5,600,310 | $ | 105,294 | $ | 660,733 | $ | 868,615 | $ | 3,965,668 | ||||||||||
Scheduled long-term debt maturities related to properties classified as held for sale(1) | 29,177 | 519 | 11,206 | 868 | 16,584 | |||||||||||||||
Term loan(1)(2) | 90,000 | — | 90,000 | — | — | |||||||||||||||
Redevelopment and other construction commitments | 4,795 | 4,795 | — | — | — | |||||||||||||||
Leases for space occupied(3) | 24,888 | 7,345 | 10,856 | 4,859 | 1,828 | |||||||||||||||
Other obligations(4) | 4,605 | 4,605 | — | — | — | |||||||||||||||
Total | $ | 5,753,775 | $ | 122,558 | $ | 772,795 | $ | 874,342 | $ | 3,984,080 | ||||||||||
(1) | Scheduled debt maturities presented above include amortization and the maturities in 2010 consist primarily of amortization. The scheduled maturities presented above exclude related interest amounts. Refer to Note 6 in the consolidated financial statements in Item 8 for a description of average interest rates associated with our debt. |
(2) | After payments of $45.0 million through February 26, 2010, the term loan had an outstanding balance of $45.0 million. |
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(3) | Inclusive of leased space that has been abandoned as part of our organizational restructuring in 2008 (seeRestructuring Costsin Note 3 to the consolidated financial statements in Item 8). |
(4) | Represents a commitment to fund $4.6 million in second mortgage loans on certain properties in West Harlem, New York City. |
Item 7A. | Quantitative and Qualitative Disclosures About Market Risk |
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Item 8. | Financial Statements and Supplementary Data |
Item 9. | Changes in and Disagreements With Accountants on Accounting and Financial Disclosure |
Item 9A. | Controls and Procedures |
• | pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Partnership; |
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• | provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Partnership are being made only in accordance with authorizations of the General Partner’s management and directors of the Partnership; and |
• | provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Partnership’s assets that could have a material effect on the financial statements. |
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Item 9B. | Other Information |
Item 10. | Directors, Executive Officers and Corporate Governance |
Item 11. | Executive Compensation |
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |
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Item 13. | Certain Relationships and Related Transactions, and Director Independence |
Item 14. | Principal Accountant Fees and Services |
Item 15. | Exhibits and Financial Statement Schedules |
(a)(1) | The financial statements listed in the Index to Financial Statements on Page F-1 of this report are filed as part of this report and incorporated herein by reference. | |
(a)(2) | The financial statement schedule listed in the Index to Financial Statements on Page F-1 of this report is filed as part of this report and incorporated herein by reference. | |
(a)(3) | The Exhibit Index is incorporated herein by reference. |
Exhibit | ||||
No. | Description | |||
10 | .1 | Fourth Amended and Restated Agreement of Limited Partnership of AIMCO Properties, L.P., dated as of July 29, 1994, as amended and restated as of February 28, 2007 (Exhibit 10.1 to Aimco’s Annual Report onForm 10-K for the year ended December 31, 2006, is incorporated herein by this reference) | ||
10 | .2 | First Amendment to Fourth Amended and Restated Agreement of Limited Partnership of AIMCO Properties, L.P., dated as of December 31, 2007 (Exhibit 10.1 to Aimco’s Current Report onForm 8-K, dated December 31, 2007, is incorporated herein by this reference) | ||
10 | .3 | Second Amendment to the Fourth Amended and Restated Agreement of Limited Partnership of AIMCO Properties, L.P., dated as of July 30, 2009 (Exhibit 10.1 to Aimco’s Quarterly Report onForm 10-Q for the quarterly period ended June 30, 2009, is incorporated herein by this reference) | ||
10 | .4 | Amended and Restated Secured Credit Agreement, dated as of November 2, 2004, by and among Aimco, AIMCO Properties, L.P., AIMCO/Bethesda Holdings, Inc., and NHP Management Company as the borrowers and Bank of America, N.A., Keybank National Association, and the Lenders listed therein (Exhibit 4.1 to Aimco’s Quarterly Report onForm 10-Q for the quarterly period ended September 30, 2004, is incorporated herein by this reference) | ||
10 | .5 | First Amendment to Amended and Restated Secured Credit Agreement, dated as of June 16, 2005, by and among Aimco, AIMCO Properties, L.P., AIMCO/Bethesda Holdings, Inc., and NHP Management Company as the borrowers and Bank of America, N.A., Keybank National Association, and the Lenders listed therein (Exhibit 10.1 to Aimco’s Current Report onForm 8-K, dated June 16, 2005, is incorporated herein by this reference) | ||
10 | .6 | Second Amendment to Amended and Restated Senior Secured Credit Agreement, dated as of March 22, 2006, by and among Aimco, AIMCO Properties, L.P., and AIMCO/Bethesda Holdings, Inc., as the borrowers, and Bank of America, N.A., Keybank National Association, and the lenders listed therein (Exhibit 10.1 to Aimco’s Current Report onForm 8-K, dated March 22, 2006, is incorporated herein by this reference) |
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Exhibit | ||||
No. | Description | |||
10 | .7 | Third Amendment to Senior Secured Credit Agreement, dated as of August 31, 2007, by and among Apartment Investment and Management Company, AIMCO Properties, L.P., and AIMCO/Bethesda Holdings, Inc., as the Borrowers, the pledgors and guarantors named therein, Bank of America, N.A., as administrative agent and Bank of America, N.A., Keybank National Association and the other lenders listed therein (Exhibit 10.1 to Aimco’s Current Report onForm 8-K, dated August 31, 2007, is incorporated herein by this reference) | ||
10 | .8 | Fourth Amendment to Senior Secured Credit Agreement, dated as of September 14, 2007, by and among Apartment Investment and Management Company, AIMCO Properties, L.P., and AIMCO/Bethesda Holdings, Inc., as the Borrowers, the pledgors and guarantors named therein, Bank of America, N.A., as administrative agent and Bank of America, N.A., Keybank National Association and the other lenders listed therein (Exhibit 10.1 to Aimco’s Current Report onForm 8-K, dated September 14, 2007, is incorporated herein by this reference) | ||
10 | .9 | Fifth Amendment to Senior Secured Credit Agreement, dated as of September 9, 2008, by and among Apartment Investment and Management Company, AIMCO Properties, L.P., and AIMCO/Bethesda Holdings, Inc., as the Borrowers, the pledgors and guarantors named therein, Bank of America, N.A., as administrative agent and Bank of America, N.A., Keybank National Association and the other lenders listed therein (Exhibit 10.1 to Aimco’s Current Report onForm 8-K, dated September 11, 2008, is incorporated herein by this reference) | ||
10 | .10 | Sixth Amendment to Senior Secured Credit Agreement, dated as of May 1, 2009, by and among Apartment Investment and Management Company, AIMCO Properties, L.P., and AIMCO/Bethesda Holdings, Inc., as the Borrowers, the pledgors and guarantors named therein, Bank of America, N.A., as administrative agent and Bank of America, N.A., Keybank National Association and the other lenders listed therein (Exhibit 10.1 to Aimco’s Quarterly Report onForm 10-Q for the quarterly period ended March 31, 2009, is incorporated herein by this reference) | ||
10 | .11 | Seventh Amendment to Senior Secured Credit Agreement, dated as of August 4, 2009, by and among Apartment Investment and Management Company, AIMCO Properties, L.P., and AIMCO/Bethesda Holdings, Inc., as the Borrowers, the pledgors and guarantors named therein and the lenders party thereto (Exhibit 10.1 to Aimco’s Current Report onForm 8-K, dated August 6, 2009, is incorporated herein by this reference) | ||
10 | .12 | Eighth Amendment to Senior Secured Credit Agreement, dated as of February 3, 2010, by and among Apartment Investment and Management Company, AIMCO Properties, L.P., and AIMCO/Bethesda Holdings, Inc., as the Borrowers, the pledgors and guarantors named therein and the lenders party thereto (Exhibit 10.1 to Aimco’s Current Report onForm 8-K, dated February 5, 2010, is incorporated herein by this reference) | ||
10 | .13 | Master Indemnification Agreement, dated December 3, 2001, by and among Apartment Investment and Management Company, AIMCO Properties, L.P., XYZ Holdings LLC, and the other parties signatory thereto (Exhibit 2.3 to Aimco’s Current Report onForm 8-K, dated December 6, 2001, is incorporated herein by this reference) | ||
10 | .14 | Tax Indemnification and Contest Agreement, dated December 3, 2001, by and among Apartment Investment and Management Company, National Partnership Investments, Corp., and XYZ Holdings LLC and the other parties signatory thereto (Exhibit 2.4 to Aimco’s Current Report onForm 8-K, dated December 6, 2001, is incorporated herein by this reference) | ||
10 | .15 | Limited Liability Company Agreement of AIMCO JV Portfolio #1, LLC dated as of December 30, 2003 by and among AIMCO BRE I, LLC, AIMCO BRE II, LLC and SRV-AJVP#1, LLC (Exhibit 10.54 to Aimco’s Annual Report onForm 10-K for the year ended December 31, 2003, is incorporated herein by this reference) | ||
10 | .16 | Employment Contract executed on December 29, 2008, by and between AIMCO Properties, L.P. and Terry Considine (Exhibit 10.1 to Aimco’s Current Report onForm 8-K, dated December 29, 2008, is incorporated herein by this reference)* | ||
10 | .17 | Apartment Investment and Management Company 1997 Stock Award and Incentive Plan (October 1999) (Exhibit 10.26 to Aimco’s Annual Report onForm 10-K for the year ended December 31, 1999, is incorporated herein by this reference)* |
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Exhibit | ||||
No. | Description | |||
10 | .18 | Form of Restricted Stock Agreement (1997 Stock Award and Incentive Plan) (Exhibit 10.11 to Aimco’s Quarterly Report onForm 10-Q for the quarterly period ended September 30, 1997, is incorporated herein by this reference)* | ||
10 | .19 | Form of Incentive Stock Option Agreement (1997 Stock Award and Incentive Plan) (Exhibit 10.42 to Aimco’s Annual Report onForm 10-K for the year ended December 31, 1998, is incorporated herein by this reference)* | ||
10 | .20 | 2007 Stock Award and Incentive Plan (incorporated by reference to Appendix A to Aimco’s Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on March 20, 2007)* | ||
10 | .21 | Form of Restricted Stock Agreement (Exhibit 10.2 to Aimco’s Current Report onForm 8-K, dated April 30, 2007, is incorporated herein by this reference)* | ||
10 | .22 | Form of Non-Qualified Stock Option Agreement (Exhibit 10.3 to Aimco’s Current Report onForm 8-K, dated April 30, 2007, is incorporated herein by this reference)* | ||
10 | .23 | 2007 Employee Stock Purchase Plan (incorporated by reference to Appendix B to Aimco’s Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on March 20, 2007)* | ||
21 | .1 | List of Subsidiaries | ||
23 | .1 | Consent of Independent Registered Public Accounting Firm | ||
31 | .1 | Certification of Chief Executive Officer pursuant to Securities Exchange ActRules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||
31 | .2 | Certification of Chief Financial Officer pursuant to Securities Exchange ActRules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||
32 | .1 | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||
32 | .2 | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||
99 | .1 | Agreement re: disclosure of long-term debt instruments |
(1) | Schedule and supplemental materials to the exhibits have been omitted but will be provided to the Securities and Exchange Commission upon request. |
(2) | The file reference number for all exhibits is001-13232, and all such exhibits remain available pursuant to the Records Control Schedule of the Securities and Exchange Commission. |
* | Management contract or compensatory plan or arrangement |
G-47
Table of Contents
By: AIMCO-GP, Inc., its General Partner
By: | /s/ TERRY CONSIDINE Terry Considine Chairman of the Board and Chief Executive Officer |
Signature | Title | Date | ||||
/s/ TERRY CONSIDINE Terry Considine | Chairman of the Board and Chief Executive Officer of the registrant’s general partner (principal executive officer) | February 26, 2010 | ||||
/s/ MILES CORTEZ Miles Cortez | Director, Executive Vice President and Chief Administrative Officer of the registrant’s general partner | February 26, 2010 | ||||
/s/ ERNEST M. FREEDMAN Ernest M. Freedman | Executive Vice President and Chief Financial Officer of the registrant’s general partner (principal financial officer) | February 26, 2010 | ||||
/s/ PAUL BELDIN Paul Beldin | Senior Vice President and Chief Accounting Officer of the registrant’s general partner (principal accounting officer) | February 26, 2010 |
G-48
Table of Contents
Entity Name | State Code | |
AIMCO PROPERTIES, L.P. | DE | |
107-145 WEST 135TH STREET ASSOCIATES LIMITED PARTNERSHIP | NY | |
1133 FIFTEENTH STREET ASSOCIATES | DC | |
1133 FIFTEENTH STREET FOUR ASSOCIATES (A MARYLAND LIMITED PARTNERSHIP) | MD | |
1212 SOUTH MICHIGAN LLC | IL | |
1-36 JAIDEE DRIVE ASSOCIATES LIMITED PARTNERSHIP | CT | |
1625 ROSEMARIE LIMITED PARTNERSHIP | CA | |
224 E. COMMONWEALTH APARTMENTS, A CALIFORNIA LIMITED PARTNERSHIP | CA | |
249 ALBANY HEIGHTS LIMITED PARTNERSHIP | GA | |
324 SOUTH HORNE STREET ASSOCIATES LIMITED PARTNERSHIP | AZ | |
3258 BCP ASSOCIATES, L.P. | TN | |
5 MILE LIMITED PARTNERSHIP | MI | |
601 NORTH GRAND AVENUE PARTNERS LIMITED PARTNERSHIP | CA | |
62ND STREET JOINT VENTURE | IL | |
62ND STREET LIMITED PARTNERSHIP | IL | |
7400 ROOSEVELT INVESTORS | PA | |
ABBOTT ASSOCIATES LIMITED PARTNERSHIP | NY | |
ACQUISITION LIMITED PARTNERSHIP | MD | |
ACTC VI MANAGER, LLC | DE | |
AHP ACQUISITION COMPANY, LLC | ME | |
AIC REIT PROPERTIES LLC | DE | |
AIMCO 1582 FIRST AVENUE, LLC | DE | |
AIMCO 173 EAST 90TH STREET, LLC | DE | |
AIMCO182-188 COLUMBUS AVENUE, LLC | DE | |
AIMCO204-206 WEST 133, LLC | DE | |
AIMCO2232-2240 ACP, LLC | DE | |
AIMCO2247-2253 ACP, LLC | DE | |
AIMCO2252-2258 ACP, LLC | DE | |
AIMCO2300-2310 ACP, LLC | DE | |
AIMCO 237 NINTH AVENUE, LLC | DE | |
AIMCO 240 WEST 73RD STREET CO-OWNER, LLC | DE | |
AIMCO 240 WEST 73RD STREET, LLC | DE | |
AIMCO 2484 ACP, LLC | DE | |
AIMCO 306 EAST 89TH STREET, LLC | DE | |
AIMCO 311/313 EAST 73RD STREET, LLC | DE | |
AIMCO 322 EAST 61ST STREET, LLC | DE |
G-49
Table of Contents
Entity Name | State Code | |
AIMCO 452 EAST 78TH STREET PROPERTY, LLC | DE | |
AIMCO464-466 AMSTERDAM200-210 WEST 83RD STREET, LLC | DE | |
AIMCO 510 EAST 88TH STREET PROPERTY, LLC | DE | |
AIMCO 514 EAST 88TH STREET, LLC | DE | |
AIMCO 656 ST. NICHOLAS, LLC | DE | |
AIMCO 759 ST. NICHOLAS, LLC | DE | |
AIMCO 88TH STREET/SECOND AVENUE PROPERTIES, LLC | DE | |
AIMCO ALL HALLOWS, LLC | DE | |
AIMCO ANCHORAGE, L.P. | DE | |
AIMCO ANGELES GP, LLC | DE | |
AIMCO ANTIOCH, L.L.C. | DE | |
AIMCO ARBORS-GROVETREE, LLC | DE | |
AIMCO ARVADA HOUSE, LLC | DE | |
AIMCO ASSOCIATED PROPERTIES, LP | DE | |
AIMCO ASSURANCE LTD. | BD | |
AIMCO AUBURN GLEN APARTMENTS, LLC | DE | |
AIMCO BALAYE APARTMENTS I, LLC | DE | |
AIMCO BALAYE APARTMENTS II, LLC | DE | |
AIMCO BARCELONA, LLC | DE | |
AIMCO BAYVIEW, LLC | DE | |
AIMCO BEACON HILL PRESERVATION GP, LLC | DE | |
AIMCO BEAU JARDIN, L.P. | DE | |
AIMCO BEECH LAKE, L.L.C. | DE | |
AIMCO BILTMORE, LLC | DE | |
AIMCO BOLTON NORTH, L.L.C. | DE | |
AIMCO BOSTON LOFTS, L.P. | DE | |
AIMCO BRE I, LLC | DE | |
AIMCO BRE II, LLC | DE | |
AIMCO BREAKERS, L.P. | DE | |
AIMCO BRIARWEST, LLC | DE | |
AIMCO BRIARWOOD, LLC | DE | |
AIMCO BROOK RUN, L.L.C. | DE | |
AIMCO BUENA VISTA APARTMENTS GP, LLC | DE | |
AIMCO BUENA VISTA APARTMENTS, L.P. | DE | |
AIMCO BUTTERNUT CREEK PRESERVATION GP, LLC | DE | |
AIMCO CALHOUN CLUB, L.L.C. | DE | |
AIMCO CALHOUN, L.L.C. | DE | |
AIMCO CAMERON VILLAS, L.L.C. | DE | |
AIMCO CAPITAL HOLDINGS FUND VI, LLC | DE | |
AIMCO CAPITAL HOLDINGS FUND VII, LLC | DE | |
AIMCO CAPITAL TAX CREDIT FUND I, LIMITED PARTNERSHIP | CA | |
AIMCO CAPITAL TAX CREDIT FUND II, LLC | DE | |
AIMCO CAPITAL TAX CREDIT FUND III, LLC | DE | |
AIMCO CAPITAL TAX CREDIT FUND IV, LLC | DE |
G-50
Table of Contents
Entity Name | State Code | |
AIMCO CAPITAL TAX CREDIT FUND IX, LLC | DE | |
AIMCO CAPITAL TAX CREDIT FUND V, LLC | DE | |
AIMCO CAPITAL TAX CREDIT FUND VI, LLC | DE | |
AIMCO CAPITAL TAX CREDIT FUND VII, LLC | DE | |
AIMCO CAPITAL TAX CREDIT FUND VIII, LLC | DE | |
AIMCO CAPITAL TAX CREDIT FUND X, LLC | DE | |
AIMCO CAPITAL TAX CREDIT FUND XI, LLC | DE | |
AIMCO CAPITAL TAX CREDIT FUND XII, LLC | DE | |
AIMCO CAPITAL TAX CREDIT FUND XIII, LLC | DE | |
AIMCO CAPITAL TAX CREDIT I, INC. | CA | |
AIMCO CAPITAL TAX CREDIT MANAGEMENT II, LLC | DE | |
AIMCO CAPITAL TAX CREDIT MANAGEMENT III, LLC | DE | |
AIMCO CAPITAL, INC. | DE | |
AIMCO CARRIAGE HOUSE GP, LLC | DE | |
AIMCO CASA DE LAS HERMANITAS DEVCO, LLC | DE | |
AIMCO CASA DE MONTEREY GP, LLC | DE | |
AIMCO CASA DE MONTEREY, L.P. | DE | |
AIMCO CENTRAL PARK TOWNHOMES, LLC | DE | |
AIMCO CHATHAM HARBOR, L.L.C. | DE | |
AIMCO CHELSEA LAND, L.L.C. | DE | |
AIMCO CHELSEA MEMBER, L.L.C. | DE | |
AIMCO CHELSEA RIDGE, L.L.C. | DE | |
AIMCO CHESTNUT HALL GP, LLC | DE | |
AIMCO CHESTNUT HALL LIMITED PARTNERSHIP | DE | |
AIMCO CHESTNUT HILL GP, LLC | DE | |
AIMCO CK PROPERTIES, LLC | DE | |
AIMCO COLUMBUS AVE., LLC | DE | |
AIMCO CONSTRUCTION SERVICES, LLC | DE | |
AIMCO COPPERWOOD, LLC | DE | |
AIMCO COUNTRY CLUB HEIGHTS, LLC | DE | |
AIMCO COUNTRY LAKES, L.L.C. | DE | |
AIMCO COVINGTON POINTE, L.P. | DE | |
AIMCO CREVENNA OAKS GP, LLC | DE | |
AIMCO CROSSWOOD PARK APARTMENTS GP, LLC | DE | |
AIMCO CROSSWOOD PARK APARTMENTS, L.P. | DE | |
AIMCO CROSSWOOD PARK GP, LLC | DE | |
AIMCO CROSSWOOD PARK, L.P. | DE | |
AIMCO DEERBROOK, LLC | DE | |
AIMCO DORAL OAKS, L.P. | DE | |
AIMCO ELM CREEK, L.P. | DE | |
AIMCO EQUITY SERVICES, INC. | VA | |
AIMCO ESPLANADE AVENUE APARTMENTS, LLC | DE | |
AIMCO FALL RIVER II, L.L.C. | DE | |
AIMCO FALL RIVER, L.L.C. | DE |
G-51
Table of Contents
Entity Name | State Code | |
AIMCO FISHERMAN’S WHARF, LLC | DE | |
AIMCO FLAMINGO HEALTH CLUB, LLC | DE | |
AIMCO FORESTLAKE APARTMENTS, LLC | DE | |
AIMCO FOUNTAIN PLACE PRESERVATION GP, LLC | DE | |
AIMCO FOXCHASE, L.P. | DE | |
AIMCO FRAMINGHAM, LLC | DE | |
AIMCO GARDENS GP LLC | DE | |
AIMCO GLENS APARTMENTS, LLC | DE | |
AIMCO GP LA, L.P. | DE | |
AIMCO GRANADA, L.L.C. | DE | |
AIMCO GREENBRIAR PRESERVATION GP, LLC | DE | |
AIMCO GREENS OF NAPERVILLE, L.L.C. | DE | |
AIMCO GREENS, L.L.C. | DE | |
AIMCO GREENSPRING, L.P. | DE | |
AIMCO GROUP, L.P. | DE | |
AIMCO GS SWAP, LLC | DE | |
AIMCO HANOVER SQUARE/DIP, L.L.C. | DE | |
AIMCO HARLEM FUNDING, LLC | DE | |
AIMCO HEMET DEVCO, LLC | DE | |
AIMCO HERITAGE PARK, L.P. | DE | |
AIMCO HILLMEADE, LLC | DE | |
AIMCO HOLDINGS, L.P. | DE | |
AIMCO HOPKINS VILLAGE PRESERVATION GP, LLC | DE | |
AIMCO HORIZONS WEST APARTMENTS, LLC | DE | |
AIMCO HP/SWAP, LLC | DE | |
AIMCO HUDSON HARBOUR, LLC | DE | |
AIMCO HUNTER’S CROSSING, L.P. | DE | |
AIMCO HYDE PARK TOWER, L.L.C. | DE | |
AIMCO INDEPENDENCE GREEN, L.L.C. | DE | |
AIMCO INDIO DEVCO, LLC | DE | |
AIMCO INGRAM SQUARE PRESERVATION GP, LLC | DE | |
AIMCO IPLP, L.P. | DE | |
AIMCO JACQUES-MILLER, L.P. | DE | |
AIMCO JV PORTFOLIO #1, LLC | DE | |
AIMCO KEY TOWERS, L.P. | DE | |
AIMCO KIRKWOOD HOUSE PRESERVATION SLP, LLC | DE | |
AIMCO LA SALLE, LLC | DE | |
AIMCO LA VISTA, LLC | DE | |
AIMCO LAKE CASTLETON ARMS, L.L.C. | DE | |
AIMCO LEAHY SQUARE APARTMENTS, LLC | DE | |
AIMCO LOFTS HOLDINGS, L.P. | DE | |
AIMCO LORING TOWERS, LLC | DE | |
AIMCO LOS ARBOLES, L.P. | DE | |
AIMCO LP LA, LP | DE |
G-52
Table of Contents
Entity Name | State Code | |
AIMCO LT, L.P. | DE | |
AIMCO MAPLE BAY, L.L.C. | DE | |
AIMCO MERRILL HOUSE, L.L.C. | DE | |
AIMCO MICHIGAN MEADOWS HOLDINGS, L.L.C. | DE | |
AIMCO MONTEREY GROVE APARTMENTS TIC 2, LLC | DE | |
AIMCO MONTEREY GROVE APARTMENTS, LLC | DE | |
AIMCO MOUNTAIN VIEW APARTMENTS GP, LLC | DE | |
AIMCO MOUNTAIN VIEW APARTMENTS, L.P. | DE | |
AIMCO MOUNTAIN VIEW, L.L.C. | DE | |
AIMCO N.P. LOFTS, L.P. | DE | |
AIMCO NET LESSEE (BAYBERRY HILL), LLC | DE | |
AIMCO NET LESSEE (GEORGETOWN), LLC | DE | |
AIMCO NET LESSEE (MARLBORO), LLC | DE | |
AIMCO NET LESSEE (WATERFORD VILLAGE), LLC | DE | |
AIMCO NEW BALTIMORE, LLC | DE | |
AIMCO NEWBERRY PARK PRESERVATION GP, LLC | DE | |
AIMCO NON-ECONOMIC MEMBER, LLC | DE | |
AIMCO NORTH ANDOVER, L.L.C. | DE | |
AIMCO NORTHPOINT, L.L.C. | DE | |
AIMCO OAK FOREST I, L.L.C. | DE | |
AIMCO OAK FOREST II, L.L.C. | DE | |
AIMCO OCEAN OAKS, L.L.C. | DE | |
AIMCO OLDE TOWN WEST III, L.P. | DE | |
AIMCO OXFORD HOUSE PRESERVATION GP, LLC | DE | |
AIMCO PACIFICA PARK APARTMENTS, LLC | DE | |
AIMCO PALM SPRINGS DEVCO, LLC | DE | |
AIMCO PANORAMA PARK PRESERVATION GP, LLC | DE | |
AIMCO PARADISE PALMS, LLC | DE | |
AIMCO PARK AT CEDAR LAWN, L.P. | DE | |
AIMCO PARK LA BREA HOLDINGS, LLC | DE | |
AIMCO PARK LA BREA SERVICES, LLC | DE | |
AIMCO PARK PLACE, LLC | DE | |
AIMCO PARKVIEW DEVCO, LLC | DE | |
AIMCO PARKVIEW MANOR, LLC | DE | |
AIMCO PARKWAYS GP, LLC | DE | |
AIMCO PATHFINDER VILLAGE APARTMENTS GP, LLC | DE | |
AIMCO PATHFINDER VILLAGE APARTMENTS, L.P. | DE | |
AIMCO PAVILION PRESERVATION GP, L.L.C. | DE | |
AIMCO PINE BLUFF VILLAGE PRESERVATION GP, LLC | DE | |
AIMCO PINE SHADOWS, L.L.C. | DE | |
AIMCO PINEBROOK, L.P. | DE | |
AIMCO PINES, L.P. | DE | |
AIMCO PLEASANT HILL, LLC | DE | |
AIMCO PLUMMER VILLAGE, LLC | DE |
G-53
Table of Contents
Entity Name | State Code | |
AIMCO PROPERTIES FINANCE PARTNERSHIP, L.P. | DE | |
AIMCO PROPERTIES, LLC | DE | |
AIMCO PROPERTIES/ABHLD PARKVIEW MANOR, LLC | DE | |
AIMCO QRS GP, LLC | DE | |
AIMCO RAMBLEWOOD, L.L.C. | DE | |
AIMCO REMINGTON, LLC | DE | |
AIMCO RIDGEWOOD LA LOMA DEVCO, LLC | DE | |
AIMCO RIDGEWOOD TOWERS PRESERVATION GP, LLC | DE | |
AIMCO RIVER CLUB, LLC | DE | |
AIMCO RIVER VILLAGE PRESERVATION GP, LLC | DE | |
AIMCO RIVERSIDE PARK, L.L.C. | DE | |
AIMCO RIVERWOODS GP, LLC | DE | |
AIMCO ROSE GARDENS, LLC | DE | |
AIMCO ROUND BARN MANOR GP, LLC | DE | |
AIMCO ROYAL CREST — NASHUA, L.L.C. | DE | |
AIMCO ROYAL PALMS, LLC | DE | |
AIMCO RUSCOMBE GARDENS SLP, LLC | DE | |
AIMCO SALEM PRESERVATION GP, LLC | DE | |
AIMCO SAN BRUNO APARTMENT PARTNERS, L.P. | DE | |
AIMCO SAN JOSE, LLC | DE | |
AIMCO SANDPIPER, L.P. | DE | |
AIMCO SCOTCHOLLOW APARTMENTS GP, LLC | DE | |
AIMCO SCOTCHOLLOW APARTMENTS, L.P. | DE | |
AIMCO SELECT PROPERTIES, L.P. | DE | |
AIMCO SHOREVIEW, LLC | DE | |
AIMCO SIGNATURE POINT, L.P. | DE | |
AIMCO SOMERSET LAKES, L.L.C. | DE | |
AIMCO SOUTH BAY VILLA, LLC | DE | |
AIMCO STAFFORD STUDENT APARTMENTS GP, LLC | DE | |
AIMCO STERLING VILLAGE DEVCO, LLC | DE | |
AIMCO SUMMIT OAKS GP, LLC | DE | |
AIMCO SUNSET ESCONDIDO, L.L.C. | DE | |
AIMCO TALBOT WOODS, LLC | DE | |
AIMCO TAMARAC PINES, LLC | DE | |
AIMCO TERRY MANOR, LLC | DE | |
AIMCO TOMPKINS TERRACE GP, LLC | DE | |
AIMCO TOR, L.L.C. | DE | |
AIMCO TOWNSHIP AT HIGHLANDS APARTMENTS, LLC | DE | |
AIMCO TREE CARE DIVISION, LLC | DE | |
AIMCO VAN NUYS PRESERVATION, LLC | DE | |
AIMCO VANTAGE POINTE, L.L.C. | DE | |
AIMCO VENEZIA, LLC | DE | |
AIMCO VERDES DEL ORIENTE, L.L.C. | DE | |
AIMCO VILLA DE GUADALUPE, L.L.C. | DE |
G-54
Table of Contents
Entity Name | State Code | |
AIMCO VILLAGE CREEK AT BROOKHILL, LLC | DE | |
AIMCO VILLAGE CROSSING, L.L.C. | DE | |
AIMCO WALNUT HILLS PRESERVATION GP, LLC | DE | |
AIMCO WARWICK, L.L.C. | DE | |
AIMCO WASHINGTON SQUARE WEST GP, LLC | DE | |
AIMCO WAVERLY APARTMENTS, LLC | DE | |
AIMCO WESTCHESTER PARK, LLC | DE | |
AIMCO WESTGATE, LLC | DE | |
AIMCO WESTMINSTER OAKS GP, LLC | DE | |
AIMCO WESTWOOD PRESERVATION GP, LLC | DE | |
AIMCO WESTWOOD TERRACE GP, LLC | DE | |
AIMCO WEXFORD VILLAGE II, L.L.C. | DE | |
AIMCO WEXFORD VILLAGE, L.L.C. | DE | |
AIMCO WHITEFIELD PLACE, LLC | DE | |
AIMCO WILSON ACRES MANAGER, LLC | DE | |
AIMCO WILSON ACRES, LLC | DE | |
AIMCO WINDWARD, LLC | DE | |
AIMCO WINTER GARDEN, LLC | DE | |
AIMCO WOODLAND HILLS, LLC | DE | |
AIMCO WOODS OF BURNSVILLE, L.L.C. | DE | |
AIMCO YACHT CLUB AT BRICKELL, LLC | DE | |
AIMCO YORKTOWN, L.P. | DE | |
AIMCO/ALLVIEW, L.L.C. | DE | |
AIMCO/APOLLO, L.L.C. | DE | |
AIMCO/BETHESDA EMPLOYEE, L.L.C. | DE | |
AIMCO/BETHESDA GP, L.L.C. | DE | |
AIMCO/BETHESDA HOLDINGS ACQUISITIONS, INC. | DE | |
AIMCO/BETHESDA HOLDINGS, INC | DE | |
AIMCO/BETHESDA II, L.L.C. | DE | |
AIMCO/BLUFFS, L.L.C. | DE | |
AIMCO/BRANDERMILL, L.L.C. | DE | |
AIMCO/BRANDON, L.L.C. | DE | |
AIMCO/BRANDYWINE, L.P. | DE | |
AIMCO/CASSELBERRY, L.L.C. | DE | |
AIMCO/CHICKASAW, L.L.C. | DE | |
AIMCO/CHIMNEYTOP, L.L.C. | DE | |
AIMCO/COLONNADE, L.L.C. | DE | |
AIMCO/COLONNADE, L.P. | DE | |
AIMCO/CONTINENTAL PLAZA LIMITED GP, LLC | DE | |
AIMCO/DFW APARTMENT INVESTORS GP, LLC | DE | |
AIMCO/DFW RESIDENTIAL INVESTORS GP, LLC | DE | |
AIMCO/FARMINGDALE, L.L.C. | DE | |
AIMCO/FOX VALLEY, L.L.C. | DE | |
AIMCO/FOXTREE, L.L.C. | DE |
G-55
Table of Contents
Entity Name | State Code | |
AIMCO/FOXTREE, L.P. | DE | |
AIMCO/GALLERIA PARK ASSOCIATES GP, LLC | DE | |
AIMCO/GROVETREE, L.L.C. | DE | |
AIMCO/GROVETREE, L.P. | DE | |
AIMCO/HIL, L.L.C. | DE | |
AIMCO/HOLLIDAY ASSOCIATES GP, LLC | DE | |
AIMCO/KIRKMAN, L.L.C. | DE | |
AIMCO/LAKE RIDGE, L.L.C. | DE | |
AIMCO/LANTANA, L.L.C. | DE | |
AIMCO/LEXINGTON, L.L.C. | DE | |
AIMCO/MIDDLETOWN, L.L.C. | DE | |
AIMCO/MINNEAPOLIS ASSOCIATES GP, LLC | DE | |
AIMCO/NASHUA, L.L.C. | DE | |
AIMCO/NEWPORT, L.L.C. | DE | |
AIMCO/NHP PARTNERS, L.P. | DE | |
AIMCO/NHP PROPERTIES, INC. | DE | |
AIMCO/NORTH WOODS, L.L.C. | DE | |
AIMCO/ONE LINWOOD ASSOCIATES GP, LLC | DE | |
AIMCO/PALM BEACH, L.L.C. | DE | |
AIMCO/PARK TOWNE PLACE ASSOCIATES GP, LLC | DE | |
AIMCO/PINELLAS, L.L.C. | DE | |
AIMCO/RALS, L.P. | DE | |
AIMCO/RAVENSWORTH ASSOCIATES GP, LLC | DE | |
AIMCO/RIVERSIDE PARK ASSOCIATES GP, LLC | DE | |
AIMCO/SCHAUMBURG, L.L.C. | DE | |
AIMCO/SHADETREE, L.L.C. | DE | |
AIMCO/SHADETREE, L.P. | DE | |
AIMCO/SOUTHRIDGE, L.L.C. | DE | |
AIMCO/STANDPOINT VISTA GP, LLC | DE | |
AIMCO/STONEGATE, L.P. | DE | |
AIMCO/SWAP, L.L.C. | DE | |
AIMCO/TIDEWATER, L.L.C. | DE | |
AIMCO/TIMBERTREE, L.L.C. | DE | |
AIMCO/TIMBERTREE, L.P. | DE | |
AIMCO/TRAVIS ONE, L.P. | DE | |
AIMCO/WAI ASSOCIATES GP, LLC | DE | |
AIMCO/WAI ASSOCIATES LP, LLC | DE | |
AIMCO/WESTRIDGE, L.L.C. | DE | |
AIMCO/WICKERTREE, L.L.C. | DE | |
AIMCO/WICKERTREE, L.P. | DE | |
AIMCO/WINROCK-HOUSTON GP, LLC | DE | |
AIMCO-LP TRUST | DE | |
AJ ONE LIMITED PARTNERSHIP | DE | |
AJ TWO LIMITED PARTNERSHIP | DE |
G-56
Table of Contents
Entity Name | State Code | |
ALABAMA PROPERTIES LTD., II | AL | |
ALABAMA PROPERTIES, LTD., V | AL | |
ALASKA HOUSE ASSOCIATES | WA | |
ALEX PLACE, LIMITED PARTNERSHIP | AL | |
ALEXANDER PLACE APARTMENTS, A LOUISIANA PARTNERSHIP IN COMMENDAM | LA | |
ALL HALLOWS ASSOCIATES, L.P. | CA | |
ALL HALLOWS PRESERVATION, L.P. | CA | |
ALLENTOWN TOWNE HOUSE LIMITED PARTNERSHIP | PA | |
ALLENTOWN-OXFORD ASSOCIATES LIMITED PARTNERSHIP | MD | |
ALLIANCE TOWERS LIMITED PARTNERSHIP | OH | |
ALLISON VILLAGE ASSOCIATES, L.P. | CO | |
ALLVIEW-OXFORD LIMITED PARTNERSHIP | MD | |
ALMS HILL II LIMITED PARTNERSHIP | OH | |
AMARILLO NORTHWEST VILLAGE, LTD. | TX | |
AMBASSADOR APARTMENTS, L.P. | DE | |
AMBASSADOR CRM FLORIDA PARTNERS LIMITED PARTNERSHIP | DE | |
AMBASSADOR FLORIDA PARTNERS LIMITED PARTNERSHIP | DE | |
AMBASSADOR I, L. P. | IL | |
AMBASSADOR II JV GP, LLC | DE | |
AMBASSADOR II JV, L.P. | DE | |
AMBASSADOR III, L.P. | DE | |
AMBASSADOR IX, L.P. | DE | |
AMBASSADOR TEXAS PARTNERS, L.P. | DE | |
AMBASSADOR VII, L.P. | DE | |
AMBASSADOR VIII, L.P. | DE | |
AMBASSADOR X, L.P. | DE | |
ANCHORAGE PARTNERS, A TEXAS LIMITED PARTNERSHIP | TX | |
ANDERSON OAKS LIMITED PARTNERSHIP | WA | |
ANGELES INCOME PROPERTIES, LTD. 6 | CA | |
ANGELES INCOME PROPERTIES, LTD. II | CA | |
ANGELES INVESTMENT PROPERTIES, INC. | CA | |
ANGELES OPPORTUNITY PROPERTIES, LTD., A CALIFORNIA LIMITED PARTNERSHIP | CA | |
ANGELES PARTNERS X | CA | |
ANGELES PARTNERS XII | CA | |
ANGELES PROPERTIES, INC. | CA | |
ANGELES REALTY CORPORATION | CA | |
ANGELES REALTY CORPORATION II | CA | |
ANTIOCH PRESERVATION, L.P. | DE | |
ANTON SQUARE, LTD. | AL | |
AP XII ASSOCIATES GP, L.L.C. | SC | |
AP XII TWIN LAKE TOWERS, L.P. | DE | |
AP XII TWIN LAKE TOWERS, LLC | DE | |
APARTMENT CCG 17, L.L.C. | SC | |
APARTMENT CCG 17, L.P. | CA |
G-57
Table of Contents
Entity Name | State Code | |
APARTMENT CREEK 17A LLC | CO | |
APARTMENT LODGE 17A LLC | CO | |
APOLLO-OXFORD ASSOCIATES LIMITED PARTNERSHIP | MD | |
APPLE RIDGE SINGLE FAMILY HOMES LIMITED PARTNERSHIP | KY | |
APPLE TREE ASSOCIATES, AN IDAHO LIMITED PARTNERSHIP | ID | |
ARCHERS GREEN LIMITED PARTNERSHIP | VA | |
ARISTOCRAT MANOR, LTD. | AR | |
ARKANSAS CITY APARTMENTS, LIMITED PARTNERSHIP | AR | |
ARLINGTON SENIOR HOUSING, L.P. | TX | |
ARVADA HOUSE PRESERVATION LIMITED PARTNERSHIP | CO | |
ASHLAND MANOR LIMITED PARTNERSHIP | OH | |
ATHENS GARDENS, LTD. | OH | |
ATHENS STATION, LTD. | OH | |
ATLANTA ASSOCIATES LIMITED PARTNERSHIP | MA | |
ATLANTIC IX, L.L.C. | MI | |
ATRIUM VILLAGE ASSOCIATES | IL | |
ATRIUMS OF PLANTATION JV GP, LLC | DE | |
ATRIUMS OF PLANTATION JV, L.P. | DE | |
AVON DEVELOPMENT COMPANY | PA | |
AVONDALE SIESTA POINTE APARTMENTS LIMITED PARTNERSHIP | AZ | |
AZALEA COURT INVESTMENT GROUP, BRENTWOOD LIMITED PARTNERSHIP NO. 2 | AL | |
BAISLEY PARK ASSOCIATES LIMITED PARTNERSHIP | NY | |
BALDWIN COUNTY HOUSING, LTD. | AL | |
BALDWIN OAKS ELDERLY, LTD. | NJ | |
BALDWIN TOWERS ASSOCIATES | PA | |
BANGOR HOUSE PROPRIETARY LIMITED PARTNERSHIP | ME | |
BANNOCK ARMS SECOND LIMITED PARTNERSHIP | CA | |
BARNESBORO ASSOCIATES, A PENNSYLVANIA LIMITED PARTNERSHIP | PA | |
BAY PARC PLAZA APARTMENTS, L.P. | DE | |
BAYBERRY HILL, L.L.C. | DE | |
BAYHEAD VILLAGE ASSOCIATES, L.P. | IN | |
BAYVIEW HUNTERS POINT APARTMENTS, L.P. | CA | |
BAYVIEW PRESERVATION, L.P. | CA | |
BEACON HILL PRESERVATION LIMITED DIVIDEND HOUSING ASSOCIATION LIMITED PARTNERSHIP | MI | |
BEDFORD HOUSE, LTD. | OH | |
BELLA GRANDE, LTD. | FL | |
BELLAIR MANOR, LTD. | OH | |
BELLERIVE ASSOCIATES LIMITED PARTNERSHIP | MO | |
BELLEVILLE MANOR APARTMENTS, LTD. | KY | |
BELLS BAY, L.P. | SC | |
BELMONT 189 ASSOCIATES | NY | |
BELOIT MATURE ADULT HOUSING, L.L.C. | WI | |
BENJAMIN BANNEKER PLAZA ASSOCIATES | PA |
G-58
Table of Contents
Entity Name | State Code | |
BENSALEM GARDEN ASSOCIATES LIMITED PARTNERSHIP | PA | |
BENT TREE II-OXFORD ASSOCIATES LIMITED PARTNERSHIP | IN | |
BENT TREE-OXFORD ASSOCIATES LIMITED PARTNERSHIP | IN | |
BEREA SINGLE FAMILY HOMES, LTD. | KY | |
BERKLEY LIMITED PARTNERSHIP | VA | |
BETHEL COLUMBUS CORPORATION | MD | |
BETHEL COLUMBUS-OXFORD ASSOCIATES LIMITED PARTNERSHIP | MD | |
BETHEL TOWERS LIMITED DIVIDEND HOUSING ASSOCIATION | MI | |
BETHLEHEM DEVELOPMENT COMPANY | PA | |
BETTER HOUSING ASSOCIATES, LIMITED PARTNERSHIP | CT | |
BEVILLE-ISLAND CLUB APARTMENTS PARTNERS, L.P. | DE | |
BILTMORE APARTMENTS, LTD. | OH | |
BIRCH MANOR APARTMENTS | OH | |
BIRCH MANOR APARTMENTS — PHASE II | OH | |
BIRCH MANOR APARTMENTS, PHASE 1 LTD. | OH | |
BIRCH MANOR APARTMENTS, PHASE II LTD. | OH | |
BIRCHFIELD ASSOCIATES | PA | |
BLAKEWOOD PROPERTIES ASSOCIATES | GA | |
BLANCHARD APARTMENTS ASSOCIATES LIMITED PARTNERSHIP | WA | |
BLOOMSBURG ELDERLY ASSOCIATES | PA | |
BLUEWATER LIMITED DIVIDEND HOUSING ASSOCIATION | MI | |
BOLTON NORTH PRESERVATION LIMITED PARTNERSHIP | DE | |
BRANDEMERE-REO, L.P. | TX | |
BRANDERMILL-OXFORD ASSOCIATES LIMITED PARTNERSHIP | MD | |
BRANDON-OXFORD ASSOCIATES LIMITED PARTNERSHIP | MD | |
BRANFORD DEVELOPMENT ASSOCIATES LIMITED PARTNERSHIP | CT | |
BRIARCLIFFE-OXFORD ASSOCIATES LIMITED PARTNERSHIP | MI | |
BRIGHTON APARTMENTS ASSOCIATES LIMITED PARTNERSHIP | NY | |
BRIGHTON GP, L.L.C. | SC | |
BRIGHTON MEADOWS ASSOCIATES, AN INDIANA LIMITED PARTNERSHIP | IN | |
BRIGHTWOOD MANOR ASSOCIATES | PA | |
BRINTON MANOR NO. 1 ASSOCIATES | PA | |
BRINTON TOWERS ASSOCIATES | PA | |
BRISTOL PARTNERS, L.P. | MO | |
BROAD RIVER PROPERTIES, L.L.C. | DE | |
BROADMOOR APARTMENTS ASSOCIATES LTD. PARTNERSHIP | SC | |
BROADMOOR AT CHELSEA ACQUISITION, L.P. | MO | |
BROADWAY ASSOCIATES | RI | |
BROADWAY GLEN ASSOCIATES | MA | |
BROOK RUN ASSOCIATES, L.P. | IL | |
BROOKSIDE APARTMENTS ASSOCIATES | PA | |
BROOKWOOD LIMITED PARTNERSHIP | IL | |
BRYDEN HOUSE LIMITED PARTNERSHIP | OH | |
BUCKHANNON MANOR ASSOCIATES LIMITED PARTNERSHIP | WV |
G-59
Table of Contents
Entity Name | State Code | |
BUFFALO VILLAGE ASSOCIATES LIMITED PARTNERSHIP | NY | |
BURKSHIRE COMMONS APARTMENTS PARTNERS, L.P. | DE | |
BURLINGTON HOTEL BUILDING, LTD., LLLP | CO | |
BURLINGTON RIVER APARTMENTS, LIMITED PARTNERSHIP | IA | |
BURNHAM GEREL | IL | |
BURNSVILLE APARTMENTS LIMITED PARTNERSHIP | MN | |
BUTTERNUT CREEK PRESERVATION LIMITED DIVIDEND HOUSING ASSOCIATION LIMITED PARTNERSHIP | MI | |
BUYERS ACCESS LLC | DE | |
BW OPERATING COMPANY, L.L.C. | MA | |
CACHE CREEK PARTNERS, L.P. | CA | |
CALHOUN BUILDERS, INC. D/B/A PATMAN SWITCH ASSOCIATES, A LOUISIANA PARTNERSHIP IN COMMENDAM | LA | |
CALIFORNIA SQUARE LIMITED PARTNERSHIP | KY | |
CALMARK HERITAGE PARK II LIMITED PARTNERSHIP | CA | |
CALMARK INVESTORS, LTD., A CALIFORNIA LIMITED PARTNERSHIP | CA | |
CALMARK/FORT COLLINS, INC. | CA | |
CALMARK/FORT COLLINS, LTD. | CA | |
CALVERT CITY, LTD. | OH | |
CAMARILLO-ROSEWOOD ASSOCIATES LIMITED PARTNERSHIP | CA | |
CAMBRIDGE COURT APARTMENTS, L.P. | SC | |
CAMBRIDGE HEIGHTS APARTMENTS LIMITED PARTNERSHIP | MS | |
CAMERON PARK VILLAGE LIMITED, A CALIFORNIA LIMITED PARTNERSHIP | CA | |
CAMPBELL HEIGHTS ASSOCIATES LIMITED PARTNERSHIP | DC | |
CANTERBURY GARDENS ASSOCIATES LIMITED PARTNERSHIP | MI | |
CANTERBURY LIMITED PARTNERSHIP | IN | |
CANTERBURY SERVICES LLC | DE | |
CANYON SHADOWS, L.P. | CA | |
CAPITAL HEIGHTS ASSOCIATES LIMITED PARTNERSHIP | WV | |
CAPITOL HILL ASSOCIATES | CO | |
CAROLINA ASSOCIATES LIMITED PARTNERSHIP | WA | |
CARPENTER-OXFORD ASSOCIATES II LIMITED PARTNERSHIP | MD | |
CARPENTER-OXFORD, L.L.C. | MD | |
CARRIAGE APX, A MICHIGAN LIMITED PARTNERSHIP | MI | |
CARRIAGE APX, INC. | MI | |
CARRIAGE APX, LLC | DE | |
CARRIAGE HOUSE PRESERVATION, L.P. | DE | |
CASA QUINTANA, LTD. | TX | |
CASDEN OFFICE HOLDINGS LLC | DE | |
CASDEN PROPERTIES LLC | DE | |
CASSADY VILLAGE APARTMENTS, LTD. | OH | |
CASSELBERRY INVESTORS, L.L.C. | MD | |
CASSELBERRY-OXFORD ASSOCIATES LIMITED PARTNERSHIP | MD | |
CASTLEWOOD ASSOCIATES, L.P. | IA | |
CAYUGA VILLAGE ASSOCIATES LIMITED PARTNERSHIP | NY |
G-60
Table of Contents
Entity Name | State Code | |
CCIP PLANTATION GARDENS, L.L.C. | DE | |
CCIP REGENCY OAKS, L.L.C. | DE | |
CCIP STERLING, L.L.C. | DE | |
CCIP STERLING, L.P. | PA | |
CCIP/2 HIGHCREST, L.L.C. | DE | |
CCIP/2 VILLAGE BROOKE, L.L.C. | DE | |
CCIP/2 WINDEMERE, L.L.C. | DE | |
CCIP/2 WINDEMERE, L.P. | DE | |
CCIP/3 SANDPIPER, LLC | DE | |
CCIP/3 WILLIAMSBURG MANOR, LLC | DE | |
CCP IV ARBOURS OF HERMITAGE, LLC | DE | |
CCP IV ASSOCIATES, LTD. | TX | |
CCP IV KNOLLWOOD, LLC | DE | |
CCP/III VILLAGE GREEN GP, INC. | SC | |
CCP/IV RESIDENTIAL GP, L.L.C. | SC | |
CDLH AFFORDABLE, L.P. | CA | |
CEDAR RIM APARTMENTS, LLC | DE | |
CEDAR TERRACE APARTMENTS, LTD. | AL | |
CENTER CITY ASSOCIATES | PA | |
CENTER SQUARE ASSOCIATES | PA | |
CENTRAL PARK TOWERS II LIMITED PARTNERSHIP | KS | |
CENTRAL PARK TOWERS LIMITED PARTNERSHIP | KS | |
CENTRAL STATION LIMITED PARTNERSHIP | TN | |
CENTRAL STROUD, LIMITED PARTNERSHIP | FL | |
CENTRAL WOODLAWN LIMITED PARTNERSHIP | IL | |
CENTRAL WOODLAWN REHABILITATION JOINT VENTURE | IL | |
CENTURY LAKESIDE PLACE, L.P. | TX | |
CENTURY PENSION INCOME FUND XXIV, A CALIFORNIA LIMITED PARTNERSHIP | CA | |
CENTURY PROPERTIES FUND XIV L.P. | CA | |
CENTURY PROPERTIES FUND XIX, LP | DE | |
CENTURY PROPERTIES FUND XV | CA | |
CENTURY PROPERTIES FUND XVI | CA | |
CENTURY PROPERTIES FUND XVII, LP | DE | |
CENTURY PROPERTIES GROWTH FUND XXII, LP | DE | |
CENTURY SUN RIVER, LIMITED PARTNERSHIP | AZ | |
CENTURY TOWER APARTMENTS, L.P. | MO | |
CHA PROPERTIES, INC. | DE | |
CHANDLER COMMONWEALTH LIMITED PARTNERSHIP | AZ | |
CHANDLER PROPERTY DEVELOPMENT ASSOCIATES LIMITED PARTNERSHIP | AZ | |
CHANTILLY PARTNERS LIMITED PARTNERSHIP | VA | |
CHAPEL HOUSING LIMITED PARTNERSHIP | MD | |
CHARLES STREET ASSOCIATES LIMITED PARTNERSHIP | CT | |
CHARLESTON-OXFORD ASSOCIATES LIMITED PARTNERSHIP | MD | |
CHARLTON HOUSING ASSOCIATES LIMITED PARTNERSHIP | MA |
G-61
Table of Contents
Entity Name | State Code | |
CHARNEY ASSOCIATES LIMITED PARTNERSHIP | WA | |
CHATEAU FOGHORN LIMITED PARTNERSHIP | MD | |
CHELSEA RENAISSANCE L.P. | KS | |
CHERRYWOOD ASSOCIATES LIMITED PARTNERSHIP | ID | |
CHESTNUT HILL ASSOCIATES LIMITED PARTNERSHIP | DE | |
CHESWICK-OXFORD ASSOCIATES, L.P. | IN | |
CHICKASAW-OXFORD ASSOCIATES LIMITED PARTNERSHIP | MD | |
CHICO GARDENS LIMITED PARTNERSHIP | CA | |
CHILDRESS MANOR APARTMENTS | TX | |
CHIMNEYTOP-OXFORD ASSOCIATES L.P. | IN | |
CHURCH STREET ASSOCIATES LIMITED PARTNERSHIP | IL | |
CHURCHVIEW GARDENS LIMITED PARTNERSHIP | PA | |
CIDER MILL ASSOCIATES, A PENNSYLVANIA LIMITED PARTNERSHIP | PA | |
CIMARRON ACQUISITION, L.P. | MO | |
CITRUS GROVE JV GP, LLC | DE | |
CITRUS GROVE JV, L.P. | DE | |
CITY HEIGHTS DEVELOPMENT COMPANY | PA | |
CITY LINE ASSOCIATES LIMITED PARTNERSHIP | VA | |
CIVIC HOUSING ASSOCIATES I | OH | |
CIVIC HOUSING ASSOCIATES II | OH | |
CK SERVICES, INC. | DE | |
CK-GP II, INC. | DE | |
CK-LP II, INC. | DE | |
CLARKE COURT, LLC | WA | |
CLAYTON ASSOCIATES LIMITED PARTNERSHIP | WA | |
CLEAR LAKE LAND PARTNERS, LTD. | TX | |
CLIFFS APARTMENTS, L.P. | SC | |
CLOVERLANE FOUR-OXFORD LIMITED PARTNERSHIP | MD | |
CLOVERLANE III CORPORATION | MD | |
CLOVERLANE III-OXFORD ASSOCIATES LIMITED PARTNERSHIP | MD | |
CLUB APARTMENT ASSOCIATES LIMITED PARTNERSHIP | NC | |
COATESVILLE TOWERS | PA | |
COBBLESTONE CORNERS, L.P. | TN | |
COES POND LIMITED PARTNERSHIP | MA | |
COLCHESTER STAGE II COMPANY | MI | |
COLD SPRING SINGLE FAMILY HOMES, LTD. | KY | |
COLLEGE OAKS PARK, L.P. | IL | |
COLLEGE PARK APARTMENTS, A LIMITED PARTNERSHIP | PA | |
COLLEGE TRACE APARTMENTS, LTD. | FL | |
COLONY HOUSE APARTMENTS, LTD. | CA | |
COLUMBUS JUNCTION PARK, LIMITED PARTNERSHIP | IA | |
COMBINED PROPERTIES LIMITED PARTNERSHIP | WA | |
COMFED QUALIFIED HOUSING LIMITED PARTNERS XII, A NEBRASKA LIMITED PARTNERSHIP | NE |
G-62
Table of Contents
Entity Name | State Code | |
COMMUNITY CIRCLE II, LTD. | OH | |
COMMUNITY CIRCLE, LTD. | OH | |
COMMUNITY DEVELOPERS OF PRINCEVILLE LIMITED PARTNERSHIP | NC | |
CONCAP EQUITIES, INC. | DE | |
CONCAP HOLDINGS, INC. | TX | |
CONCAP VILLAGE GREEN ASSOCIATES, LTD. | TX | |
CONGRESS REALTY COMPANIES LIMITED PARTNERSHIP | MA | |
CONGRESS REALTY CORP. | MA | |
CONIFER MEDFORD | OR | |
CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES, LP | DE | |
CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES/2, LP | DE | |
CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES/3, LP | DE | |
CONSOLIDATED CAPITAL PROPERTIES III | CA | |
CONSOLIDATED CAPITAL PROPERTIES IV, LP | DE | |
CONTINENTAL APARTMENTS | MI | |
CONTINENTAL PLAZA ASSOCIATES | IL | |
CONTINENTAL PLAZA LIMITED PARTNERSHIP | IL | |
COOPER RIVER PROPERTIES, L.L.C. | DE | |
COPPERFIELD APARTMENTS JV, L.P. | TX | |
COPPERWOOD PRESERVATION, LP | TX | |
COUCH-OXFORD ASSOCIATES LIMITED PARTNERSHIP | MD | |
COUCH-OXFORD, L.L.C. | MD | |
COUNTRY CLUB WOODS, AFFORDABLE HOMES, LTD. | FL | |
COUNTRYSIDE NORTH AMERICAN PARTNERS, L.P. | NJ | |
COUNTRYVIEW ESTATES I, L.P. | MO | |
COURTS OF CICERO II L.P. | IL | |
COURTYARD-OXFORD ASSOCIATES L.P. | IN | |
COVENTRY SQUARE APARTMENTS JV, L.P. | TX | |
CPF 16 WOODS OF INVERNESS GP, L.L.C. | SC | |
CPF XIV/SUN RIVER, INC. | AZ | |
CPF XV/LAKESIDE PLACE, INC. | TX | |
CPGF 22 WOOD CREEK GP, L.L.C. | SC | |
CRC CONGRESS REALTY CORP | MA | |
CREEKSIDE INVESTMENT COMPANY | ID | |
CREEKVIEW ASSOCIATES | PA | |
CREEKWOOD APARTMENTS, LTD. | AL | |
CREVENNA OAKS PRESERVATION, L.P. | DE | |
CROCKETT MANOR APARTMENTS, A LIMITED PARTNERSHIP | TN | |
CRYAR HOMES, LIMITED PARTNERSHIP | AL | |
CRYSTAL SPRINGS ASSOCIATES | WA | |
CUMBERLAND COURT ASSOCIATES | PA | |
CUMMINGS MILL, LLC | ME | |
DAMEN COURT ASSOCIATES LIMITED PARTNERSHIP | IL | |
DARBY TOWNHOUSES ASSOCIATES | PA |
G-63
Table of Contents
Entity Name | State Code | |
DARBY TOWNHOUSES LIMITED PARTNERSHIP | PA | |
DARBY TOWNHOUSES PRESERVATION GENERAL PARTNER, L.L.C. | DE | |
DARBY TOWNHOUSES PRESERVATION, LP | PA | |
DAVIDSON DIVERSIFIED PROPERTIES, INC. | TN | |
DAVIDSON DIVERSIFIED REAL ESTATE II, L.P. | DE | |
DAVIDSON GP, L.L.C. | SC | |
DAVIDSON GROWTH PLUS GP CORPORATION | DE | |
DAVIDSON GROWTH PLUS GP LIMITED PARTNERSHIP | DE | |
DAVIDSON GROWTH PLUS, L.P. | DE | |
DAVIDSON INCOME REAL ESTATE, L.P. | DE | |
DAVIDSON PROPERTIES, INC. | TN | |
DAWSON SPRINGS, LTD. | OH | |
DAYTON III CORPORATION | MD | |
DAYTON III-OXFORD ASSOCIATES LIMITED PARTNERSHIP | MD | |
DAYTONA VILLAGE, LTD | OH | |
DBL PROPERTIES CORPORATION | NY | |
DEERCROSS-OXFORD ASSOCIATES, L.P. | IN | |
DEL MORAL LIMITED PARTNERSHIP | AZ | |
DELAVAN MATURE ADULT HOUSING, L.L.C. | WI | |
DELHAVEN MANOR, LTD. | MS | |
DELPHIA HOUSE ASSOCIATES | PA | |
DELTA SQUARE-OXFORD LIMITED PARTNERSHIP | MD | |
DELTA SQUARE-OXFORD, L.L.C. | MD | |
DENNY PLACE LIMITED PARTNERSHIP | CA | |
DESHLER APARTMENTS ASSOCIATES LIMITED PARTNERSHIP | NY | |
DFW RESIDENTIAL INVESTORS LIMITED PARTNERSHIP | DE | |
DILLON PLACE ASSOCIATES LIMITED PARTNERSHIP | CT | |
DIP LIMITED PARTNERSHIP | VA | |
DIP LIMITED PARTNERSHIP II | VA | |
DIVERSIFIED EQUITIES, LIMITED | TN | |
DIXON RIVER APARTMENTS, L.P. | IL | |
DORAL GARDEN ASSOCIATES | PA | |
DORAL LIMITED PARTNERSHIP | PA | |
DOUGLAS STREET LANDINGS, LTD. | TX | |
DOYLE ASSOCIATES LIMITED DIVIDEND HOUSING ASSOCIATION | MI | |
DREXEL BURNHAM LAMBERT REAL ESTATE ASSOCIATES II LIMITED PARTNERSHIP | NY | |
DUKE MANOR ASSOCIATES | PA | |
DUQUESNE ASSOCIATES NO. 1 | PA | |
EAST HAVEN REAL ESTATE ASSOCIATES LIMITED PARTNERSHIP | MA | |
EAST WINDSOR 255 LIMITED PARTNERSHIP | DE | |
EASTGATE APARTMENTS, A LIMITED PARTNERSHIP | IA | |
EASTRIDGE APARTMENTS A LIMITED PARTNERSHIP | PA | |
EASTRIDGE ASSOCIATES | PA | |
ECO VILLAGE, LTD | OH |
G-64
Table of Contents
Entity Name | State Code | |
EDGEWOOD ASSOCIATES | WA | |
EDGEWOOD HOUSING ASSOCIATES, L.P. | GA | |
EDGEWOOD, A LIMITED PARTNERSHIP | AR | |
EL CAZADOR LIMITED PARTNERSHIP | CA | |
EL CORONADO APTS., LTD. | TX | |
ELDERLY DEVELOPMENT WESTMINSTER, A CALIFORNIA LIMITED PARTNERSHIP | CA | |
ELKHART TOWN AND COUNTRY LIMITED PARTNERSHIP | IN | |
ELM GREEN APARTMENTS LIMITED PARTNERSHIP | NC | |
ELMS COMMON ASSOCIATES | CT | |
EMPORIA LIMITED | VA | |
ENGLISH MANOR JOINT VENTURE | TX | |
EUSTIS APARTMENTS, LTD. | FL | |
EVANGELINE VILLAGE APARTMENTS A LOUISIANA PARTNERSHIP IN COMMENDAM | LA | |
EVANSVILLE SENIOR HOUSING LIMITED PARTNERSHIP | WI | |
EVEREST INVESTORS 5, LLC | CA | |
EVEREST WINGFIELD, L.P. | KS | |
EVERETT SQUARE PLAZA ASSOCIATES | MA | |
EVERGREEN CLUB LIMITED PARTNERSHIP | MA | |
FAIR OAK ESTATES, LTD. | FL | |
FAIRBURN AND GORDON ASSOCIATES II LIMITED PARTNERSHIP | GA | |
FAIRBURN AND GORDON ASSOCIATES LIMITED PARTNERSHIP | GA | |
FAIRLANE EAST, LLC | DE | |
FAIRLAWN GREEN ACQUISITION, L.P. | KS | |
FAIRMONT HILLS APARTMENTS LIMITED PARTNERSHIP | WV | |
FAIRWIND ASSOCIATES, LTD. | WA | |
FAIRWOOD ASSOCIATES | CA | |
FARMINGDALE-OXFORD ASSOCIATES LIMITED PARTNERSHIP | IL | |
FERNWOOD LTD., LIMITED PARTNERSHIP | MA | |
FILLMORE PLACE APARTMENTS LIMITED PARTNERSHIP | AZ | |
FINLAY INTERESTS 2, LTD. | FL | |
FINLAY INTERESTS MT 2, LTD. | FL | |
FIRST ALEXANDRIA ASSOCIATES LIMITED PARTNERSHIP | VA | |
FIRST WINTHROP CORPORATION | DE | |
FISH CREEK PLAZA, LTD | OH | |
FISHERMAN’S LANDING APARTMENTS LIMITED PARTNERSHIP | FL | |
FISHERMAN’S LANDING JV GP, LLC | DE | |
FISHERMAN’S LANDING JV, L.P. | DE | |
FISHERMAN’S VILLAGE-OXFORD ASSOCIATES, L.P. | IN | |
FISHERMAN’S WHARF PARTNERS, A TEXAS LIMITED PARTNERSHIP | TX | |
FISHWIND CORPORATION | MD | |
FMI LIMITED PARTNERSHIP | PA | |
FOOTHILL CHIMNEY ASSOCIATES LIMITED PARTNERSHIP | GA | |
FOREST GARDENS ASSOCIATES, A MARYLAND LIMITED PARTNERSHIP | MD | |
FOREST PARK SOUTH, LTD. | FL |
G-65
Table of Contents
Entity Name | State Code | |
FOUNTAIN PLACE PRESERVATION, L.P. | DE | |
FOUR QUARTERS HABITAT APARTMENTS ASSOCIATES, LTD. | FL | |
FOURTH STREET APARTMENT INVESTORS, A CALIFORNIA LIMITED PARTNERSHIP | CA | |
FOX ASSOCIATES ’84 | CA | |
FOX CAPITAL MANAGEMENT CORPORATION | CA | |
FOX PARTNERS | CA | |
FOX PARTNERS II | CA | |
FOX PARTNERS III | CA | |
FOX PARTNERS IV | CA | |
FOX PARTNERS VIII | CA | |
FOX REALTY INVESTORS | CA | |
FOX RIDGE ASSOCIATES | WV | |
FOX RUN APARTMENTS, LTD. | TX | |
FOX STRATEGIC HOUSING INCOME PARTNERS, A CALIFORNIA LIMITED PARTNERSHIP | CA | |
FOX VALLEY TWO-OXFORD LIMITED PARTNERSHIP | MD | |
FOX VALLEY-OXFORD LIMITED PARTNERSHIP | MD | |
FOXFIRE LIMITED DIVIDEND HOUSING ASSOCIATION | MI | |
FRANKLIN CHANDLER ASSOCIATES | PA | |
FRANKLIN EAGLE ROCK ASSOCIATES | PA | |
FRANKLIN NEW YORK AVENUE ASSOCIATES | PA | |
FRANKLIN PARK LIMITED PARTNERSHIP | PA | |
FRANKLIN PHEASANT RIDGE ASSOCIATES | PA | |
FRANKLIN SQUARE SCHOOL ASSOCIATES LIMITED PARTNERSHIP | MD | |
FRANKLIN WOODS ASSOCIATES | PA | |
FRANKLIN WOODS LTD | OH | |
FREEMAN EQUITIES, LIMITED | TN | |
FRIENDSET HOUSING COMPANY LIMITED PARTNERSHIP | NY | |
FRIENDSHIP VILLAGE LIMITED PARTNERSHIP | VA | |
FRIO HOUSING, LTD. | TX | |
FRP LIMITED PARTNERSHIP | PA | |
GADSDEN TOWERS, LTD. | AL | |
GALLATIN ASSOCIATES | PA | |
GALLERIA PARK ASSOCIATES LIMITED PARTNERSHIP | MA | |
GARDEN COURT ASSOCIATES | CA | |
GATE MANOR APARTMENTS, LTD., A TENNESSEE LIMITED PARTNERSHIP | TN | |
GATEWAY-OXFORD ASSOCIATES LIMITED PARTNERSHIP | MD | |
GC SOUTHEAST PARTNERS, L.P. | DE | |
GEORGETOWN 20Y APARTMENTS, L.L.C. | DE | |
GEORGETOWN MANAGEMENT, INC | CA | |
GEORGETOWN WOODS LAND DEVELOPMENT, LP | IN | |
GEORGETOWN WOODS SENIOR APARTMENTS, L.P. | IN | |
GERMANTOWN, A LIMITED PARTNERSHIP | AR | |
GIFFORD GROVES, LTD. | FL |
G-66
Table of Contents
Entity Name | State Code | |
GLENARK ASSOCIATES LIMITED PARTNERSHIP | RI | |
GLENBROOK LIMITED PARTNERSHIP | MA | |
GLENDALE TERRACE LIMITED PARTNERSHIP | SC | |
GOLDEN OAK VILLAGE LIMITED PARTNERSHIP | IN | |
GOLER METROPOLITAN APARTMENTS LIMITED PARTNERSHIP | NC | |
GOOSE HOLLOW VILLAGE LIMITED PARTNERSHIP | OR | |
GOTHAM APARTMENTS, LIMITED PARTNERSHIP | MO | |
GP REAL ESTATE SERVICES II INC. | DE | |
GP SERVICES II, INC. | SC | |
GP SERVICES XV, INC. | SC | |
GP-OP PROPERTY MANAGEMENT, LLC | DE | |
GRAND MEADOWS II LIMITED DIVIDEND HOUSING ASSOCIATION | ||
LIMITEDPARTNERSHIP | MI | |
GRAND PLAZA PRESERVATION GP, LLC | DE | |
GRAND PLAZA PRESERVATION, L.P. | CA | |
GRANDVIEW PLACE LIMITED PARTNERSHIP | MT | |
GRANITE HEIGHTS, L.P. | TN | |
GRANT-KO ENTERPRISES A LIMITED PARTNERSHIP | WI | |
GREATER HARTFORD ASSOCIATES LIMITED PARTNERSHIP | CT | |
GREATER MESA PROPERTY ASSOCIATES LIMITED PARTNERSHIP | AZ | |
GREENBRIAR PRESERVATION, L.P. | DE | |
GREENBRIAR-OXFORD ASSOCIATES L.P. | IN | |
GREENFAIR TOWER II CALIFORNIA LIMITED PARTNERSHIP, A CALIFORNIA LIMITED PARTNERSHIP | CA | |
GREENFAIR-DCW CALIFORNIA LIMITED PARTNERSHIP, A CALIFORNIA LIMITED PARTNERSHIP | CA | |
GREEN-KO ENTERPRISES OF BARNEVELD, WISCONSIN A LIMITED PARTNERSHIP | WI | |
GREENTREE ASSOCIATES | IL | |
GREENWOOD VILLA APARTMENTS, LTD. | KY | |
GRIMES PARK APARTMENTS, LIMITED PARTNERSHIP | IA | |
GRINNELL PARK APARTMENTS, LIMITED PARTNERSHIP | IA | |
GROVE PARK VILLAS, LTD. | FL | |
GSSW-REO DALLAS, L.P. | TX | |
GSSW-REO PEBBLE CREEK, L.P. | TX | |
GSSW-REO TIMBERLINE LIMITED PARTNERSHIP | TX | |
GULF COAST HOLDINGS, LTD. | AL | |
GULF COAST PARTNERS, LTD. | CA | |
GULFPORT ASSOCIATES | WA | |
GWYNED PARTNERS LIMITED PARTNERSHIP | PA | |
HALLS MILL, LTD. | AL | |
HAMLIN ESTATES LIMITED PARTNERSHIP | CA | |
HAMMOND HOUSING 1994 PARTNERS, A LOUISIANA PARTNERSHIP IN COMMENDAM | LA | |
HAMPSHIRE HOUSE APARTMENTS, LTD. | OH | |
HARDIN HAMMOCK ESTATES ASSOCIATES, LTD. | FL |
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Entity Name | State Code | |
HAROLD APARTMENTS ASSOCIATES LIMITED PARTNERSHIP | NY | |
HARRIS PARK LIMITED PARTNERSHIP | NY | |
HARRISON SQUARE LIMITED PARTNERSHIP | CT | |
HATILLO HOUSING ASSOCIATES | MA | |
HAWTHORN VILLAGE I, L.P. | MO | |
HC/OAC, L.L.C. | MD | |
HCW GENERAL PARTNER, LIMITED PARTNERSHIP | TX | |
HCW PENSION REAL ESTATE FUND LIMITED PARTNERSHIP | MA | |
HEARTLAND PARK ELDERLY LIVING CENTER, L.P. | IL | |
HEATHERWOOD-REO, L.P. | TX | |
HEMET ESTATES AFFORDABLE, L.P. | CA | |
HENNA TOWNHOMES, LTD. | TX | |
HENRIETTA-OXFORD ASSOCIATES LIMITED PARTNERSHIP, A MARYLAND LIMITED PARTNERSHIP | MD | |
HERITAGE EAGLE VILLAS, LTD. | CO | |
HERITAGE FOREST GROVE, LTD. | TX | |
HERITAGE HOLLYBROOK, LTD. | FL | |
HERITAGE PARK II INC. | DE | |
HERITAGE PARK INVESTORS, INC. | CA | |
HERITAGE PHOENIX, LTD. | FL | |
HERITAGE VILLAGE BLACKSHEAR, L.P. | GA | |
HERITAGE WILLOW GLEN, LTD. | TX | |
HHP L.P. | DE | |
HICKORY HEIGHTS APARTMENTS, A LIMITED PARTNERSHIP | SC | |
HICKORY HILL TOWNHOMES, LTD. | KY | |
HICKORY RIDGE ASSOCIATES, LTD. | FL | |
HIGHLANDS VILLAGE II, LTD. | FL | |
HIGHLAWN PLACE LIMITED PARTNERSHIP | WV | |
HILLCREST APARTMENTS L.L.C. | OH | |
HILLSBOROUGH-OXFORD ASSOCIATES LIMITED PARTNERSHIP | MD | |
HILLSIDE VILLAGE ASSOCIATES | PA | |
HILLTOP APARTMENTS ASSOCIATES | PA | |
HILLTOP APARTMENTS, PHASE II LIMITED PARTNERSHIP | MO | |
HILLTOP APARTMENTS, PHASE I LIMITED PARTNERSHIP | MO | |
HIMBOLA MANOR — PARTNERSHIP SERVICES, INC. LTD., A PARTNERSHIP | LA | |
HINTON HOUSE ASSOCIATES LIMITED PARTNERSHIP | WV | |
HISTORIC PROPERTIES INC. | DE | |
HIVIEW GARDENS DEVELOPMENT COMPANY | PA | |
HMI PROPERTY MANAGEMENT (ARIZONA), INC. | AZ | |
HOLLIDAY ASSOCIATES LIMITED PARTNERSHIP | DC | |
HOLLIDAYSBURG LIMITED PARTNERSHIP | PA | |
HOLLOWS ASSOCIATES LIMITED PARTNERSHIP | NY | |
HOLLY POINT ASSOCIATES, A KENTUCKY LIMITED PARTNERSHIP | KY | |
HOMECORP INVESTMENTS, LTD. | AL |
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Table of Contents
Entity Name | State Code | |
HOPKINS VILLAGE PRESERVATION LIMITED PARTNERSHIP | DE | |
HOUSING ASSISTANCE OF MT. DORA, LTD. | FL | |
HOUSING ASSISTANCE OF ORANGE CITY, LTD. | FL | |
HOUSING ASSISTANCE OF SEBRING, LTD. | FL | |
HOUSING ASSISTANCE OF VERO BEACH, LTD. | FL | |
HOUSING ASSOCIATES LIMITED | CA | |
HOUSING PROGRAMS CORPORATION II | DE | |
HOUSING PROGRAMS LIMITED, A CALIFORNIA LIMITED PARTNERSHIP | CA | |
HOUSING TECHNOLOGY ASSOCIATES | HI | |
HUDSON STREET APARTMENTS LIMITED PARTNERSHIP | CA | |
HUDSON TERRACE ASSOCIATES LIMITED PARTNERSHIP | NY | |
HUMMELSTOWN HOUSING ASSOCIATES | PA | |
HUNT CLUB PARTNERS, L.L.C. | MD | |
HUNTERS GLEN AP XII LIMITED PARTNERSHIP | SC | |
HUNTERS GLEN PHASE V GP, L.L.C. | SC | |
HUNTINGTON HACIENDA ASSOCIATES, A CALIFORNIA LIMITED PARTNERSHIP | CA | |
HUNTSVILLE PROPERTIES LIMITED PARTNERSHIP | GA | |
HURBELL IV LTD. | AL | |
HYATTSVILLE HOUSING ASSOCIATES LIMITED PARTNERSHIP | MD | |
HYDE PARK APARTMENTS LIMITED PARTNERSHIP | MO | |
IDA TOWER | PA | |
IH, INC. | DE | |
INDIO GARDENS AFFORDABLE, L.P. | CA | |
INGRAM SQUARE APARTMENTS, LTD. | TX | |
INGRAM SQUARE PRESERVATION, L.P. | TX | |
INTOWN WEST ASSOCIATES LIMITED PARTNERSHIP | CT | |
INWOOD COLONY, LTD. | TX | |
IPLP ACQUISITION I LLC | DE | |
IPT I LLC | DE | |
IRONMAN HOUSING ASSOCIATION | OK | |
ISTC CORPORATION | DE | |
IVYWOOD APARTMENTS LIMITED PARTNERSHIP | OH | |
J M PROPERTY INVESTORS 1984, L.P. | DE | |
J M PROPERTY INVESTORS 1985, L.P. | DE | |
JACARANDA-OXFORD LIMITED PARTNERSHIP | MD | |
JACARANDA-OXFORD, L.L.C. | MD | |
JACOB’S LANDING, L.P. | MO | |
JACQUES-MILLER ASSOCIATES | TN | |
JAMES COURT ASSOCIATES | ID | |
JAMES-OXFORD LIMITED PARTNERSHIP | MD | |
JAMESTOWN TERRACE LIMITED PARTNERSHIP, A CALIFORNIA LIMITED PARTNERSHIP | CA | |
JAMESTOWN VILLAGE ASSOCIATES | PA | |
JARDINES DE MAYAGUEZ LIMITED PARTNERSHIP | MD |
G-69
Table of Contents
Entity Name | State Code | |
JASPER COUNTY PROPERTIES, LTD. | MS | |
JEFFERSON MEADOWS LIMITED DIVIDEND HOUSING ASSOCIATION LIMITED PARTNERSHIP | MI | |
JENNY LIND HALL SECOND LIMITED PARTNERSHIP, A CALIFORNIA LIMITED PARTNERSHIP | CA | |
JFK ASSOCIATES LIMITED PARTNERSHIP | NC | |
JMA EQUITIES, L.P. | DE | |
JUPITER-I, L.P. | DE | |
JUPITER-II, L.P. | DE | |
KENDALL TOWNHOME INVESTORS, LTD. | FL | |
KENNEDY BOULEVARD ASSOCIATES | PA | |
KENNEDY BOULEVARD ASSOCIATES II, L.P. | PA | |
KENNEDY BOULEVARD ASSOCIATES III, L.P. | PA | |
KENNEDY BOULEVARD ASSOCIATES IV, L.P. | PA | |
KENOSHA GARDENS ASSOCIATES LIMITED PARTNERSHIP OF WISCONSIN | WI | |
KENTON DEVELOPMENT CO. | MO | |
KENTON VILLAGE, LTD. | OH | |
KENTUCKY MANOR APARTMENTS, LTD. | KY | |
KENTUCKY RIVER APARTMENTS, LTD. | KY | |
KENYON HOUSE CO. | WA | |
KING-BELL ASSOCIATES LIMITED PARTNERSHIP | OR | |
KINGS ROW ASSOCIATES | NJ | |
KINGSTON GREENE ASSOCIATES LTD | OH | |
KINSEY-OXFORD ASSOCIATES, L.P. | OH | |
KIRKMAN-OXFORD ASSOCIATES LIMITED PARTNERSHIP | MD | |
KIRKWOOD HOUSE PRESERVATION LIMITED PARTNERSHIP | DE | |
KIWANIS MANOR, L.P. | IL | |
KOHLER GARDENS APARTMENTS | CA | |
KONA PLUS ASSOCIATES LIMITED PARTNERSHIP | WA | |
L.M. ASSOCIATES LIMITED PARTNERSHIP | OH | |
LA BROADCAST CENTER GP LLC | DE | |
LA CANYON TERRACE GP LLC | DE | |
LA CANYON TERRACE LP | DE | |
LA CREEKSIDE GP LLC | DE | |
LA CREEKSIDE LP | DE | |
LA CRESCENT GARDENS GP LLC | DE | |
LA CRESCENT GARDENS LP | DE | |
LA HILLCRESTE APARTMENTS LLC | DE | |
LA HILLCRESTE GP LLC | DE | |
LA HILLCRESTE LP | DE | |
LA HILLCRESTE MEZZANINE MEMBER LLC | DE | |
LA INDIAN OAKS GP LLC | DE | |
LA INDIAN OAKS LP | DE | |
LA LAKES GP LLC | DE | |
LA LAKES LP | DE |
G-70
Table of Contents
Entity Name | State Code | |
LA MALIBU CANYON GP LLC | DE | |
LA MALIBU CANYON LP | DE | |
LA MORADA ASSOCIATES LIMITED PARTNERSHIP | DC | |
LA PARK LA BREA A LLC | DE | |
LA PARK LA BREA B LLC | DE | |
LA PARK LA BREA C LLC | DE | |
LA PARK LA BREA LLC | DE | |
LA SALLE PRESERVATION, L.P. | CA | |
LA VISTA PRESERVATION, L.P. | CA | |
LAC PROPERTIES GP I LIMITED PARTNERSHIP | DE | |
LAC PROPERTIES GP I LLC | DE | |
LAC PROPERTIES GP II LIMITED PARTNERSHIP | DE | |
LAC PROPERTIES GP III LIMITED PARTNERSHIP | DE | |
LAC PROPERTIES OPERATING PARTNERSHIP, L.P. | DE | |
LAC PROPERTIES SUB LLC | DE | |
LAFAYETTE LIMITED PARTNERSHIP | IL | |
LAFAYETTE MANOR ASSOCIATES LIMITED PARTNERSHIP | VA | |
LAFAYETTE SQUARE ASSOCIATES | TN | |
LAFAYETTE TERRACE ASSOCIATES | IL | |
LAFAYETTE TOWNE ELDERLY LIMITED PARTNERSHIP | MO | |
LAKE AVENUE ASSOCIATES L.P. | OH | |
LAKE CASTLETON II, L.P. | TX | |
LAKE FOREST APARTMENTS | PA | |
LAKE HAVASU ASSOCIATES LIMITED PARTNERSHIP | AZ | |
LAKE JUNE VILLAGE II LIMITED PARTNERSHIP | TX | |
LAKE RIDGE-OXFORD ASSOCIATES LIMITED PARTNERSHIP | MD | |
LAKE TOWERS ASSOCIATES II LIMITED PARTNERSHIP | IL | |
LAKE WALES VILLAS, LTD. | FL | |
LAKERIDGE-ISLAND CLUB APARTMENTS PARTNERS, L.P. | DE | |
LAKESIDE APARTMENTS LIMITED | FL | |
LAKESIDE APARTMENTS, A LIMITED PARTNERSHIP | IN | |
LAKESIDE AT VININGS, LLC | DE | |
LAKESIDE NORTH, L.L.C. | MD | |
LAKEVIEW ARMS ASSOCIATES LIMITED PARTNERSHIP | NY | |
LAKEVIEW VILLAS, LTD. | FL | |
LAKEWOOD AOPL, A TEXAS LIMITED PARTNERSHIP | TX | |
LAKEWOOD AOPL, INC. | TX | |
LANCASTER HEIGHTS MANAGEMENT CORP. | CA | |
LANDAU APARTMENTS LIMITED PARTNERSHIP | SC | |
LANDMARK (NC), LLC | DE | |
LANDMARK APARTMENTS ASSOCIATES | IL | |
LANDMARK ASSOCIATES | ID | |
LANTANA-OXFORD ASSOCIATES LIMITED PARTNERSHIP | MD | |
LARGO PARTNERS, L.L.C. | MD |
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Table of Contents
Entity Name | State Code | |
LARGO/OAC, L.L.C. | MD | |
LAS MONTANAS VILLAGE LIMITED PARTNERSHIP | AZ | |
LAS PALOMAS VILLAGE LIMITED PARTNERSHIP | AZ | |
LASALLE APARTMENTS, L.P. | CA | |
LAUDERDALE TOWERS-REO, LIMITED PARTNERSHIP | TX | |
LAWNDALE SQUARE-REO LIMITED PARTNERSHIP | TX | |
LAZY HOLLOW PARTNERS | CA | |
LEE-HY MANOR ASSOCIATES LIMITED PARTNERSHIP | VA | |
LEMAY VILLAGE LIMITED PARTNERSHIP | MO | |
LEWISBURG ASSOCIATES LIMITED PARTNERSHIP | WV | |
LEWISBURG ELDERLY ASSOCIATES | PA | |
LEXINGTON-OXFORD ASSOCIATES L.P. | IN | |
LEYDEN LIMITED PARTNERSHIP | MA | |
LIBERTY TOWERS ASSOCIATES II L.P. | IL | |
LIMA-OXFORD ASSOCIATES, L.P. | IN | |
LINCOLN MARINERS ASSOCIATES LIMITED | CA | |
LINCOLN PROPERTY COMPANY NO. 409, LTD. | CA | |
LINDEN COURT ASSOCIATES LIMITED PARTNERSHIP | NY | |
LIVINGSTON HOUSING 1994 PARTNERS, A LOUISIANA PARTNERSHIP IN COMMENDAM | LA | |
LOCK HAVEN ELDERLY ASSOCIATES | PA | |
LOCK HAVEN GARDENS ASSOCIATES | PA | |
LOCUST HOUSE ASSOCIATES LIMITED PARTNERSHIP | MD | |
LONE OAK APARTMENTS, LTD. | KY | |
LONE STAR PROPERTIES LIMITED PARTNERSHIP | TX | |
LONG MEADOW LIMITED PARTNERSHIP | SC | |
LORELEI ASSOCIATES LIMITED PARTNERSHIP | DC | |
LORING TOWERS PRESERVATION LIMITED PARTNERSHIP | DE | |
LORING TOWERS SALEM PRESERVATION LIMITED PARTNERSHIP | MA | |
LOUIS JOLIET APARTMENTS MT, L.P. | IL | |
LOUIS JOLIET APARTMENTS, L.P. | IL | |
LUND-HILL ASSOCIATES LIMITED PARTNERSHIP | WI | |
LYNN-OXFORD ASSOCIATES LIMITED PARTNERSHIP | MD | |
M & P DEVELOPMENT COMPANY | PA | |
MADISON PARK III ASSOCIATES | MA | |
MADISON RIVER PROPERTIES, L.L.C. | DE | |
MADISON TERRACE ASSOCIATES | IL | |
MADISONVILLE, LTD. | OH | |
MAE — SPI, L.P. | DE | |
MAE DELTA, INC. | DE | |
MAE INVESTMENTS, INC. | DE | |
MAE JMA, INC. | DE | |
MAERIL, INC. | DE | |
MALLARDS OF WEDGEWOOD LIMITED PARTNERSHIP | WA |
G-72
Table of Contents
Entity Name | State Code | |
MANDARIN TRACE APARTMENTS, LTD. | FL | |
MANGONIA RESIDENCE I, LTD. | FL | |
MANNA CREST HOMES LIMITED PARTNERSHIP | OH | |
MANOR GREEN LIMITED PARTNERSHIP | WA | |
MAPLE HILL ASSOCIATES | PA | |
MAQUOKETA HOUSING, L.P. | IA | |
MARINA DEL REY LIMITED DIVIDEND PARTNERSHIP ASSOCIATES | MA | |
MARINETTE WOODS APARTMENTS ASSOCIATES LIMITED PARTNERSHIP | WI | |
MARKET VENTURES, L.L.C. | DE | |
MARSHALL PLAZA APARTMENTS, LTD.-PHASE I | OH | |
MARSHALL PLAZA APARTMENTS, LTD.-PHASE II | OH | |
MARTINEZ PARK VILLAS, LTD. | CO | |
MASHPEE UNITED CHURCH VILLAGE PARTNERSHIP | MA | |
MAUNAKEA PALMS LIMITED PARTNERSHIP | HI | |
MAUNAKEA PALMS, INC. | HI | |
MAYER BEVERLY PARK LIMITED PARTNERSHIP | CA | |
MB APARTMENTS LIMITED PARTNERSHIP | IL | |
MCZ/CENTRUM FLAMINGO II, L.L.C. | DE | |
MCZ/CENTRUM FLAMINGO III, L.L.C. | DE | |
MEADOW LAKE PHASE II, A LIMITED PARTNERSHIP | AR | |
MEADOW LAKE, A LIMITED PARTNERSHIP | AR | |
MEADOW LANE | WA | |
MEADOW VIEW ASSOCIATES L.P. | IL | |
MEADOWS LIMITED PARTNERSHIP | IL | |
MEADOWS RUN LIMITED PARTNERSHIP | CO | |
MECKLENBURG MILL ASSOCIATES, LIMITED PARTNERSHIP | NC | |
MEGAN MANOR, LIMITED PARTNERSHIP | AL | |
MELBOURNE-OXFORD ASSOCIATES LIMITED PARTNERSHIP | MD | |
MELBOURNE-OXFORD CORPORATION | MD | |
MERCER PARTNERS, LP | NJ | |
MERIDIAN-REO, L.P. | TX | |
MESA BROADWAY PROPERTY LIMITED PARTNERSHIP | AZ | |
MESA VALLEY HOUSING ASSOCIATES II LIMITED PARTNERSHIP | AZ | |
MESA VALLEY HOUSING ASSOCIATES LIMITED PARTNERSHIP | AZ | |
METROPOLITAN PLAZA LP, LLC | DE | |
MHO PARTNERS, LIMITED | FL | |
MIAMI ELDERLY ASSOCIATES LIMITED PARTNERSHIP | OH | |
MICHIGAN BEACH LIMITED PARTNERSHIP | IL | |
MIDDLETOWN-OXFORD LIMITED PARTNERSHIP | MD | |
MIDPARK DEVELOPMENT CO. | OH | |
MIDTOWN MESA LIMITED PARTNERSHIP | AZ | |
MIDTOWN PLAZA ASSOCIATES | WA | |
MINNEAPOLIS ASSOCIATES II LIMITED PARTNERSHIP | MA | |
MINNEAPOLIS ASSOCIATES LIMITED PARTNERSHIP | MD |
G-73
Table of Contents
Entity Name | State Code | |
MIRAMAR HOUSING ASSOCIATES LIMITED PARTNERSHIP | DC | |
MOHAVE PARTNERS, L.P. | OH | |
MONROE CORPORATION | MD | |
MONROE COUNTY APTS. 2 & 3 L.P. | IL | |
MONROE-OXFORD ASSOCIATES LIMITED PARTNERSHIP | MD | |
MONTBLANC GARDEN APARTMENTS ASSOCIATES | MA | |
MONTICELLO MANAGEMENT I, L.L.C. | DE | |
MONTICELLO MANOR, LTD. | TX | |
MORNINGSIDE HOUSING PHASE B ASSOCIATES LIMITED PARTNERSHIP | NY | |
MORNINGSTAR SENIOR CITIZEN URBAN RENEWAL HOUSING GROUP, L.P. | NJ | |
MORRISANIA TOWERS HOUSING COMPANY LIMITED PARTNERSHIP | NY | |
MORTON TOWERS APARTMENTS, L.P. | DE | |
MORTON TOWERS HEALTH CLUB, LLC | DE | |
MOSS GARDENS LTD., A PARTNERSHIP IN COMMENDAM | LA | |
MOUNT CARROLL APARTMENTS LIMITED PARTNERSHIP | IL | |
MOUNT UNION APARTMENTS, LTD. | OH | |
MRR LIMITED PARTNERSHIP | IL | |
MULBERRY ASSOCIATES | PA | |
MUSCATINE HOUSING, L.P. | IA | |
NAPICO HOUSING CREDIT COMPANY-XI.A, LLC | DE | |
NAPICO HOUSING CREDIT COMPANY-XI.B, LLC | DE | |
NAPICO HOUSING CREDIT COMPANY-XI.C, LLC | DE | |
NAPICO HOUSING CREDIT COMPANY-XI.D, LLC | DE | |
NAPLES-OXFORD LIMITED PARTNERSHIP | MD | |
NAPLES-OXFORD, L.L.C. | MD | |
NASHUA-OXFORD-BAY ASSOCIATES LIMITED PARTNERSHIP | MD | |
NATIONAL BOSTON LOFTS ASSOCIATES, LLLP | CO | |
NATIONAL CORPORATE TAX CREDIT FUND II, A CALIFORNIA LIMITED PARTNERSHIP | CA | |
NATIONAL CORPORATE TAX CREDIT FUND III, A CALIFORNIA LIMITED PARTNERSHIP | CA | |
NATIONAL CORPORATE TAX CREDIT FUND IV, A CALIFORNIA LIMITED PARTNERSHIP | CA | |
NATIONAL CORPORATE TAX CREDIT FUND IX, A CALIFORNIA LIMITED PARTNERSHIP | CA | |
NATIONAL CORPORATE TAX CREDIT FUND V, A CALIFORNIA LIMITED PARTNERSHIP | CA | |
NATIONAL CORPORATE TAX CREDIT FUND VI, A CALIFORNIA LIMITED PARTNERSHIP | CA | |
NATIONAL CORPORATE TAX CREDIT FUND VII, A CALIFORNIA LIMITED PARTNERSHIP | CA | |
NATIONAL CORPORATE TAX CREDIT FUND VIII, A CALIFORNIA LIMITED PARTNERSHIP | CA | |
NATIONAL CORPORATE TAX CREDIT FUND X, A CALIFORNIA LIMITED PARTNERSHIP | CA |
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Table of Contents
Entity Name | State Code | |
NATIONAL CORPORATE TAX CREDIT FUND XI, A CALIFORNIA LIMITED PARTNERSHIP | CA | |
NATIONAL CORPORATE TAX CREDIT FUND XII, A CALIFORNIA LIMITED PARTNERSHIP | CA | |
NATIONAL CORPORATE TAX CREDIT FUND XIII, A CALIFORNIA LIMITED PARTNERSHIP | CA | |
NATIONAL CORPORATE TAX CREDIT FUND, A CALIFORNIA LIMITED PARTNERSHIP | CA | |
NATIONAL CORPORATE TAX CREDIT, INC. | CA | |
NATIONAL CORPORATE TAX CREDIT, INC. II | CA | |
NATIONAL CORPORATE TAX CREDIT, INC. III | CA | |
NATIONAL CORPORATE TAX CREDIT, INC. IV | CA | |
NATIONAL CORPORATE TAX CREDIT, INC. IX | CA | |
NATIONAL CORPORATE TAX CREDIT, INC. OF PENNSYLVANIA | PA | |
NATIONAL CORPORATE TAX CREDIT, INC. VI | CA | |
NATIONAL CORPORATE TAX CREDIT, INC. VII | CA | |
NATIONAL CORPORATE TAX CREDIT, INC. VIII | CA | |
NATIONAL CORPORATE TAX CREDIT, INC. X | CA | |
NATIONAL CORPORATE TAX CREDIT, INC. XI | CA | |
NATIONAL CORPORATE TAX CREDIT, INC. XII | CA | |
NATIONAL CORPORATE TAX CREDIT, INC. XIII | CA | |
NATIONAL CORPORATE TAX CREDIT, INC. XIV | CA | |
NATIONAL HOUSING PARTNERSHIP REALTY FUND I, A MARYLAND LIMITED PARTNERSHIP | MD | |
NATIONAL HOUSING PARTNERSHIP RESI ASSOCIATES I LIMITED PARTNERSHIP | DC | |
NATIONAL PARTNERSHIP CREDIT FACILITY CORP. | CA | |
NATIONAL PARTNERSHIP INVESTMENTS ASSOCIATES II | CA | |
NATIONAL PARTNERSHIP INVESTMENTS CORP. | CA | |
NATIONAL PARTNERSHIP MANAGEMENT CORP. | CA | |
NATIONAL PROPERTY INVESTORS 4 | CA | |
NATIONAL PROPERTY INVESTORS 5 | CA | |
NATIONAL PROPERTY INVESTORS 6 | CA | |
NATIONAL PROPERTY INVESTORS 8, A CALIFORNIA LIMITED PARTNERSHIP | CA | |
NATIONAL PROPERTY INVESTORS III | CA | |
NATIONAL TAX CREDIT INVESTORS II, A CALIFORNIA LIMITED PARTNERSHIP | CA | |
NATIONAL TAX CREDIT MANAGEMENT CORP. I | CA | |
NATIONAL TAX CREDIT PARTNERS, L.P. | CA | |
NATIONAL TAX CREDIT, INC | CA | |
NATIONAL TAX CREDIT, INC. II | CA | |
NBA, LTD. | AL | |
NEIGHBORHOOD RESTORATIONS LIMITED PARTNERSHIP V | PA | |
NEVADA SUNRISE GARDENS, LIMITED PARTNERSHIP | CA | |
NEW BALTIMORE SENIOR PRESERVATION LIMITED PARTNERSHIP | MI | |
NEW CASTLE — OXFORD ASSOCIATES L.P. | IN | |
NEW HAVEN APARTMENTS, LIMITED PARTNERSHIP | AL | |
NEW HAVEN ASSOCIATES LIMITED PARTNERSHIP | MA |
G-75
Table of Contents
Entity Name | State Code | |
NEW SHELTER V LIMITED PARTNERSHIP | DE | |
NEW VISTAS APARTMENTS ASSOCIATES | IL | |
NEW-BEL-MO ENTERPRISES A LIMITED PARTNERSHIP | WI | |
NEWBERRY PARK PRESERVATION, L.P. | DE | |
NEWINGTON-OXFORD ASSOCIATES LIMITED PARTNERSHIP | MD | |
NEWPORT-AVONDALE, LLC | DE | |
NEWPORT-OXFORD ASSOCIATES LIMITED PARTNERSHIP | MD | |
NEWTON APARTMENTS, LTD. | MS | |
NHP A&R SERVICES, INC. | VA | |
NHP ACQUISITION CORPORATION | DE | |
NHP AFFORDABLE HOUSING PARTNERS, L.P. | PA | |
NHP COUNTRY GARDENS LIMITED PARTNERSHIP | VA | |
NHP COUNTRY GARDENS, INC. | VA | |
NHP MID-ATLANTIC PARTNERS ONE L.P. | DE | |
NHP MID-ATLANTIC PARTNERS TWO L.P. | DE | |
NHP MULTI-FAMILY CAPITAL CORPORATION | DC | |
NHP PARKWAY ASSOCIATES L.P. | DE | |
NHP PARKWAY L.P. | DE | |
NHP PARTNERS TWO LIMITED PARTNERSHIP | DE | |
NHP PUERTO RICO MANAGEMENT COMPANY | DE | |
NHP WINDSOR CROSSING ASSOCIATES L.P. | DE | |
NHP WINDSOR CROSSING L.P. | DE | |
NHP-HDV FOURTEEN, INC. | DE | |
NHP-HDV SEVENTEEN, INC. | DE | |
NHP-HDV TEN, INC. | DE | |
NHP-HDV TWELVE, INC. | DE | |
NHPMN MANAGEMENT, L.P. | DE | |
NHPMN MANAGEMENT, LLC | DE | |
NHPMN STATE MANAGEMENT, INC | DE | |
NHPMN-GP, INC. | DE | |
NICHOLS TOWNEHOMES, LTD. | OH | |
NOBLE SENIOR HOUSING, L.P., A CALIFORNIA LIMITED PARTNERSHIP | CA | |
NORTH GATE-OXFORD ASSOCIATES LIMITED PARTNERSHIP | IN | |
NORTH LIBERTY PARK, LIMITED PARTNERSHIP | IA | |
NORTH OMAHA HOMES | NE | |
NORTH PARK ASSOCIATES LIMITED PARTNERSHIP | WV | |
NORTH WASHINGTON PARK ESTATES | IL | |
NORTH WOODS-OXFORD ASSOCIATES, L.P. | IN | |
NORTHERN STATES PROPERTIES LIMITED PARTNERSHIP | WA | |
NORTHPOINT PRESERVATION LIMITED PARTNERSHIP | DE | |
NORTHWESTERN PARTNERS, LTD. | FL | |
NORTHWIND FOREST LIMITED PARTNERSHIP | MI | |
NORTHWINDS APARTMENTS, L.P. | VA | |
NORWALK PARK APARTMENTS, LIMITED PARTNERSHIP | IA |
G-76
Table of Contents
Entity Name | State Code | |
NOVA ASSOCIATES LIMITED PARTNERSHIP | WA | |
NP BANK LOFTS ASSOCIATES, L.P. | CO | |
NPI EQUITY INVESTMENTS II, INC. | FL | |
NPI EQUITY INVESTMENTS, INC. | FL | |
NPIA III, A CALIFORNIA LIMITED PARTNERSHIP | CA | |
OAC L.L.C. | MD | |
OAC LIMITED PARTNERSHIP | MD | |
OAK FALLS CONDOMINIUMS JV, L.P. | TX | |
OAK FOREST ASSOCIATES LIMITED PARTNERSHIP | OH | |
OAK FOREST II ASSOCIATES LIMITED PARTNERSHIP | OH | |
OAK FOREST III ASSOCIATES | OH | |
OAK HILL APARTMENTS, LTD. | PA | |
OAK HOLLOW SOUTH ASSOCIATES | PA | |
OAK PARK-OXFORD ASSOCIATES LIMITED PARTNERSHIP | MI | |
OAK VIEW SPARTANBURG LIMITED PARTNERSHIP | SC | |
OAK WOODS ASSOCIATES | IL | |
OAKBROOK ACQUISITION, L.P. | MO | |
OAKLAND CITY WEST END ASSOCIATES LIMITED PARTNERSHIP | GA | |
OAKRIDGE PARK APARTMENTS, LTD. | MS | |
OAKRIDGE PARK APARTMENTS, PHASE II, LTD. | MS | |
OAKVIEW APARTMENTS LIMITED PARTNERSHIP | AR | |
OAKWOOD APARTMENTS, LIMITED PARTNERSHIP — PHASE I | OH | |
OAKWOOD APARTMENTS, LIMITED PARTNERSHIP — PHASE II | OH | |
OAKWOOD MANOR ASSOCIATES, LTD. | TN | |
OAKWOOD TRUST — PHASE I | OH | |
OAKWOOD TRUST — PHASE II | OH | |
OAMCO I, L.L.C. | DE | |
OAMCO II, L.L.C. | DE | |
OAMCO IV, L.L.C. | DE | |
OAMCO V, L.L.C. | DE | |
OAMCO VII, L.L.C. | DE | |
OAMCO X, L.L.C. | DE | |
OAMCO XI, L.L.C. | DE | |
OAMCO XII, L.L.C. | DE | |
OAMCO XIX, L.L.C. | DE | |
OAMCO XIX, L.P. | DE | |
OAMCO XV, L.L.C. | DE | |
OAMCO XVI, L.L.C. | DE | |
OAMCO XX, L.L.C. | DE | |
OAMCO XX, L.P. | DE | |
OAMCO XXII, L.L.C. | DE | |
OAMCO XXIII, L.L.C. | DE | |
OAMCO XXVIII LIMITED PARTNERSHIP | MD | |
OCALA PLACE, LTD. | FL |
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Entity Name | State Code | |
O’DEA INVESTMENT COMPANY | CA | |
OFA PARTNERS | PA | |
OHA ASSOCIATES | IL | |
OLD FARM ASSOCIATES | PA | |
OLD FINANCIAL DISTRICT LIMITED PARTNERSHIP | CA | |
ONE LINWOOD ASSOCIATES, LTD. | DC | |
ONE LYTLE PLACE APARTMENTS PARTNERS, L.P. | DE | |
ONE MADISON AVENUE ASSOCIATES, L.P. | ME | |
ONE WEST CONWAY ASSOCIATES LIMITED PARTNERSHIP | MD | |
OP PROPERTY MANAGEMENT, L.P. | DE | |
OP PROPERTY MANAGEMENT, LLC | DE | |
OPPORTUNITY ASSOCIATES 1991 L.P. | IN | |
OPPORTUNITY ASSOCIATES 1994, L.P. | IN | |
ORANGE CITY VILLAS II, LTD. | FL | |
ORANGE VILLAGE ASSOCIATES | PA | |
ORLEANS GARDENS, A LIMITED PARTNERSHIP | SC | |
OROCOVIX LIMITED DIVIDEND PARTNERSHIP, A LIMITED PARTNERSHIP | CA | |
ORP ACQUISITION PARTNERS LIMITED PARTNERSHIP | MD | |
ORP ACQUISITION, INC. | MD | |
ORP CORPORATION I | MD | |
ORP I ASSIGNOR CORPORATION | MD | |
ORP ONE L.L.C. | MD | |
OSHTEMO LIMITED DIVIDEND HOUSING ASSOCIATION | MI | |
OTEF II ASSOCIATES LIMITED PARTNERSHIP | MD | |
OVERBROOK PARK, LTD. | OH | |
OXFORD ASSOCIATES ’76 LIMITED PARTNERSHIP | IN | |
OXFORD ASSOCIATES ’77 LIMITED PARTNERSHIP | IN | |
OXFORD ASSOCIATES ’78 LIMITED PARTNERSHIP | IN | |
OXFORD ASSOCIATES ’79 LIMITED PARTNERSHIP | IN | |
OXFORD ASSOCIATES ’80 LIMITED PARTNERSHIP | IN | |
OXFORD ASSOCIATES ’81 LIMITED PARTNERSHIP | IN | |
OXFORD ASSOCIATES ’82 LIMITED PARTNERSHIP | IN | |
OXFORD ASSOCIATES ’83 LIMITED PARTNERSHIP | IN | |
OXFORD ASSOCIATES ’84 LIMITED PARTNERSHIP | MD | |
OXFORD ASSOCIATES ’85 LIMITED PARTNERSHIP | MD | |
OXFORD BETHESDA I LIMITED PARTNERSHIP | MD | |
OXFORD BETHESDA II LIMITED PARTNERSHIP | MD | |
OXFORD CORPORATION | IN | |
OXFORD DEVELOPMENT CORPORATION | IN | |
OXFORD DEVELOPMENT ENTERPRISES INC. | IN | |
OXFORD EQUITIES CORPORATION | IN | |
OXFORD EQUITIES CORPORATION II | DE | |
OXFORD FUND I LIMITED PARTNERSHIP | MD | |
OXFORD HOLDING CORPORATION | MD |
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Entity Name | State Code | |
OXFORD HOUSE PRESERVATION, L.P. | DE | |
OXFORD INVESTMENT CORPORATION | MD | |
OXFORD INVESTMENT II CORPORATION | MD | |
OXFORD MANAGEMENT COMPANY INC. | IN | |
OXFORD MANAGERS I LIMITED PARTNERSHIP | MD | |
OXFORD NATIONAL PROPERTIES CORPORATION | MD | |
OXFORD PARTNERS I LIMITED PARTNERSHIP | IN | |
OXFORD PARTNERS V LIMITED PARTNERSHIP | MD | |
OXFORD PARTNERS X, L.L.C. | MD | |
OXFORD REALTY FINANCIAL GROUP, INC. | MD | |
OXFORD RESIDENTIAL PROPERTIES I CORPORATION | MD | |
OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP | DE | |
OXFORD TAX EXEMPT FUND II CORPORATION | MD | |
OXFORD TAX EXEMPT FUND II LIMITED PARTNERSHIP | MD | |
OXFORD-COLUMBIA ASSOCIATES, A MARYLAND LIMITED PARTNERSHIP | MD | |
OXPARC 1994, L.L.C. | MD | |
OXPARC 1995, L.L.C. | MD | |
OXPARC 1996, L.L.C. | MD | |
OXPARC 1997, L.L.C. | MD | |
OXPARC 1998, L.L.C. | MD | |
OXPARC 1999, L.L.C. | MD | |
OXPARC 2000, L.L.C. | MD | |
P&R INVESTMENT SERVICES | WA | |
PACHUTA, LTD. | MS | |
PACIFIC COAST PLAZA | CA | |
PACIFIC PLACE APARTMENTS, L.P. | MO | |
PALACE VIEW HOUSING LIMITED PARTNERSHIP | CT | |
PALM AIRE-ISLAND CLUB APARTMENTS PARTNERS, L.P. | DE | |
PALM BEACH-OXFORD LIMITED PARTNERSHIP | MD | |
PALM SPRINGS SENIOR AFFORDABLE, L.P. | CA | |
PALM SPRINGS SENIOR CITIZENS COMPLEX LIMITED PARTNERSHIP | CA | |
PALM SPRINGS VIEW APARTMENTS, LTD., A CALIFORNIA LIMITED PARTNERSHIP | CA | |
PALMETTO APARTMENTS, A LIMITED PARTNERSHIP | SC | |
PAMPA PARTNERSHIP LIMITED | TX | |
PANORAMA PARK APARTMENTS LIMITED PARTNERSHIP | CA | |
PANORAMA PARK PRESERVATION, L.P. | CA | |
PAP PARTNERSHIP, L.P. | PA | |
PARADISE PALMS MULTI-HOUSING LIMITED PARTNERSHIP | AZ | |
PARADISE PALMS SENIOR HOUSING LIMITED PARTNERSHIP | AZ | |
PARC CHATEAU SECTION I ASSOCIATES L.P. | GA | |
PARC CHATEAU SECTION II ASSOCIATES (L.P.) | GA | |
PARK ACQUISITION, L.P. | KS | |
PARK ASSOCIATES, L.P. | MO | |
PARK CREST, LTD. | FL |
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Entity Name | State Code | |
PARK LA BREA ACQUISITION, LLC | DE | |
PARK LANE ASSOCIATES LIMITED PARTNERSHIP | AZ | |
PARK MANOR, OREG. LTD. | OR | |
PARK NORTH-OXFORD ASSOCIATES, A MARYLAND LIMITED PARTNERSHIP | MD | |
PARK PLACE ASSOCIATES | NJ | |
PARK PLACE PRESERVATION, L.P. | MO | |
PARK TOWNE PLACE ASSOCIATES LIMITED PARTNERSHIP | DE | |
PARK VISTA MANAGEMENT, INC. | CA | |
PARK VISTA, LTD., A CALIFORNIA LIMITED PARTNERSHIP | CA | |
PARKVIEW AFFORDABLE, L.P. | CA | |
PARKVIEW APARTMENTS, A LIMITED PARTNERSHIP | SC | |
PARKVIEW ARMS ASSOCIATES I LIMITED PARTNERSHIP | OH | |
PARKVIEW ARMS ASSOCIATES II LIMITED PARTNERSHIP | OH | |
PARKVIEW ASSOCIATES LIMITED PARTNERSHIP | CA | |
PARKVIEW ASSOCIATES LIMITED PARTNERSHIP | NY | |
PARKVIEW DEVELOPMENT CO. | MN | |
PARKWAYS PRESERVATION, L.P. | DE | |
PARTNERSHIP 18, L.P. | PA | |
PARTNERSHIP FOR HOUSING LIMITED | CA | |
PATEE VILLAS I, L.P. | MO | |
PAVILION ASSOCIATES | PA | |
PAVILION PRESERVATION, L.P. | DE | |
PEAK AT VININGS, LLC | DE | |
PEBBLE POINT CORPORATION | MD | |
PEBBLE POINT-OXFORD ASSOCIATES, L.P. | IN | |
PENNSYLVANIA ASSOCIATES LIMITED PARTNERSHIP | MA | |
PENNSYLVANIA HOUSING PARTNERS | PA | |
PENVIEW ASSOCIATES, L.P. | NY | |
PEPPERMILL PLACE APARTMENTS JV, L.P. | TX | |
PEPPERTREE ASSOCIATES | CA | |
PEPPERTREE VILLAGE OF AVON PARK, LIMITED | FL | |
PETERSBURG EAST SECTION 1, L.P. | VA | |
PHILLIPS TO THE FALLS, L.L.C. | SD | |
PHILLIPS VILLAGE ASSOCIATES, L.P. | CA | |
PHOENIX BROADWAY ASSOCIATES LIMITED PARTNERSHIP | AZ | |
PHOENIX VINEYARD LIMITED PARTNERSHIP | AZ | |
PINE BLUFF ASSOCIATES, A MARYLAND LIMITED PARTNERSHIP | MD | |
PINE BLUFF VILLAGE PRESERVATION LIMITED PARTNERSHIP | DE | |
PINE CREEK APARTMENTS, LTD. | AL | |
PINE HAVEN APARTMENTS, LTD. A TEXAS LIMITED PARTNERSHIP | TX | |
PINE LAKE TERRACE ASSOCIATES L.P. | CA | |
PINE TREE APARTMENTS, LTD. | FL | |
PINELLAS-OXFORD ASSOCIATES LIMITED PARTNERSHIP | MD | |
PINERIDGE ASSOCIATES, L.P. | MO |
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Entity Name | State Code | |
PINERIDGE MANAGEMENT, INC. | CA | |
PINETREE ASSOCIATES | PA | |
PINEVIEW TERRACE I, L.P. | TX | |
PINEWOOD PARK APARTMENTS, A LIMITED PARTNERSHIP | SC | |
PINEWOOD PLACE APARTMENTS ASSOCIATES LIMITED PARTNERSHIP | OH | |
PINEWOOD, LTD. (CLARKE, L.P.) | GA | |
PINEY BRANCH ASSOCIATES LIMITED PARTNERSHIP | MD | |
PLAINS VILLAGE, LTD. | TX | |
PLAINVIEW GP, INC. | DE | |
PLEASANT HILL PRESERVATION, LP | TX | |
PLEASANT HILL VILLAS, LTD. | CO | |
PLUMLY TOWNEHOMES, LTD. | OH | |
PLUMMER VILLAGE PRESERVATION, L.P. | CA | |
POINT VILLAGE, LTD. | OH | |
POPLAR POINTE, LIMITED PARTNERSHIP | AL | |
PORTAGE ASSOCIATES LIMITED PARTNERSHIP | MI | |
PORTFOLIO PROPERTIES EIGHT ASSOCIATES LIMITED PARTNERSHIP | DC | |
PORTFOLIO PROPERTIES SEVEN ASSOCIATES LIMITED PARTNERSHIP | DC | |
PORTFOLIO PROPERTIES TEN ASSOCIATES LIMITED PARTNERSHIP | DC | |
PORTNER PLACE ASSOCIATES LIMITED PARTNERSHIP | DC | |
POST RIDGE ASSOCIATES, LTD., LIMITED PARTNERSHIP | TN | |
POST STREET ASSOCIATES LIMITED PARTNERSHIP | NY | |
PRESCOTT EQUITIES HOLDINGS LIMITED PARTNERSHIP | AZ | |
PRIDE GARDENS LIMITED PARTNERSHIP | MS | |
PRINCE STREET TOWERS LIMITED PARTNERSHIP | PA | |
PTP PROPERTIES, INC. | DE | |
PUERTO RICO MANAGEMENT, INC. | CA | |
PUL-CORAL GARDENS APARTMENTS LIMITED PARTNERSHIP | AZ | |
PULLMAN WHEELWORKS ASSOCIATES I | IL | |
QUAIL RUN ASSOCIATES, L.P. | DE | |
QUEENSGATE II ASSOCIATES, LIMITED PARTNERSHIP | OH | |
QUEENSTOWN APARTMENTS LIMITED PARTNERSHIP | MD | |
QUINCY AFFORDABLE HOUSING L.P. | IL | |
QUIVIRA MANAGEMENT, INC. | CA | |
QUIVIRA PLACE ASSOCIATES, L.P. | KS | |
RAMBLEWOOD LIMITED PARTNERSHIP | MI | |
RAMBLEWOOD RESIDENTIAL JV GP, LLC | DE | |
RAMBLEWOOD RESIDENTIAL JV, LLC | DE | |
RAMBLEWOOD SERVICES LLC | DE | |
RANCHO DEL MAR APARTMENTS LIMITED PARTNERSHIP | AZ | |
RANCHO TOWNHOUSES ASSOCIATES | CA | |
RAVENSWORTH ASSOCIATES LIMITED PARTNERSHIP | MA | |
REAL ESTATE ASSOCIATES III | CA | |
REAL ESTATE ASSOCIATES IV | CA |
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Entity Name | State Code | |
REAL ESTATE ASSOCIATES LIMITED | CA | |
REAL ESTATE ASSOCIATES LIMITED II | CA | |
REAL ESTATE ASSOCIATES LIMITED III | CA | |
REAL ESTATE ASSOCIATES LIMITED IV | CA | |
REAL ESTATE ASSOCIATES LIMITED V | CA | |
REAL ESTATE ASSOCIATES LIMITED VI | CA | |
REAL ESTATE ASSOCIATES LIMITED VII | CA | |
REAL ESTATE EQUITY PARTNERS INC. | DE | |
REAL ESTATE EQUITY PARTNERS, L.P. | DE | |
REAL ESTATE PARTNERS LIMITED | CA | |
REDBIRD TRAILS ASSOCIATES, L.P. | MO | |
REDMOND BUILDING LIMITED PARTNERSHIP | KY | |
REEDY RIVER PROPERTIES, L.L.C. | DE | |
REGENCY PARTNERS LIMITED PARTNERSHIP | OH | |
REGENCY-NATIONAL CORPORATE TAX CREDIT, INC. II | OH | |
RHDC-1, LIMITED PARTNERSHIP | IL | |
RHDC-2, LIMITED PARTNERSHIP | IL | |
RI-15 LIMITED PARTNERSHIP | DC | |
RICHARDS PARK APARTMENTS | OH | |
RICHARDS PARK APARTMENTS, LTD. | OH | |
RICHLAND SENIOR ASSOCIATES, A WASHINGTON LIMITED PARTNERSHIP | WA | |
RICHLIEU ASSOCIATES | PA | |
RIDGEMONT GROUP, LTD. | TX | |
RIDGEWOOD TOWERS ASSOCIATES | IL | |
RIDGEWOOD TOWERS PRESERVATION, L.P. | DE | |
RIVER FRONT APARTMENTS LIMITED PARTNERSHIP | PA | |
RIVER LOFT APARTMENTS LIMITED PARTNERSHIP | PA | |
RIVER LOFT ASSOCIATES LIMITED PARTNERSHIP | MA | |
RIVER OAKS ASSOCIATES | TX | |
RIVER REACH COMMUNITY SERVICES ASSOCIATION, INC. | FL | |
RIVER RIDGE APARTMENTS LIMITED PARTNERSHIP | CT | |
RIVER VILLAGE PRESERVATION LIMITED PARTNERSHIP | DE | |
RIVERCREST APARTMENTS, L.P. | SC | |
RIVERPOINT ASSOCIATES | RI | |
RIVER’S EDGE ASSOCIATES LIMITED DIVIDEND HOUSING ASSOCIATION LIMITED PARTNERSHIP | MI | |
RIVERSIDE PARK ASSOCIATES LIMITED PARTNERSHIP | DE | |
RIVERWOODS PRESERVATION, L.P. | DE | |
RL AFFORDABLE, L.P. | CA | |
ROCK FALLS ELDERLY LIVING CENTER, L.P. | IL | |
ROCKVILLE ASSOCIATES, LTD. | OH | |
ROCKY CREEK LIMITED PARTNERSHIP | OH | |
ROLLING HILLS APARTMENTS LIMITED PARTNERSHIP | PA | |
ROOSEVELT GARDENS APARTMENTS II LIMITED PARTNERSHIP | SC |
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Table of Contents
Entity Name | State Code | |
ROOSEVELT GARDENS LIMITED PARTNERSHIP | SC | |
ROSEWOOD APARTMENTS CORPORATION | CA | |
ROUND BARN MANOR PRESERVATION, L.P. | DE | |
ROWLAND HEIGHTS II LIMITED PARTNERSHIP | CA | |
ROYAL CREST ESTATES (MARLBORO), L.L.C. | DE | |
ROYAL DE LEON APARTMENTS, LTD. | FL | |
ROYAL PALM LAKES, LTD. | FL | |
ROYAL SHORE ASSOCIATES LIMITED PARTNERSHIP | HI | |
RUTHERFORD PARK TOWNHOUSES ASSOCIATES | PA | |
SABINE HOUSING 1994 PARTNERS A LOUISIANA PARTNERSHIP IN COMMENDAM | LA | |
SAGINAW VILLAGE LIMITED PARTNERSHIP | OR | |
SALEM MANOR OREG. LTD. | OR | |
SALEM PARK, A LIMITED PARTNERSHIP | AK | |
SAN BRUNO-OXFORD LIMITED PARTNERSHIP | MD | |
SAN JOSE PRESERVATION, L.P. | TX | |
SANDY PINES, LTD. | FL | |
SANDY SPRINGS ASSOCIATES, LIMITED | GA | |
SANS SOUCI-REO LIMITED PARTNERSHIP | TX | |
SANTA MARIA LIMITED DIVIDEND PARTNERSHIP ASSOCIATES | MA | |
SAUK-KO ENTERPRISES A LIMITED PARTNERSHIP | WI | |
SCANDIA ASSOCIATES L.P. | IN | |
SCHAUMBURG-OXFORD LIMITED PARTNERSHIP | MD | |
SEASIDE POINT PARTNERS, LTD., A TEXAS LIMITED PARTNERSHIP | TX | |
SEATTLE ROCHESTER AVENUE ASSOCIATES LIMITED PARTNERSHIP | NY | |
SEAVIEW TOWERS ASSOCIATES | NY | |
SECURED INCOME L.P. | DE | |
SECURITY MANAGEMENT INC. | WA | |
SECURITY PROPERTIES | WA | |
SECURITY PROPERTIES 73 | WA | |
SECURITY PROPERTIES 74 | WA | |
SECURITY PROPERTIES 74 II | WA | |
SECURITY PROPERTIES 74 III | WA | |
SECURITY PROPERTIES74-A | WA | |
SECURITY PROPERTIES 75 | WA | |
SECURITY PROPERTIES 76 | WA | |
SECURITY PROPERTIES 77 | WA | |
SECURITY PROPERTIES 77A | WA | |
SECURITY PROPERTIES 78 | WA | |
SECURITY PROPERTIES 78A | WA | |
SECURITY PROPERTIES 79 | WA | |
SECURITY PROPERTIES 79-II | WA | |
SECURITY PROPERTIES 80 | WA | |
SECURITY PROPERTIES 81 | WA | |
SECURITY PROPERTIES81-A | WA |
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Entity Name | State Code | |
SECURITY PROPERTIES FHA LIMITED PARTNERSHIP | MT | |
SEMINOLE-OXFORD ASSOCIATES LIMITED PARTNERSHIP | MD | |
SEMINOLE-OXFORD CORPORATION | MD | |
SENCIT F/G METROPOLITAN ASSOCIATES | NJ | |
SENCIT NEW YORK AVENUE ASSOCIATES | NJ | |
SENCIT TOWNE HOUSE LIMITED PARTNERSHIP | PA | |
SENCIT-LEBANON COMPANY | PA | |
SENCIT-SELINSGROVE ASSOCIATES | PA | |
SERENDIPITY LIMITED PARTNERSHIP | MT | |
SEWARD ASSOCIATES, AN IDAHO LIMITED PARTNERSHIP | ID | |
SHARP-LEADENHALL ASSOCIATES, A MARYLAND LIMITED PARTNERSHIP | MD | |
SHAWNEE MEADOWS, LIMITED PARTNERSHIP | OH | |
SHELTER IV GP LIMITED PARTNERSHIP | SC | |
SHELTER PROPERTIES II LIMITED PARTNERSHIP | SC | |
SHELTER PROPERTIES IV LIMITED PARTNERSHIP | SC | |
SHELTER PROPERTIES V LIMITED PARTNERSHIP | SC | |
SHELTER REALTY II CORPORATION | SC | |
SHELTER REALTY IV CORPORATION | SC | |
SHELTER REALTY V CORPORATION | SC | |
SHELTER V GP LIMITED PARTNERSHIP | DE | |
SHENANDOAH CROSSINGS, L.P. | VA | |
SHERIDAN PLAZA ASSOCIATES II L.P. | IL | |
SHERMAN TERRACE ASSOCIATES | PA | |
SHOCKOE PLACE APARTMENTS, LLC | VA | |
SHOREVIEW APARTMENTS, L.P. | CA | |
SHOREVIEW PRESERVATION, L.P. | CA | |
SHUBUTA PROPERTIES, LTD. | MS | |
SIERRA MEADOWS, L.P. | CA | |
SIGNATURE MIDWEST, L.P. | MO | |
SIGNATURE POINT JOINT VENTURE | TX | |
SIGNATURE POINT PARTNERS, LTD. | TX | |
SILVER HILL MILL DAM ASSOCIATES LIMITED PARTNERSHIP | VA | |
SITKA III ASSOCIATES, AN IDAHO LIMITED PARTNERSHIP | ID | |
SJT ASSOCIATES, LTD., A CALIFORNIA LIMITED PARTNERSHIP | CA | |
SNI DEVELOPMENT COMPANY LIMITED PARTNERSHIP | NY | |
SOL 413 LIMITED DIVIDEND PARTNERSHIP | MA | |
SOLDOTNA ASSOCIATES, AN IDAHO LIMITED PARTNERSHIP | ID | |
SOUTH BAY VILLA PRESERVATION, L.P. | CA | |
SOUTH BRITTANY OAKS, L.P. | DE | |
SOUTH HIAWASSEE VILLAGE, LTD. | FL | |
SOUTH LA MANCHA, L.P. | DE | |
SOUTH LANDMARK PROPERTIES, L.P. | TX | |
SOUTH MILL ASSOCIATES | PA | |
SOUTH PARK APARTMENTS | OH |
G-84
Table of Contents
Entity Name | State Code | |
SOUTH PARK APARTMENTS LIMITED PARTNERSHIP | OH | |
SOUTH WINDRUSH PROPERTIES, L.P. | TX | |
SOUTHERN MISSOURI HOUSING II, L.P. | MO | |
SOUTHERN MISSOURI HOUSING VI, L.P. | MO | |
SOUTHERN MISSOURI HOUSING X, L.P. | MO | |
SOUTHERN MISSOURI HOUSING XII, L.P. | MO | |
SOUTHERN MISSOURI HOUSING XIV, L.P. | MO | |
SOUTHERN MISSOURI HOUSING XIX, L.P. | MO | |
SOUTHERN MISSOURI HOUSING XVI, L.P. | MO | |
SOUTHRIDGE-OXFORD LIMITED PARTNERSHIP | MD | |
SOUTHWEST ASSOCIATES, L.P. | DE | |
SP MID TERM INCOME FUND, LTD. | WA | |
SP PROPERTIES 1982 LIMITED PARTNERSHIP | WA | |
SP PROPERTIES 1983 LIMITED PARTNERSHIP | WA | |
SP PROPERTIES 1983 TWO LIMITED PARTNERSHIP | WA | |
SP PROPERTIES 1984 LIMITED PARTNERSHIP | WA | |
SPRINGDALE WEST | CA | |
SPRINGFIELD FACILITIES, LLC | MD | |
SPRINGFIELD VILLAS, LTD. | TX | |
SPRINGHAVEN LIMITED PARTNERSHIP | MA | |
SPYGLASS-OXFORD ASSOCIATES L.P. | IN | |
ST. GEORGE VILLAS LIMITED PARTNERSHIP | SC | |
ST. MARY’S-OXFORD ASSOCIATES LIMITED PARTNERSHIP | MD | |
STAFFORD STUDENT APARTMENTS, L.P. | DE | |
STANDPOINT VISTA ASSOCIATES | SC | |
STANDPOINT VISTA LIMITED PARTNERSHIP | MD | |
STEEPLECHASE (AILKEN) LIMITED PARTNERSHIP | SC | |
STERLING CREST JOINT VENTURE | TN | |
STERLING GROVE L.P. | TX | |
STERLING TOWERS ASSOCIATES II LIMITED PARTNERSHIP | IL | |
STERLING VILLAGE AFFORDABLE, L.P. | CA | |
STEWARTOWN ASSOCIATES LIMITED PARTNERSHIP | MD | |
STONEGATE PARK APARTMENTS, LTD. | TX | |
STRATEGIC CAPITAL ALLIANCE LIMITED PARTNERSHIP | AZ | |
STRATFORD VILLAGE REALTY TRUST | MA | |
STRAWBRIDGE SQUARE ASSOCIATES LIMITED PARTNERSHIP | VA | |
STRUM AFFORDABLE HOUSING, LLC | WI | |
STUYVESANT LIMITED DIVIDEND HOUSING ASSOCIATION | MI | |
SUBSIDIZED HOUSING PARTNERS | CA | |
SUGAR RIVER MILLS ASSOCIATES | MA | |
SUGARBERRY APARTMENTS CORPORATION | CA | |
SUMMER CROSSINGS 40, A LIMITED PARTNERSHIP | CA | |
SUMMIT OAKS PRESERVATION, L.P. | DE | |
SUMMIT TAX CREDIT PROPERTIES I, L.P. | DE |
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Entity Name | State Code | |
SUMMIT TAX CREDIT PROPERTIES II, L.P. | DE | |
SUMMIT TAX CREDIT PROPERTIES III, L.P. | DE | |
SUN TERRACE ASSOCIATES | AZ | |
SUNBURY DOWNS APARTMENTS JV, L.P. | TX | |
SUNSET SILVER BOW APARTMENTS | MT | |
SUNTREE-OXFORD ASSOCIATES LIMITED DIVIDEND HOUSING ASSOCIATION | MI | |
SUSQUEHANNA VIEW LIMITED PARTNERSHIP | PA | |
TAMARAC PINES PRESERVATION, LP | TX | |
TAMARAC VILLAGE, LLC | DE | |
TAUNTON GREEN ASSOCIATES LIMITED PARTNERSHIP | MA | |
TAUNTON II ASSOCIATES | MA | |
TENNESSEE TRUST COMPANY | TN | |
TERAN LIMITED PARTNERSHIP | AZ | |
TERRA II LIMITED DIVIDEND HOUSING ASSOCIATION | MI | |
TERRACE INVESTORS LIMITED PARTNERSHIP | TX | |
TERRY MANOR PRESERVATION, L.P. | CA | |
TEXAS BIRCHWOOD APARTMENTS, L.P. | TX | |
TEXAS BROOK APARTMENTS, L.P. | TX | |
TEXAS KIRNWOOD APARTMENTS, L.P. | TX | |
TEXAS MELODY APARTMENTS, L.P. | TX | |
TEXAS-ESTRADA APARTMENTS L.P. | TX | |
THE BRANFORD GROUP LIMITED PARTNERSHIP | CT | |
THE GLENS, A LIMITED PARTNERSHIP | SC | |
THE HOUSTON RECOVERY FUND JV GP, LLC | DE | |
THE HOUSTON RECOVERY FUND JV, L.P. | TX | |
THE NATIONAL HOUSING PARTNERSHIP | DC | |
THE NATIONAL HOUSING PARTNERSHIP II TRUST | NY | |
THE NATIONAL HOUSING PARTNERSHIP-II LIMITED PARTNERSHIP | DC | |
THE NEW FAIRWAYS, L.P. | DE | |
THE OAK PARK PARTNERSHIP LIMITED PARTNERSHIP | IL | |
THE OAKS APARTMENTS, LTD. | AL | |
THE PARK AT CEDAR LAWN, LTD., A TEXAS LIMITED PARTNERSHIP | TX | |
THE TAILORED LADY APARTMENTS PARTNERSHIP | PA | |
THE TERRACES ASSOCIATES L.P. | IN | |
THE VILLA LIMITED PARTNERSHIP | WI | |
THE VILLAGE OF KAUFMAN, LTD. | TX | |
THE WOODLANDS LIMITED | MI | |
THE WOODS ASSOCIATES | IL | |
THIBODAUX HOUSING 1994 PARTNERS, A LOUISIANA PARTNERSHIP IN COMMENDAM | LA | |
THREE FOUNTAINS LIMITED | MI | |
TIDEWATER-OXFORD LIMITED PARTNERSHIP | MD | |
TIMBERLAKE APARTMENTS LIMITED PARTNERSHIP | TX | |
TOMPKINS TERRACE ASSOCIATES LIMITED PARTNERSHIP | NY |
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Table of Contents
Entity Name | State Code | |
TOMPKINS TERRACE PRESERVATION, L.P. | DE | |
TOMPKINS TERRACE, INC. | NY | |
TORRES DEL PLATA I LIMITED PARTNERSHIP | DE | |
TORRES DEL PLATA II LIMITED PARTNERSHIP | DE | |
TORRIES CHASE ACQUISITION, L.P. | KS | |
TOWER OF DAVID LIMITED PARTNERSHIP | SD | |
TOWN & COUNTRY CLUB APARTMENTS | MT | |
TOWN ONE — PHASE II LIMITED PARTNERSHIP | SD | |
TOWN ONE LIMITED PARTNERSHIP | SD | |
TOWN VIEW TOWERS I LIMITED PARTNERSHIP | TN | |
TOWNSHIP AT HIGHLANDS LLC | DE | |
TRADEWINDS EAST ASSOCIATES, LIMITED DIVIDEND HOUSING ASSOCIATION | MI | |
TRADEWINDS HAMMOCKS, LTD. | FL | |
TRAVIS ONE-OXFORD LIMITED PARTNERSHIP | MD | |
TROON APARTMENTS LIMITED PARTNERSHIP | NC | |
TRUMAN TOWERS, L.P. | MO | |
TUJUNGA GARDENS LIMITED PARTNERSHIP | CA | |
TURNBUERRY-REO, L.P. | TX | |
TWELFTH STREET APARTMENTS, L.P. | IL | |
TWIN GABLES ASSOCIATES LIMITED PARTNERSHIP | OH | |
TWIN OAKS VILLAS, LTD. | FL | |
TYRONE ELDERLY LIMITED PARTNERSHIP | PA | |
U. S. REALTY I CORPORATION | SC | |
U. S. REALTY PARTNERS LIMITED PARTNERSHIP | DE | |
U.S. SHELTER LIMITED PARTNERSHIP | SC | |
UNDERWOOD ASSOCIATES LIMITED PARTNERSHIP | CT | |
UNDERWOOD-OXFORD ASSOCIATES LIMITED PARTNERSHIP ONE | CT | |
UNITED HOUSING PARTNERS — ELMWOOD, LTD. | AL | |
UNITED HOUSING PARTNERS CUTHBERT LIMITED PARTNERSHIP | GA | |
UNITED HOUSING PARTNERS MORRISTOWN LIMITED PARTNERSHIP | TN | |
UNITED HOUSING PARTNERS-CARBONDALE, L.P. | TN | |
UNITED INVESTORS INCOME PROPERTIES (A MISSOURI LIMITED PARTNERSHIP) | MO | |
UNITED INVESTORS REAL ESTATE, INC. | DE | |
UNIVERSITY CITY HOUSING NEIGHBORHOOD RESTORATIONS LIMITED PARTNERSHIP IV | PA | |
UNIVERSITY PLAZA ASSOCIATES | PA | |
UPTOWN VILLAGE, LIMITED | OH | |
URBANA VILLAGE, LTD. | OH | |
URBANIZACION MARIA LOPEZ HOUSING COMPANY LIMITED PARTNERSHIP | NY | |
UTOPIA ACQUISITION, L.P. | MO | |
VALEBROOK ASSOCIATES | MA | |
VALLEY OAKS SENIOR HOUSING ASSOCIATES | CA | |
VAN NUYS ASSOCIATES LIMITED PARTNERSHIP | MA | |
VAN NUYS PRESERVATION MT, L.P. | CA |
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Entity Name | State Code | |
VAN NUYS PRESERVATION, L.P. | CA | |
VERDES DEL ORIENTE PRESERVATION, L.P. | CA | |
VICTORIA ARMS APARTMENTS LIMITED PARTNERSHIP | MO | |
VICTORY SQUARE APARTMENTS LIMITED PARTNERSHIP | OH | |
VILLA DE GUADALUPE PRESERVATION, L.P. | CA | |
VILLA DEL NORTE ASSOCIATES | TX | |
VILLA DEL NORTE II ASSOCIATES | TX | |
VILLA DEL SOL ASSOCIATES LIMITED PARTNERSHIP | CA | |
VILLA FLORENTINA, A CALIFORNIA LIMITED PARTNERSHIP | CA | |
VILLA NOVA, LIMITED PARTNERSHIP | TN | |
VILLAGE APARTMENT, LTD. | TN | |
VILLAGE EAST TOWERS LIMITED PARTNERSHIP | MO | |
VILLAGE OAKS-OXFORD ASSOCIATES, A MARYLAND LIMITED PARTNERSHIP | MD | |
VILLAGE SOUTH ASSOCIATES | OH | |
VINEVILLE TOWERS ASSOCIATES LIMITED PARTNERSHIP | GA | |
VIRGINIA PARK MEADOWS LIMITED DIVIDEND HOUSING ASSOCIATION LIMITEDPARTNERSHIP | MI | |
VISTA DEL LAGOS JOINT VENTURE | AZ | |
VISTA HOUSING ASSOCIATES | CA | |
VISTA PARK CHINO LIMITED PARTNERSHIP | CA | |
VISTULA HERITAGE VILLAGE LIMITED PARTNERSHIP | OH | |
WAI ASSOCIATES LIMITED PARTNERSHIP | TX | |
WALNUT CREEK PARTNERS, LIMITED | OH | |
WALNUT HILLS PRESERVATION, L.P. | DE | |
WALTON-PERRY LIMITED | MI | |
WASCO ARMS | CA | |
WASHINGTON CHINATOWN ASSOCIATES LIMITED PARTNERSHIP | DC | |
WASHINGTON SQUARE WEST PRESERVATION, L.P. | DE | |
WASH-WEST PROPERTIES | PA | |
WATERFORD TOWNHOMES LIMITED PARTNERSHIP | OH | |
WATERFORD VILLAGE, L.L.C. | DE | |
WATERGATE II ASSOCIATES | NY | |
WATERS LANDING PARTNERS, L.L.C. | MD | |
WAYCROSS, L.P. | GA | |
WEDGEWOOD CLUB ESTATES LIMITED PARTNERSHIP | WA | |
WEST LAFAYETTE, LTD. | OH | |
WEST LAKE ARMS LIMITED PARTNERSHIP | DE | |
WEST VIRGINIAN MANOR ASSOCIATES LIMITED PARTNERSHIP | WV | |
WESTBURY GROUP, LTD. | TX | |
WESTBURY INVESTORS LIMITED PARTNERSHIP | DE | |
WESTGATE (SPARTANBURG) LIMITED PARTNERSHIP | SC | |
WESTGATE APARTMENTS | GA | |
WESTGATE APARTMENTS LIMITED PARTNERSHIP | MN | |
WESTGATE APARTMENTS, LTD. | AL |
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Entity Name | State Code | |
WESTLAND APARTMENTS, LTD. | AL | |
WESTMINISTER PROPERTIES, LTD. | WA | |
WESTMINSTER COMMONS ASSOCIATES LIMITED PARTNERSHIP | VA | |
WESTMINSTER OAKS PRESERVATION, L.P. | DE | |
WESTRIDGE-OXFORD LIMITED PARTNERSHIP | MD | |
WESTWICK II LIMITED PARTNERSHIP | MS | |
WESTWOOD PRESERVATION, L.P. | DE | |
WESTWOOD TERRACE PRESERVATION, L.P. | DE | |
WESTWOOD TERRACE SECOND LIMITED PARTNERSHIP | IL | |
WF-AC TAX CREDIT FUND I, L.P. | DE | |
WF-AC TAX CREDIT FUND I, LLC | DE | |
WF-AC TAX CREDIT FUND II, L.P. | DE | |
WF-AC TAX CREDIT FUND III, L.P. | DE | |
WHITE CLIFF APARTMENTS LIMITED PARTNERSHIP | OH | |
WHITEFIELD PLACE PRESERVATION, LP | TX | |
WICKFORD ASSOCIATES LIMITED PARTNERSHIP | NC | |
WILDERNESS TRAIL, LTD. | OH | |
WILIKINA PARK LIMITED PARTNERSHIP | HI | |
WILKES TOWERS LIMITED PARTNERSHIP | NC | |
WILLIAMSBURG ACQUISITION, L.P. | MO | |
WILLIAMSBURG LIMITED PARTNERSHIP | IL | |
WILLIAMSON TOWERS ASSOCIATES LIMITED PARTNERSHIP | WV | |
WILLOW COURT LIMITED PARTNERSHIP | MT | |
WILLOW WOOD LIMITED PARTNERSHIP | CA | |
WINCHESTER SINGLE FAMILY HOMES, LTD. | KY | |
WIND DRIFT-OXFORD ASSOCIATES, L.P. | IN | |
WINDING BROOK ASSOCIATES | IN | |
WINDMILL RUN ASSOCIATES, LTD. | TX | |
WINDSOR CROSSINGS LIMITED PARTNERSHIP | NJ | |
WINNSBORO ARMS LIMITED PARTNERSHIP | SC | |
WINONA ASSOCIATES LIMITED PARTNERSHIP | WA | |
WINROCK-HOUSTON ASSOCIATES LIMITED PARTNERSHIP | DE | |
WINROCK-HOUSTON LIMITED PARTNERSHIP | DE | |
WINTER GARDEN PRESERVATION, L.P. | MO | |
WINTHROP APARTMENT INVESTORS LIMITED PARTNERSHIP | MD | |
WINTHROP TEXAS INVESTORS LIMITED PARTNERSHIP | MD | |
WL/OAC, L.L.C. | MD | |
WMOP PARTNERS, L.P. | DE | |
WOLF RIDGE, LTD. | AL | |
WOOD CREEK CPGF 22, L.P. | DE | |
WOODCREST APARTMENTS, LTD. | OK | |
WOODCREST APARTMENTS, LTD. | TX | |
WOODCROFT II LIMITED PARTNERSHIP | NC | |
WOODLAKE ASSOCIATES | WA |
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Entity Name | State Code | |
WOODLAND APARTMENTS, A LIMITED PARTNERSHIP | SC | |
WOODLAND HILLS PRESERVATION LIMITED PARTNERSHIP | MI | |
WOODS EDGE-OXFORD ASSOCIATES, L.P. | IN | |
WOODS MORTGAGE ASSOCIATES | PA | |
WOODS OF INVERNESS CPF 16, L.P. | DE | |
WOODSIDE VILLAS OF ARCADIA, LTD. | FL | |
WORCESTER EPISCOPAL HOUSING COMPANY LIMITED PARTNERSHIP | MA | |
WRC-87A CORPORATION | DE | |
WYNNEFIELD LINCOLN GROVE LIMITED PARTNERSHIP | NC | |
WYNTRE BROOKE ASSOCIATES | PA | |
YADKIN ASSOCIATES LIMITED PARTNERSHIP | NC | |
YELLOW CREEK GLEN FAMILY HOUSING LIMITED PARTNERSHIP | IL | |
YORKVIEW ESTATES, LTD. | OH | |
ZELOTES HOLMES LIMITED PARTNERSHIP | NC | |
ZICKLER ASSOCIATES LIMITED PARTNERSHIP | IN | |
ZIMCO CORPORATION IV | MD | |
ZIMCO I LIMITED PARTNERSHIP | MD | |
ZIMCO II L.L.C. | MD | |
ZIMCO II LIMITED PARTNERSHIP | MD | |
ZIMCO IV LIMITED PARTNERSHIP | MD | |
ZIMCO IX L.L.C. | MD | |
ZIMCO V L.L.C. | MD | |
ZIMCO VIII L.L.C. | MD | |
ZIMCO X L.L.C. | MD | |
ZIMCO XI L.L.C. | MD | |
ZIMCO XIII L.L.C. | MD | |
ZIMCO XIV L.L.C. | MD | |
ZIMCO XIX L.L.C. | MD | |
ZIMCO XVI L.L.C. | MD | |
ZIMCO XVII L.L.C. | MD | |
ZIMCO XVIII L.L.C. | MD | |
ZIMCO XX L.L.C. | MD | |
ZIMCO XXV L.L.C. | MD | |
ZIMCO XXVII L.L.C. | MD | |
ZIMCO XXXII LIMITED PARTNERSHIP | MD |
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18 U.S.C. Section 1350,
As Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
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18 U.S.C. Section 1350,
As Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
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By: | AIMCO-GP, Inc., its general partner |
By: | /s/ Ernest M. Freedman |
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Washington, D.C. 20549
(Mark One) | ||
þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the quarterly period ended September 30, 2010 | ||
OR | ||
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the transition period from to |
Delaware (State or other jurisdiction of incorporation or organization) | 84-1275621 (I.R.S. Employer Identification No.) | |
4582 South Ulster Street Parkway, Suite 1100 Denver, Colorado (Address of principal executive offices) | 80237 (Zip Code) |
Large accelerated filer o | Accelerated filer þ | Non-accelerated filer o | Smaller reporting company o |
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ITEM 1. | Financial Statements |
September 30, | December 31, | |||||||
2010 | 2009 | |||||||
(In thousands) | ||||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Real estate: | ||||||||
Buildings and improvements | $ | 7,419,643 | $ | 7,242,051 | ||||
Land | 2,166,213 | 2,148,389 | ||||||
Total real estate | 9,585,856 | 9,390,440 | ||||||
Less accumulated depreciation | (2,899,962 | ) | (2,594,544 | ) | ||||
Net real estate ($895,736 and $855,170 related to VIEs) | 6,685,894 | 6,795,896 | ||||||
Cash and cash equivalents ($31,444 and $23,366 related to VIEs) | 145,062 | 81,260 | ||||||
Restricted cash ($58,816 and $56,183 related to VIEs) | 216,369 | 218,981 | ||||||
Accounts receivable, net ($18,177 and $20,766 related to VIEs) | 48,131 | 59,822 | ||||||
Accounts receivable from affiliates, net | 11,038 | 23,744 | ||||||
Deferred financing costs, net | 49,958 | 50,807 | ||||||
Notes receivable from unconsolidated real estate partnerships, net | 12,427 | 14,295 | ||||||
Notes receivable from non-affiliates, net | 128,381 | 125,269 | ||||||
Notes receivable from Aimco | 17,013 | 16,371 | ||||||
Investment in unconsolidated real estate partnerships ($74,118 and $99,460 related to VIEs) | 78,125 | 104,193 | ||||||
Other assets | 180,518 | 185,816 | ||||||
Deferred income tax assets, net | 55,290 | 42,015 | ||||||
Assets held for sale | 5,179 | 203,670 | ||||||
Total assets | $ | 7,633,385 | $ | 7,922,139 | ||||
LIABILITIES AND PARTNERS’ CAPITAL | ||||||||
Non-recourse property tax-exempt bond financing ($217,555 and $211,691 related to VIEs) | $ | 548,502 | $ | 574,926 | ||||
Non-recourse property loans payable ($456,336 and $390,601 related to VIEs) | 4,940,829 | 4,823,165 | ||||||
Term loans | — | 90,000 | ||||||
Other borrowings ($18,032 and $15,665 related to VIEs) | 53,231 | 53,057 | ||||||
Total indebtedness | 5,542,562 | 5,541,148 | ||||||
Accounts payable | 23,879 | 29,819 | ||||||
Accrued liabilities and other ($93,880 and $62,503 related to VIEs) | 289,429 | 286,326 | ||||||
Deferred income | 152,533 | 179,433 | ||||||
Security deposits | 35,833 | 34,491 | ||||||
Liabilities related to assets held for sale | 6,491 | 183,892 | ||||||
Total liabilities | 6,050,727 | 6,255,109 | ||||||
Redeemable preferred units | 103,537 | 116,656 | ||||||
Commitments and contingencies (Note 5) | — | — | ||||||
Partners’ capital: | ||||||||
Preferred units | 758,601 | 660,500 | ||||||
General Partner and Special Limited Partner | 339,350 | 521,692 | ||||||
Limited Partners | 126,976 | 95,990 | ||||||
High Performance Units | (43,421 | ) | (40,313 | ) | ||||
Investment in Aimco Class A Common Stock | (4,453 | ) | (4,621 | ) | ||||
Partners’ capital attributable to the Partnership | 1,177,053 | 1,233,248 | ) | |||||
Noncontrolling interests in consolidated real estate partnerships | 302,068 | 317,126 | ||||||
Total partners’ capital | 1,479,121 | 1,550,374 | ||||||
Total liabilities and partners’ capital | $ | 7,633,385 | $ | 7,922,139 | ||||
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Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
(In thousands, except per unit data) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
REVENUES: | ||||||||||||||||
Rental and other property revenues | $ | 282,595 | $ | 275,072 | $ | 845,620 | $ | 827,379 | ||||||||
Asset management and tax credit revenues | 9,707 | 10,325 | 23,560 | 32,469 | ||||||||||||
Total revenues | 292,302 | 285,397 | 869,180 | 859,848 | ||||||||||||
OPERATING EXPENSES: | ||||||||||||||||
Property operating expenses | 128,174 | 133,224 | 395,864 | 391,021 | ||||||||||||
Investment management expenses | 2,609 | 4,213 | 10,979 | 12,719 | ||||||||||||
Depreciation and amortization | 107,309 | 110,290 | 322,393 | 321,661 | ||||||||||||
Provision for operating real estate impairment losses | 287 | 66 | 287 | 1,635 | ||||||||||||
General and administrative expenses | 12,096 | 12,772 | 39,015 | 43,612 | ||||||||||||
Other expenses, net | 4,394 | 7,637 | 2,097 | 12,453 | ||||||||||||
Total operating expenses | 254,869 | 268,202 | 770,635 | 783,101 | ||||||||||||
Operating income | 37,433 | 17,195 | 98,545 | 76,747 | ||||||||||||
Interest income | 2,605 | 2,086 | 8,185 | 8,022 | ||||||||||||
(Provision for) recovery of losses on notes receivable, net | (6 | ) | 1,233 | (284 | ) | (452 | ) | |||||||||
Interest expense | (77,917 | ) | (76,778 | ) | (235,376 | ) | (236,798 | ) | ||||||||
Equity in losses of unconsolidated real estate partnerships | (15,522 | ) | (3,658 | ) | (10,571 | ) | (7,507 | ) | ||||||||
Impairment losses related to unconsolidated real estate partnerships | (131 | ) | (362 | ) | (1,259 | ) | (1,273 | ) | ||||||||
Gain on dispositions of unconsolidated real estate and other | 924 | 2,805 | 5,440 | 18,156 | ||||||||||||
Loss before income taxes and discontinued operations | (52,614 | ) | (57,479 | ) | (135,320 | ) | (143,105 | ) | ||||||||
Income tax benefit | 4,649 | 2,725 | 12,018 | 7,674 | ||||||||||||
Loss from continuing operations | (47,965 | ) | (54,754 | ) | (123,302 | ) | (135,431 | ) | ||||||||
Income from discontinued operations, net | 19,699 | 45,404 | 68,532 | 86,289 | ||||||||||||
Net loss | (28,266 | ) | (9,350 | ) | (54,770 | ) | (49,142 | ) | ||||||||
Net loss (income) attributable to noncontrolling interests in consolidated real estate partnerships | 11,213 | (19,254 | ) | 1,795 | (24,665 | ) | ||||||||||
Net loss attributable to the Partnership | (17,053 | ) | (28,604 | ) | (52,975 | ) | (73,807 | ) | ||||||||
Net income attributable to the Partnership’s preferred unitholders | (13,492 | ) | (14,731 | ) | (39,918 | ) | (42,189 | ) | ||||||||
Net income attributable to participating securities | (2 | ) | — | — | — | |||||||||||
Net loss attributable to the Partnership’s common unitholders | $ | (30,547 | ) | $ | (43,335 | ) | $ | (92,893 | ) | $ | (115,996 | ) | ||||
Earnings (loss) per common unit — basic and diluted (Note 6): | ||||||||||||||||
Loss from continuing operations attributable to the Partnership’s common unitholders | $ | (0.36 | ) | $ | (0.45 | ) | $ | (1.12 | ) | $ | (1.17 | ) | ||||
Income from discontinued operations attributable to the Partnership’s common unitholders | 0.11 | 0.10 | 0.37 | 0.23 | ||||||||||||
Net loss attributable to the Partnership’s common unitholders | $ | (0.25 | ) | $ | (0.35 | ) | $ | (0.75 | ) | $ | (0.94 | ) | ||||
Weighted average common units outstanding, basic and diluted | 124,739 | 124,376 | 124,601 | 122,790 | ||||||||||||
Distributions declared per common unit | $ | 0.10 | $ | 0.10 | $ | 0.20 | $ | 0.20 | ||||||||
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Nine Months Ended September 30, | ||||||||
2010 | 2009 | |||||||
(In thousands) | ||||||||
(Unaudited) | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net loss | $ | (54,770 | ) | $ | (49,142 | ) | ||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 322,393 | 321,661 | ||||||
Gain on dispositions of unconsolidated real estate and other | (5,440 | ) | (18,156 | ) | ||||
Discontinued operations | (61,554 | ) | (42,677 | ) | ||||
Other adjustments | 15,024 | 16,232 | ||||||
Net changes in operating assets and operating liabilities | (25,484 | ) | (90,547 | ) | ||||
Net cash provided by operating activities | 190,169 | 137,371 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Capital expenditures | (130,790 | ) | (217,891 | ) | ||||
Proceeds from dispositions of real estate | 143,719 | 562,743 | ||||||
Proceeds from sales of interests in and distributions from unconsolidated real estate partnerships | 11,792 | 18,241 | ||||||
Purchases of partnership interests and other assets | (6,782 | ) | (3,954 | ) | ||||
Originations of notes receivable from unconsolidated real estate partnerships | (968 | ) | (5,386 | ) | ||||
Proceeds from repayment of notes receivable | 1,691 | 4,703 | ||||||
Net increase in cash from consolidation and deconsolidation of entities (Note 2) | 13,118 | — | ||||||
Distributions received from Aimco | 168 | 432 | ||||||
Other investing activities | 9,745 | 27,372 | ||||||
Net cash provided by investing activities | 41,693 | 386,260 | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Proceeds from property loans | 167,367 | 616,293 | ||||||
Principal repayments on property loans | (177,452 | ) | (844,696 | ) | ||||
Principal repayments on tax-exempt bond financing | (35,843 | ) | (122,128 | ) | ||||
Payments on term loans | (90,000 | ) | (140,000 | ) | ||||
Net borrowings on revolving credit facility | — | 15,070 | ||||||
Proceeds from issuance of preferred units | 96,110 | — | ||||||
Repurchases of preferred units | (7,000 | ) | (4,200 | ) | ||||
Proceeds from Aimco Class A Common Stock option exercises | 1,806 | — | ||||||
Payment of distributions to preferred units | (43,816 | ) | (44,544 | ) | ||||
Payment of distributions to General Partner and Special Limited Partner | (35,195 | ) | (84,224 | ) | ||||
Payment of distributions to Limited Partners | (1,808 | ) | (14,808 | ) | ||||
Payment of distributions to High Performance Units | (702 | ) | (5,346 | ) | ||||
Payment of distributions to noncontrolling interests | (37,635 | ) | (71,133 | ) | ||||
Other financing activities | (3,892 | ) | (16,557 | ) | ||||
Net cash used in financing activities | (168,060 | ) | (716,273 | ) | ||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 63,802 | (192,642 | ) | |||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 81,260 | 299,676 | ||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 145,062 | $ | 107,034 | ||||
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2010
(Unaudited)
NOTE 1 — | Organization |
• | own and operate a broadly diversified portfolio of primarily class “B/B+” assets with properties concentrated in the 20 largest markets in the United States (as measured by total apartment value, which is the total market value of institutional-grade apartment properties in a particular market); |
• | improve our portfolio through selling assets with lower projected returns and reinvesting those proceeds through the purchase of new assets or redevelopment of assets in our portfolio; and |
• | finance our operations using non-recourse, long-dated, fixed-rate property debt and perpetual preferred equity. |
• | owned an equity interest in 227 conventional real estate properties with 70,844 units; |
• | owned an equity interest in 251 affordable real estate properties with 29,097 units; and |
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• | provided services for or managed 27,357 units in 323 properties, primarily pursuant to long-term asset management agreements. In certain cases, we may indirectly own generally less than one percent of the operations of such properties through a syndication or other fund. |
NOTE 2 — | Basis of Presentation |
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Consolidation | Deconsolidation | |||||||
Real estate, net | $ | 144,292 | $ | (86,151 | ) | |||
Cash and cash equivalents and restricted cash | 25,047 | (7,425 | ) | |||||
Accounts and notes receivable | (13,456 | ) | 6,002 | |||||
Investment in unconsolidated real estate partnerships | 31,434 | 11,302 | ||||||
Other assets | 4,190 | (1,084 | ) | |||||
Total assets | $ | 191,507 | $ | (77,356 | ) | |||
Total indebtedness | $ | 131,710 | $ | (56,938 | ) | |||
Accrued and other liabilities | 37,504 | (15,005 | ) | |||||
Total liabilities | 169,214 | (71,943 | ) | |||||
Cumulative effect of a change in accounting principle: | ||||||||
Noncontrolling interests | 59,511 | (8,501 | ) | |||||
The Partnership | (37,218 | ) | 3,088 | |||||
Total partners’ capital | 22,293 | (5,413 | ) | |||||
Total liabilities and partners’ capital | $ | 191,507 | $ | (77,356 | ) | |||
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Three Months | Nine Months | |||||||
Ended | Ended | |||||||
September 30, | September 30, | |||||||
2010 | 2010 | |||||||
Rental and other property revenues | $ | 8,097 | $ | 24,369 | ||||
Operating expenses | (4,795 | ) | (13,998 | ) | ||||
Depreciation and amortization | (2,750 | ) | (7,435 | ) | ||||
Other expenses | (888 | ) | (1,257 | ) | ||||
Operating income | (336 | ) | 1,679 | |||||
Interest income | 6 | 22 | ||||||
Interest expense | (2,299 | ) | (6,723 | ) | ||||
Equity in losses of unconsolidated real estate partnerships | (4,279 | ) | (8,855 | ) | ||||
Gain on disposition of unconsolidated real estate and other | 97 | 2,835 | ||||||
Net loss | (6,811 | ) | (11,042 | ) | ||||
Net loss attributable to noncontrolling interests in consolidated real estate partnerships | 6,883 | 11,754 | ||||||
Net income attributable to the Partnership | $ | 72 | $ | 712 | ||||
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Temporary | ||||||||||||||||
Capital | Partners’ Capital | |||||||||||||||
Noncontrolling | ||||||||||||||||
Partners’ Capital | Interests in | |||||||||||||||
Redeemable | Attributable to the | Consolidated Real | Total Partners’ | |||||||||||||
Preferred Units | Partnership | Estate Partnerships | Capital | |||||||||||||
Balance, December 31, 2009 | $ | 116,656 | $ | 1,233,248 | $ | 317,126 | $ | 1,550,374 | ||||||||
Contributions | — | — | 7,422 | 7,422 | ||||||||||||
Issuance of preferred units | — | 94,775 | — | 94,775 | ||||||||||||
Distributions | (5,057 | ) | (65,292 | ) | (37,635 | ) | (102,927 | ) | ||||||||
Repurchases of common units | — | (1,805 | ) | — | (1,805 | ) | ||||||||||
Stock option exercises | — | 1,806 | — | 1,806 | ||||||||||||
Repurchases of preferred units | (11,354 | ) | 3,000 | — | 3,000 | |||||||||||
Stock based compensation cost | — | 5,411 | — | 5,411 | ||||||||||||
Effect of entities newly consolidated | — | — | 6,324 | 6,324 | ||||||||||||
Effect of changes in ownership for consolidated subsidiaries(1) | — | (1,116 | ) | (724 | ) | (1,840 | ) | |||||||||
Adjustment of noncontrolling interests related to revision of investment balances | — | — | (38,718 | ) | (38,718 | ) | ||||||||||
Cumulative effect of a change in accounting principle | — | (34,130 | ) | 51,010 | 16,880 | |||||||||||
Change in accumulated other comprehensive loss | — | (3,317 | ) | (489 | ) | (3,806 | ) | |||||||||
Other | — | 740 | (453 | ) | 287 | |||||||||||
Net income (loss) | 3,292 | (56,267 | ) | (1,795 | ) | (58,062 | ) | |||||||||
Balance, September 30, 2010 | $ | 103,537 | $ | 1,177,053 | $ | 302,068 | $ | 1,479,121 | ||||||||
(1) | During the three months ended September 30, 2010, we acquired a limited partner’s interest in one of our consolidated real estate partnerships. We recognized the excess of the consideration paid over the carrying amount of the noncontrolling interests as an adjustment of partners’ capital. |
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Level 2 | Level 3 | |||||||||||||||
Interest Rate | Total Rate of | Changes in Fair | ||||||||||||||
Swaps(1) | Return Swaps(2) | Value of Debt(3) | Total | |||||||||||||
Fair value at December 31, 2008 | $ | (2,557 | ) | $ | (29,495 | ) | $ | 29,495 | $ | (2,557 | ) | |||||
Unrealized gains (losses) included in earnings(4)(5) | (478 | ) | 3,395 | (3,395 | ) | (478 | ) | |||||||||
Realized gains (losses) included in earnings | — | — | — | — | ||||||||||||
Unrealized gains (losses) included in partners’ capital | 607 | — | — | 607 | ||||||||||||
Fair value at September 30, 2009 | $ | (2,428 | ) | $ | (26,100 | ) | $ | 26,100 | $ | (2,428 | ) | |||||
Fair value at December 31, 2009 | $ | (1,596 | ) | $ | (24,307 | ) | $ | 24,307 | $ | (1,596 | ) | |||||
Unrealized gains (losses) included in earnings(4)(5) | (35 | ) | 5,771 | (5,771 | ) | (35 | ) | |||||||||
Realized gains (losses) included in earnings | — | — | — | — | ||||||||||||
Unrealized gains (losses) included in partners’ capital | (3,806 | ) | — | — | (3,806 | ) | ||||||||||
Fair value at September 30, 2010 | $ | (5,437 | ) | $ | (18,536 | ) | $ | 18,536 | $ | (5,437 | ) | |||||
(1) | The fair value of interest rate swaps is estimated using an income approach with primarily observable inputs including information regarding the hedged variable cash flows and forward yield curves relating to the variable interest rates on which the hedged cash flows are based. |
(2) | Total rate of return swaps have contractually-defined termination values generally equal to the difference between the fair value and the counterparty’s purchased value of the underlying borrowings. We calculate the termination value, which we believe is representative of the fair value, of total rate of return swaps using a market approach by reference to estimates of the fair value of the underlying borrowings, which are discussed below, and an evaluation of potential changes in the credit quality of the counterparties to these arrangements. |
(3) | This represents changes in fair value of debt subject to our total rate of return swaps. We estimate the fair value of debt instruments using an income and market approach, including comparison of the contractual terms to observable and unobservable inputs such as market interest rate risk spreads, collateral quality andloan-to-value ratios on similarly encumbered assets within our portfolio. These borrowings are collateralized |
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and non-recourse to us; therefore, we believe changes in our credit rating will not materially affect a market participant’s estimate of the borrowings’ fair value. |
(4) | Unrealized gains (losses) relate to periodic revaluations of fair value and have not resulted from the settlement of a swap position. |
(5) | These amounts are included in interest expense in the accompanying condensed consolidated statements of operations. |
Fair Value | Total | |||||||
Measurement | Gain (Loss) | |||||||
Real estate (impairments losses)(1) | $ | 43,961 | $ | (8,341 | ) | |||
Real estate (newly consolidated)(2)(3) | 117,083 | 1,104 | ||||||
Property debt (newly consolidated)(2)(4) | 83,890 | — |
(1) | During the nine months ended September 30, 2010, we reduced the aggregate carrying amounts of $52.3 million for real estate assets classified as held for sale to their estimated fair value, less estimated costs to sell. These impairment losses recognized generally resulted from a reduction in the estimated holding period for these assets. In periods prior to their classification as held for sale, we evaluated the recoverability of their carrying amounts based on an analysis of the undiscounted cash flows over anticipated expected holding period. |
(2) | In connection with our adoption of ASU2009-17 (see preceding discussion of Variable Interest Entities) and reconsideration events during the nine months ended September 30, 2010, we consolidated 17 partnerships at fair value. With the exception of such partnerships’ investments in real estate properties and related non-recourse property debt obligations, we determined the carrying amounts of the related assets and liabilities approximated their fair values. The difference between our recorded investments in such partnerships and the fair value of the assets and liabilities recognized in consolidation, resulted in an adjustment of consolidated partners’ capital (allocated between the Partnership and noncontrolling interests) for those partnerships consolidated in connection with our adoption of ASU2009-17. For the partnerships we consolidated at fair value due to reconsideration events during the nine months ended September 30, 2010, the difference between our recorded investments in such partnerships and the fair value of the assets, liabilities and noncontrolling interests recognized upon consolidation resulted in our recognition of a gain, which is included in gain on disposition of unconsolidated real estate and other in our consolidated statement of operations for the nine months ended September 30, 2010. |
(3) | We estimate the fair value of real estate using income and market valuation techniques using information such as broker estimates, purchase prices for recent transactions on comparable assets and net operating income capitalization analyses using observable and unobservable inputs such as capitalization rates, asset quality grading, geographic location analysis, and local supply and demand observations. |
(4) | Refer to the recurring fair value measurements table for an explanation of the valuation techniques we use to estimate the fair value of debt. |
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September 30, | December 31, | |||||||
2010 | 2009 | |||||||
Real estate, net | $ | 4,963 | $ | 199,743 | ||||
Other assets | 216 | 3,927 | ||||||
Assets held for sale | $ | 5,179 | $ | 203,670 | ||||
Property debt | $ | 6,447 | $ | 178,339 | ||||
Other liabilities | 44 | 5,553 | ||||||
Liabilities related to assets held for sale | $ | 6,491 | $ | 183,892 | ||||
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Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Rental and other property revenues | $ | 2,081 | $ | 45,126 | $ | 20,654 | $ | 170,309 | ||||||||
Property operating expenses | (392 | ) | (22,619 | ) | (9,255 | ) | (85,233 | ) | ||||||||
Depreciation and amortization | (734 | ) | (14,521 | ) | (4,581 | ) | (52,718 | ) | ||||||||
Provision for operating real estate impairment losses | (1,142 | ) | (26,298 | ) | (9,263 | ) | (40,712 | ) | ||||||||
Other expenses, net | (720 | ) | (2,266 | ) | (470 | ) | (7,859 | ) | ||||||||
Operating loss | (907 | ) | (20,578 | ) | (2,915 | ) | (16,213 | ) | ||||||||
Interest income | 83 | 85 | 186 | 278 | ||||||||||||
Interest expense | (709 | ) | (8,751 | ) | (4,137 | ) | (34,142 | ) | ||||||||
Loss before gain on dispositions of real estate and income tax | (1,533 | ) | (29,244 | ) | (6,866 | ) | (50,077 | ) | ||||||||
Gain on extinguishment of debt | — | 259 | — | 259 | ||||||||||||
Gain on dispositions of real estate | 21,043 | 70,889 | 74,364 | 133,428 | ||||||||||||
Income tax benefit | 189 | 3,500 | 1,034 | 2,679 | ||||||||||||
Income from discontinued operations, net | $ | 19,699 | $ | 45,404 | $ | 68,532 | $ | 86,289 | ||||||||
Income from discontinued operations attributable to: | ||||||||||||||||
Noncontrolling interests in consolidated real estate partnerships | $ | (5,298 | ) | $ | (32,349 | ) | $ | (21,900 | ) | $ | (58,077 | ) | ||||
The Partnership | $ | 14,401 | $ | 13,055 | $ | 46,632 | $ | 28,212 | ||||||||
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NOTE 4 — | Other Significant Transactions |
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NOTE 5 — | Commitments and Contingencies |
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NOTE 6 — | Earnings (Loss) per Unit |
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Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Numerator: | ||||||||||||||||
Loss from continuing operations | $ | (47,965 | ) | $ | (54,754 | ) | $ | (123,302 | ) | $ | (135,431 | ) | ||||
Loss from continuing operations attributable to noncontrolling interests | 16,511 | 13,095 | 23,695 | 33,412 | ||||||||||||
Income attributable to the Partnership’s preferred unitholders | (13,492 | ) | (14,731 | ) | (39,918 | ) | (42,189 | ) | ||||||||
Income attributable to participating securities | (2 | ) | — | — | — | |||||||||||
Loss from continuing operations attributable to the Partnership’s common unitholders | $ | (44,948 | ) | $ | (56,390 | ) | $ | (139,525 | ) | $ | (144,208 | ) | ||||
Income from discontinued operations | $ | 19,699 | $ | 45,404 | $ | 68,532 | $ | 86,289 | ||||||||
Income from discontinued operations attributable to noncontrolling interests | (5,298 | ) | (32,349 | ) | (21,900 | ) | (58,077 | ) | ||||||||
Income from discontinued operations attributable to the Partnership’s common unitholders | $ | 14,401 | $ | 13,055 | $ | 46,632 | $ | 28,212 | ||||||||
Net loss | $ | (28,266 | ) | $ | (9,350 | ) | $ | (54,770 | ) | $ | (49,142 | ) | ||||
Loss (income) attributable to noncontrolling interests | 11,213 | (19,254 | ) | 1,795 | (24,665 | ) | ||||||||||
Income attributable to the Partnership’s preferred unitholders | (13,492 | ) | (14,731 | ) | (39,918 | ) | (42,189 | ) | ||||||||
Income attributable to participating securities | (2 | ) | — | — | — | |||||||||||
Net loss attributable to the Partnership’s common unitholders | $ | (30,547 | ) | $ | (43,335 | ) | $ | (92,893 | ) | $ | (115,996 | ) | ||||
Denominator: | ||||||||||||||||
Denominator for basic earnings per unit — weighted average number of common units outstanding | 124,739 | 124,376 | 124,601 | 122,790 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Dilutive potential common units | — | — | — | — | ||||||||||||
Denominator for diluted earnings per unit | 124,739 | 124,376 | 124,601 | 122,790 | ||||||||||||
Earnings (loss) per common unit: | ||||||||||||||||
Basic and diluted earnings (loss) per common unit: | ||||||||||||||||
Loss from continuing operations attributable to the Partnership’s common unitholders | $ | (0.36 | ) | $ | (0.45 | ) | $ | (1.12 | ) | $ | (1.17 | ) | ||||
Income from discontinued operations attributable to the Partnership’s common unitholders | 0.11 | 0.10 | 0.37 | 0.23 | ||||||||||||
Net loss attributable to the Partnership’s common unitholders | $ | (0.25 | ) | $ | (0.35 | ) | $ | (0.75 | ) | $ | (0.94 | ) | ||||
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NOTE 7 — | Business Segments |
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Corporate and | ||||||||||||||||
Conventional | Affordable | Amounts Not | ||||||||||||||
Real Estate | Real Estate | Allocated to | ||||||||||||||
Operations | Operations(1) | Segments | Total | |||||||||||||
Three Months Ended September 30, 2010: | ||||||||||||||||
Rental and other property revenues(2) | $ | 228,327 | $ | 53,612 | $ | 656 | $ | 282,595 | ||||||||
Asset management and tax credit revenues | — | — | 9,707 | 9,707 | ||||||||||||
Total revenues | 228,327 | 53,612 | 10,363 | 292,302 | ||||||||||||
Property operating expenses(2) | 88,782 | 25,479 | 13,913 | 128,174 | ||||||||||||
Asset management and tax credit expenses | — | — | 2,609 | 2,609 | ||||||||||||
Depreciation and amortization(2) | — | — | 107,309 | 107,309 | ||||||||||||
Provision for operating real estate impairment losses(2) | — | — | 287 | 287 | ||||||||||||
General and administrative expenses | — | — | 12,096 | 12,096 | ||||||||||||
Other expenses, net | — | — | 4,394 | 4,394 | ||||||||||||
Total operating expenses | 88,782 | 25,479 | 140,608 | 254,869 | ||||||||||||
Net operating income (loss) | 139,545 | 28,133 | (130,245 | ) | 37,433 | |||||||||||
Other items included in continuing operations | — | — | (85,398 | ) | (85,398 | ) | ||||||||||
Income (loss) from continuing operations | $ | 139,545 | $ | 28,133 | $ | (215,643 | ) | $ | (47,965 | ) | ||||||
Three Months Ended September 30, 2009: | ||||||||||||||||
Rental and other property revenues(2) | $ | 227,917 | $ | 46,040 | $ | 1,115 | $ | 275,072 | ||||||||
Asset management and tax credit revenues | — | — | 10,325 | 10,325 | ||||||||||||
Total revenues | 227,917 | 46,040 | 11,440 | 285,397 | ||||||||||||
Property operating expenses(2) | 92,969 | 23,112 | 17,143 | 133,224 | ||||||||||||
Asset management and tax credit expenses | — | — | 4,213 | 4,213 | ||||||||||||
Depreciation and amortization(2) | — | — | 110,290 | 110,290 | ||||||||||||
Provision for operating real estate impairment losses(2) | — | — | 66 | 66 | ||||||||||||
General and administrative expenses | — | — | 12,772 | 12,772 | ||||||||||||
Other expenses, net | — | — | 7,637 | 7,637 | ||||||||||||
Total operating expenses | 92,969 | 23,112 | 152,121 | 268,202 | ||||||||||||
Net operating income (loss) | 134,948 | 22,928 | (140,681 | ) | 17,195 | |||||||||||
Other items included in continuing operations | — | — | (71,949 | ) | (71,949 | ) | ||||||||||
Income (loss) from continuing operations | $ | 134,948 | $ | 22,928 | $ | (212,630 | ) | $ | (54,754 | ) | ||||||
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Corporate and | ||||||||||||||||
Conventional | Affordable | Amounts Not | ||||||||||||||
Real Estate | Real Estate | Allocated to | ||||||||||||||
Operations | Operations(1) | Segments | Total | |||||||||||||
Nine Months Ended September 30, 2010: | ||||||||||||||||
Rental and other property revenues(2) | $ | 683,257 | $ | 159,668 | $ | 2,695 | $ | 845,620 | ||||||||
Asset management and tax credit revenues | — | — | 23,560 | 23,560 | ||||||||||||
Total revenues | 683,257 | 159,668 | 26,255 | 869,180 | ||||||||||||
Property operating expenses(2) | 272,135 | 78,649 | 45,080 | 395,864 | ||||||||||||
Asset management and tax credit expenses | — | — | 10,979 | 10,979 | ||||||||||||
Depreciation and amortization(2) | — | — | 322,393 | 322,393 | ||||||||||||
Provision for operating real estate impairment losses(2) | — | — | 287 | 287 | ||||||||||||
General and administrative expenses | — | — | 39,015 | 39,015 | ||||||||||||
Other expenses, net | — | — | 2,097 | 2,097 | ||||||||||||
Total operating expenses | 272,135 | 78,649 | 419,851 | 770,635 | ||||||||||||
Net operating income (loss) | 411,122 | 81,019 | (393,596 | ) | 98,545 | |||||||||||
Other items included in continuing operations | — | — | (221,847 | ) | (221,847 | ) | ||||||||||
Income (loss) from continuing operations | $ | 411,122 | $ | 81,019 | $ | (615,443 | ) | $ | (123,302 | ) | ||||||
Nine Months Ended September 30, 2009: | ||||||||||||||||
Rental and other property revenues(2) | $ | 682,488 | $ | 140,793 | $ | 4,098 | $ | 827,379 | ||||||||
Asset management and tax credit revenues | — | — | 32,469 | 32,469 | ||||||||||||
Total revenues | 682,488 | 140,793 | 36,567 | 859,848 | ||||||||||||
Property operating expenses(2) | 273,841 | 68,676 | 48,504 | 391,021 | ||||||||||||
Asset management and tax credit expenses | — | — | 12,719 | 12,719 | ||||||||||||
Depreciation and amortization(2) | — | — | 321,661 | 321,661 | ||||||||||||
Provision for operating real estate impairment losses(2) | — | — | 1,635 | 1,635 | ||||||||||||
General and administrative expenses | — | — | 43,612 | 43,612 | ||||||||||||
Other expenses, net | — | — | 12,453 | 12,453 | ||||||||||||
Total operating expenses | 273,841 | 68,676 | 440,584 | 783,101 | ||||||||||||
Net operating income (loss) | 408,647 | 72,117 | (404,017 | ) | 76,747 | |||||||||||
Other items included in continuing operations | — | — | (212,178 | ) | (212,178 | ) | ||||||||||
Income (loss) from continuing operations | $ | 408,647 | $ | 72,117 | $ | (616,195 | ) | $ | (135,431 | ) | ||||||
(1) | Net operating income amounts from our affordable real estate operations for 2010 are not comparable to the 2009 amounts due to our adoption during 2010 of revised accounting guidance regarding consolidation of variable interest entities (see Note 2). |
(2) | Our chief operating decision maker assesses the performance of our conventional and affordable real estate operations using, among other measures, net operating income, excluding property management revenues and certain property management expenses, casualty gains and losses, depreciation and amortization and provision for operating real estate impairment losses. Accordingly, we do not allocate these amounts to our segments. |
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September 30, | December 31, | |||||||
2010 | 2009 | |||||||
Conventional | $ | 5,898,194 | $ | 6,032,988 | ||||
Affordable | 1,188,134 | 1,130,089 | ||||||
Corporate and other assets | 547,057 | 759,062 | ||||||
Total consolidated assets | $ | 7,633,385 | $ | 7,922,139 | ||||
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ITEM 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
• | own and operate a broadly diversified portfolio of primarily class “B/B+” assets with properties concentrated in the 20 largest markets in the United States (as measured by total apartment value, which is the total market value of institutional-grade apartment properties in a particular market); |
• | improve our portfolio through selling assets with lower projected returns and reinvesting those proceeds through the purchase of new assets or redevelopment of assets in our portfolio; and |
• | finance our operations using non-recourse, long-dated, fixed rate property debt and perpetual preferred equity. |
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Real Estate | Total Same | Conventional | ||||||||||
Operations | Store | Same Store | ||||||||||
2008 as compared to 2007 | 3.9 | % | 3.7 | % | 3.5 | % | ||||||
2009 as compared to 2008 | (0.5 | )% | (3.3 | )% | (4.2 | )% | ||||||
Nine months ended September 30, 2010 as compared to nine months ended September 30, 2009 | 0.9 | % | (1.0 | )% | (1.4 | )% | ||||||
Three months ended September 30, 2010 as compared to three months ended September 30, 2009 | 3.2 | % | 3.0 | % | 2.6 | % |
• | Average daily occupancy for our Conventional Same Store properties remained high at 96.0%. |
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• | Conventional Same Store revenues and expenses for the three months ended September 30, 2010, decreased by 0.1% and 4.2%, respectively, as compared to the three months ended September 30, 2009, resulting in a 2.6% increase in net operating income. |
• | Conventional Same Store net operating income for the three months ended September 30, 2010, increased by 1.0% as compared to the three months ended June 30, 2010. |
• | Operating income related to our asset management, tax credit and investment management activities have increased slightly relative to 2009, primarily due to reductions in personnel and related costs based on a reduced emphasis on this part of our business. |
• | Property sales declined relative to 2009. We expect property sales to continue to decline in the remainder of 2010, as property sales completed through July allowed us to fully repay the remainder of our term debt. |
• | an increase in net operating income of our properties included in continuing operations, reflecting improved operations; and |
• | a decrease in earnings allocated to noncontrolling interests in consolidated real estate partnerships, primarily due to their share of the decrease in gains on disposition of consolidated real estate properties discussed below. |
• | an increase in net operating income of our properties included in continuing operations, reflecting improved operations; |
• | a decrease in earnings allocated to noncontrolling interests in consolidated real estate partnerships, primarily due to their share of the decrease in gains on disposition of consolidated real estate properties as discussed below; and |
• | a decrease in other expenses, primarily attributable to the settlement of certain litigation matters in 2010. |
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• | a decrease in income from discontinued operations, primarily related to a decrease in gains on dispositions of real estate due to a decrease in property sales in 2010 as compared to 2009; and |
• | a decrease in gain on dispositions of unconsolidated real estate and other, primarily attributable to additional proceeds received in 2009 related to our disposition during 2008 of an interest in an unconsolidated real estate partnership. |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Rental and other property revenues: | ||||||||||||||||
Conventional real estate operations | $ | 228,327 | $ | 227,917 | $ | 683,257 | $ | 682,488 | ||||||||
Affordable real estate operations | 53,612 | 46,040 | 159,668 | 140,793 | ||||||||||||
Corporate and amounts not allocated | 656 | 1,115 | 2,695 | 4,098 | ||||||||||||
Total | 282,595 | 275,072 | 845,620 | 827,379 | ||||||||||||
Property operating expenses: | ||||||||||||||||
Conventional real estate operations | 88,782 | 92,969 | 272,135 | 273,841 | ||||||||||||
Affordable real estate operations | 25,479 | 23,112 | 78,649 | 68,676 | ||||||||||||
Corporate and amounts not allocated | 13,913 | 17,143 | 45,080 | 48,504 | ||||||||||||
Total | 128,174 | 133,224 | 395,864 | 391,021 | ||||||||||||
Real estate operations net operating income: | ||||||||||||||||
Conventional real estate operations | 139,545 | 134,948 | 411,122 | 408,647 | ||||||||||||
Affordable real estate operations | 28,133 | 22,928 | 81,019 | 72,117 | ||||||||||||
Corporate and amounts not allocated | (13,257 | ) | (16,028 | ) | (42,385 | ) | (44,406 | ) | ||||||||
Total | $ | 154,421 | $ | 141,848 | $ | 449,756 | $ | 436,358 | ||||||||
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• | the general economic climate; |
• | competition from other apartment communities and other housing options; |
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• | local conditions, such as loss of jobs or an increase in the supply of apartments, that might adversely affect apartment occupancy or rental rates; |
• | changes in governmental regulations and the related cost of compliance; |
• | increases in operating costs (including real estate taxes) due to inflation and other factors, which may not be offset by increased rents; |
• | changes in tax laws and housing laws, including the enactment of rent control laws or other laws regulating multifamily housing; and |
• | changes in interest rates and the availability of financing. |
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ITEM 3. | Quantitative and Qualitative Disclosures About Market Risk |
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ITEM 4. | Controls and Procedures |
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ITEM 1A. | Risk Factors |
ITEM 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
Maximum | ||||||||||||||||
Number | ||||||||||||||||
Total Number of | of Units that | |||||||||||||||
Units Purchased | May Yet Be | |||||||||||||||
Total | Average | as Part of | Purchased | |||||||||||||
Number | Price | Publicly | Under the | |||||||||||||
of Units | Paid | Announced Plans | Plans or | |||||||||||||
Period | Purchased | per Unit | or Programs(1) | Programs(2) | ||||||||||||
July 1 — July 31, 2010 | 8,259 | $ | 21.32 | N/A | N/A | |||||||||||
August 1 — August 31, 2010 | 25,803 | 21.32 | N/A | N/A | ||||||||||||
September 1 — September 30, 2010 | 10,268 | 20.24 | N/A | N/A | ||||||||||||
Total | 44,330 | $ | 21.07 | |||||||||||||
(1) | The terms of our Partnership Agreement do not provide for a maximum number of units that may be repurchased, and other than the express terms of our Partnership Agreement, we have no publicly announced plans or programs of repurchase. However, whenever Aimco repurchases shares of its Class A Common Stock, it is expected that Aimco will fund the repurchase with proceeds from a concurrent repurchase by us of common OP Units held by Aimco at a price per unit that is equal to the price per share paid for its Class A Common Stock. |
(2) | Aimco’s board of directors has, from time to time, authorized Aimco to repurchase shares of its Class A Common Stock. As of September 30, 2010, Aimco was authorized to repurchase approximately 19.3 million additional shares. This authorization has no expiration date. These repurchases may be made from time to time in the open market or in privately negotiated transactions. |
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ITEM 6. | Exhibits |
Exhibit | ||||
No.(1) | ||||
10 | .1 | Tenth Amendment to Senior Secured Credit Agreement, dated as of September 29, 2010, by and among Apartment Investment and Management Company, AIMCO Properties, L.P., and AIMCO/Bethesda Holdings, Inc., as the Borrowers, the pledgors and guarantors named therein, Bank of America, N.A., as administrative agent, swing line lender and L/C issuer, and the lenders party thereto (Exhibit 10.1 to Aimco’s Current Report onForm 8-K, dated September 29, 2010, is incorporated herein by this reference) | ||
31 | .1 | Certification of Chief Executive Officer pursuant to Securities Exchange ActRules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||
31 | .2 | Certification of Chief Financial Officer pursuant to Securities Exchange ActRules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||
32 | .1 | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||
32 | .2 | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||
99 | .1 | Agreement Regarding Disclosure of Long-Term Debt Instruments | ||
101 | .INS | XBRL Instance Document | ||
101 | .SCH | XBRL Taxonomy Extension Schema Document | ||
101 | .CAL | XBRL Taxonomy Extension Calculation Linkbase Document | ||
101 | .LAB | XBRL Taxonomy Extension Labels Linkbase Document | ||
101 | .PRE | XBRL Taxonomy Extension Presentation Linkbase Document | ||
101 | .DEF | XBRL Taxonomy Extension Definition Linkbase Document |
(1) | Schedules and supplemental materials to the exhibits have been omitted but will be provided to the Securities and Exchange Commission upon request. |
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By: | /s/ ERNEST M. FREEDMAN |
By: | /s/ PAUL BELDIN |
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Exhibit | ||||
No.(1) | ||||
10 | .1 | Tenth Amendment to Senior Secured Credit Agreement, dated as of September 29, 2010, by and among Apartment Investment and Management Company, AIMCO Properties, L.P., and AIMCO/Bethesda Holdings, Inc., as the Borrowers, the pledgors and guarantors named therein, Bank of America, N.A., as administrative agent, swing line lender and L/C issuer, and the lenders party thereto (Exhibit 10.1 to Aimco’s Current Report onForm 8-K, dated September 29, 2010, is incorporated herein by this reference) | ||
31 | .1 | Certification of Chief Executive Officer pursuant to Securities Exchange ActRules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||
31 | .2 | Certification of Chief Financial Officer pursuant to Securities Exchange ActRules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||
32 | .1 | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||
32 | .2 | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||
99 | .1 | Agreement Regarding Disclosure of Long-Term Debt Instruments | ||
101 | .INS | XBRL Instance Document | ||
101 | .SCH | XBRL Taxonomy Extension Schema Document | ||
101 | .CAL | XBRL Taxonomy Extension Calculation Linkbase Document | ||
101 | .LAB | XBRL Taxonomy Extension Labels Linkbase Document | ||
101 | .PRE | XBRL Taxonomy Extension Presentation Linkbase Document | ||
101 | .DEF | XBRL Taxonomy Extension Definition Linkbase Document | ||
(1) | Schedules and supplemental materials to the exhibits have been omitted but will be provided to the Securities and Exchange Commission upon request. |
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18 U.S.C. Section 1350,
As Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
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18 U.S.C. Section 1350,
As Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
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By: | /s/ Ernest M. Freedman |
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Date of Report (Date of earliest event reported) | November 19, 2010 |
DELAWARE | 0-24497 | 84-1275621 | ||
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
(Former name or Former Address, if Changed Since Last Report)
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant toRule 14a-12 under the Exchange Act (17 CFR240.14a-12) |
o | Pre-commencement communications pursuant toRule 14d-2(b) under the Exchange Act(17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant toRule 13e-4(c) under the Exchange Act(17 CFR 240.13e-4(c)) |
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ITEM 8.01. | Other Events |
ITEM 9.01. | Financial Statements and Exhibits. |
Exhibit | ||
Number | Description | |
23.1 | Consent of Independent Registered Public Accounting Firm | |
99.1 | Form 10-K, Item 6. Selected Financial Data | |
Form 10-K, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations | ||
Form 10-K, Item 8. Financial Statements and Supplementary Data |
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By: | AIMCO-GP, Inc., its General Partner |
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Item 6. | Selected Financial Data |
For the Years Ended December 31, | ||||||||||||||||||||
2009(1) | 2008(1)(2) | 2007(1) | 2006(1) | 2005(1) | ||||||||||||||||
(Dollar amounts in thousands, except per unit data) | ||||||||||||||||||||
OPERATING DATA: | ||||||||||||||||||||
Total revenues | $ | 1,151,736 | $ | 1,199,423 | $ | 1,132,109 | $ | 1,043,683 | $ | 866,992 | ||||||||||
Total operating expenses(3) | (1,051,394 | ) | (1,151,459 | ) | (958,070 | ) | (879,107 | ) | (731,102 | ) | ||||||||||
Operating income(3) | 100,342 | 47,964 | 174,039 | 164,576 | 135,890 | |||||||||||||||
Loss from continuing operations(3) | (197,883 | ) | (118,377 | ) | (49,348 | ) | (41,838 | ) | (31,908 | ) | ||||||||||
Income from discontinued operations, net(4) | 153,903 | 746,165 | 175,603 | 331,820 | 161,718 | |||||||||||||||
Net (loss) income | (43,980 | ) | 627,788 | 126,255 | 289,982 | 129,810 | ||||||||||||||
Net income attributable to noncontrolling interests | (22,442 | ) | (155,749 | ) | (92,138 | ) | (92,917 | ) | (49,064 | ) | ||||||||||
Net income attributable to preferred unitholders | (56,854 | ) | (61,354 | ) | (73,144 | ) | (90,527 | ) | (98,946 | ) | ||||||||||
Net (loss) income attributable to the Partnership’s common unitholders | (123,276 | ) | 403,700 | (43,508 | ) | 104,592 | (22,458 | ) | ||||||||||||
Earnings (loss) per common unit — basic and diluted(5): | ||||||||||||||||||||
Loss from continuing operations attributable to the Partnership’s common unitholders | $ | (1.75 | ) | $ | (1.96 | ) | $ | (1.40 | ) | $ | (1.47 | ) | $ | (1.32 | ) | |||||
Net (loss) income attributable to the Partnership’s common unitholders | $ | (1.00 | ) | $ | 4.11 | $ | (0.42 | ) | $ | 0.99 | $ | (0.21 | ) | |||||||
BALANCE SHEET INFORMATION: | ||||||||||||||||||||
Real estate, net of accumulated depreciation | $ | 6,795,896 | $ | 6,957,136 | $ | 6,730,419 | $ | 6,265,799 | $ | 5,573,996 | ||||||||||
Total assets | 7,922,139 | 9,456,721 | 10,631,746 | 10,305,903 | 10,031,761 | |||||||||||||||
Total indebtedness | 5,541,148 | 5,919,771 | 5,534,154 | 4,852,928 | 4,192,292 | |||||||||||||||
Total partners’ capital | 1,550,374 | 1,661,600 | 2,152,326 | 2,753,617 | 3,164,111 | |||||||||||||||
OTHER INFORMATION: | ||||||||||||||||||||
Distributions declared per common unit | $ | 0.40 | $ | 7.48 | $ | 4.31 | $ | 2.40 | $ | 3.00 | ||||||||||
Total consolidated properties (end of period) | 426 | 514 | 657 | 703 | 619 | |||||||||||||||
Total consolidated apartment units (end of period) | 95,202 | 117,719 | 153,758 | 162,432 | 158,548 | |||||||||||||||
Total unconsolidated properties (end of period) | 77 | 85 | 94 | 102 | 264 | |||||||||||||||
Total unconsolidated apartment units (end of period) | 8,478 | 9,613 | 10,878 | 11,791 | 35,269 | |||||||||||||||
Units managed (end of period)(6) | 31,974 | 35,475 | 38,404 | 42,190 | 46,667 |
(1) | Certain reclassifications have been made to conform to the September 30, 2010 financial statement presentation, including retroactive adjustments to reflect additional properties sold or classified as held for sale as of September 30, 2010, as discontinued operations (see Note 13 to the consolidated financial statements in Item 8), and retroactive adjustments related to our January 1, 2009 adoption of the provisions of Financial Accounting Standards Board, or FASB, Statement of Financial Accounting Standards No. 141(R), or SFAS 141(R), FASB Statement of Financial Accounting Standards No. 160, or SFAS 160, and FASB Staff Position No. EITF03-6-1, or FSP EITF03-6-1 (see Note 2 to the consolidated financial statements in Item 8). |
(2) | The consolidated statement of income for the year ended December 31, 2008, has been restated to reclassify impairment losses on real estate development assets within operating income. The reclassification reduced |
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operating income by $91.1 million for the year ended December 31, 2008, and had no effect on the reported amounts of loss from continuing operations, net income, net income available to the Partnership’s common unitholders or earnings per unit. Additionally, the reclassification had no effect on the consolidated balance sheets, statements of partners’ capital or statements of cash flows. See Note 2 to the consolidated financial statements in Item 8. |
(3) | Total operating expenses, operating income and loss from continuing operations for the year ended December 31, 2008, include a $91.1 million pre-tax provision for impairment losses on real estate development assets, which is discussed further inManagement’s Discussion and Analysis of Financial Condition and Results of Operationsin Item 7. |
(4) | Income from discontinued operations for the years ended December 31, 2009, 2008, 2007, 2006 and 2005 includes $221.8 million, $800.3 million, $117.6 million, $337.1 million and $162.7 million in gains on disposition of real estate, respectively. Income from discontinued operations for 2009, 2008 and 2007 is discussed further inManagement’s Discussion and Analysis of Financial Condition and Results of Operationsin Item 7. |
(5) | Weighted average common units, common OP unit equivalents, dilutive preferred securities and earnings per unit amounts for each of the periods presented above have been adjusted for our application during the fourth quarter 2009 of a change in accounting, which requires the units issued in our special distributions paid in 2008 and January 2009 to be treated as issued and outstanding on the distribution payment dates for basic purposes and as potential unit equivalents for the periods between the ex-dividend dates and payment dates for diluted purposes, rather than treating the units as issued and outstanding as of the beginning of the earliest period presented for both basic and diluted purposes. See Note 2 to the consolidated financial statements in Item 8 for further discussion of this accounting change. |
(6) | Units managed represents units in properties for which we provide asset management services only, although in certain cases we may indirectly own generally less than one percent of the economic interest in such properties through a partnership syndication or other fund. |
Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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• | a decrease in income from discontinued operations, primarily related to our sale of fewer assets in 2009 and the recognition of lower gains on sales as compared to 2008; |
• | a decrease in gain on dispositions of unconsolidated real estate and other, primarily due to a large gain on the sale of an interest in an unconsolidated real estate partnership in 2008; |
• | an increase in depreciation and amortization expense, primarily related to completed redevelopments and capital additions placed in service for partial periods during 2008 or 2009; and |
• | a decrease in asset management and tax credit revenues, primarily due to a reduction in promote income, which is income earned in connection with the disposition of properties owned by our consolidated joint ventures. |
• | a decrease in earnings allocable to noncontrolling interests, primarily due to a decrease in the noncontrolling interests’ share of the decrease in gains on sales discussed above; |
• | a decrease in general and administrative expenses, primarily related to reductions in personnel and related expenses from our organizational restructuring activities during 2008 and 2009; and |
• | impairment losses on real estate development assets in 2008, for which no similar impairments were recognized in 2009. |
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• | an increase in income from discontinued operations, primarily related to an increase in the number of assets sold during 2008 and our recognition of higher gains on sales as compared to 2007; |
• | an increase in gain on dispositions of unconsolidated real estate and other, primarily due to a large gain on the sale of an interest in an unconsolidated real estate partnership in 2008; |
• | an increase in net operating income associated with property operations, reflecting improved operations of our same store properties and other properties; and |
• | an increase in asset management and tax credit revenues, primarily due to an increase in promote income, which is income earned in connection with the disposition of properties owned by our consolidated joint ventures. |
• | impairment losses on real estate development assets in 2008, for which no similar impairments were recognized in 2007; |
• | an increase in earnings allocable to noncontrolling interests, primarily due to an increase in the noncontrolling interests’ share of the increase in gains on sales discussed above; |
• | an increase in depreciation and amortization expense, primarily related to completed redevelopments placed in service for partial periods during 2007 or 2008; |
• | restructuring costs recognized during the fourth quarter of 2008; and |
• | an increase in provisions for losses on notes receivable, primarily due to the impairment during 2008 of our interest in Casden Properties LLC. |
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Year Ended December 31, | ||||||||||||
2009 | 2008 | 2007 | ||||||||||
Rental and other property revenues: | ||||||||||||
Conventional real estate operations | $ | 909,218 | $ | 913,793 | $ | 882,545 | ||||||
Affordable real estate operations | 187,583 | 180,456 | 168,885 | |||||||||
Corporate and amounts not allocated | 5,082 | 6,344 | 6,924 | |||||||||
Total | 1,101,883 | 1,100,593 | 1,058,354 | |||||||||
Property operating expenses: | ||||||||||||
Conventional real estate operations | 363,863 | 360,479 | 354,455 | |||||||||
Affordable real estate operations | 92,416 | 91,867 | 83,126 | |||||||||
Corporate and amounts not allocated | 59,469 | 74,870 | 69,822 | |||||||||
Total | 515,748 | 527,216 | 507,403 | |||||||||
Real estate operations net operating income | $ | 586,135 | $ | 573,377 | $ | 550,951 | ||||||
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• | the general economic climate; |
• | competition from other apartment communities and other housing options; |
• | local conditions, such as loss of jobs or an increase in the supply of apartments, that might adversely affect apartment occupancy or rental rates; |
• | changes in governmental regulations and the related cost of compliance; |
• | increases in operating costs (including real estate taxes) due to inflation and other factors, which may not be offset by increased rents; |
• | changes in tax laws and housing laws, including the enactment of rent control laws or other laws regulating multifamily housing; and |
• | changes in interest rates and the availability of financing. |
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2009 | 2008 | 2007 | ||||||||||
Net (loss) income attributable to the Partnership’s common unitholders(1) | $ | (123,276 | ) | $ | 403,700 | $ | (43,508 | ) | ||||
Adjustments: | ||||||||||||
Depreciation and amortization | 433,933 | 383,084 | 337,804 | |||||||||
Depreciation and amortization related to non-real estate assets | (16,597 | ) | (17,305 | ) | (20,108 | ) | ||||||
Depreciation of rental property related to noncontrolling partners and unconsolidated entities(2) | (39,278 | ) | (26,695 | ) | (13,167 | ) | ||||||
Gain on dispositions of unconsolidated real estate and other, net of noncontrolling partners’ interest | (20,615 | ) | (99,597 | ) | (22,252 | ) | ||||||
Income tax expense (benefit) arising from disposition of unconsolidated real estate and other | 1,582 | (433 | ) | (17 | ) | |||||||
Add back portion of gain on dispositions of unconsolidated real estate and other that relates to non-depreciable assets and debt extinguishment gain | 7,783 | 1,669 | 16,851 | |||||||||
Deficit distributions to noncontrolling partners(3) | — | 26,640 | 26,641 | |||||||||
Discontinued operations: | ||||||||||||
Gain on dispositions of real estate, net of noncontrolling partners’ interest(2) | (166,159 | ) | (618,173 | ) | (65,035 | ) | ||||||
Depreciation of rental property, net of noncontrolling partners’ interest(2) | 54,671 | 115,714 | 121,500 | |||||||||
(Recovery of deficit distributions) deficit distributions to noncontrolling partners, net(3) | — | (30,783 | ) | 12,119 | ||||||||
Income tax expense arising from disposals | 5,788 | 43,146 | 2,135 | |||||||||
Preferred OP Unit distributions | 58,503 | 62,836 | 70,509 | |||||||||
Preferred OP Unit redemption related (gains) costs | (1,649 | ) | (1,482 | ) | 2,635 | |||||||
Amounts allocable to participating securities(4) | — | 6,985 | 4,481 | |||||||||
FFO | $ | 194,686 | $ | 249,306 | $ | 430,588 | ||||||
Preferred OP Unit distributions | (58,503 | ) | (62,836 | ) | (70,509 | ) | ||||||
Preferred OP Unit redemption related gains (costs) | 1,649 | 1,482 | (2,635 | ) | ||||||||
Amounts allocable to participating securities(4) | (792 | ) | (6,985 | ) | (4,481 | ) | ||||||
Distributions on dilutive preferred securities | — | 4,292 | 1,442 | |||||||||
FFO attributable to the Partnership’s common unitholders — diluted | $ | 137,040 | $ | 185,259 | $ | 354,405 | ||||||
Weighted average number of common units, common unit equivalents and dilutive preferred securities outstanding(5): | ||||||||||||
Common units and equivalents(6)(7) | 124,442 | 99,386 | 106,802 | |||||||||
Dilutive preferred securities | — | 1,490 | 457 | |||||||||
Total | 124,442 | 100,876 | 107,259 | |||||||||
(1) | Represents the numerator for calculating basic earnings per common unit in accordance with GAAP (see Note 14 to the consolidated financial statements in Item 8). |
(2) | “Noncontrolling partners” refers to noncontrolling partners in our consolidated real estate partnerships. |
(3) | Prior to adoption of SFAS 160 (see Note 2 to the consolidated financial statements in Item 8), we recognized deficit distributions to noncontrolling partners as charges in our income statement when cash was distributed to |
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a noncontrolling partner in a consolidated partnership in excess of the positive balance in such partner’s noncontrolling interest balance. We recorded these charges for GAAP purposes even though there was no economic effect or cost. Deficit distributions to noncontrolling partners occurred when the fair value of the underlying real estate exceeded its depreciated net book value because the underlying real estate had appreciated or maintained its value. As a result, the recognition of expense for deficit distributions to noncontrolling partners represented, in substance, either (a) our recognition of depreciation previously allocated to the noncontrolling partner or (b) a payment related to the noncontrolling partner’s share of real estate appreciation. Based on White Paper guidance that requires real estate depreciation and gains to be excluded from FFO, we added back deficit distributions and subtracted related recoveries in our reconciliation of net income to FFO. Subsequent to our adoption of SFAS 160, effective January 1, 2009, we may reduce the balance of noncontrolling interests below zero in such situations and we are no longer required to recognize such charges in our income statement. |
(4) | Amounts allocable to participating securities represent distributions declared and any amounts of undistributed earnings allocable to participating securities. See Note 2 and Note 14 to the consolidated financial statements in Item 8 for further information regarding participating securities. |
(5) | Weighted average common units, common unit equivalents, dilutive preferred securities for each of the periods presented above have been adjusted for our application during the fourth quarter 2009 of a change in GAAP, which requires the common OP units issued to Aimco in connection with our special distributions paid in 2008 and January 2009 to be treated as issued and outstanding on the distribution payment dates for basic purposes and as potential unit equivalents for the periods between the ex-dividend dates and the payment dates for diluted purposes, rather than treating the units as issued and outstanding as of the beginning of the earliest period presented for both basic and diluted purposes. The change in accounting treatment had no effect on diluted weighted average units outstanding for the year ended December 31, 2009. The change in accounting treatment reduced diluted weighted average units outstanding by 32.9 million and 46.7 million for the years ended December 31, 2008 and 2007, respectively. |
(6) | Represents the denominator for earnings per common unit — diluted, calculated in accordance with GAAP, plus common OP unit equivalents that are dilutive for FFO. |
(7) | During the years ended December 31, 2009, 2008 and 2007, we had 6,534,140, 7,191,199, and 7,367,400 common OP Units outstanding and 2,344,719, 2,367,629 and 2,379,084 High Performance Units outstanding. |
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Per | ||||||||
Our Share of | Effective | |||||||
Additions | Unit | |||||||
Capital Replacements Detail: | ||||||||
Building and grounds | $ | 32,876 | $ | 338 | ||||
Turnover related | 30,298 | 312 | ||||||
Capitalized site payroll and indirect costs | 7,076 | 73 | ||||||
Our share of Capital Replacements | $ | 70,250 | $ | 723 | ||||
Capital Replacements: | ||||||||
Conventional | $ | 64,675 | $ | 797 | ||||
Affordable | 5,575 | $ | 347 | |||||
Our share of Capital Replacements | 70,250 | $ | 723 | |||||
Capital Improvements: | ||||||||
Conventional | 47,634 | $ | 587 | |||||
Affordable | 5,755 | $ | 358 | |||||
Our share of Capital Improvements | 53,389 | $ | 549 | |||||
Casualties: | ||||||||
Conventional | 17,724 | |||||||
Affordable | 1,872 | |||||||
Our share of casualties | 19,596 | |||||||
Redevelopment: | ||||||||
Conventional projects | 66,768 | |||||||
Tax credit projects(1) | 46,066 | |||||||
Our share of redevelopment | 112,834 | |||||||
Our share of capital additions | 256,069 | |||||||
Plus noncontrolling partners’ share of consolidated additions | 20,062 | |||||||
Less our share of unconsolidated additions | (687 | ) | ||||||
Total capital additions | $ | 275,444 | ||||||
(1) | Redevelopment additions on tax credit projects are substantially funded from tax credit investor contributions. |
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Less Than | More Than | |||||||||||||||||||
Total | One Year | 1-3 Years | 3-5 Years | 5 Years | ||||||||||||||||
Scheduled long-term debt maturities(1) | $ | 5,451,148 | $ | 100,958 | $ | 651,166 | $ | 843,747 | $ | 3,855,277 | ||||||||||
Scheduled long-term debt maturities related to properties classified as held for sale(1) | 178,339 | 4,855 | 20,773 | 25,736 | 126,975 | |||||||||||||||
Term loan(1)(2) | 90,000 | — | 90,000 | — | — | |||||||||||||||
Redevelopment and other construction commitments | 4,795 | 4,795 | — | — | — | |||||||||||||||
Leases for space occupied(3) | 24,888 | 7,345 | 10,856 | 4,859 | 1,828 | |||||||||||||||
Other obligations(4) | 4,605 | 4,605 | — | — | — | |||||||||||||||
Total | $ | 5,753,775 | $ | 122,558 | $ | 772,795 | $ | 874,342 | $ | 3,984,080 | ||||||||||
(1) | Scheduled debt maturities presented above include amortization and the maturities in 2010 consist primarily of amortization. The scheduled maturities presented above exclude related interest amounts. Refer to Note 6 in the consolidated financial statements in Item 8 for a description of average interest rates associated with our debt. |
(2) | After payments of $45.0 million through February 26, 2010, the term loan had an outstanding balance of $45.0 million. |
(3) | Inclusive of leased space that has been abandoned as part of our organizational restructuring in 2008 (seeRestructuring Costsin Note 3 to the consolidated financial statements in Item 8). |
(4) | Represents a commitment to fund $4.6 million in second mortgage loans on certain properties in West Harlem, New York City. |
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Page | ||||
Financial Statements: | ||||
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Financial Statement Schedule: | ||||
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and Note 13, as to which the date is November 19, 2010
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2009 | 2008 | |||||||
(In thousands) | ||||||||
ASSETS | ||||||||
Real estate: | ||||||||
Buildings and improvements | $ | 7,242,051 | $ | 7,047,744 | ||||
Land | 2,148,389 | 2,132,129 | ||||||
Total real estate | 9,390,440 | 9,179,873 | ||||||
Less accumulated depreciation | (2,594,544 | ) | (2,222,737 | ) | ||||
Net real estate | 6,795,896 | 6,957,136 | ||||||
Cash and cash equivalents | 81,260 | 299,676 | ||||||
Restricted cash | 218,981 | 252,199 | ||||||
Accounts receivable, net | 59,822 | 90,318 | ||||||
Accounts receivable from affiliates, net | 23,744 | 38,978 | ||||||
Deferred financing costs, net | 50,807 | 49,947 | ||||||
Notes receivable from unconsolidated real estate partnerships, net | 14,295 | 22,567 | ||||||
Notes receivable from non-affiliates, net | 125,269 | 139,897 | ||||||
Notes receivable from Aimco | 16,371 | 15,551 | ||||||
Investment in unconsolidated real estate partnerships | 104,193 | 117,905 | ||||||
Other assets | 185,816 | 198,639 | ||||||
Deferred income tax assets, net | 42,015 | 28,326 | ||||||
Assets held for sale | 203,670 | 1,245,582 | ||||||
Total assets | $ | 7,922,139 | $ | 9,456,721 | ||||
LIABILITIES AND PARTNERS’ CAPITAL | ||||||||
Property tax-exempt bond financing | $ | 574,926 | $ | 629,499 | ||||
Property loans payable | 4,823,165 | 4,794,291 | ||||||
Term loans | 90,000 | 400,000 | ||||||
Other borrowings | 53,057 | 95,981 | ||||||
Total indebtedness | 5,541,148 | 5,919,771 | ||||||
Accounts payable | 29,819 | 64,241 | ||||||
Accrued liabilities and other | 286,326 | 569,997 | ||||||
Deferred income | 179,433 | 192,368 | ||||||
Security deposits | 34,491 | 35,920 | ||||||
Liabilities related to assets held for sale | 183,892 | 924,676 | ||||||
Total liabilities | 6,255,109 | 7,706,973 | ||||||
Redeemable preferred units (Note 11) | 116,656 | 88,148 | ||||||
Commitments and contingencies (Note 8) | — | — | ||||||
Partners’ capital: | ||||||||
Preferred units | 660,500 | 696,500 | ||||||
General Partner and Special Limited Partner | 521,692 | 543,238 | ||||||
Limited Partners | 95,990 | 82,461 | ||||||
High Performance Units | (40,313 | ) | (37,263 | ) | ||||
Investment in Aimco Class A Common Stock | (4,621 | ) | (5,109 | ) | ||||
Partners’ capital attributable to the Partnership | 1,233,248 | 1,279,827 | ||||||
Noncontrolling interests in consolidated real estate partnerships | 317,126 | 381,773 | ||||||
Total partners’ capital | 1,550,374 | 1,661,600 | ||||||
Total liabilities and partners’ capital | $ | 7,922,139 | $ | 9,456,721 | ||||
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2009 | 2008 | 2007 | ||||||||||
(In thousands, except per unit data) | ||||||||||||
(As restated — see Note 2) | ||||||||||||
REVENUES: | ||||||||||||
Rental and other property revenues | $ | 1,101,883 | $ | 1,100,593 | $ | 1,058,354 | ||||||
Asset management and tax credit revenues | 49,853 | 98,830 | 73,755 | |||||||||
Total revenues | 1,151,736 | 1,199,423 | 1,132,109 | |||||||||
OPERATING EXPENSES: | ||||||||||||
Property operating expenses | 515,748 | 527,216 | 507,403 | |||||||||
Investment management expenses | 15,779 | 24,784 | 20,507 | |||||||||
Depreciation and amortization | 433,933 | 383,084 | 337,804 | |||||||||
Provision for operating real estate impairment losses | 2,329 | — | 1,080 | |||||||||
Provision for impairment losses on real estate development assets | — | 91,138 | — | |||||||||
General and administrative expenses | 56,643 | 80,376 | 72,359 | |||||||||
Other expenses, net | 15,721 | 22,059 | 18,917 | |||||||||
Restructuring costs | 11,241 | 22,802 | — | |||||||||
Total operating expenses | 1,051,394 | 1,151,459 | 958,070 | |||||||||
Operating income | 100,342 | 47,964 | 174,039 | |||||||||
Interest income | 9,924 | 20,439 | 43,561 | |||||||||
Provision for losses on notes receivable, net | (21,549 | ) | (17,577 | ) | (2,010 | ) | ||||||
Interest expense | (315,416 | ) | (315,007 | ) | (304,752 | ) | ||||||
Equity in losses of unconsolidated real estate partnerships | (12,025 | ) | (4,601 | ) | (3,347 | ) | ||||||
Impairment losses related to unconsolidated real estate partnerships | (322 | ) | (2,661 | ) | — | |||||||
Gain on dispositions of unconsolidated real estate and other | 22,494 | 99,864 | 23,366 | |||||||||
Loss before income taxes and discontinued operations | (216,552 | ) | (171,579 | ) | (69,143 | ) | ||||||
Income tax benefit | 18,669 | 53,202 | 19,795 | |||||||||
Loss from continuing operations | (197,883 | ) | (118,377 | ) | (49,348 | ) | ||||||
Income from discontinued operations, net | 153,903 | 746,165 | 175,603 | |||||||||
Net (loss) income | (43,980 | ) | 627,788 | 126,255 | ||||||||
Net income attributable to noncontrolling interests in consolidated real estate partnerships | (22,442 | ) | (155,749 | ) | (92,138 | ) | ||||||
Net (loss) income attributable to the Partnership | (66,422 | ) | 472,039 | 34,117 | ||||||||
Net income attributable to the Partnership’s preferred unitholders | (56,854 | ) | (61,354 | ) | (73,144 | ) | ||||||
Net income attributable to participating securities | — | (6,985 | ) | (4,481 | ) | |||||||
Net (loss) income attributable to the Partnership’s common unitholders | $ | (123,276 | ) | $ | 403,700 | $ | (43,508 | ) | ||||
Earnings (loss) per common unit — basic and diluted: | ||||||||||||
Loss from continuing operations attributable to the Partnership’s common unitholders | $ | (1.75 | ) | $ | (1.96 | ) | $ | (1.40 | ) | |||
Income from discontinued operations attributable to the Partnership’s common unitholders | 0.75 | 6.07 | 0.98 | |||||||||
Net (loss) income attributable to the Partnership’s common unitholders | $ | (1.00 | ) | $ | 4.11 | $ | (0.42 | ) | ||||
Weighted average common units outstanding — basic and diluted | 123,180 | 98,249 | 104,853 | |||||||||
Distributions declared per common unit | $ | 0.40 | $ | 7.48 | $ | 4.31 | ||||||
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General | Partners’ | |||||||||||||||||||||||||||||||
Partner | Investment | Capital | ||||||||||||||||||||||||||||||
and Special | High | in Aimco | Attributable | Non- | Total | |||||||||||||||||||||||||||
Preferred | Limited | Limited | Performance | Common | to the | Controlling | Partners’ | |||||||||||||||||||||||||
Units | Partner | Partners | Units | Stock | Partnership | Interests | Capital | |||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Balances at December 31, 2006 | $ | 914,215 | $ | 1,208,866 | $ | 439,903 | $ | (18,308 | ) | $ | (7,074 | ) | $ | 2,537,602 | $ | 216,015 | $ | 2,753,617 | ||||||||||||||
Cumulative effect of change in accounting principle — adoption of FIN 48 | — | (763 | ) | (61 | ) | (20 | ) | — | (844 | ) | — | (844 | ) | |||||||||||||||||||
Redemption of preferred units held by Aimco | (100,000 | ) | (2,000 | ) | �� | — | — | — | (102,000 | ) | — | (102,000 | ) | |||||||||||||||||||
Common and preferred units redeemed by Limited Partners to Special Limited Partner | — | 27,853 | (27,853 | ) | — | — | — | — | — | |||||||||||||||||||||||
Contribution from Aimco related to employee stock purchases, net | — | 1,827 | — | — | — | 1,827 | — | 1,827 | ||||||||||||||||||||||||
Contribution from Aimco related to stock option exercises | — | 53,719 | — | — | — | 53,719 | — | 53,719 | ||||||||||||||||||||||||
Amortization of Aimco stock-based compensation | — | 19,235 | — | — | — | 19,235 | — | 19,235 | ||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | 203,552 | 203,552 | ||||||||||||||||||||||||
Adjustment to noncontrolling interests from VMS transactions (Note 3) Effect on transactions with owners (VMS) | — | — | — | — | — | — | 62,820 | 62,820 | ||||||||||||||||||||||||
Adjustment to noncontrolling interests from consolidation of entities | — | — | — | — | — | — | 91,219 | 91,219 | ||||||||||||||||||||||||
Redemption of preferred units and common units | — | — | (2,181 | ) | — | — | (2,181 | ) | — | (2,181 | ) | |||||||||||||||||||||
Repurchase of common units related to Aimco common stock repurchases | — | (325,822 | ) | — | — | — | (325,822 | ) | — | (325,822 | ) | |||||||||||||||||||||
Other, net | — | (1,462 | ) | 2,998 | 720 | — | 2,256 | (201 | ) | 2,055 | ||||||||||||||||||||||
Net income (loss) | 73,144 | (35,399 | ) | (2,742 | ) | (886 | ) | — | 34,117 | 92,138 | 126,255 | |||||||||||||||||||||
Common distributions | — | (406,854 | ) | (31,329 | ) | (10,246 | ) | 923 | (447,506 | ) | (211,314 | ) | (658,820 | ) | ||||||||||||||||||
Distributions to preferred unitholders | (72,306 | ) | — | — | — | — | (72,306 | ) | — | (72,306 | ) | |||||||||||||||||||||
Adjustment to reflect Limited Partners’ capital at redemption value | — | 125,083 | (125,083 | ) | — | — | — | — | — | |||||||||||||||||||||||
Balances at December 31, 2007 | 815,053 | 664,283 | 253,652 | (28,740 | ) | (6,151 | ) | 1,698,097 | 454,229 | 2,152,326 | ||||||||||||||||||||||
Redemption of preferred units held by Aimco | (27,000 | ) | 2,160 | — | — | — | (24,840 | ) | — | (24,840 | ) | |||||||||||||||||||||
Common units redeemed by Limited Partners to Special Limited Partner | — | 4,182 | (4,182 | ) | — | — | — | — | — | |||||||||||||||||||||||
Contribution from Aimco related to employee stock purchases, net | — | 1,671 | — | — | — | 1,671 | — | 1,671 | ||||||||||||||||||||||||
Contribution from Aimco related to stock option exercises | — | 481 | — | — | — | 481 | — | 481 | ||||||||||||||||||||||||
Amortization of Aimco stock-based compensation | — | 17,573 | — | — | — | 17,573 | — | 17,573 | ||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | 6,854 | 6,854 | ||||||||||||||||||||||||
Adjustment to noncontrolling interests from consolidation of entities | — | — | — | — | — | — | 14,969 | 14,969 | ||||||||||||||||||||||||
Redemption of preferred units and common units | (976 | ) | — | (2,046 | ) | (1,146 | ) | — | (4,168 | ) | — | (4,168 | ) | |||||||||||||||||||
Repurchase of common units related to Aimco common stock repurchases | — | (473,532 | ) | — | — | — | (473,532 | ) | — | (473,532 | ) | |||||||||||||||||||||
Other, net | (1,083 | ) | (488 | ) | (8 | ) | 388 | — | (1,191 | ) | (572 | ) | (1,763 | ) | ||||||||||||||||||
Net income | 61,354 | 370,729 | 30,059 | 9,897 | — | 472,039 | 155,749 | 627,788 | ||||||||||||||||||||||||
Common units issued to Aimco pursuant to special distributions | — | 487,477 | — | — | — | 487,477 | — | 487,477 | ||||||||||||||||||||||||
Common distributions | — | (675,416 | ) | (50,896 | ) | (17,662 | ) | 1,042 | (742,932 | ) | (249,456 | ) | (992,388 | ) | ||||||||||||||||||
Distributions to preferred unitholders | (62,700 | ) | — | — | — | — | (62,700 | ) | (62,700 | ) | ||||||||||||||||||||||
Reclassification of redeemable preferred units to temporary capital (Note 11) | (88,148 | ) | — | — | — | — | (88,148 | ) | — | (88,148 | ) | |||||||||||||||||||||
Adjustment to reflect Limited Partners’ capital at redemption value | — | 144,118 | (144,118 | ) | — | — | — | — | — | |||||||||||||||||||||||
Balances at December 31, 2008 | $ | 696,500 | $ | 543,238 | $ | 82,461 | $ | (37,263 | ) | $ | (5,109 | ) | $ | 1,279,827 | $ | 381,773 | $ | 1,661,600 | ||||||||||||||
Redemption of preferred units held by Aimco | (6,000 | ) | 1,800 | — | — | — | (4,200 | ) | — | (4,200 | ) | |||||||||||||||||||||
Common units redeemed by Limited Partners to Special Limited Partner | — | 7,085 | (7,085 | ) | — | — | — | — | — | |||||||||||||||||||||||
Amortization of Aimco stock-based compensation | — | 8,007 | — | — | — | 8,007 | — | 8,007 | ||||||||||||||||||||||||
Contribution from noncontrolling interests | — | — | — | — | — | — | 5,535 | 5,535 | ||||||||||||||||||||||||
Redemption of preferred units and common units | — | — | (980 | ) | — | — | (980 | ) | — | (980 | ) | |||||||||||||||||||||
Other, net | — | 4,164 | — | — | — | 4,164 | (720 | ) | 3,444 | |||||||||||||||||||||||
Net income (loss) | 50,566 | (114,390 | ) | (6,539 | ) | (2,347 | ) | — | (72,710 | ) | 22,442 | (50,268 | ) | |||||||||||||||||||
Common units issued to Aimco pursuant to special distributions | — | 148,746 | — | — | — | 148,746 | — | 148,746 | ||||||||||||||||||||||||
Common distributions | — | (46,880 | ) | (1,945 | ) | (703 | ) | 488 | (49,040 | ) | (91,904 | ) | (140,944 | ) | ||||||||||||||||||
Distributions to preferred unitholders | (50,566 | ) | — | — | — | — | (50,566 | ) | — | (50,566 | ) | |||||||||||||||||||||
Reclassification of redeemable preferred units to temporary capital (Note 11) | (30,000 | ) | — | — | — | — | (30,000 | ) | — | (30,000 | ) | |||||||||||||||||||||
Adjustment to reflect Limited Partners’ capital at redemption value | — | (30,078 | ) | 30,078 | — | — | — | — | — | |||||||||||||||||||||||
Balances at December 31, 2009 | $ | 660,500 | $ | 521,692 | $ | 95,990 | $ | (40,313 | ) | $ | (4,621 | ) | $ | 1,233,248 | $ | 317,126 | $ | 1,550,374 | ||||||||||||||
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2009 | 2008 | 2007 | ||||||||||
(In thousands) | ||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
Net (loss) income | $ | (43,980 | ) | $ | 627,788 | $ | 126,255 | |||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||||||||||
Depreciation and amortization | 433,933 | 383,084 | 337,804 | |||||||||
Equity in losses of unconsolidated real estate partnerships | 12,025 | 4,601 | 3,347 | |||||||||
Provision for impairment losses on real estate development assets | — | 91,138 | — | |||||||||
Provision for operating real estate impairment losses | 2,329 | — | 1,080 | |||||||||
Gain on dispositions of unconsolidated real estate and other | (22,494 | ) | (99,864 | ) | (23,366 | ) | ||||||
Income tax benefit | (18,669 | ) | (53,202 | ) | (19,795 | ) | ||||||
Stock-based compensation expense | 6,666 | 13,833 | 14,921 | |||||||||
Amortization of deferred loan costs and other | 10,845 | 9,950 | 7,916 | |||||||||
Distributions of earnings from unconsolidated entities | 4,893 | 14,619 | 4,239 | |||||||||
Discontinued operations: | ||||||||||||
Depreciation and amortization | 61,634 | 132,463 | 162,134 | |||||||||
Gain on disposition of real estate | (221,793 | ) | (800,335 | ) | (117,628 | ) | ||||||
Other adjustments to income from discontinued operations | 53,974 | 67,215 | (25,167 | ) | ||||||||
Changes in operating assets and operating liabilities: | ||||||||||||
Accounts receivable | 27,067 | 4,848 | 7,453 | |||||||||
Other assets | 1,620 | 56,369 | (10,500 | ) | ||||||||
Accounts payable, accrued liabilities and other | (74,238 | ) | (12,139 | ) | 14,249 | |||||||
Total adjustments | 277,792 | (187,420 | ) | 356,687 | ||||||||
Net cash provided by operating activities | 233,812 | 440,368 | 482,942 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
Purchases of real estate | — | (112,655 | ) | (201,434 | ) | |||||||
Capital expenditures | (300,344 | ) | (665,233 | ) | (689,719 | ) | ||||||
Proceeds from dispositions of real estate | 875,931 | 2,060,344 | 431,863 | |||||||||
Change in funds held in escrow from tax-free exchanges | — | 345 | 25,863 | |||||||||
Proceeds from sale of interests and distributions from real estate partnerships | 25,067 | 94,277 | 198,998 | |||||||||
Purchases of partnership interests and other assets | (6,842 | ) | (28,121 | ) | (86,204 | ) | ||||||
Originations of notes receivable | (5,778 | ) | (6,911 | ) | (10,812 | ) | ||||||
Proceeds from repayment of notes receivable | 5,264 | 8,929 | 14,370 | |||||||||
Distributions received from Aimco | 488 | 1,042 | 923 | |||||||||
Other investing activities | 36,956 | (6,106 | ) | 45,476 | ||||||||
Net cash provided by (used in) investing activities | 630,742 | 1,345,911 | (270,676 | ) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Proceeds from property loans | 772,443 | 949,549 | 1,552,048 | |||||||||
Principal repayments on property loans | (1,076,318 | ) | (1,291,543 | ) | (850,484 | ) | ||||||
Proceeds from tax-exempt bond financing | 15,727 | 50,100 | 82,350 | |||||||||
Principal repayments on tax-exempt bond financing | (157,862 | ) | (217,361 | ) | (70,029 | ) | ||||||
(Payments on) borrowings under term loans | (310,000 | ) | (75,000 | ) | 75,000 | |||||||
Net repayments on revolving credit facility | — | — | (140,000 | ) | ||||||||
Proceeds from (payments on) other borrowings | (40,085 | ) | 21,367 | (8,468 | ) | |||||||
Repurchases and redemptions of preferred units | (4,200 | ) | (24,840 | ) | (102,000 | ) | ||||||
Repurchase of common units | — | (502,296 | ) | (307,382 | ) | |||||||
Proceeds from Class A Common Stock option exercises | — | 481 | 53,719 | |||||||||
Payment of distributions to noncontrolling interests | (92,421 | ) | (248,537 | ) | (168,499 | ) | ||||||
Payment of distributions to General Partner and Special Limited Partner | (95,823 | ) | (213,328 | ) | (231,729 | ) | ||||||
Payment of distributions to Limited Partners | (15,403 | ) | (55,770 | ) | (16,760 | ) | ||||||
Payment of distributions to High Performance Units | (5,580 | ) | (18,757 | ) | (5,710 | ) | ||||||
Payment of distributions to preferred units | (59,172 | ) | (62,733 | ) | (74,221 | ) | ||||||
Other financing activities | (14,276 | ) | (8,396 | ) | (19,464 | ) | ||||||
Net cash used in financing activities | (1,082,970 | ) | (1,697,064 | ) | (231,629 | ) | ||||||
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (218,416 | ) | 89,215 | (19,363 | ) | |||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 299,676 | 210,461 | 229,824 | |||||||||
CASH AND CASH EQUIVALENTS AT END OF YEAR | $ | 81,260 | $ | 299,676 | $ | 210,461 | ||||||
SUPPLEMENTAL CASH FLOW INFORMATION: | ||||||||||||
Interest paid | $ | 348,341 | $ | 434,645 | $ | 452,324 | ||||||
Cash paid for income taxes | 4,560 | 13,780 | 2,994 | |||||||||
Non-cash transactions associated with the acquisition of real estate and interests in unconsolidated real estate partnerships: | ||||||||||||
Secured debt assumed in connection with purchase of real estate | — | — | 16,000 | |||||||||
Issuance of OP Units for interests in unconsolidated real estate partnerships and acquisitions of real estate | — | — | 2,998 | |||||||||
Non-cash transactions associated with the disposition of real estate: | ||||||||||||
Secured debt assumed in connection with the disposition of real estate | 314,265 | 157,394 | 27,929 | |||||||||
Issuance of notes receivable connection with the disposition of real estate | 3,605 | 10,372 | — | |||||||||
Non-cash transactions associated with consolidation of real estate partnerships: | ||||||||||||
Real estate, net | 6,058 | 25,830 | 56,877 | |||||||||
Investments in and notes receivable primarily from affiliated entities | 4,326 | 4,497 | 84,545 | |||||||||
Restricted cash and other assets | (1,682 | ) | 5,483 | 8,545 | ||||||||
Secured debt | 2,031 | 22,036 | 41,296 | |||||||||
Accounts payable, accrued and other liabilities | 6,769 | 14,020 | 48,602 | |||||||||
Other non-cash transactions: | ||||||||||||
Redemption of common OP Units for Aimco Class A Common Stock | 7,085 | 4,182 | 27,810 | |||||||||
Conversion of preferred units and securities into common units | — | — | 43 | |||||||||
(Cancellation) origination of notes receivable from officers of Aimco, net | (1,452 | ) | (385 | ) | 2,386 | |||||||
Common OP Units issued to Aimco pursuant to special distributions (Note 11) | (148,746 | ) | (487,477 | ) | — |
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NOTE 1 — | Organization |
• | owned an equity interest in and consolidated 95,202 units in 426 properties (which we refer to as “consolidated properties”), of which 93,098 units were also managed by us; |
• | owned an equity interest in and did not consolidate 8,478 units in 77 properties (which we refer to as “unconsolidated properties”), of which 3,594 units were also managed by us; and |
• | provided services for or managed 31,974 units in 367 properties, primarily pursuant to long-term agreements (including 29,879 units in 345 properties for which we provide asset management services only, and not also property management services). In certain cases, we may indirectly own generally less than one percent of the operations of such properties through a partnership syndication or other fund. |
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NOTE 2 — | Basis of Presentation and Summary of Significant Accounting Policies |
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2010 | 2011 | 2012 | 2013 | 2014 | ||||||||||||||||
Estimated amortization | $ | 3.9 | $ | 3.6 | $ | 3.2 | $ | 2.8 | $ | 2.5 |
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Weighted Average | ||||||||||||||||||||||
Weighted | Swap | Swap Variable | ||||||||||||||||||||
Year of Debt | Average Debt | Swap Notional | Maturity | Pay Rate at | ||||||||||||||||||
Debt Principal | Maturity | Interest Rate | Amount | Date | December 31, 2009 | |||||||||||||||||
$ | 45.2 | 2012 | 7.5 | % | $ | 45.2 | 2012 | 1.6 | % | |||||||||||||
24.0 | 2015 | 6.9 | % | 24.0 | 2012 | 1.0 | % | |||||||||||||||
14.2 | 2018 | 7.3 | % | 14.2 | 2012 | 1.0 | % | |||||||||||||||
42.8 | 2025 | 7.0 | % | 42.8 | 2012 | 1.0 | % | |||||||||||||||
93.0 | 2031 | 7.4 | % | 93.0 | 2012 | 1.0 | % | |||||||||||||||
108.7 | 2036 | 6.2 | % | 109.1 | 2012 | 0.7 | % | |||||||||||||||
12.3 | 2038 | 5.5 | % | 12.3 | 2012 | 0.9 | % | |||||||||||||||
12.5 | 2048 | 6.5 | % | 12.5 | 2012 | 0.9 | % | |||||||||||||||
$ | 352.7 | $ | 353.1 | |||||||||||||||||||
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Level 2 | Level 3 | |||||||||||||||
Changes in Fair | ||||||||||||||||
Value of Debt | ||||||||||||||||
Instruments Subject | ||||||||||||||||
Interest Rate | Total Rate of | to Total Rate of | ||||||||||||||
Swaps | Return Swaps | Return Swaps | Total | |||||||||||||
Fair value at December 31, 2007 | $ | (371 | ) | $ | (9,420 | ) | $ | 9,420 | $ | (371 | ) | |||||
Unrealized gains (losses) included in earnings(1)(2) | (47 | ) | (20,075 | ) | 20,075 | (47 | ) | |||||||||
Realized gains (losses) included in earnings | — | — | — | — | ||||||||||||
Unrealized gains (losses) included in partners’ capital | (2,139 | ) | — | — | (2,139 | ) | ||||||||||
Fair value at December 31, 2008 | $ | (2,557 | ) | $ | (29,495 | ) | $ | 29,495 | $ | (2,557 | ) | |||||
Unrealized gains (losses) included in earnings(1)(2) | (447 | ) | 5,188 | (5,188 | ) | (447 | ) | |||||||||
Realized gains (losses) included in earnings | — | — | — | — | ||||||||||||
Unrealized gains (losses) included in partners’ capital | 1,408 | — | — | 1,408 | ||||||||||||
Fair value at December 31, 2009 | $ | (1,596 | ) | $ | (24,307 | ) | $ | 24,307 | $ | (1,596 | ) | |||||
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(1) | Unrealized gains (losses) relate to periodic revaluations of fair value and have not resulted from the settlement of a swap position. |
(2) | Included in interest expense in the accompanying condensed consolidated statements of income. |
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Year Ended | ||||
December 31, 2009 | ||||
Loss from continuing operations attributable to the Partnership’s common unitholders | $ | (235,815 | ) | |
Income from discontinued operations attributable to the Partnership’s common unitholders | 92,466 | |||
Net loss attributable to the Partnership’s common unitholders | $ | (143,349 | ) | |
Basic and diluted earnings (loss) per common unit: | ||||
Loss from continuing operations attributable to the Partnership’s common unitholders | $ | (1.91 | ) | |
Income from discontinued operations attributable to the Partnership’s common unitholders | 0.75 | |||
Net loss attributable to the Partnership’s common unitholders | $ | (1.16 | ) | |
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2008 | 2007 | |||||||
Weighted average units outstanding — basic and diluted: | ||||||||
As previously reported | 130,772 | 149,883 | ||||||
Reduction in weighted average units outstanding | (32,523 | ) | (45,030 | ) | ||||
As currently reported | 98,249 | 104,853 | ||||||
Net income (loss) attributable to the Partnership’s common unitholders per common unit — basic and diluted: | ||||||||
As previously reported | $ | 3.17 | $ | (0.26 | ) | |||
Effect of reduction in weighted average units outstanding | 1.01 | (0.12 | ) | |||||
Effect of participating securities allocations | (0.07 | ) | (0.04 | ) | ||||
As currently reported | $ | 4.11 | $ | (0.42 | ) | |||
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NOTE 3 — | Real Estate and Partnership Acquisitions and Other Significant Transactions |
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NOTE 4 — | Investments in Unconsolidated Real Estate Partnerships |
2009 | 2008 | 2007 | ||||||||||
Real estate, net of accumulated depreciation | $ | 95,226 | $ | 122,788 | $ | 133,544 | ||||||
Total assets | 122,543 | 155,444 | 165,567 | |||||||||
Secured and other notes payable | 101,678 | 122,859 | 124,406 | |||||||||
Total liabilities | 145,637 | 175,681 | 180,222 | |||||||||
Partners’ deficit | (23,094 | ) | (20,237 | ) | (14,655 | ) | ||||||
Rental and other property revenues | 55,366 | 69,392 | 73,672 | |||||||||
Property operating expenses | (34,497 | ) | (42,863 | ) | (45,998 | ) | ||||||
Depreciation expense | (10,302 | ) | (12,640 | ) | (13,965 | ) | ||||||
Interest expense | (11,103 | ) | (17,182 | ) | (17,194 | ) | ||||||
Gain on sale | 8,482 | 5,391 | 59 | |||||||||
Net income (loss) | 6,622 | 1,398 | (4,845 | ) |
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NOTE 5 — | Notes Receivable |
2009 | 2008 | |||||||||||||||||||||||
Unconsolidated | Unconsolidated | |||||||||||||||||||||||
Real Estate | Non- | Real Estate | Non- | |||||||||||||||||||||
Partnerships | Affiliates | Total | Partnerships | Affiliates | Total | |||||||||||||||||||
Par value notes | $ | 11,353 | $ | 20,862 | $ | 32,215 | $ | 18,855 | $ | 19,253 | $ | 38,108 | ||||||||||||
Discounted notes | 5,095 | 141,468 | 146,563 | 8,575 | 138,387 | 146,962 | ||||||||||||||||||
Allowance for loan losses | (2,153 | ) | (37,061 | ) | (39,214 | ) | (4,863 | ) | (17,743 | ) | (22,606 | ) | ||||||||||||
Total notes receivable | $ | 14,295 | $ | 125,269 | $ | 139,564 | $ | 22,567 | $ | 139,897 | $ | 162,464 | ||||||||||||
Face value of discounted notes | $ | 37,709 | $ | 155,848 | $ | 193,557 | $ | 39,333 | $ | 148,790 | $ | 188,123 |
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2009 | 2008 | |||||||
Balance at beginning of year | $ | (22,606 | ) | $ | (6,435 | ) | ||
Provisions for losses on notes receivable | (2,231 | ) | (1,673 | ) | ||||
Recoveries of losses on notes receivable | 1,422 | 417 | ||||||
Provisions for impairment loss on investment in Casden Properties LLC | (20,740 | ) | (16,321 | ) | ||||
Net reductions due to consolidation of real estate partnerships and property dispositions | 4,941 | 1,406 | ||||||
Balance at end of year | $ | (39,214 | ) | $ | (22,606 | ) | ||
NOTE 6 — | Property Tax-Exempt Bond Financings, Property Loans Payable and Other Borrowings |
Weighted Average | Principal | |||||||||||
Interest Rate | Outstanding | |||||||||||
2009 | 2009 | 2008 | ||||||||||
Fixed rate property tax-exempt bonds payable | 5.10 | % | $ | 140,995 | $ | 131,530 | ||||||
Variable rate property tax-exempt bonds payable | 0.90 | % | 433,931 | 497,969 | ||||||||
Total | $ | 574,926 | $ | 629,499 | ||||||||
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Weighted Average | Principal | |||||||||||
Interest Rate | Outstanding | |||||||||||
2009 | 2009 | 2008 | ||||||||||
Fixed rate property notes payable | 6.00 | % | $ | 4,712,744 | $ | 4,524,322 | ||||||
Variable rate property notes payable | 2.46 | % | 75,877 | 223,561 | ||||||||
Secured notes credit facility | 1.02 | % | 34,544 | 46,408 | ||||||||
Total | $ | 4,823,165 | $ | 4,794,291 | ||||||||
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Amortization | Maturities | Total | ||||||||||
2010 | $ | 97,609 | $ | 3,349 | $ | 100,958 | ||||||
2011 | 102,274 | 237,796 | 340,070 | |||||||||
2012 | 105,391 | 205,705 | 311,096 | |||||||||
2013 | 104,892 | 369,210 | 474,102 | |||||||||
2014 | 102,101 | 267,544 | 369,645 | |||||||||
Thereafter | 3,855,277 | |||||||||||
$ | 5,451,148 | |||||||||||
NOTE 7 — | Term Loans and Credit Facility |
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NOTE 8 — | Commitments and Contingencies |
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Operating | ||||||||
Lease | Sublease | |||||||
Obligations | Receivables | |||||||
2010 | $ | 7,345 | $ | 818 | ||||
2011 | 5,800 | 185 | ||||||
2012 | 5,056 | 64 | ||||||
2013 | 2,594 | 12 | ||||||
2014 | 2,265 | — | ||||||
Thereafter | 1,828 | — | ||||||
Total | $ | 24,888 | $ | 1,079 | ||||
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NOTE 9 — | Income Taxes |
2009 | 2008 | |||||||
Deferred tax liabilities: | ||||||||
Partnership differences | $ | 32,565 | $ | 47,635 | ||||
Depreciation | 2,474 | 2,477 | ||||||
Deferred revenue | 14,862 | 7,757 | ||||||
Other | — | 11 | ||||||
Total deferred tax liabilities | $ | 49,901 | $ | 57,880 | ||||
Deferred tax assets: | ||||||||
Net operating, capital and other loss carryforwards | $ | 37,164 | $ | 7,183 | ||||
Provision for impairments on real estate assets | 33,321 | 33,321 | ||||||
Receivables | 3,094 | 5,530 | ||||||
Accrued liabilities | 9,272 | 23,504 | ||||||
Accrued interest expense | — | 2,220 | ||||||
Intangibles — management contracts | 1,911 | 3,789 | ||||||
Tax credit carryforwards | 6,949 | 8,521 | ||||||
Equity compensation | 1,463 | 1,983 | ||||||
Other | 929 | 155 | ||||||
Total deferred tax assets | 94,103 | 86,206 | ||||||
Valuation allowance | (2,187 | ) | — | |||||
Net deferred income tax assets | $ | 42,015 | $ | 28,326 | ||||
2009 | 2008 | 2007 | ||||||||||
Balance at January 1 | $ | 3,080 | $ | 2,965 | $ | 3,118 | ||||||
Reductions as a result of the lapse of applicable statutes | — | — | (189 | ) | ||||||||
Additions based on tax positions related to the prior year | — | 115 | 36 | |||||||||
Reductions based on tax positions related to the prior year | (1 | ) | — | — | ||||||||
Balance at December 31 | $ | 3,079 | $ | 3,080 | $ | 2,965 | ||||||
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2009 | 2008 | 2007 | ||||||||||
Current: | ||||||||||||
Federal | $ | (1,910 | ) | $ | 8,678 | $ | 20 | |||||
State | 3,992 | 2,415 | 1,938 | |||||||||
Total current | 2,082 | 11,093 | 1,958 | |||||||||
Deferred: | ||||||||||||
Federal | (17,320 | ) | (22,115 | ) | (17,816 | ) | ||||||
State | (3,988 | ) | (2,386 | ) | (1,833 | ) | ||||||
Total deferred | (21,308 | ) | (24,501 | ) | (19,649 | ) | ||||||
Total benefit | $ | (19,226 | ) | $ | (13,408 | ) | $ | (17,691 | ) | |||
Classification: | ||||||||||||
Continuing operations | $ | (18,669 | ) | $ | (53,202 | ) | $ | (19,795 | ) | |||
Discontinued operations | $ | (557 | ) | $ | 39,794 | $ | 2,104 |
2009 | 2008 | 2007 | ||||||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||||||
Tax at U.S. statutory rates on consolidated loss subject to tax | $ | (14,221 | ) | 35.0 | % | $ | (28,632 | ) | 35.0 | % | $ | (14,508 | ) | 35.0 | % | |||||||||
State income tax, net of Federal tax benefit | (2,183 | ) | 5.4 | % | 29 | — | 106 | (0.3 | )% | |||||||||||||||
Effect of permanent differences | 127 | (0.3 | )% | 215 | (0.3 | )% | (306 | ) | 0.7 | % | ||||||||||||||
Tax effect of intercompany transfers of assets between the REIT and taxable REIT subsidiaries(1) | (4,759 | ) | 11.7 | % | 15,059 | (18.4 | )% | — | — | |||||||||||||||
Write-off of excess tax basis | (377 | ) | 0.9 | % | (79 | ) | 0.1 | % | (2,983 | ) | 7.2 | % | ||||||||||||
Increase in valuation allowance | 2,187 | (5.4 | )% | — | — | — | — | |||||||||||||||||
$ | (19,226 | ) | 47.3 | % | $ | (13,408 | ) | 16.4 | % | $ | (17,691 | ) | 42.6 | % | ||||||||||
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(1) | Includes the effect of assets contributed by us to taxable REIT subsidiaries, for which deferred tax expense or benefit was recognized upon the sale or impairment of the asset by the taxable REIT subsidiary. |
NOTE 10 — | Notes Receivable from Aimco |
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NOTE 11 — | Partners’ Capital and Redeemable Preferred Units |
Annual | ||||||||||||||||
Distribution | Balance | |||||||||||||||
Rate per Share | December 31, | |||||||||||||||
Redemption | (Paid | 2009 | 2008 | |||||||||||||
Perpetual: | Date(1) | Quarterly) | (Thousands) | (Thousands) | ||||||||||||
Class G Partnership Preferred Units, $0.01 par value, 4,050,000 units authorized, 4,050,000 units issued and outstanding(2) | 07/15/2008 | 9.3750 | % | $ | 101,000 | $ | 101,000 | |||||||||
Class T Partnership Preferred Units, $0.01 par value, 6,000,000 units authorized, 6,000,000 units issued and outstanding | 07/31/2008 | 8.000 | % | 150,000 | 150,000 | |||||||||||
Class U Partnership Preferred Units, $0.01 par value, 8,000,000 units authorized, 8,000,000 units issued and outstanding | 03/24/2009 | 7.750 | % | 200,000 | 200,000 | |||||||||||
Class V Partnership Preferred Units, $0.01 par value, 3,450,000 units authorized, 3,450,000 units issued and outstanding | 09/29/2009 | 8.000 | % | 86,250 | 86,250 | |||||||||||
Class Y Partnership Preferred Units, $0.01 par value, 3,450,000 units authorized, 3,450,000 units issued and outstanding | 12/21/2009 | 7.875 | % | 86,250 | 86,250 | |||||||||||
Series A Community Reinvestment Act Perpetual Partnership Preferred Units, $0.01 par value per unit, 240 units authorized, 134 and 146 units issued and outstanding(3) | 06/30/2011 | (3 | ) | 67,000 | 73,000 | |||||||||||
Total | $ | 690,500 | $ | 696,500 | ||||||||||||
Less preferred units subject to repurchase agreement(4) | (30,000 | ) | — | |||||||||||||
Total | $ | 660,500 | $ | 696,500 | ||||||||||||
(1) | All classes of preferred units are redeemable by the Partnership only in connection with a concurrent redemption by Aimco of the corresponding preferred Aimco equity held by unrelated parties. All classes of Aimco’s corresponding preferred stock are redeemable at Aimco’s option on and after the dates specified. |
(2) | Includes 10,000 units held by a consolidated subsidiary that are eliminated in consolidation. |
(3) | During 2006, Aimco sold 200 shares of its Series A Community Reinvestment Act Perpetual Preferred Stock, $0.01 par value per share, or the CRA Preferred Stock, with a liquidation preference of $500,000 per share, for net proceeds of $97.5 million. The Series A Community Reinvestment Act Perpetual Partnership Preferred Units, or the CRA Preferred Units, have substantially the same terms as the CRA Preferred Stock. Holders of the CRA Preferred Units are entitled to cumulative cash dividends payable quarterly in arrears on March 31, June 30, September 30, and December 31 of each year, when and as declared, beginning on September 30, 2006. For the period from the date of original issuance through March 31, 2015, the distribution rate is a variable rate per annum equal to the Three-Month LIBOR Rate (as defined in the articles supplementary designating the CRA Preferred Stock) plus 1.25%, calculated as of the beginning of each quarterly dividend period. The rate at December 31, 2009 and 2008, was 1.54% and 5.01%, respectively. Upon liquidation, holders |
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of the CRA Preferred Units are entitled to a preference of $500,000 per share, plus an amount equal to accumulated, accrued and unpaid distributions, whether or not earned or declared. The CRA Preferred Units rank prior to our common OP Units and on the same level as our other OP preferred Units, with respect to the payment of distributions and the distribution of amounts upon liquidation, dissolution or winding up. The CRA Preferred Units are not redeemable prior to June 30, 2011, except in limited circumstances related to Aimco’s REIT qualification. On and after June 30, 2011, the CRA Preferred Units are redeemable for cash, in whole or from time to time in part, upon the redemption, at Aimco’s option, of its CRA Preferred Stock at a price per share equal to the liquidation preference, plus accumulated, accrued and unpaid dividends, if any, to the redemption date. |
(4) | In June 2009, Aimco entered into an agreement to repurchase $36.0 million in liquidation preference of its CRA Preferred Stock at a 30% discount to the liquidation preference. Pursuant to this agreement, in June 2009, Aimco repurchased 12 shares, or $6.0 million in liquidation preference, of CRA Preferred Stock for $4.2 million, and the holder of the CRA Preferred Stock may require Aimco to repurchase an additional 60 shares, or $30.0 million in liquidation preference, of CRA Preferred Stock over the next three years, for $21.0 million. Concurrent with Aimco’s repurchase of 12 shares, we repurchased from Aimco an equivalent number of our CRA Preferred Units. If required, these additional repurchases will be for up to $10.0 million in liquidation preference in May 2010, 2011 and 2012. Upon any repurchases required of Aimco under this agreement, we will repurchase from Aimco an equivalent number of our CRA Preferred Units. Based on the holder’s ability to require Aimco to repurchase an additional 60 shares of CRA Preferred Stock pursuant to this agreement and our obligation to purchase from Aimco a corresponding number of our CRA Preferred Units, $30.0 million in liquidation preference of CRA Preferred Units, or the maximum redemption value of such preferred units, is classified as part of redeemable preferred units within temporary capital in our consolidation balance sheet at December 31, 2009. |
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2009 | 2008 | |||||||
Class One Partnership Preferred Units, 90,000 units issued and outstanding, redeemable at the holders option one year following issuance, holder to receive distributions at 8.75% ($8.00 per annum per unit) | $ | 8,229 | $ | 9,000 | ||||
Class Two Partnership Preferred Units, 23,700 and 44,050 units issued and outstanding, redeemable at the holders option one year following issuance, holders to receive distributions at 5.9% ($1.48 per annum per unit) | 593 | 1,102 | ||||||
Class Three Partnership Preferred Units, 1,371,451 and 1,419,316 units issued and outstanding, redeemable at the holders option one year following issuance, holders to receive distributions at 7.88% ($1.97 per annum per unit) | 34,286 | 35,483 | ||||||
Class Four Partnership Preferred Units, 755,999 units issued and outstanding, redeemable at the holders option one year following issuance, holders to receive distributions at 8.0% ($2.00 per annum per unit) | 18,900 | 18,900 | ||||||
Class Five Partnership Preferred Units, 68,671 units issued and outstanding, redeemable for cash at any time at our option, holder to receive distributions equal to the per unit distribution on the common OP Units(1) | 2,747 | 2,747 | ||||||
Class Six Partnership Preferred Units, 802,453 units issued and outstanding, redeemable at the holders option one year following issuance, holder to receive distributions at 8.5% ($2.125 per annum per unit) | 20,061 | 20,061 | ||||||
Class Seven Partnership Preferred Units, 27,960 units issued and outstanding, redeemable at the holders option one year following issuance, holder to receive distributions at 9.5% ($2.375 per annum per unit) | 699 | 699 | ||||||
Class Eight Partnership Preferred Units, 6,250 units issued and outstanding, redeemable for cash at any time at our option, holder to receive distributions equal to the per unit distribution on the common OP Units(1) | 156 | 156 | ||||||
Subtotal | $ | 85,671 | $ | 88,148 | ||||
(1) | Holders of the Class Five and Class Eight Partnership Preferred Units received the per unit special distributions discussed below in addition to the regular distributions received by common OP unitholders during 2009 and 2008. |
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2009 | 2008 | |||||||
Balance at January | $ | 88,148 | $ | — | ||||
Net income attributable to redeemable preferred units | 6,288 | — | ||||||
Distributions to preferred units | (6,806 | ) | — | |||||
Purchases of preferred units | (1,725 | ) | — | |||||
Reclassification of redeemable preferred units from partners’ capital | 30,000 | 88,148 | ||||||
Other | 751 | — | ||||||
Balance at December 31 | $ | 116,656 | $ | 88,148 | ||||
2009 | 2008 | 2007 | ||||||||||||||||||||||
Amount | Total | Amount | Total | Amount | Total | |||||||||||||||||||
per | Amount | per | Amount | per | Amount | |||||||||||||||||||
Class of Preferred OP Units | Unit(1) | Paid | Unit(1) | Paid | Unit(1) | Paid | ||||||||||||||||||
Class G | $ | 2.34 | $ | 9,492 | $ | 2.34 | $ | 9,492 | $ | 2.34 | $ | 9,492 | ||||||||||||
Class T | 2.00 | 12,000 | 2.00 | 12,000 | 2.00 | 12,000 | ||||||||||||||||||
Class U | 1.94 | 15,500 | 1.94 | 15,500 | 1.94 | 15,500 | ||||||||||||||||||
Class V | 2.00 | 6,900 | 2.00 | 6,900 | 2.00 | 6,900 | ||||||||||||||||||
Class W | — | — | — | — | 4.25 | (2) | 8,100 | |||||||||||||||||
Class Y | 1.97 | 6,792 | 1.97 | 6,792 | 1.97 | 6,792 | ||||||||||||||||||
Series A CRA | 10,841 | (3) | 1,531 | 24,381 | (4) | 4,531 | 41,661 | 8,316 | ||||||||||||||||
Class One | 8.00 | 720 | 8.00 | 720 | 8.00 | 720 | ||||||||||||||||||
Class Two | 1.80 | 43 | 1.52 | 67 | 1.48 | 68 | ||||||||||||||||||
Class Three | 1.99 | 2,733 | 2.01 | 2,856 | 1.97 | 2,869 | ||||||||||||||||||
Class Four | 2.00 | 1,512 | 2.00 | 1,512 | 2.00 | 1,512 | ||||||||||||||||||
Class Five | 2.38 | 163 | 7.91 | 543 | 2.40 | 165 | ||||||||||||||||||
Class Six | 2.13 | 1,705 | 2.12 | 1,705 | 2.13 | 1,705 | ||||||||||||||||||
Class Seven | 2.38 | 66 | 2.36 | 66 | 2.38 | 67 | ||||||||||||||||||
Class Eight | 2.38 | 15 | 7.91 | 49 | 2.40 | 15 | ||||||||||||||||||
Total | $ | 59,172 | $ | 62,733 | $ | 74,221 | ||||||||||||||||||
(1) | Amounts per unit are calculated based on the number of preferred units outstanding either at the end of each year or as of conversion or redemption date, as noted. |
(2) | For the period from January 1, 2007, to the date of redemption. |
(3) | Amount per unit based on 134 units outstanding for the entire period. 12 units were repurchased in June 2009 and received $6,509 in dividends through the date of purchase. |
(4) | Amount per unit is based on 146 units outstanding for the entire period. 54 units were repurchased in September 2008 and received $17,980 in dividends through the date of purchase. |
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January 2009 | December 2008 | August 2008 | January 2008 | |||||||||||||
Aimco Operating Partnership Special | Special | Special | Special | Special | ||||||||||||
Distributions | Distribution | Distribution | Distribution | Distribution | ||||||||||||
Distribution per unit | $ | 2.08 | $ | 1.80 | $ | 3.00 | $ | 2.51 | ||||||||
Total distribution | $ | 230.1 million | $ | 176.6 million | $ | 285.5 million | $ | 257.2 million | ||||||||
Common OP Units and High Performance Units outstanding on record date | 110,654,142 | 98,136,520 | 95,151,333 | 102,478,510 | ||||||||||||
Common OP Units held by Aimco | 101,169,951 | 88,650,980 | 85,619,144 | 92,795,891 | ||||||||||||
Total distribution on Aimco common OP Units | $ | 210.4 million | $ | 159.6 million | $ | 256.9 million | $ | 232.9 million | ||||||||
Cash distribution to Aimco | $ | 60.6 million | $ | 53.2 million | $ | 51.4 million | $ | 55.0 million | ||||||||
Portion of distribution paid to Aimco through issuance of common OP Units | $ | 149.8 million | $ | 106.4 million | $ | 205.5 million | $ | 177.9 million | ||||||||
Common OP Units issued to Aimco pursuant to distributions | 15,627,330 | 12,572,267 | 5,731,310 | 4,594,074 | ||||||||||||
Cash distributed to common OP Unit and High Performance Unit holders other than Aimco | $ | 19.7 million | $ | 17.0 million | $ | 28.6 million | $ | 24.3 million |
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January 2009 | December 2008 | August 2008 | January 2008 | |||||||||||||
Special | Special | Special | Special | |||||||||||||
Aimco Special Dividends | Dividend | Dividend | Dividend | Dividend | ||||||||||||
Dividend per share | $ | 2.08 | $ | 1.80 | $ | 3.00 | $ | 2.51 | ||||||||
Outstanding shares of Common Stock on the record date | 101,169,951 | 88,650,980 | 85,619,144 | 92,795,891 | ||||||||||||
Total dividend | $ | 210.4 million | $ | 159.6 million | $ | 256.9 million | $ | 232.9 million | ||||||||
Portion of dividend paid in cash | $ | 60.6 million | $ | 53.2 million | $ | 51.4 million | $ | 55.0 million | ||||||||
Portion of dividend paid through issuance of shares | $ | 149.8 million | $ | 106.4 million | $ | 205.5 million | $ | 177.9 million | ||||||||
Shares issued pursuant to dividend | 15,627,330 | 12,572,267 | 5,731,310 | 4,594,074 | ||||||||||||
Average share price on determination date | $ | 9.58 | $ | 8.46 | $ | 35.84 | $ | 38.71 | ||||||||
Amounts after elimination of the effects of shares of Common Stock held by consolidated subsidiaries: | ||||||||||||||||
Outstanding shares of Common Stock on the record date | 100,642,817 | 88,186,456 | 85,182,665 | 92,379,751 | ||||||||||||
Total dividend | $ | 209.3 million | $ | 158.7 million | $ | 255.5 million | $ | 231.9 million | ||||||||
Portion of dividend paid in cash | $ | 60.3 million | $ | 52.9 million | $ | 51.1 million | $ | 54.8 million | ||||||||
Portion of dividend paid through issuance of shares | $ | 149.0 million | $ | 105.8 million | $ | 204.4 million | $ | 177.1 million | ||||||||
Shares issued pursuant to dividend | 15,548,996 | 12,509,657 | 5,703,265 | 4,573,735 |
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NOTE 12 — | Share-Based Compensation and Employee Benefit Plans |
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2009 | 2008 | 2007 | ||||
Weighted average grant-date fair value | $2.47 | $4.34 | $6.28 | |||
Assumptions: | ||||||
Risk-free interest rate | 2.26% | 3.12% | 4.70% | |||
Expected dividend yield | 8.00% | 6.02% | 4.94% | |||
Expected volatility | 45.64% | 24.02% | 21.66% | |||
Weighted average expected life of options | 6.9 years | 6.5 years | 5.6 years |
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2009(1) | 2008(1) | 2007(1) | ||||||||||||||||||||||
Weighted | Weighted | Weighted | ||||||||||||||||||||||
Number | Average | Number | Average | Number | Average | |||||||||||||||||||
of | Exercise | of | Exercise | of | Exercise | |||||||||||||||||||
Options | Price | Options | Price | Options | Price | |||||||||||||||||||
Outstanding at beginning of year | 10,344 | $ | 31.01 | 8,555 | $ | 39.57 | 8,598 | $ | 39.36 | |||||||||||||||
Granted | 965 | 8.92 | 980 | 39.77 | 955 | 57.25 | ||||||||||||||||||
Exercised | — | — | (14 | ) | 37.45 | (1,403 | ) | 38.29 | ||||||||||||||||
Forfeited | (2,436 | ) | 32.03 | (1,423 | ) | 38.75 | (26 | ) | 37.83 | |||||||||||||||
Adjustment to outstanding options pursuant to special dividends | — | N/A | 2,246 | N/A | 431 | N/A | ||||||||||||||||||
Outstanding at end of year | 8,873 | $ | 28.22 | 10,344 | $ | 31.01 | 8,555 | $ | 39.57 | |||||||||||||||
Exercisable at end of year | 6,840 | $ | 29.65 | 7,221 | $ | 29.51 | 6,417 | $ | 37.75 |
(1) | In connection with Aimco’s special dividends discussed in Note 11, effective on the record date of each dividend, the number of options and exercise prices of all outstanding awards were adjusted pursuant to the anti-dilution provisions of the applicable plans based on the market price of Aimco’s stock on the ex-dividend dates of the related special dividends. The adjustment to the number of outstanding options is reflected in the table separate from the other activity during the periods at the weighted average exercise price for those outstanding options. The exercise prices for options granted and forfeited in the table above reflect the actual exercise prices at the time of the related activity. The number and weighted average exercise price for options outstanding and exercisable at the end of the year reflect the adjustment for the applicable special dividends. The adjustment of the awards pursuant to Aimco’s special dividends is considered a modification of the awards, but did not result in a change in the fair value of any awards and therefore did not result in a change in total compensation to be recognized over the remaining term of the awards. |
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2009 | 2008 | 2007 | ||||||||||||||||||||||
Weighted | Weighted | Weighted | ||||||||||||||||||||||
Number | Average | Number | Average | Number | Average | |||||||||||||||||||
of | Grant-Date | of | Grant-Date | of | Grant-Date | |||||||||||||||||||
Shares | Fair Value | Shares | Fair Value | Shares | Fair Value | |||||||||||||||||||
Unvested at beginning of year | 893 | $ | 40.33 | 960 | $ | 46.08 | 1,088 | $ | 40.11 | |||||||||||||||
Granted | 378 | 8.92 | 248 | 39.85 | 308 | 60.13 | ||||||||||||||||||
Vested | (418 | ) | 34.42 | (377 | ) | 43.45 | (387 | ) | 40.31 | |||||||||||||||
Forfeited | (533 | ) | 28.57 | (128 | ) | 46.85 | (49 | ) | 47.43 | |||||||||||||||
Issued pursuant to special dividends(1) | 138 | 9.58 | 190 | 22.51 | — | — | ||||||||||||||||||
Unvested at end of year | 458 | $ | 24.23 | 893 | $ | 40.33 | 960 | $ | 46.08 | |||||||||||||||
(1) | This represents shares of restricted stock issued to holders of restricted stock pursuant to Aimco’s special dividends discussed in Note 11. The weighted average grant-date fair value for these shares represents the price of Aimco Class A Common Stock on the determination date for each dividend. The issuance of the additional shares of restricted stock resulted in no incremental compensation expense. |
NOTE 13 — | Discontinued Operations and Assets Held for Sale |
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December 31, | December 31, | |||||||
2009 | 2008 | |||||||
Real estate, net | $ | 199,743 | $ | 1,228,368 | ||||
Other assets | 3,927 | 17,214 | ||||||
Assets held for sale | $ | 203,670 | $ | 1,245,582 | ||||
Property debt | $ | 178,339 | $ | 909,360 | ||||
Other liabilities | 5,553 | 15,316 | ||||||
Liabilities related to assets held for sale | $ | 183,892 | $ | 924,676 | ||||
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2009 | 2008 | 2007 | ||||||||||
Rental and other property revenues | $ | 196,838 | $ | 506,979 | $ | 641,531 | ||||||
Property operating expenses | (98,471 | ) | (251,611 | ) | (317,220 | ) | ||||||
Depreciation and amortization | (61,634 | ) | (132,463 | ) | (162,134 | ) | ||||||
Provision for operating real estate impairment losses | (54,530 | ) | (27,420 | ) | (5,430 | ) | ||||||
Other expenses, net | (11,921 | ) | (13,402 | ) | (7,972 | ) | ||||||
Operating (loss) income | (29,718 | ) | 82,083 | 148,775 | ||||||||
Interest income | 349 | 2,008 | 4,157 | |||||||||
Interest expense | (39,337 | ) | (98,467 | ) | (125,554 | ) | ||||||
Gain on extinguishment of debt | 259 | — | 32,701 | |||||||||
(Loss) income before gain on dispositions of real estate and income taxes | (68,447 | ) | (14,376 | ) | 60,079 | |||||||
Gain on dispositions of real estate | 221,793 | 800,335 | 117,628 | |||||||||
Income tax benefit (expense) | 557 | (39,794 | ) | (2,104 | ) | |||||||
Income from discontinued operations, net | $ | 153,903 | $ | 746,165 | $ | 175,603 | ||||||
Income from discontinued operation attributable to: | ||||||||||||
Noncontrolling interests in consolidated real estate partnerships | $ | (62,085 | ) | $ | (150,140 | ) | $ | (72,211 | ) | |||
The Partnership | $ | 91,818 | $ | 596,025 | $ | 103,392 | ||||||
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NOTE 14 — | Earnings per Unit |
2009 | 2008 | 2007 | ||||||||||
Numerator: | ||||||||||||
Loss from continuing operations | $ | (197,883 | ) | $ | (118,377 | ) | $ | (49,348 | ) | |||
Loss (income) from continuing operations attributable to noncontrolling interests | 39,643 | (5,609 | ) | (19,927 | ) | |||||||
Income attributable to the Partnership’s preferred unitholders | (56,854 | ) | (61,354 | ) | (73,144 | ) | ||||||
Income attributable to participating securities | — | (6,985 | ) | (4,481 | ) | |||||||
Loss from continuing operations attributable to the Partnership’s common unitholders | $ | (215,094 | ) | $ | (192,325 | ) | $ | (146,900 | ) | |||
Income from discontinued operations | $ | 153,903 | $ | 746,165 | $ | 175,603 | ||||||
Income from discontinued operations attributable to noncontrolling interests | (62,085 | ) | (150,140 | ) | (72,211 | ) | ||||||
Income from discontinued operations attributable to the Partnership’s common unitholders | $ | 91,818 | $ | 596,025 | $ | 103,392 | ||||||
Net (loss) income | $ | (43,980 | ) | $ | 627,788 | $ | 126,255 | |||||
Net income attributable to noncontrolling interests | (22,442 | ) | (155,749 | ) | (92,138 | ) | ||||||
Income attributable to the Partnership’s preferred unitholders | (56,854 | ) | (61,354 | ) | (73,144 | ) | ||||||
Income attributable to participating securities | — | (6,985 | ) | (4,481 | ) | |||||||
Net (loss) income attributable to the Partnership’s common unitholders | $ | (123,276 | ) | $ | 403,700 | $ | (43,508 | ) | ||||
Denominator: | ||||||||||||
Denominator for basic earnings per unit — weighted average number of shares of common units outstanding | ||||||||||||
Common OP Units | 120,836 | 95,881 | 102,474 | |||||||||
Class I HPUs | 2,344 | 2,368 | 2,379 | |||||||||
Total common units | 123,180 | 98,249 | 104,853 | |||||||||
Effect of dilutive securities: | ||||||||||||
Dilutive potential common units | — | — | — | |||||||||
Denominator for diluted earnings per unit | 123,180 | 98,249 | 104,853 | |||||||||
Earnings (loss) per common unit— basic and diluted: | ||||||||||||
Loss from continuing operations attributable to the Partnership’s common unitholders | $ | (1.75 | ) | $ | (1.96 | ) | $ | (1.40 | ) | |||
Income from discontinued operations attributable to the Partnership’s common unitholders | 0.75 | 6.07 | 0.98 | |||||||||
Net (loss) income attributable to the Partnership’s common unitholders | $ | (1.00 | ) | $ | 4.11 | $ | (0.42 | ) | ||||
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NOTE 15 — | Unaudited Summarized Consolidated Quarterly Information |
Quarter(1) | ||||||||||||||||
2009 | First | Second | Third | Fourth | ||||||||||||
Total revenues | $ | 286,386 | $ | 288,066 | $ | 285,397 | $ | 291,887 | ||||||||
Total operating expenses | (256,316 | ) | (258,578 | ) | (268,206 | ) | (268,294 | ) | ||||||||
Operating income | 30,070 | 29,488 | 17,191 | 23,593 | ||||||||||||
Loss from continuing operations | (34,683 | ) | (45,986 | ) | (54,758 | ) | (62,456 | ) | ||||||||
Income from discontinued operations, net | 2,315 | 38,563 | 45,407 | 67,618 | ||||||||||||
Net (loss) income | (32,368 | ) | (7,423 | ) | (9,351 | ) | 5,162 | |||||||||
Loss attributable to the Partnership’s common unitholders | (40,320 | ) | (32,336 | ) | (43,510 | ) | (7,110 | ) | ||||||||
Loss per common unit — basic and diluted: | ||||||||||||||||
Loss from continuing operations attributable to the Partnership’s common unitholders | $ | (0.32 | ) | $ | (0.40 | ) | $ | (0.45 | ) | $ | (0.57 | ) | ||||
Net loss attributable to the Partnership’s common unitholders | $ | (0.34 | ) | $ | (0.26 | ) | $ | (0.35 | ) | $ | (0.06 | ) | ||||
Weighted average common units outstanding(2) | 119,661 | 124,333 | 124,376 | 124,351 | ||||||||||||
Weighted average common units and common unit equivalents outstanding(2) | 119,661 | 124,333 | 124,376 | 124,351 |
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Quarter(1) | ||||||||||||||||
2008 | First | Second | Third | Fourth | ||||||||||||
Total revenues | $ | 285,524 | $ | 310,371 | $ | 310,213 | $ | 293,315 | ||||||||
Total operating expenses(3) | (247,611 | ) | (256,302 | ) | (265,632 | ) | (381,914 | ) | ||||||||
Operating income (loss)(3) | 37,913 | 54,069 | 44,581 | (88,599 | ) | |||||||||||
Loss (income) from continuing operations(3) | (30,975 | ) | (20,657 | ) | 74,982 | (141,727 | ) | |||||||||
Income from discontinued operations, net | 7,511 | 363,807 | 162,604 | 212,243 | ||||||||||||
Net (loss) income | (23,464 | ) | 343,150 | 237,586 | 70,516 | |||||||||||
Net (loss) income attributable to the Partnership’s common unitholders | (42,768 | ) | 265,723 | 174,009 | 4,092 | |||||||||||
Earnings (loss) per common unit — basic and diluted: | ||||||||||||||||
(Loss) income from continuing operations attributable to the Partnership’s common unitholders | $ | (0.47 | ) | $ | (0.44 | ) | $ | 0.56 | $ | (1.54 | ) | |||||
Net (loss) income attributable to the Partnership’s common unitholders | $ | (0.43 | ) | $ | 2.73 | $ | 1.82 | $ | 0.04 | |||||||
Weighted average common units outstanding(2) | 99,135 | 97,349 | 95,511 | 101,001 | ||||||||||||
Weighted average common units and common unit equivalents outstanding(2) | 99,135 | 97,349 | 95,816 | 101,001 |
(1) | Certain reclassifications have been made to 2009 and 2008 quarterly amounts primarily related to treatment of discontinued operations for properties sold or classified as held for sale through September 30, 2010 and related to newly adopted accounting standards during 2009 (see Note 2). |
(2) | As discussed in Note 2, in December 2009, we adopted the provisions of ASU2010-01, which resulted in reductions in the number of weighted average common OP Units and common OP unit equivalents outstanding, as compared to the amounts previously reported. |
(3) | Total operating expenses, operating income (loss) and (loss) income from continuing operations for the quarter ended December 31, 2008, includes a $91.1 million provision for impairment losses on real estate development assets, which is discussed further in Note 2. |
NOTE 16 — | Transactions with Affiliates |
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NOTE 17 — | Business Segments |
Corporate | ||||||||||||||||
not Allocated | ||||||||||||||||
Conventional | Affordable | to Segments | Total | |||||||||||||
Year Ended December 31, 2009: | ||||||||||||||||
Rental and other property revenues(1) | $ | 909,218 | $ | 187,583 | $ | 5,082 | $ | 1,101,883 | ||||||||
Asset management and tax credit revenues | — | — | 49,853 | 49,853 | ||||||||||||
Total revenues | 909,218 | 187,583 | 54,935 | 1,151,736 | ||||||||||||
Property operating expenses(1) | 363,863 | 92,416 | 59,469 | 515,748 | ||||||||||||
Investment management expenses | — | — | 15,779 | 15,779 | ||||||||||||
Depreciation and amortization(1) | — | — | 433,933 | 433,933 | ||||||||||||
Provision for operating real estate impairment losses | — | — | 2,329 | 2,329 | ||||||||||||
General and administrative expenses | — | — | 56,643 | 56,643 | ||||||||||||
Other expenses, net | — | — | 15,721 | 15,721 | ||||||||||||
Restructuring costs | — | — | 11,241 | 11,241 | ||||||||||||
Total operating expenses | 363,863 | 92,416 | 595,115 | 1,051,394 | ||||||||||||
Net operating income (loss) | 545,355 | 95,167 | (540,180 | ) | 100,342 | |||||||||||
Other items included in continuing operations | — | — | (298,225 | ) | (298,225 | ) | ||||||||||
Income (loss) from continuing operations | $ | 545,355 | $ | 95,167 | $ | (838,405 | ) | $ | (197,883 | ) | ||||||
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Corporate | ||||||||||||||||
not Allocated | ||||||||||||||||
Conventional | Affordable | to Segments | Total | |||||||||||||
Year Ended December 31, 2008: | ||||||||||||||||
Rental and other property revenues(1) | $ | 913,793 | $ | 180,456 | $ | 6,344 | $ | 1,100,593 | ||||||||
Asset management and tax credit revenues | — | — | 98,830 | 98,830 | ||||||||||||
Total revenues | 913,793 | 180,456 | 105,174 | 1,199,423 | ||||||||||||
Property operating expenses(1) | 360,479 | 91,867 | 74,870 | 527,216 | ||||||||||||
Investment management expenses | — | — | 24,784 | 24,784 | ||||||||||||
Depreciation and amortization(1) | — | — | 383,084 | 383,084 | ||||||||||||
Provision for impairment losses on real estate development assets | — | — | 91,138 | 91,138 | ||||||||||||
General and administrative expenses | — | — | 80,376 | 80,376 | ||||||||||||
Other expenses, net | — | — | 22,059 | 22,059 | ||||||||||||
Restructuring costs | — | — | 22,802 | 22,802 | ||||||||||||
Total operating expenses | 360,479 | 91,867 | 699,113 | 1,151,459 | ||||||||||||
Net operating income (loss) | 553,314 | 88,589 | (593,939 | ) | 47,964 | |||||||||||
Other items included in continuing operations | — | — | (166,341 | ) | (166,341 | ) | ||||||||||
Income (loss) from continuing operations | $ | 553,314 | $ | 88,589 | $ | (760,280 | ) | $ | (118,377 | ) | ||||||
Corporate | ||||||||||||||||
not Allocated | ||||||||||||||||
Conventional | Affordable | to Segments | Total | |||||||||||||
Year Ended December 31, 2007: | ||||||||||||||||
Rental and other property revenues(1) | $ | 882,545 | $ | 168,885 | $ | 6,924 | $ | 1,058,354 | ||||||||
Asset management and tax credit revenues | — | — | 73,755 | 73,755 | ||||||||||||
Total revenues | 882,545 | 168,885 | 80,679 | 1,132,109 | ||||||||||||
Property operating expenses(1) | 354,455 | 83,126 | 69,822 | 507,403 | ||||||||||||
Investment management expenses | — | — | 20,507 | 20,507 | ||||||||||||
Depreciation and amortization(1) | — | — | 337,804 | 337,804 | ||||||||||||
Provision for operating real estate impairment losses | — | — | 1,080 | 1,080 | ||||||||||||
General and administrative expenses | — | — | 72,359 | 72,359 | ||||||||||||
Other expenses, net | — | — | 18,917 | 18,917 | ||||||||||||
Total operating expenses | 354,455 | 83,126 | 520,489 | 958,070 | ||||||||||||
Net operating income (loss) | 528,090 | 85,759 | (439,810 | ) | 174,039 | |||||||||||
Other items included in continuing operations | — | — | (223,387 | ) | (223,387 | ) | ||||||||||
Income (loss) from continuing operations | $ | 528,090 | $ | 85,759 | $ | (663,197 | ) | $ | (49,348 | ) | ||||||
(1) | Our chief operating decision maker assesses the performance of our conventional and affordable real estate operations using among other measures, net operating income, excluding property management revenues and |
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certain property management expenses, casualty gains and losses, depreciation and amortization and provision for operating real estate impairment losses. Accordingly, we do not allocate these amounts to our segments. |
December 31, | December 31, | |||||||
2009 | 2008 | |||||||
Conventional | $ | 6,032,988 | 6,310,926 | |||||
Affordable | 1,130,089 | 1,205,157 | ||||||
Corporate and other assets | 759,062 | 1,940,638 | ||||||
Total consolidated assets | $ | 7,922,139 | 9,456,721 | |||||
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(2) | (3) | December 31, 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Cost | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Buildings | Capitalized | Buildings | Accumulated | Cost | |||||||||||||||||||||||||||||||||||||||||||||
Property | Date | Year | Number | and | Subsequent to | and | (5) | Depreciation | Net of | |||||||||||||||||||||||||||||||||||||||||
Property Name | Type | Consolidated | Location | Built | of Units | Land | Improvements | Consolidation | Land | Improvements | Total | (AD) | AD | Encumbrances | ||||||||||||||||||||||||||||||||||||
(In thousands Except Unit Data) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Continuing Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Conventional Properties: | ||||||||||||||||||||||||||||||||||||||||||||||||||
100 Forest Place | High Rise | Dec-97 | OakPark, IL | 1987 | 234 | 2,664 | 18,815 | 4,493 | 2,664 | 23,308 | 25,972 | (8,692 | ) | 17,280 | 27,761 | |||||||||||||||||||||||||||||||||||
1582 First Avenue | High Rise | Mar-05 | New York, NY | 1900 | 17 | 4,250 | 752 | 224 | 4,281 | 945 | 5,226 | (249 | ) | 4,977 | 2,671 | |||||||||||||||||||||||||||||||||||
173 E. 90th Street | High Rise | May-04 | New York, NY | 1910 | 72 | 11,773 | 4,535 | 1,445 | 12,067 | 5,686 | 17,753 | (1,365 | ) | 16,388 | 8,772 | |||||||||||||||||||||||||||||||||||
182-188 Columbus Avenue | Mid Rise | Feb-07 | New York, NY | 1910 | 32 | 17,187 | 3,300 | 3,690 | 19,123 | 5,054 | 24,177 | (992 | ) | 23,185 | 13,471 | |||||||||||||||||||||||||||||||||||
204-206 West 133rd Street | Mid Rise | Jun-07 | New York, NY | 1910 | 44 | 3,291 | 1,450 | 1,921 | 4,352 | 2,310 | 6,662 | (303 | ) | 6,359 | 3,132 | |||||||||||||||||||||||||||||||||||
2232-2240 Seventh Avenue | Mid Rise | Jun-07 | New York, NY | 1910 | 24 | 2,863 | 3,785 | 1,477 | 3,366 | 4,759 | 8,125 | (517 | ) | 7,608 | 2,972 | |||||||||||||||||||||||||||||||||||
2247-2253 Seventh Avenue | Mid Rise | Jun-07 | New York, NY | 1910 | 35 | 6,787 | 3,335 | 1,464 | 7,356 | 4,230 | 11,586 | (586 | ) | 11,000 | 5,483 | |||||||||||||||||||||||||||||||||||
2252-2258 Seventh Avenue | Mid Rise | Jun-07 | New York, NY | 1910 | 35 | 3,623 | 4,504 | 1,814 | 4,318 | 5,623 | 9,941 | (772 | ) | 9,169 | 5,125 | |||||||||||||||||||||||||||||||||||
2300-2310 Seventh Avenue | Mid Rise | Jun-07 | New York, NY | 1910 | 63 | 8,623 | 6,964 | 5,260 | 10,417 | 10,430 | 20,847 | (1,441 | ) | 19,406 | 9,896 | |||||||||||||||||||||||||||||||||||
236-238 East 88th Street | High Rise | Jan-04 | New York, NY | 1900 | 43 | 8,751 | 2,914 | 1,295 | 8,820 | 4,140 | 12,960 | (1,155 | ) | 11,805 | 6,879 | |||||||||||||||||||||||||||||||||||
237-239 Ninth Avenue | High Rise | Mar-05 | New York, NY | 1900 | 36 | 8,430 | 1,866 | 770 | 8,494 | 2,572 | 11,066 | (614 | ) | 10,452 | 5,227 | |||||||||||||||||||||||||||||||||||
240 West 73rd Street, LLC | High Rise | Sep-04 | New York, NY | 1900 | 200 | 68,006 | 12,140 | 3,563 | 68,109 | 15,600 | 83,709 | (2,827 | ) | 80,882 | 30,286 | |||||||||||||||||||||||||||||||||||
2484 Seventh Avenue | Mid Rise | Jun-07 | New York, NY | 1921 | 23 | 2,384 | 1,726 | 468 | 2,601 | 1,977 | 4,578 | (243 | ) | 4,335 | 2,472 | |||||||||||||||||||||||||||||||||||
2900 on First Apartments | Mid Rise | Oct-08 | Seattle, WA | 1989 | 135 | 19,015 | 17,518 | 330 | 19,071 | 17,792 | 36,863 | (860 | ) | 36,003 | 20,719 | |||||||||||||||||||||||||||||||||||
306 East 89th Street | High Rise | Jul-04 | New York, NY | 1930 | 20 | 2,659 | 1,006 | 167 | 2,681 | 1,151 | 3,832 | (350 | ) | 3,482 | 1,908 | |||||||||||||||||||||||||||||||||||
311 & 313 East 73rd Street | Mid Rise | Mar-03 | New York, NY | 1904 | 34 | 5,635 | 1,609 | 546 | 5,678 | 2,112 | 7,790 | (940 | ) | 6,850 | 2,761 | |||||||||||||||||||||||||||||||||||
322-324 East 61st Street | High Rise | Mar-05 | New York, NY | 1900 | 40 | 6,319 | 2,224 | 681 | 6,372 | 2,852 | 9,224 | (707 | ) | 8,517 | 3,691 | |||||||||||||||||||||||||||||||||||
3400 Avenue of the Arts | Mid Rise | Mar-02 | Costa Mesa, CA | 1987 | 770 | 55,223 | 65,506 | 73,301 | 57,240 | 136,790 | 194,030 | (31,750 | ) | 162,280 | 119,869 | |||||||||||||||||||||||||||||||||||
452 East 78th Street | High Rise | Jan-04 | New York, NY | 1900 | 12 | 1,966 | 608 | 278 | 1,982 | 870 | 2,852 | (242 | ) | 2,610 | 1,600 | |||||||||||||||||||||||||||||||||||
464-466 Amsterdam &200-210 W. 83rd Street | Mid Rise | Feb-07 | New York, NY | 1910 | 72 | 23,677 | 7,101 | 3,881 | 25,552 | 9,107 | 34,659 | (1,241 | ) | 33,418 | 19,679 | |||||||||||||||||||||||||||||||||||
510 East 88th Street | High Rise | Jan-04 | New York, NY | 1900 | 20 | 3,137 | 1,002 | 278 | 3,163 | 1,254 | 4,417 | (307 | ) | 4,110 | 2,634 | |||||||||||||||||||||||||||||||||||
514-516 East 88th Street | High Rise | Mar-05 | New York, NY | 1900 | 36 | 6,230 | 2,168 | 556 | 6,282 | 2,672 | 8,954 | (618 | ) | 8,336 | 4,607 | |||||||||||||||||||||||||||||||||||
656 St. Nicholas Avenue | Mid Rise | Jun-07 | New York, NY | 1920 | 31 | 2,731 | 1,636 | 2,774 | 3,576 | 3,565 | 7,141 | (467 | ) | 6,674 | 2,374 | |||||||||||||||||||||||||||||||||||
759 St. Nicholas Avenue | Mid Rise | Oct-07 | New York, NY | 1920 | 9 | 682 | 535 | 587 | 1,013 | 791 | 1,804 | (84 | ) | 1,720 | 545 | |||||||||||||||||||||||||||||||||||
865 Bellevue | Garden | Jul-00 | Nashville, TN | 1972 | 326 | 3,558 | 12,037 | 27,055 | 3,558 | 39,092 | 42,650 | (11,840 | ) | 30,810 | 19,184 | |||||||||||||||||||||||||||||||||||
Arbors (Grovetree), The | Garden | Oct-97 | Tempe, AZ | 1967 | 200 | 1,092 | 6,208 | 2,940 | 1,092 | 9,148 | 10,240 | (4,038 | ) | 6,202 | 6,743 | |||||||||||||||||||||||||||||||||||
Arbours Of Hermitage, The | Garden | Jul-00 | Hermitage, TN | 1972 | 350 | 3,217 | 12,023 | 6,795 | 3,217 | 18,818 | 22,035 | (8,527 | ) | 13,508 | 10,258 | |||||||||||||||||||||||||||||||||||
Auburn Glen | Garden | Dec-06 | Jacksonville, FL | 1974 | 251 | 7,483 | 8,191 | 3,202 | 7,670 | 11,206 | 18,876 | (2,098 | ) | 16,778 | 9,912 | |||||||||||||||||||||||||||||||||||
BaLaye | Garden | Apr-06 | Tampa, FL | 2002 | 324 | 10,329 | 28,800 | 969 | 10,608 | 29,490 | 40,098 | (4,187 | ) | 35,911 | 23,012 | |||||||||||||||||||||||||||||||||||
Bank Lofts | High Rise | Apr-01 | Denver, CO | 1920 | 117 | 3,525 | 9,045 | 1,668 | 3,525 | 10,713 | 14,238 | (4,668 | ) | 9,570 | 7,242 | |||||||||||||||||||||||||||||||||||
Bay Parc Plaza | High Rise | Sep-04 | Miami, FL | 2000 | 471 | 22,680 | 41,847 | 4,097 | 22,680 | 45,944 | 68,624 | (6,612 | ) | 62,012 | 46,294 | |||||||||||||||||||||||||||||||||||
Bay Ridge at Nashua | Garden | Jan-03 | Nashua, NH | 1984 | 412 | 3,352 | 40,713 | 6,895 | 3,262 | 47,698 | 50,960 | (10,541 | ) | 40,419 | 40,766 | |||||||||||||||||||||||||||||||||||
Bayberry Hill Estates | Garden | Aug-02 | Framingham, MA | 1971 | 424 | 18,915 | 35,945 | 8,744 | 18,916 | 44,688 | 63,604 | (14,036 | ) | 49,568 | 35,250 | |||||||||||||||||||||||||||||||||||
Bayhead Village | Garden | Oct-00 | Indianapolis, IN | 1978 | 202 | 1,411 | 5,139 | 3,482 | 1,411 | 8,621 | 10,032 | (3,400 | ) | 6,632 | 2,728 |
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AIMCO PROPERTIES, L.P. | ||||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION — (Continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(2) | (3) | December 31, 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Cost | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Buildings | Capitalized | Buildings | Accumulated | Cost | |||||||||||||||||||||||||||||||||||||||||||||
Property | Date | Year | Number | and | Subsequent to | and | (5) | Depreciation | Net of | |||||||||||||||||||||||||||||||||||||||||
Property Name | Type | Consolidated | Location | Built | of Units | Land | Improvements | Consolidation | Land | Improvements | Total | (AD) | AD | Encumbrances | ||||||||||||||||||||||||||||||||||||
(In thousands Except Unit Data) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Boston Lofts | High Rise | Apr-01 | Denver, CO | 1890 | 158 | 3,447 | 20,589 | 3,188 | 3,447 | 23,777 | 27,224 | (9,855 | ) | 17,369 | 14,559 | |||||||||||||||||||||||||||||||||||
Boulder Creek | Garden | Jul-94 | Boulder, CO | 1972 | 221 | 755 | 7,730 | 17,156 | 755 | 24,886 | 25,641 | (11,913 | ) | 13,728 | 12,031 | |||||||||||||||||||||||||||||||||||
Brandywine | Garden | Jul-94 | St. Petersburg, FL | 1971 | 477 | 1,437 | 12,725 | 8,763 | 1,437 | 21,488 | 22,925 | (13,782 | ) | 9,143 | 21,124 | |||||||||||||||||||||||||||||||||||
Breakers, The | Garden | Oct-98 | Daytona Beach, FL | 1985 | 208 | 1,008 | 5,507 | 3,257 | 1,008 | 8,764 | 9,772 | (3,856 | ) | 5,916 | 6,378 | |||||||||||||||||||||||||||||||||||
Broadcast Center | Garden | Mar-02 | Los Angeles, CA | 1990 | 279 | 27,603 | 41,244 | 29,066 | 29,407 | 68,506 | 97,913 | (15,963 | ) | 81,950 | 55,875 | |||||||||||||||||||||||||||||||||||
Buena Vista | Mid Rise | Jan-06 | Pasadena, CA | 1973 | 92 | 9,693 | 6,818 | 1,126 | 9,693 | 7,944 | 17,637 | (768 | ) | 16,869 | 10,607 | |||||||||||||||||||||||||||||||||||
Burke Shire Commons | Garden | Mar-01 | Burke, VA | 1986 | 360 | 4,867 | 23,617 | 3,860 | 4,867 | 27,477 | 32,344 | (10,304 | ) | 22,040 | 46,100 | |||||||||||||||||||||||||||||||||||
Calhoun Beach Club | High Rise | Dec-98 | Minneapolis, MN | 1928 | 332 | 11,708 | 73,334 | 45,743 | 11,708 | 119,077 | 130,785 | (40,408 | ) | 90,377 | 49,119 | |||||||||||||||||||||||||||||||||||
Canterbury Green | Garden | Dec-99 | Fort Wayne, IN | 1979 | 1,988 | 13,659 | 73,115 | 25,704 | 13,659 | 98,819 | 112,478 | (45,994 | ) | 66,484 | 53,200 | |||||||||||||||||||||||||||||||||||
Canyon Terrace | Garden | Mar-02 | Saugus, CA | 1984 | 130 | 7,300 | 6,602 | 5,909 | 7,508 | 12,303 | 19,811 | (3,593 | ) | 16,218 | 11,750 | |||||||||||||||||||||||||||||||||||
Carriage Hill | Garden | Jul-00 | East Lansing, MI | 1972 | 143 | 1,957 | 7,912 | 2,053 | 1,957 | 9,965 | 11,922 | (5,434 | ) | 6,488 | 5,360 | |||||||||||||||||||||||||||||||||||
Casa del Mar at Baymeadows | Garden | Oct-06 | Jacksonville, FL | 1984 | 144 | 4,902 | 10,562 | 1,403 | 5,039 | 11,828 | 16,867 | (1,752 | ) | 15,115 | 9,434 | |||||||||||||||||||||||||||||||||||
Cedar Rim | Garden | Apr-00 | Newcastle, WA | 1980 | 104 | 761 | 5,218 | 17,174 | 761 | 22,392 | 23,153 | (9,405 | ) | 13,748 | 7,857 | |||||||||||||||||||||||||||||||||||
Center Square | High Rise | Oct-99 | Doylestown, PA | 1975 | 350 | 582 | 4,190 | 3,532 | 582 | 7,722 | 8,304 | (3,104 | ) | 5,200 | 15,159 | |||||||||||||||||||||||||||||||||||
Charleston Landing | Garden | Sep-00 | Brandon, FL | 1985 | 300 | 7,488 | 8,656 | 7,711 | 7,488 | 16,367 | 23,855 | (5,745 | ) | 18,110 | 13,101 | |||||||||||||||||||||||||||||||||||
Chesapeake Landing I | Garden | Sep-00 | Aurora, IL | 1986 | 416 | 15,800 | 16,875 | 4,931 | 15,800 | 21,806 | 37,606 | (7,748 | ) | 29,858 | 24,630 | |||||||||||||||||||||||||||||||||||
Chesapeake Landing II | Garden | Mar-01 | Aurora, IL | 1987 | 184 | 1,969 | 7,980 | 3,308 | 1,969 | 11,288 | 13,257 | (4,730 | ) | 8,527 | 10,241 | |||||||||||||||||||||||||||||||||||
Chestnut Hall | High Rise | Oct-06 | Philadelphia, PA | 1923 | 315 | 12,047 | 14,299 | 4,653 | 12,338 | 18,661 | 30,999 | (3,996 | ) | 27,003 | 18,690 | |||||||||||||||||||||||||||||||||||
Chestnut Hill | Garden | Apr-00 | Philadelphia, PA | 1963 | 821 | 6,463 | 49,315 | 48,996 | 6,463 | 98,311 | 104,774 | (36,814 | ) | 67,960 | 51,444 | |||||||||||||||||||||||||||||||||||
Chimneys of Cradle Rock | Garden | Jun-04 | Columbia, MD | 1979 | 198 | 2,234 | 8,107 | 578 | 2,040 | 8,879 | 10,919 | (2,284 | ) | 8,635 | 16,737 | |||||||||||||||||||||||||||||||||||
Colonnade Gardens | Garden | Oct-97 | Phoenix, AZ | 1973 | 196 | 766 | 4,346 | 2,912 | 766 | 7,258 | 8,024 | (3,615 | ) | 4,409 | 1,625 | |||||||||||||||||||||||||||||||||||
Colony at Kenilworth | Garden | Oct-99 | Towson, MD | 1966 | 383 | 2,403 | 18,798 | 10,801 | 2,403 | 29,599 | 32,002 | (14,784 | ) | 17,218 | 24,443 | |||||||||||||||||||||||||||||||||||
Columbus Avenue | Mid Rise | Sep-03 | New York, NY | 1880 | 59 | 35,472 | 9,450 | 3,599 | 35,527 | 12,994 | 48,521 | (4,970 | ) | 43,551 | 25,826 | |||||||||||||||||||||||||||||||||||
Country Lakes I | Garden | Apr-01 | Naperville, IL | 1982 | 240 | 8,512 | 10,832 | 3,300 | 8,512 | 14,132 | 22,644 | (5,213 | ) | 17,431 | 14,557 | |||||||||||||||||||||||||||||||||||
Country Lakes II | Garden | May-97 | Naperville, IL | 1986 | 400 | 5,165 | 29,430 | 5,921 | 5,165 | 35,351 | 40,516 | (14,200 | ) | 26,316 | 24,893 | |||||||||||||||||||||||||||||||||||
Creekside | Garden | Jan-00 | Denver, CO | 1974 | 328 | 2,953 | 12,697 | 5,028 | 3,189 | 17,489 | 20,678 | (7,788 | ) | 12,890 | 14,359 | |||||||||||||||||||||||||||||||||||
Creekside | Garden | Mar-02 | Simi Valley, CA | 1985 | 397 | 24,595 | 18,818 | 6,775 | 25,245 | 24,943 | 50,188 | (8,109 | ) | 42,079 | 40,670 | |||||||||||||||||||||||||||||||||||
Crescent at West Hollywood, The | Mid Rise | Mar-02 | West Hollywood, CA | 1982 | 130 | 15,382 | 10,215 | 14,817 | 15,765 | 24,649 | 40,414 | (9,223 | ) | 31,191 | 24,195 | |||||||||||||||||||||||||||||||||||
Douglaston Villas and Townhomes | Garden | Aug-99 | Altamonte Springs, FL | 1979 | 234 | 1,666 | 9,353 | 7,460 | 1,666 | 16,813 | 18,479 | (6,381 | ) | 12,098 | 10,512 | |||||||||||||||||||||||||||||||||||
Elm Creek | Mid Rise | Dec-97 | Elmhurst, IL | 1986 | 372 | 5,534 | 30,830 | 17,422 | 5,635 | 48,151 | 53,786 | (18,347 | ) | 35,439 | 35,154 | |||||||||||||||||||||||||||||||||||
Evanston Place | High Rise | Dec-97 | Evanston, IL | 1988 | 189 | 3,232 | 25,546 | 4,398 | 3,232 | 29,944 | 33,176 | (10,325 | ) | 22,851 | 21,645 | |||||||||||||||||||||||||||||||||||
Fairlane East | Garden | Jan-01 | Dearborn, MI | 1973 | 244 | 6,550 | 11,711 | 5,136 | 6,550 | 16,847 | 23,397 | (8,610 | ) | 14,787 | 10,200 | |||||||||||||||||||||||||||||||||||
Farmingdale | Mid Rise | Oct-00 | Darien, IL | 1975 | 240 | 11,763 | 15,174 | 9,177 | 11,763 | 24,351 | 36,114 | (9,406 | ) | 26,708 | 17,732 | |||||||||||||||||||||||||||||||||||
Ferntree | Garden | Mar-01 | Phoenix, AZ | 1968 | 219 | 2,078 | 13,752 | 3,195 | 2,079 | 16,946 | 19,025 | (6,327 | ) | 12,698 | 7,058 | |||||||||||||||||||||||||||||||||||
Fisherman’s Village | Garden | Jan-06 | Indianapolis, IN | 1982 | 328 | 2,156 | 9,936 | 2,685 | 2,156 | 12,621 | 14,777 | (7,059 | ) | 7,718 | 6,350 |
I-84
Table of Contents
AIMCO PROPERTIES, L.P. | ||||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION — (Continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(2) | (3) | December 31, 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Cost | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Buildings | Capitalized | Buildings | Accumulated | Cost | |||||||||||||||||||||||||||||||||||||||||||||
Property | Date | Year | Number | and | Subsequent to | and | (5) | Depreciation | Net of | |||||||||||||||||||||||||||||||||||||||||
Property Name | Type | Consolidated | Location | Built | of Units | Land | Improvements | Consolidation | Land | Improvements | Total | (AD) | AD | Encumbrances | ||||||||||||||||||||||||||||||||||||
(In thousands Except Unit Data) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fishermans Wharf | Garden | Nov-96 | Clute, TX | 1981 | 360 | 1,257 | 7,584 | 5,428 | 1,257 | 13,012 | 14,269 | (5,704 | ) | 8,565 | 6,930 | |||||||||||||||||||||||||||||||||||
Flamingo Towers | High Rise | Sep-97 | Miami Beach, FL | 1960 | 1,127 | 32,191 | 38,399 | 217,720 | 32,239 | 256,071 | 288,310 | (91,197 | ) | 197,113 | 118,890 | |||||||||||||||||||||||||||||||||||
Forestlake Apartments | Garden | Mar-07 | Daytona Beach, FL | 1982 | 120 | 3,691 | 4,320 | 496 | 3,860 | 4,647 | 8,507 | (623 | ) | 7,884 | 4,735 | |||||||||||||||||||||||||||||||||||
Four Quarters Habitat | Garden | Jan-06 | Miami, FL | 1976 | 336 | 2,383 | 17,199 | 14,503 | 2,379 | 31,706 | 34,085 | (11,365 | ) | 22,720 | 11,698 | |||||||||||||||||||||||||||||||||||
Foxchase | Garden | Dec-97 | Alexandria, VA | 1947 | 2,113 | 15,419 | 96,062 | 31,800 | 15,496 | 127,785 | 143,281 | (55,566 | ) | 87,715 | 184,131 | |||||||||||||||||||||||||||||||||||
Georgetown | Garden | Aug-02 | Framingham, MA | 1964 | 207 | 12,351 | 13,168 | 2,091 | 12,351 | 15,259 | 27,610 | (4,535 | ) | 23,075 | 12,775 | |||||||||||||||||||||||||||||||||||
Glen at Forestlake, The | Garden | Mar-07 | Daytona Beach, FL | 1982 | 26 | 897 | 862 | 182 | 933 | 1,008 | 1,941 | (125 | ) | 1,816 | 1,039 | |||||||||||||||||||||||||||||||||||
Granada | Mid Rise | Aug-02 | Framingham, MA | 1958 | 72 | 4,577 | 4,058 | 854 | 4,577 | 4,912 | 9,489 | (2,043 | ) | 7,446 | 4,275 | |||||||||||||||||||||||||||||||||||
Grand Pointe | Garden | Dec-99 | Columbia, MD | 1974 | 325 | 2,715 | 16,771 | 5,264 | 2,715 | 22,035 | 24,750 | (8,144 | ) | 16,606 | 16,987 | |||||||||||||||||||||||||||||||||||
Greens | Garden | Jul-94 | Chandler, AZ | 2000 | 324 | 2,303 | 713 | 27,244 | 2,303 | 27,957 | 30,260 | (12,346 | ) | 17,914 | 12,855 | |||||||||||||||||||||||||||||||||||
Greenspoint at Paradise Valley | Garden | Jan-00 | Phoenix, AZ | 1985 | 336 | 3,042 | 13,223 | 12,350 | 3,042 | 25,573 | 28,615 | (11,541 | ) | 17,074 | 16,287 | |||||||||||||||||||||||||||||||||||
Hampden Heights | Garden | Jan-00 | Denver, CO | 1973 | 376 | 3,224 | 12,905 | 5,893 | 3,453 | 18,569 | 22,022 | (8,681 | ) | 13,341 | 13,830 | |||||||||||||||||||||||||||||||||||
Harbour, The | Garden | Mar-01 | Melbourne, FL | 1987 | 162 | 4,108 | 3,563 | 5,774 | 4,108 | 9,337 | 13,445 | (3,026 | ) | 10,419 | — | |||||||||||||||||||||||||||||||||||
Heritage Park at Alta Loma | Garden | Jan-01 | Alta Loma, CA | 1986 | 232 | 1,200 | 6,428 | 3,456 | 1,200 | 9,884 | 11,084 | (3,560 | ) | 7,524 | 7,264 | |||||||||||||||||||||||||||||||||||
Heritage Park Escondido | Garden | Oct-00 | Escondido, CA | 1986 | 196 | 1,055 | 7,565 | 1,325 | 1,055 | 8,890 | 9,945 | (4,118 | ) | 5,827 | 7,299 | |||||||||||||||||||||||||||||||||||
Heritage Park Livermore | Garden | Oct-00 | Livermore, CA | 1988 | 167 | 1,039 | 9,170 | 1,343 | 1,039 | 10,513 | 11,552 | (4,639 | ) | 6,913 | 7,432 | |||||||||||||||||||||||||||||||||||
Heritage Park Montclair | Garden | Mar-01 | Montclair, CA | 1985 | 144 | 690 | 4,149 | 1,206 | 690 | 5,355 | 6,045 | (1,873 | ) | 4,172 | 4,620 | |||||||||||||||||||||||||||||||||||
Heritage Village Anaheim | Garden | Oct-00 | Anaheim, CA | 1986 | 196 | 1,832 | 8,541 | 1,609 | 1,832 | 10,150 | 11,982 | (4,777 | ) | 7,205 | 8,858 | |||||||||||||||||||||||||||||||||||
Hidden Cove | Garden | Jul-98 | Escondido, CA | 1985 | 334 | 3,043 | 17,615 | 6,980 | 3,043 | 24,595 | 27,638 | (10,158 | ) | 17,480 | 31,006 | |||||||||||||||||||||||||||||||||||
Hidden Cove II | Garden | Jul-07 | Escondido, CA | 1986 | 118 | 12,730 | 6,530 | 5,473 | 12,849 | 11,884 | 24,733 | (1,806 | ) | 22,927 | 11,586 | |||||||||||||||||||||||||||||||||||
Hidden Harbour | Garden | Oct-02 | Melbourne, FL | 1985 | 216 | 1,444 | 7,590 | 4,798 | 1,444 | 12,388 | 13,832 | (3,471 | ) | 10,361 | — | |||||||||||||||||||||||||||||||||||
Highcrest Townhomes | Town Home | Jan-03 | Woodridge, IL | 1968 | 176 | 3,045 | 13,452 | 1,368 | 3,045 | 14,820 | 17,865 | (6,091 | ) | 11,774 | 10,876 | |||||||||||||||||||||||||||||||||||
Hillcreste | Garden | Mar-02 | Century City, CA | 1989 | 315 | 33,755 | 47,216 | 25,906 | 35,862 | 71,015 | 106,877 | (21,022 | ) | 85,855 | 57,610 | |||||||||||||||||||||||||||||||||||
Hillmeade | Garden | Nov-94 | Nashville, TN | 1985 | 288 | 2,872 | 16,069 | 13,564 | 2,872 | 29,633 | 32,505 | (16,923 | ) | 15,582 | 18,376 | |||||||||||||||||||||||||||||||||||
Horizons West Apartments | Mid Rise | Dec-06 | Pacifica, CA | 1970 | 78 | 8,763 | 6,376 | 1,610 | 8,887 | 7,862 | 16,749 | (1,059 | ) | 15,690 | 5,377 | |||||||||||||||||||||||||||||||||||
Hunt Club | Garden | Sep-00 | Gaithersburg, MD | 1986 | 336 | 17,859 | 13,149 | 3,598 | 17,859 | 16,747 | 34,606 | (6,372 | ) | 28,234 | 32,160 | |||||||||||||||||||||||||||||||||||
Hunt Club | Garden | Mar-01 | Austin, TX | 1987 | 384 | 10,342 | 11,920 | 8,537 | 10,342 | 20,457 | 30,799 | (9,758 | ) | 21,041 | 16,499 | |||||||||||||||||||||||||||||||||||
Hunter’s Chase | Garden | Jan-01 | Midlothian, VA | 1985 | 320 | 7,935 | 7,915 | 3,259 | 7,935 | 11,174 | 19,109 | (3,398 | ) | 15,711 | 16,407 | |||||||||||||||||||||||||||||||||||
Hunter’s Crossing | Garden | Apr-01 | Leesburg, VA | 1967 | 164 | 2,244 | 7,763 | 4,079 | 2,244 | 11,842 | 14,086 | (6,371 | ) | 7,715 | 6,940 | |||||||||||||||||||||||||||||||||||
Hunters Glen IV | Garden | Oct-99 | Plainsboro, NJ | 1976 | 264 | 2,709 | 14,420 | 4,819 | 2,709 | 19,239 | 21,948 | (9,525 | ) | 12,423 | 20,191 | |||||||||||||||||||||||||||||||||||
Hunters Glen V | Garden | Oct-99 | Plainsboro, NJ | 1977 | 304 | 3,283 | 17,337 | 5,211 | 3,283 | 22,548 | 25,831 | (11,087 | ) | 14,744 | 24,194 | |||||||||||||||||||||||||||||||||||
Hunters Glen VI | Garden | Oct-99 | Plainsboro, NJ | 1977 | 328 | 2,787 | 15,501 | 6,075 | 2,787 | 21,576 | 24,363 | (11,389 | ) | 12,974 | 25,182 | |||||||||||||||||||||||||||||||||||
Hyde Park Tower | High Rise | Oct-04 | Chicago, IL | 1990 | 155 | 4,683 | 14,928 | 1,931 | 4,731 | 16,811 | 21,542 | (2,913 | ) | 18,629 | 13,781 | |||||||||||||||||||||||||||||||||||
Independence Green | Garden | Jan-06 | Farmington Hills, MI | 1960 | 981 | 10,293 | 24,586 | 20,189 | 10,156 | 44,912 | 55,068 | (13,065 | ) | 42,003 | 27,758 | |||||||||||||||||||||||||||||||||||
Indian Oaks | Garden | Mar-02 | Simi Valley, CA | 1986 | 254 | 23,927 | 15,801 | 3,489 | 24,523 | 18,694 | 43,217 | (5,884 | ) | 37,333 | 33,171 |
I-85
Table of Contents
AIMCO PROPERTIES, L.P. | ||||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION — (Continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(2) | (3) | December 31, 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Cost | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Buildings | Capitalized | Buildings | Accumulated | Cost | |||||||||||||||||||||||||||||||||||||||||||||
Property | Date | Year | Number | and | Subsequent to | and | (5) | Depreciation | Net of | |||||||||||||||||||||||||||||||||||||||||
Property Name | Type | Consolidated | Location | Built | of Units | Land | Improvements | Consolidation | Land | Improvements | Total | (AD) | AD | Encumbrances | ||||||||||||||||||||||||||||||||||||
(In thousands Except Unit Data) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Island Club | Garden | Oct-00 | Oceanside, CA | 1986 | 592 | 18,027 | 28,654 | 11,220 | 18,027 | 39,874 | 57,901 | (15,731 | ) | 42,170 | 64,973 | |||||||||||||||||||||||||||||||||||
Island Club (Beville) | Garden | Oct-00 | Daytona Beach, FL | 1986 | 204 | 6,086 | 8,571 | 2,135 | 6,087 | 10,705 | 16,792 | (4,444 | ) | 12,348 | 8,440 | |||||||||||||||||||||||||||||||||||
Key Towers | High Rise | Apr-01 | Alexandria, VA | 1964 | 140 | 1,526 | 7,050 | 3,849 | 1,526 | 10,899 | 12,425 | (4,859 | ) | 7,566 | 10,868 | |||||||||||||||||||||||||||||||||||
Lakeside | Garden | Oct-99 | Lisle, IL | 1972 | 568 | 5,840 | 27,937 | 28,127 | 5,840 | 56,064 | 61,904 | (22,153 | ) | 39,751 | 29,375 | |||||||||||||||||||||||||||||||||||
Lakeside at Vinings Mountain | Garden | Jan-00 | Atlanta, GA | 1983 | 220 | 2,109 | 11,863 | 15,149 | 2,109 | 27,012 | 29,121 | (10,884 | ) | 18,237 | 9,666 | |||||||||||||||||||||||||||||||||||
Lakeside Place | Garden | Oct-99 | Houston, TX | 1976 | 734 | 6,160 | 34,151 | 15,942 | 6,160 | 50,093 | 56,253 | (21,654 | ) | 34,599 | 26,955 | |||||||||||||||||||||||||||||||||||
Lamplighter Park | Garden | Apr-00 | Bellevue, WA | 1967 | 174 | 2,225 | 9,272 | 4,150 | 2,225 | 13,422 | 15,647 | (6,442 | ) | 9,205 | 10,576 | |||||||||||||||||||||||||||||||||||
Latrobe | High Rise | Jan-03 | Washington, DC | 1980 | 175 | 3,459 | 9,103 | 15,543 | 3,459 | 24,646 | 28,105 | (10,353 | ) | 17,752 | 22,192 | |||||||||||||||||||||||||||||||||||
Lazy Hollow | Garden | Apr-05 | Columbia, MD | 1979 | 178 | 2,424 | 12,181 | 956 | 2,424 | 13,137 | 15,561 | (5,520 | ) | 10,041 | 7,867 | |||||||||||||||||||||||||||||||||||
Leahy Square | Garden | Apr-07 | Redwood City, CA | 1973 | 110 | 15,352 | 7,909 | 1,755 | 15,444 | 9,572 | 25,016 | (1,631 | ) | 23,385 | 15,185 | |||||||||||||||||||||||||||||||||||
Lewis Park | Garden | Jan-06 | Carbondale, IL | 1972 | 269 | 1,407 | 12,193 | 3,183 | 1,404 | 15,379 | 16,783 | (8,520 | ) | 8,263 | 3,981 | |||||||||||||||||||||||||||||||||||
Lincoln Place Garden | Garden | Oct-04 | Venice, CA | 1951 | 692 | 43,979 | 10,439 | 86,174 | 42,894 | 97,698 | 140,592 | (1,691 | ) | 138,901 | 65,000 | |||||||||||||||||||||||||||||||||||
Lodge at Chattahoochee, The | Garden | Oct-99 | Sandy Springs, GA | 1970 | 312 | 2,320 | 16,370 | 21,615 | 2,320 | 37,985 | 40,305 | (15,095 | ) | 25,210 | 11,087 | |||||||||||||||||||||||||||||||||||
Los Arboles | Garden | Sep-97 | Chandler, AZ | 1985 | 232 | 1,662 | 9,504 | 3,197 | 1,662 | 12,701 | 14,363 | (5,741 | ) | 8,622 | 8,086 | |||||||||||||||||||||||||||||||||||
Malibu Canyon | Garden | Mar-02 | Calabasas, CA | 1986 | 698 | 66,257 | 53,438 | 34,982 | 69,834 | 84,843 | 154,677 | (30,295 | ) | 124,382 | 97,604 | |||||||||||||||||||||||||||||||||||
Maple Bay | Garden | Dec-99 | Virginia Beach, VA | 1971 | 414 | 2,598 | 16,141 | 29,935 | 2,598 | 46,076 | 48,674 | (15,809 | ) | 32,865 | 33,548 | |||||||||||||||||||||||||||||||||||
Mariners Cove | Garden | Mar-02 | San Diego, CA | 1984 | 500 | — | 66,861 | 7,271 | — | 74,132 | 74,132 | (18,728 | ) | 55,404 | 5,813 | |||||||||||||||||||||||||||||||||||
Meadow Creek | Garden | Jul-94 | Boulder, CO | 1972 | 332 | 1,435 | 24,532 | 6,358 | 1,435 | 30,890 | 32,325 | (13,197 | ) | 19,128 | 24,071 | |||||||||||||||||||||||||||||||||||
Merrill House | High Rise | Jan-00 | Falls Church, VA | 1962 | 159 | 1,836 | 10,831 | 5,863 | 1,836 | 16,694 | 18,530 | (4,452 | ) | 14,078 | 15,600 | |||||||||||||||||||||||||||||||||||
Mesa Royale | Garden | Jul-94 | Mesa, AZ | 1985 | 152 | 832 | 4,569 | 9,585 | 832 | 14,154 | 14,986 | (5,290 | ) | 9,696 | — | |||||||||||||||||||||||||||||||||||
Montecito | Garden | Jul-94 | Austin, TX | 1985 | 268 | 1,268 | 6,896 | 4,958 | 1,267 | 11,855 | 13,122 | (6,165 | ) | 6,957 | 996 | |||||||||||||||||||||||||||||||||||
Monterey Grove | Garden | Jun-08 | San Jose, CA | 1999 | 224 | 34,175 | 21,939 | 2,072 | 34,325 | 23,861 | 58,186 | (1,806 | ) | 56,380 | 35,000 | |||||||||||||||||||||||||||||||||||
Oak Park Village | Garden | Oct-00 | Lansing, MI | 1973 | 618 | 10,048 | 16,771 | 7,340 | 10,048 | 24,111 | 34,159 | (12,777 | ) | 21,382 | 23,487 | |||||||||||||||||||||||||||||||||||
Ocean Oaks | Garden | May-98 | Port Orange, FL | 1988 | 296 | 2,132 | 12,855 | 3,242 | 2,132 | 16,097 | 18,229 | (6,492 | ) | 11,737 | 10,295 | |||||||||||||||||||||||||||||||||||
One Lytle Place | High Rise | Jan-00 | Cincinnati ,OH | 1980 | 231 | 2,662 | 21,800 | 12,551 | 2,662 | 34,351 | 37,013 | (12,139 | ) | 24,874 | 15,450 | |||||||||||||||||||||||||||||||||||
Pacific Bay Vistas | Garden | Mar-01 | San Bruno, CA | 1987 | 308 | 3,703 | 62,460 | 22,184 | 22,994 | 65,353 | 88,347 | (55,442 | ) | 32,905 | — | |||||||||||||||||||||||||||||||||||
Pacifica Park | Garden | Jul-06 | Pacifica, CA | 1977 | 104 | 12,770 | 6,579 | 3,183 | 12,970 | 9,562 | 22,532 | (2,205 | ) | 20,327 | 11,260 | |||||||||||||||||||||||||||||||||||
Palazzo at Park La Brea, The | Mid Rise | Feb-04 | Los Angeles, CA | 2002 | 521 | 47,822 | 125,464 | 8,804 | 48,362 | 133,728 | 182,090 | (30,135 | ) | 151,955 | 125,554 | |||||||||||||||||||||||||||||||||||
Palazzo East at Park La Brea, The | Mid Rise | Mar-05 | Los Angeles, CA | 2005 | 611 | 61,004 | 136,503 | 22,142 | 72,578 | 147,071 | 219,649 | (26,968 | ) | 192,681 | 150,000 | |||||||||||||||||||||||||||||||||||
Paradise Palms | Garden | Jul-94 | Phoenix, AZ | 1985 | 129 | 647 | 3,515 | 6,959 | 647 | 10,474 | 11,121 | (5,539 | ) | 5,582 | 6,400 | |||||||||||||||||||||||||||||||||||
Park at Cedar Lawn, The | Garden | Nov-96 | Galveston, TX | 1985 | 192 | 1,025 | 2,521 | 3,585 | 1,025 | 6,106 | 7,131 | (2,539 | ) | 4,592 | — | |||||||||||||||||||||||||||||||||||
Park Towne Place | High Rise | Apr-00 | Philadelphia, PA | 1959 | 959 | 10,451 | 47,301 | 54,589 | 10,451 | 101,890 | 112,341 | (23,850 | ) | 88,491 | 86,343 | |||||||||||||||||||||||||||||||||||
Parktown Townhouses | Garden | Oct-99 | Deer Park, TX | 1968 | 309 | 2,570 | 12,052 | 9,410 | 2,570 | 21,462 | 24,032 | (8,186 | ) | 15,846 | 5,618 | |||||||||||||||||||||||||||||||||||
Parkway | Garden | Mar-00 | Willamsburg, VA | 1971 | 148 | 386 | 2,834 | 2,754 | 386 | 5,588 | 5,974 | (3,284 | ) | 2,690 | 9,273 | |||||||||||||||||||||||||||||||||||
Pathfinder Village | Garden | Jan-06 | Fremont, CA | 1973 | 246 | 19,595 | 14,838 | 8,147 | 19,595 | 22,985 | 42,580 | (3,163 | ) | 39,417 | 19,348 |
I-86
Table of Contents
AIMCO PROPERTIES, L.P. | ||||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION — (Continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(2) | (3) | December 31, 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Cost | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Buildings | Capitalized | Buildings | Accumulated | Cost | |||||||||||||||||||||||||||||||||||||||||||||
Property | Date | Year | Number | and | Subsequent to | and | (5) | Depreciation | Net of | |||||||||||||||||||||||||||||||||||||||||
Property Name | Type | Consolidated | Location | Built | of Units | Land | Improvements | Consolidation | Land | Improvements | Total | (AD) | AD | Encumbrances | ||||||||||||||||||||||||||||||||||||
(In thousands Except Unit Data) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Peachtree Park | Garden | Jan-96 | Atlanta, GA | 1962 | 303 | 4,683 | 11,713 | 9,900 | 4,683 | 21,613 | 26,296 | (9,890 | ) | 16,406 | 9,543 | |||||||||||||||||||||||||||||||||||
Peak at Vinings Mountain, The | Garden | Jan-00 | Atlanta, GA | 1980 | 280 | 2,651 | 13,660 | 17,606 | 2,651 | 31,266 | 33,917 | (12,410 | ) | 21,507 | 10,412 | |||||||||||||||||||||||||||||||||||
Peakview Place | Garden | Jan-00 | Englewood, CO | 1975 | 296 | 3,440 | 18,734 | 4,547 | 3,440 | 23,281 | 26,721 | (15,330 | ) | 11,391 | 12,711 | |||||||||||||||||||||||||||||||||||
Pebble Point | Garden | Oct-02 | Indianapolis, IN | 1980 | 220 | 1,790 | 6,883 | 2,612 | 1,790 | 9,495 | 11,285 | (4,526 | ) | 6,759 | 5,430 | |||||||||||||||||||||||||||||||||||
Peppertree | Garden | Mar-02 | Cypress, CA | 1971 | 136 | 7,835 | 5,224 | 2,778 | 8,030 | 7,807 | 15,837 | (2,743 | ) | 13,094 | 15,750 | |||||||||||||||||||||||||||||||||||
Pine Lake Terrace | Garden | Mar-02 | Garden Grove, CA | 1971 | 111 | 3,975 | 6,035 | 2,094 | 4,125 | 7,979 | 12,104 | (2,531 | ) | 9,573 | 12,000 | |||||||||||||||||||||||||||||||||||
Pine Shadows | Garden | May-98 | Tempe, AZ | 1983 | 272 | 2,095 | 11,899 | 3,725 | 2,095 | 15,624 | 17,719 | (7,375 | ) | 10,344 | 7,500 | |||||||||||||||||||||||||||||||||||
Pines, The | Garden | Oct-98 | Palm Bay, FL | 1984 | 216 | 603 | 3,318 | 2,716 | 603 | 6,034 | 6,637 | (2,415 | ) | 4,222 | 1,937 | |||||||||||||||||||||||||||||||||||
Plantation Gardens | Garden | Oct-99 | Plantation ,FL | 1971 | 372 | 3,773 | 19,443 | 6,204 | 3,773 | 25,647 | 29,420 | (10,871 | ) | 18,549 | 24,141 | |||||||||||||||||||||||||||||||||||
Post Ridge | Garden | Jul-00 | Nashville, TN | 1972 | 150 | 1,883 | 6,712 | 3,517 | 1,883 | 10,229 | 12,112 | (4,456 | ) | 7,656 | 6,042 | |||||||||||||||||||||||||||||||||||
Ramblewood | Garden | Dec-99 | Wyoming, MI | 1973 | 1,708 | 8,607 | 61,082 | 1,930 | 8,661 | 62,958 | 71,619 | (12,161 | ) | 59,458 | 34,944 | |||||||||||||||||||||||||||||||||||
Ravensworth Towers | High Rise | Jun-04 | Annandale, VA | 1974 | 219 | 3,455 | 17,157 | 2,272 | 3,455 | 19,429 | 22,884 | (9,501 | ) | 13,383 | 20,685 | |||||||||||||||||||||||||||||||||||
Reflections | Garden | Sep-00 | Virginia Beach, VA | 1987 | 480 | 15,988 | 13,684 | 5,255 | 15,988 | 18,939 | 34,927 | (7,638 | ) | 27,289 | 39,451 | |||||||||||||||||||||||||||||||||||
Reflections | Garden | Oct-00 | West Palm Beach, FL | 1986 | 300 | 5,504 | 9,984 | 4,113 | 5,504 | 14,097 | 19,601 | (5,272 | ) | 14,329 | 9,190 | |||||||||||||||||||||||||||||||||||
Reflections | Garden | Oct-02 | Casselberry, FL | 1984 | 336 | 3,906 | 10,491 | 4,233 | 3,906 | 14,724 | 18,630 | (4,662 | ) | 13,968 | 10,700 | |||||||||||||||||||||||||||||||||||
Regency Oaks | Garden | Oct-99 | Fern Park, FL | 1965 | 343 | 1,832 | 9,905 | 8,398 | 1,832 | 18,303 | 20,135 | (10,017 | ) | 10,118 | 11,134 | |||||||||||||||||||||||||||||||||||
Remington at Ponte Vedra Lakes | Garden | Dec-06 | Ponte Vedra Beach, FL | 1986 | 344 | 18,576 | 18,650 | 2,242 | 18,795 | 20,673 | 39,468 | (3,586 | ) | 35,882 | 24,695 | |||||||||||||||||||||||||||||||||||
River Club | Garden | Apr-05 | Edgewater, NJ | 1998 | 266 | 30,578 | 30,638 | 1,910 | 30,579 | 32,547 | 63,126 | (6,208 | ) | 56,918 | 39,373 | |||||||||||||||||||||||||||||||||||
River Reach | Garden | Sep-00 | Naples, FL | 1986 | 556 | 17,728 | 18,337 | 6,365 | 17,728 | 24,702 | 42,430 | (10,002 | ) | 32,428 | 23,452 | |||||||||||||||||||||||||||||||||||
Riverbend Village | Garden | Jul-01 | Arlington, TX | 1983 | 201 | 893 | 4,128 | 4,963 | 893 | 9,091 | 9,984 | (3,967 | ) | 6,017 | — | |||||||||||||||||||||||||||||||||||
Riverloft | High Rise | Oct-99 | Philadelphia, PA | 1910 | 184 | 2,120 | 11,287 | 31,118 | 2,120 | 42,405 | 44,525 | (15,462 | ) | 29,063 | 19,951 | |||||||||||||||||||||||||||||||||||
Riverside | High Rise | Apr-00 | Alexandria ,VA | 1973 | 1,222 | 10,433 | 65,474 | 76,986 | 10,433 | 142,460 | 152,893 | (59,333 | ) | 93,560 | 96,289 | |||||||||||||||||||||||||||||||||||
Rosewood | Garden | Mar-02 | Camarillo, CA | 1976 | 152 | 12,128 | 8,060 | 2,407 | 12,430 | 10,165 | 22,595 | (3,320 | ) | 19,275 | 17,900 | |||||||||||||||||||||||||||||||||||
Royal Crest Estates | Garden | Aug-02 | Fall River, MA | 1974 | 216 | 5,832 | 12,044 | 1,953 | 5,832 | 13,997 | 19,829 | (5,694 | ) | 14,135 | 12,161 | |||||||||||||||||||||||||||||||||||
Royal Crest Estates | Garden | Aug-02 | Warwick, RI | 1972 | 492 | 22,433 | 24,095 | 5,296 | 22,433 | 29,391 | 51,824 | (12,162 | ) | 39,662 | 37,890 | |||||||||||||||||||||||||||||||||||
Royal Crest Estates | Garden | Aug-02 | Marlborough, MA | 1970 | 473 | 25,178 | 28,786 | 3,835 | 25,178 | 32,621 | 57,799 | (13,594 | ) | 44,205 | 35,400 | |||||||||||||||||||||||||||||||||||
Royal Crest Estates | Garden | Aug-02 | North Andover, MA | 1970 | 588 | 51,292 | 36,808 | 9,632 | 51,292 | 46,440 | 97,732 | (18,797 | ) | 78,935 | 60,305 | |||||||||||||||||||||||||||||||||||
Royal Crest Estates | Garden | Aug-02 | Nashua, NH | 1970 | 902 | 68,231 | 45,562 | 11,187 | 68,231 | 56,749 | 124,980 | (25,003 | ) | 99,977 | 50,667 | |||||||||||||||||||||||||||||||||||
Runaway Bay | Garden | Oct-00 | Lantana, FL | 1987 | 404 | 5,934 | 16,052 | 7,643 | 5,934 | 23,695 | 29,629 | (7,842 | ) | 21,787 | 21,644 | |||||||||||||||||||||||||||||||||||
Runaway Bay | Garden | Jul-02 | Pinellas Park, FL | 1986 | 192 | 1,884 | 7,045 | 1,831 | 1,884 | 8,876 | 10,760 | (2,402 | ) | 8,358 | 9,004 | |||||||||||||||||||||||||||||||||||
Savannah Trace | Garden | Mar-01 | Shaumburg, IL | 1986 | 368 | 13,960 | 20,731 | 4,001 | 13,960 | 24,732 | 38,692 | (8,502 | ) | 30,190 | 22,282 | |||||||||||||||||||||||||||||||||||
Scandia | Garden | Oct-00 | Indianapolis, IN | 1977 | 444 | 10,540 | 9,852 | 12,780 | 10,539 | 22,633 | 33,172 | (11,260 | ) | 21,912 | 19,163 | |||||||||||||||||||||||||||||||||||
Scotchollow | Garden | Jan-06 | San Mateo, CA | 1971 | 418 | 49,474 | 17,756 | 7,733 | 49,473 | 25,490 | 74,963 | (3,128 | ) | 71,835 | 49,605 | |||||||||||||||||||||||||||||||||||
Scottsdale Gateway I | Garden | Oct-97 | Tempe, AZ | 1965 | 124 | 591 | 3,359 | 8,017 | 591 | 11,376 | 11,967 | (4,075 | ) | 7,892 | 5,800 | |||||||||||||||||||||||||||||||||||
Scottsdale Gateway II | Garden | Oct-97 | Tempe, AZ | 1976 | 487 | 2,458 | 13,927 | 23,353 | 2,458 | 37,280 | 39,738 | (15,204 | ) | 24,534 | 5,087 |
I-87
Table of Contents
AIMCO PROPERTIES, L.P. | ||||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION — (Continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(2) | (3) | December 31, 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Cost | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Buildings | Capitalized | Buildings | Accumulated | Cost | |||||||||||||||||||||||||||||||||||||||||||||
Property | Date | Year | Number | and | Subsequent to | and | (5) | Depreciation | Net of | |||||||||||||||||||||||||||||||||||||||||
Property Name | Type | Consolidated | Location | Built | of Units | Land | Improvements | Consolidation | Land | Improvements | Total | (AD) | AD | Encumbrances | ||||||||||||||||||||||||||||||||||||
(In thousands Except Unit Data) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shadow Creek | Garden | May-98 | Mesa, AZ | 1984 | 266 | 2,016 | 11,886 | 3,790 | 2,016 | 15,676 | 17,692 | (7,685 | ) | 10,007 | — | |||||||||||||||||||||||||||||||||||
Shenandoah Crossing | Garden | Sep-00 | Fairfax, VA | 1984 | 640 | 18,492 | 57,197 | 7,499 | 18,492 | 64,696 | 83,188 | (27,715 | ) | 55,473 | 69,724 | |||||||||||||||||||||||||||||||||||
Signal Pointe | Garden | Oct-99 | Winter Park, FL | 1971 | 368 | 2,382 | 11,359 | 21,447 | 2,382 | 32,806 | 35,188 | (10,480 | ) | 24,708 | 18,596 | |||||||||||||||||||||||||||||||||||
Signature Point | Garden | Nov-96 | League City, TX | 1994 | 304 | 2,810 | 17,579 | 2,810 | 2,810 | 20,389 | 23,199 | (6,784 | ) | 16,415 | 10,823 | |||||||||||||||||||||||||||||||||||
Springwoods at Lake Ridge | Garden | Jul-02 | Woodbridge, VA | 1984 | 180 | 5,587 | 7,284 | 1,278 | 5,587 | 8,562 | 14,149 | (1,944 | ) | 12,205 | 14,502 | |||||||||||||||||||||||||||||||||||
Spyglass at Cedar Cove | Garden | Sep-00 | Lexington Park, MD | 1985 | 152 | 3,241 | 5,094 | 2,479 | 3,241 | 7,573 | 10,814 | (3,237 | ) | 7,577 | 10,300 | |||||||||||||||||||||||||||||||||||
Stafford | High Rise | Oct-02 | Baltimore, MD | 1889 | 96 | 706 | 4,032 | 3,131 | 562 | 7,307 | 7,869 | (3,524 | ) | 4,345 | 4,315 | |||||||||||||||||||||||||||||||||||
Steeplechase | Garden | Sep-00 | Largo, MD | 1986 | 240 | 3,675 | 16,111 | 3,301 | 3,675 | 19,412 | 23,087 | (7,106 | ) | 15,981 | 23,600 | |||||||||||||||||||||||||||||||||||
Steeplechase | Garden | Jul-02 | Plano, TX | 1985 | 368 | 7,056 | 10,510 | 6,974 | 7,056 | 17,484 | 24,540 | (5,158 | ) | 19,382 | 13,987 | |||||||||||||||||||||||||||||||||||
Sterling Apartment Homes, The | Garden | Oct-99 | Philadelphia, PA | 1962 | 535 | 8,871 | 55,364 | 17,358 | 8,871 | 72,722 | 81,593 | (30,782 | ) | 50,811 | 77,915 | |||||||||||||||||||||||||||||||||||
Stone Creek Club | Garden | Sep-00 | Germantown, MD | 1984 | 240 | 13,593 | 9,347 | 2,948 | 13,593 | 12,295 | 25,888 | (6,743 | ) | 19,145 | 24,900 | |||||||||||||||||||||||||||||||||||
Sun Lake | Garden | May-98 | Lake Mary, FL | 1986 | 600 | 4,551 | 25,543 | 30,903 | 4,551 | 56,446 | 60,997 | (20,010 | ) | 40,987 | 35,727 | |||||||||||||||||||||||||||||||||||
Sun River Village | Garden | Oct-99 | Tempe ,AZ | 1981 | 334 | 2,367 | 13,303 | 3,888 | 2,367 | 17,191 | 19,558 | (8,524 | ) | 11,034 | 10,569 | |||||||||||||||||||||||||||||||||||
Tamarac Village | Garden | Apr-00 | Denver, CO | 1979 | 564 | 3,928 | 23,491 | 8,089 | 4,223 | 31,285 | 35,508 | (16,205 | ) | 19,303 | 18,389 | |||||||||||||||||||||||||||||||||||
Tamarind Bay | Garden | Jan-00 | St. Petersburg, FL | 1980 | 200 | 1,091 | 6,310 | 4,987 | 1,091 | 11,297 | 12,388 | (5,368 | ) | 7,020 | 6,925 | |||||||||||||||||||||||||||||||||||
Tatum Gardens | Garden | May-98 | Phoenix, AZ | 1985 | 128 | 1,323 | 7,155 | 1,928 | 1,323 | 9,083 | 10,406 | (4,706 | ) | 5,700 | 7,403 | |||||||||||||||||||||||||||||||||||
The Bluffs at Pacifica | Garden | Oct-06 | Pacifica, CA | 1963 | 64 | 7,975 | 4,131 | 7,635 | 8,108 | 11,633 | 19,741 | (1,067 | ) | 18,674 | 6,428 | |||||||||||||||||||||||||||||||||||
Timbertree | Garden | Oct-97 | Phoenix, AZ | 1979 | 387 | 2,292 | 13,000 | 6,209 | 2,292 | 19,209 | 21,501 | (9,830 | ) | 11,671 | 4,510 | |||||||||||||||||||||||||||||||||||
Towers Of Westchester Park, The | High Rise | Jan-06 | College Park, MD | 1972 | 303 | 15,198 | 22,029 | 4,504 | 15,198 | 26,533 | 41,731 | (3,946 | ) | 37,785 | 27,667 | |||||||||||||||||||||||||||||||||||
Township At Highlands | Town Home | Nov-96 | Centennial, CO | 1985 | 161 | 1,615 | 9,773 | 6,118 | 1,536 | 15,970 | 17,506 | (6,955 | ) | 10,551 | 16,640 | |||||||||||||||||||||||||||||||||||
Twin Lake Towers | High Rise | Oct-99 | Westmont, IL | 1969 | 399 | 3,268 | 18,763 | 23,625 | 3,268 | 42,388 | 45,656 | (15,984 | ) | 29,672 | 9,255 | |||||||||||||||||||||||||||||||||||
Twin Lakes | Garden | Apr-00 | Palm Harbor, FL | 1986 | 262 | 2,062 | 12,850 | 4,584 | 2,062 | 17,434 | 19,496 | (7,652 | ) | 11,844 | 10,604 | |||||||||||||||||||||||||||||||||||
Vantage Pointe | Mid Rise | Aug-02 | Swampscott, MA | 1987 | 96 | 4,749 | 10,089 | 1,351 | 4,749 | 11,440 | 16,189 | (3,498 | ) | 12,691 | 7,385 | |||||||||||||||||||||||||||||||||||
Verandahs at Hunt Club | Garden | Jul-02 | Apopka, FL | 1985 | 210 | 2,271 | 7,724 | 2,974 | 2,271 | 10,698 | 12,969 | (2,641 | ) | 10,328 | 11,070 | |||||||||||||||||||||||||||||||||||
Views at Vinings Mountain, The | Garden | Jan-06 | Atlanta, GA | 1983 | 180 | 610 | 5,026 | 12,209 | 610 | 17,235 | 17,845 | (7,559 | ) | 10,286 | 13,757 | |||||||||||||||||||||||||||||||||||
Villa Del Sol | Garden | Mar-02 | Norwalk, CA | 1972 | 120 | 7,294 | 4,861 | 2,512 | 7,476 | 7,191 | 14,667 | (2,670 | ) | 11,997 | 13,500 | |||||||||||||||||||||||||||||||||||
Village Crossing | Garden | May-98 | West Palm Beach, FL | 1986 | 189 | 1,618 | 8,188 | 2,941 | 1,618 | 11,129 | 12,747 | (5,497 | ) | 7,250 | 7,000 | |||||||||||||||||||||||||||||||||||
Village in the Woods | Garden | Jan-00 | Cypress, TX | 1983 | 530 | 3,457 | 15,787 | 10,230 | 3,457 | 26,017 | 29,474 | (12,765 | ) | 16,709 | 19,451 | |||||||||||||||||||||||||||||||||||
Village of Pennbrook | Garden | Oct-98 | Levittown, PA | 1969 | 722 | 10,229 | 38,222 | 13,539 | 10,229 | 51,761 | 61,990 | (21,542 | ) | 40,448 | 48,419 | |||||||||||||||||||||||||||||||||||
Villages of Baymeadows | Garden | Oct-99 | Jacksonville, FL | 1972 | 904 | 4,859 | 33,957 | 53,735 | 4,859 | 87,692 | 92,551 | (40,263 | ) | 52,288 | 38,050 | |||||||||||||||||||||||||||||||||||
Villas at Park La Brea, The | Garden | Mar-02 | Los Angeles, CA | 2002 | 250 | 8,621 | 48,871 | 3,603 | 8,630 | 52,465 | 61,095 | (12,802 | ) | 48,293 | 30,564 | |||||||||||||||||||||||||||||||||||
Vista Del Lagos | Garden | Dec-97 | Chandler, AZ | 1986 | 200 | 804 | 4,952 | 3,442 | 804 | 8,394 | 9,198 | (3,431 | ) | 5,767 | 11,783 | |||||||||||||||||||||||||||||||||||
Waterford Village | Garden | Aug-02 | Bridgewater, MA | 1971 | 588 | 28,585 | 28,102 | 5,591 | 29,110 | 33,168 | 62,278 | (15,640 | ) | 46,638 | 40,542 | |||||||||||||||||||||||||||||||||||
Waterways Village | Garden | Jun-97 | Aventura, FL | 1991 | 180 | 4,504 | 11,064 | 3,683 | 4,504 | 14,747 | 19,251 | (6,456 | ) | 12,795 | 7,145 | |||||||||||||||||||||||||||||||||||
Waverly Apartments | Garden | Aug-08 | Brighton, MA | 1970 | 103 | 7,696 | 11,347 | 1,188 | 7,920 | 12,311 | 20,231 | (723 | ) | 19,508 | 12,000 |
I-88
Table of Contents
AIMCO PROPERTIES, L.P. | ||||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION — (Continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(2) | (3) | December 31, 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Cost | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Buildings | Capitalized | Buildings | Accumulated | Cost | |||||||||||||||||||||||||||||||||||||||||||||
Property | Date | Year | Number | and | Subsequent to | and | (5) | Depreciation | Net of | |||||||||||||||||||||||||||||||||||||||||
Property Name | Type | Consolidated | Location | Built | of Units | Land | Improvements | Consolidation | Land | Improvements | Total | (AD) | AD | Encumbrances | ||||||||||||||||||||||||||||||||||||
(In thousands Except Unit Data) | ||||||||||||||||||||||||||||||||||||||||||||||||||
West Winds | Garden | Oct-02 | Orlando, FL | 1985 | 272 | 2,324 | 11,481 | 3,030 | 2,324 | 14,511 | 16,835 | (4,829 | ) | 12,006 | 12,776 | |||||||||||||||||||||||||||||||||||
Westway Village | Garden | May-98 | Houston, TX | 1979 | 326 | 2,921 | 11,384 | 3,172 | 2,921 | 14,556 | 17,477 | (6,586 | ) | 10,891 | 7,677 | |||||||||||||||||||||||||||||||||||
Wexford Village | Garden | Aug-02 | Worcester, MA | 1974 | 264 | 6,339 | 17,939 | 2,082 | 6,339 | 20,021 | 26,360 | (7,250 | ) | 19,110 | 13,924 | |||||||||||||||||||||||||||||||||||
Willow Bend | Garden | May-98 | Rolling Meadows, IL | 1985 | 328 | 2,717 | 15,437 | 26,391 | 2,717 | 41,828 | 44,545 | (13,960 | ) | 30,585 | 19,876 | |||||||||||||||||||||||||||||||||||
Willow Park on Lake Adelaide | Garden | Oct-99 | Altamonte Springs, FL | 1972 | 185 | 1,225 | 7,357 | 3,266 | 1,224 | 10,624 | 11,848 | (5,611 | ) | 6,237 | 6,804 | |||||||||||||||||||||||||||||||||||
Windrift | Garden | Mar-01 | Oceanside, CA | 1987 | 404 | 24,960 | 17,590 | 18,667 | 24,960 | 36,257 | 61,217 | (15,443 | ) | 45,774 | 28,999 | |||||||||||||||||||||||||||||||||||
Windrift | Garden | Oct-00 | Orlando, FL | 1987 | 288 | 3,696 | 10,029 | 5,495 | 3,696 | 15,524 | 19,220 | (5,710 | ) | 13,510 | 17,094 | |||||||||||||||||||||||||||||||||||
Windsor Crossing | Garden | Mar-00 | Newport News, VA | 1978 | 156 | 307 | 2,110 | 1,992 | 131 | 4,278 | 4,409 | (2,102 | ) | 2,307 | 2,153 | |||||||||||||||||||||||||||||||||||
Windsor Park | Garden | Mar-01 | Woodbridge, VA | 1987 | 220 | 4,279 | 15,970 | 2,172 | 4,279 | 18,142 | 22,421 | (6,430 | ) | 15,991 | 13,444 | |||||||||||||||||||||||||||||||||||
Woodcreek | Garden | Oct-02 | Mesa, AZ | 1985 | 432 | 2,426 | 15,886 | 4,487 | 2,426 | 20,373 | 22,799 | (10,400 | ) | 12,399 | 19,449 | |||||||||||||||||||||||||||||||||||
Woods of Burnsville | Garden | Nov-04 | Burnsville, MN | 1984 | 400 | 3,954 | 18,125 | 2,694 | 3,954 | 20,819 | 24,773 | (7,429 | ) | 17,344 | 16,580 | |||||||||||||||||||||||||||||||||||
Woods of Inverness | Garden | Oct-99 | Houston, TX | 1983 | 272 | 2,146 | 10,978 | 3,860 | 2,146 | 14,838 | 16,984 | (7,194 | ) | 9,790 | 5,878 | |||||||||||||||||||||||||||||||||||
Woods Of Williamsburg | Garden | Jan-06 | Williamsburg, VA | 1976 | 125 | 798 | 3,657 | 873 | 798 | 4,530 | 5,328 | (3,309 | ) | 2,019 | 1,189 | |||||||||||||||||||||||||||||||||||
Yacht Club at Brickell | High Rise | Dec-03 | Miami, FL | 1998 | 357 | 31,363 | 32,214 | 4,297 | 31,363 | 36,511 | 67,874 | (5,900 | ) | 61,974 | 37,804 | |||||||||||||||||||||||||||||||||||
Yorktown Apartments | High Rise | Dec-99 | Lombard, IL | 1973 | 364 | 2,971 | 18,163 | 16,098 | 3,055 | 34,177 | 37,232 | (10,538 | ) | 26,694 | 22,626 | |||||||||||||||||||||||||||||||||||
Total Conventional Properties: | 69,377 | 1,970,960 | 3,818,111 | 2,152,391 | 2,027,400 | 5,914,062 | 7,941,462 | (2,107,330 | ) | 5,834,132 | 4,691,425 | |||||||||||||||||||||||||||||||||||||||
Affordable Properties: | ||||||||||||||||||||||||||||||||||||||||||||||||||
All Hallows | Garden | Jan-06 | San Francisco, CA | 1976 | 157 | 1,348 | 29,770 | 20,124 | 1,338 | 49,904 | 51,242 | (15,590 | ) | 35,652 | 21,219 | |||||||||||||||||||||||||||||||||||
Alliance Towers | High Rise | Mar-02 | Alliance, OH | 1971 | 101 | 530 | 1,934 | 756 | 530 | 2,690 | 3,220 | (745 | ) | 2,475 | 2,234 | |||||||||||||||||||||||||||||||||||
Arvada House | High Rise | Nov-04 | Arvada, CO | 1977 | 88 | 641 | 3,314 | 1,746 | 405 | 5,296 | 5,701 | (1,304 | ) | 4,397 | 4,152 | |||||||||||||||||||||||||||||||||||
Ashland Manor | High Rise | Mar-02 | Toledo, OH | 1977 | 189 | 205 | 455 | 363 | 205 | 818 | 1,023 | (667 | ) | 356 | 561 | |||||||||||||||||||||||||||||||||||
Bannock Arms | Garden | Mar-02 | Boise, ID | 1978 | 66 | 275 | 1,139 | 571 | 275 | 1,710 | 1,985 | (575 | ) | 1,410 | 1,406 | |||||||||||||||||||||||||||||||||||
Bayview | Garden | Jun-05 | San Francisco, CA | 1976 | 146 | 1,023 | 15,265 | 16,548 | 582 | 32,254 | 32,836 | (9,118 | ) | 23,718 | 12,520 | |||||||||||||||||||||||||||||||||||
Beacon Hill | High Rise | Mar-02 | Hillsdale, MI | 1980 | 198 | 1,380 | 7,044 | 6,599 | 1,093 | 13,930 | 15,023 | (3,236 | ) | 11,787 | 4,616 | |||||||||||||||||||||||||||||||||||
Bedford House | Mid Rise | Mar-02 | Falmouth, KY | 1979 | 48 | 230 | 919 | 310 | 230 | 1,229 | 1,459 | (434 | ) | 1,025 | 1,084 | |||||||||||||||||||||||||||||||||||
Benjamin Banneker Plaza | Mid Rise | Jan-06 | Chester, PA | 1976 | 70 | 79 | 3,862 | 670 | 79 | 4,532 | 4,611 | (2,890 | ) | 1,721 | 1,538 | |||||||||||||||||||||||||||||||||||
Berger Apartments | Mid Rise | Mar-02 | New Haven, CT | 1981 | 144 | 1,152 | 4,657 | 2,229 | 1,152 | 6,886 | 8,038 | (2,080 | ) | 5,958 | 1,061 | |||||||||||||||||||||||||||||||||||
Biltmore Towers | High Rise | Mar-02 | Dayton, OH | 1980 | 230 | 1,813 | 6,411 | 13,073 | 1,813 | 19,484 | 21,297 | (8,817 | ) | 12,480 | 10,648 | |||||||||||||||||||||||||||||||||||
Blakewood | Garden | Oct-05 | Statesboro, GA | 1973 | 42 | 316 | 882 | 373 | 316 | 1,255 | 1,571 | (1,085 | ) | 486 | 698 | |||||||||||||||||||||||||||||||||||
Bolton North | High Rise | Jan-06 | Baltimore, MD | 1977 | 209 | 1,450 | 6,569 | 649 | 1,429 | 7,239 | 8,668 | (2,347 | ) | 6,321 | 2,438 | |||||||||||||||||||||||||||||||||||
Burchwood | Garden | Oct-07 | Berea, KY | 1999 | 24 | 253 | 1,173 | 551 | 253 | 1,724 | 1,977 | (958 | ) | 1,019 | 981 | |||||||||||||||||||||||||||||||||||
Butternut Creek | Mid Rise | Jan-06 | Charlotte, MI | 1980 | 100 | 505 | 3,617 | 3,957 | 505 | 7,574 | 8,079 | (2,239 | ) | 5,840 | — | |||||||||||||||||||||||||||||||||||
Cache Creek Apartment Homes | Mid Rise | Jun-04 | Clearlake, CA | 1986 | 80 | 1,545 | 9,405 | 494 | 1,545 | 9,899 | 11,444 | (2,866 | ) | 8,578 | 2,302 | |||||||||||||||||||||||||||||||||||
California Square I | High Rise | Jan-06 | Louisville, KY | 1982 | 101 | 154 | 5,704 | 523 | 154 | 6,227 | 6,381 | (3,600 | ) | 2,781 | 3,499 | |||||||||||||||||||||||||||||||||||
Canterbury Towers | High Rise | Jan-06 | Worcester, MA | 1976 | 156 | 567 | 4,557 | 936 | 567 | 5,493 | 6,060 | (3,681 | ) | 2,379 | 3,966 |
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AIMCO PROPERTIES, L.P. | ||||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION — (Continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(2) | (3) | December 31, 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Cost | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Buildings | Capitalized | Buildings | Accumulated | Cost | |||||||||||||||||||||||||||||||||||||||||||||
Property | Date | Year | Number | and | Subsequent to | and | (5) | Depreciation | Net of | |||||||||||||||||||||||||||||||||||||||||
Property Name | Type | Consolidated | Location | Built | of Units | Land | Improvements | Consolidation | Land | Improvements | Total | (AD) | AD | Encumbrances | ||||||||||||||||||||||||||||||||||||
(In thousands Except Unit Data) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Carriage House | Mid Rise | Dec-06 | Petersburg, VA | 1885 | 118 | 847 | 2,886 | 3,356 | 716 | 6,373 | 7,089 | (1,407 | ) | 5,682 | 2,273 | |||||||||||||||||||||||||||||||||||
Casa de Las Hermanitas | Garden | Mar-02 | Los Angeles, CA | 1982 | 88 | 1,775 | 4,606 | 4,222 | 1,879 | 8,724 | 10,603 | (1,118 | ) | 9,485 | 5,081 | |||||||||||||||||||||||||||||||||||
Castlewood | Garden | Mar-02 | Davenport, IA | 1980 | 96 | 585 | 2,351 | 1,443 | 585 | 3,794 | 4,379 | (1,497 | ) | 2,882 | 3,503 | |||||||||||||||||||||||||||||||||||
City Line | Garden | Mar-02 | Newport News, VA | 1976 | 200 | 500 | 2,014 | 7,172 | 500 | 9,186 | 9,686 | (2,046 | ) | 7,640 | 4,863 | |||||||||||||||||||||||||||||||||||
Clisby Towers | Mid Rise | Jan-06 | Macon, GA | 1980 | 52 | 524 | 1,970 | 228 | 524 | 2,198 | 2,722 | (1,677 | ) | 1,045 | 939 | |||||||||||||||||||||||||||||||||||
Club, The | Garden | Jan-06 | Lexington, NC | 1972 | 87 | 498 | 2,128 | 662 | 498 | 2,790 | 3,288 | (1,978 | ) | 1,310 | 303 | |||||||||||||||||||||||||||||||||||
Coatesville Towers | High Rise | Mar-02 | Coatesville, PA | 1979 | 90 | 500 | 2,011 | 693 | 500 | 2,704 | 3,204 | (866 | ) | 2,338 | 2,108 | |||||||||||||||||||||||||||||||||||
Cold Spring Homes | Garden | Oct-07 | Cold Springs, KY | 2000 | 30 | 187 | 917 | 1,122 | 187 | 2,039 | 2,226 | (1,441 | ) | 785 | 790 | |||||||||||||||||||||||||||||||||||
Community Circle II | Garden | Jan-06 | Cleveland, OH | 1975 | 129 | 263 | 4,699 | 804 | 263 | 5,503 | 5,766 | (3,265 | ) | 2,501 | 3,275 | |||||||||||||||||||||||||||||||||||
Copperwood I Apartments | Garden | Apr-06 | The Woodlands, TX | 1980 | 150 | 390 | 8,373 | 4,862 | 363 | 13,262 | 13,625 | (8,167 | ) | 5,458 | 5,590 | |||||||||||||||||||||||||||||||||||
Copperwood II Apartments | Garden | Oct-05 | The Woodlands, TX | 1981 | 150 | 452 | 5,552 | 3,415 | 459 | 8,960 | 9,419 | (3,134 | ) | 6,285 | 5,773 | |||||||||||||||||||||||||||||||||||
Country Club Heights | Garden | Mar-04 | Quincy, IL | 1976 | 200 | 676 | 5,715 | 4,841 | 675 | 10,557 | 11,232 | (3,837 | ) | 7,395 | 7,312 | |||||||||||||||||||||||||||||||||||
Country Commons | Garden | Jan-06 | Bensalem, PA | 1972 | 352 | 1,853 | 17,657 | 2,308 | 1,853 | 19,965 | 21,818 | (10,649 | ) | 11,169 | 4,715 | |||||||||||||||||||||||||||||||||||
Courtyard | Mid Rise | Jan-06 | Cincinnati, OH | 1980 | 137 | 1,362 | 4,876 | 448 | 1,362 | 5,324 | 6,686 | (3,126 | ) | 3,560 | 3,830 | |||||||||||||||||||||||||||||||||||
Crevenna Oaks | Town Home | Jan-06 | Burke, VA | 1979 | 50 | 355 | 4,849 | 219 | 355 | 5,068 | 5,423 | (945 | ) | 4,478 | 3,312 | |||||||||||||||||||||||||||||||||||
Crockett Manor | Garden | Mar-04 | Trenton, TN | 1982 | 38 | 42 | 1,395 | 38 | 42 | 1,433 | 1,475 | (37 | ) | 1,438 | 978 | |||||||||||||||||||||||||||||||||||
Cumberland Court | Garden | Jan-06 | Harrisburg, PA | 1975 | 108 | 379 | 4,040 | 682 | 379 | 4,722 | 5,101 | (3,282 | ) | 1,819 | 1,314 | |||||||||||||||||||||||||||||||||||
Daugette Tower | High Rise | Mar-02 | Gadsden, AL | 1979 | 100 | 540 | 2,178 | 1,744 | 540 | 3,922 | 4,462 | (1,324 | ) | 3,138 | 117 | |||||||||||||||||||||||||||||||||||
Delhaven Manor | Mid Rise | Mar-02 | Jackson, MS | 1983 | 104 | 575 | 2,304 | 1,986 | 575 | 4,290 | 4,865 | (1,621 | ) | 3,244 | 3,758 | |||||||||||||||||||||||||||||||||||
Denny Place | Garden | Mar-02 | North Hollywood, CA | 1984 | 17 | 394 | 1,579 | 139 | 394 | 1,718 | 2,112 | (479 | ) | 1,633 | 1,121 | |||||||||||||||||||||||||||||||||||
Douglas Landing | Garden | Oct-07 | Austin, TX | 1999 | 96 | 11 | 4,989 | 22 | 11 | 5,011 | 5,022 | — | 5,022 | 4,000 | ||||||||||||||||||||||||||||||||||||
Elmwood | Garden | Jan-06 | Athens, AL | 1981 | 80 | 346 | 2,643 | 346 | 346 | 2,989 | 3,335 | (1,673 | ) | 1,662 | 1,869 | |||||||||||||||||||||||||||||||||||
Fairburn And Gordon II | Garden | Jan-06 | Atlanta, GA | 1969 | 58 | 439 | 1,647 | 231 | 439 | 1,878 | 2,317 | (1,469 | ) | 848 | 98 | |||||||||||||||||||||||||||||||||||
Fairwood | Garden | Jan-06 | Carmichael, CA | 1979 | 86 | 176 | 5,264 | 379 | 176 | 5,643 | 5,819 | (3,523 | ) | 2,296 | 2,475 | |||||||||||||||||||||||||||||||||||
Fountain Place | Mid Rise | Jan-06 | Connersville, IN | 1980 | 102 | 440 | 2,091 | 2,883 | 447 | 4,967 | 5,414 | (511 | ) | 4,903 | 1,155 | |||||||||||||||||||||||||||||||||||
Fox Run | Garden | Mar-02 | Orange, TX | 1983 | 70 | 420 | 1,992 | 1,026 | 420 | 3,018 | 3,438 | (928 | ) | 2,510 | 2,563 | |||||||||||||||||||||||||||||||||||
Foxfire | Garden | Jan-06 | Jackson, MI | 1975 | 160 | 856 | 6,853 | 1,423 | 856 | 8,276 | 9,132 | (5,247 | ) | 3,885 | 1,803 | |||||||||||||||||||||||||||||||||||
Franklin Square School Apts | Mid Rise | Jan-06 | Baltimore, MD | 1888 | 65 | 566 | 3,581 | 216 | 566 | 3,797 | 4,363 | (2,153 | ) | 2,210 | 2,099 | |||||||||||||||||||||||||||||||||||
Friendset Apartments | High Rise | Jan-06 | Brooklyn, NY | 1979 | 259 | 550 | 16,825 | 1,737 | 550 | 18,562 | 19,112 | (10,414 | ) | 8,698 | 14,404 | |||||||||||||||||||||||||||||||||||
Frio | Garden | Jan-06 | Pearsall, TX | 1980 | 63 | 327 | 2,207 | 407 | 327 | 2,614 | 2,941 | (1,728 | ) | 1,213 | 1,109 | |||||||||||||||||||||||||||||||||||
Gates Manor | Garden | Mar-04 | Clinton, TN | 1981 | 80 | 266 | 2,225 | 881 | 264 | 3,108 | 3,372 | (1,195 | ) | 2,177 | 2,411 | |||||||||||||||||||||||||||||||||||
Gateway Village | Garden | Mar-04 | Hillsborough, NC | 1980 | 64 | 433 | 1,666 | 580 | 515 | 2,164 | 2,679 | (746 | ) | 1,933 | 2,360 | |||||||||||||||||||||||||||||||||||
Glens, The | Garden | Jan-06 | Rock Hill, SC | 1982 | 88 | 839 | 4,135 | 1,140 | 839 | 5,275 | 6,114 | (3,627 | ) | 2,487 | 3,757 | |||||||||||||||||||||||||||||||||||
Greenbriar | Garden | Jan-06 | Indianapolis, IN | 1980 | 121 | 812 | 3,272 | 346 | 812 | 3,618 | 4,430 | (2,491 | ) | 1,939 | 1,098 | |||||||||||||||||||||||||||||||||||
Hamlin Estates | Garden | Mar-02 | North Hollywood, CA | 1983 | 30 | 1,010 | 1,691 | 241 | 1,010 | 1,932 | 2,942 | (678 | ) | 2,264 | 1,515 |
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Table of Contents
AIMCO PROPERTIES, L.P. | ||||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION — (Continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(2) | (3) | December 31, 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Cost | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Buildings | Capitalized | Buildings | Accumulated | Cost | |||||||||||||||||||||||||||||||||||||||||||||
Property | Date | Year | Number | and | Subsequent to | and | (5) | Depreciation | Net of | |||||||||||||||||||||||||||||||||||||||||
Property Name | Type | Consolidated | Location | Built | of Units | Land | Improvements | Consolidation | Land | Improvements | Total | (AD) | AD | Encumbrances | ||||||||||||||||||||||||||||||||||||
(In thousands Except Unit Data) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Hanover Square | High Rise | Jan-06 | Baltimore, MD | 1980 | 199 | 1,656 | 9,575 | 425 | 1,656 | 10,000 | 11,656 | (6,267 | ) | 5,389 | 5,495 | |||||||||||||||||||||||||||||||||||
Harris Park Apartments | Garden | Dec-97 | Rochester, NY | 1968 | 114 | 475 | 2,786 | 1,101 | 475 | 3,887 | 4,362 | (1,824 | ) | 2,538 | 200 | |||||||||||||||||||||||||||||||||||
Hatillo Housing | Mid Rise | Jan-06 | Hatillo, PR | 1982 | 64 | 202 | 2,875 | 204 | 202 | 3,079 | 3,281 | (1,820 | ) | 1,461 | 1,370 | |||||||||||||||||||||||||||||||||||
Hemet Estates | Garden | Mar-02 | Hemet, CA | 1983 | 80 | 700 | 2,802 | 2,995 | 420 | 6,077 | 6,497 | (1,138 | ) | 5,359 | 4,316 | |||||||||||||||||||||||||||||||||||
Henna Townhomes | Garden | Oct-07 | Round Rock, TX | 1999 | 160 | 1,047 | 12,893 | 84 | 1,047 | 12,977 | 14,024 | (2,641 | ) | 11,383 | 6,172 | |||||||||||||||||||||||||||||||||||
Heritage House | Mid Rise | Jan-06 | Lewisburg, PA | 1982 | 80 | 178 | 3,251 | 131 | 178 | 3,382 | 3,560 | (2,034 | ) | 1,526 | 2,106 | |||||||||||||||||||||||||||||||||||
Hopkins Village | Mid Rise | Sep-03 | Baltimore, MD | 1979 | 165 | 438 | 5,973 | 3,680 | 452 | 9,639 | 10,091 | (1,192 | ) | 8,899 | 9,100 | |||||||||||||||||||||||||||||||||||
Hudson Gardens | Garden | Mar-02 | Pasadena, CA | 1983 | 41 | 914 | 1,548 | 335 | 914 | 1,883 | 2,797 | (644 | ) | 2,153 | 539 | |||||||||||||||||||||||||||||||||||
Indio Gardens | Mid Rise | Oct-06 | Indio, CA | 1980 | 151 | 775 | 8,759 | 4,155 | 775 | 12,914 | 13,689 | (1,213 | ) | 12,476 | 4,173 | |||||||||||||||||||||||||||||||||||
Ingram Square | Garden | Jan-06 | San Antonio, TX | 1980 | 120 | 630 | 3,137 | 5,716 | 630 | 8,853 | 9,483 | (1,338 | ) | 8,145 | 3,825 | |||||||||||||||||||||||||||||||||||
Jenny Lind Hall | High Rise | Mar-04 | Springfield, MO | 1977 | 78 | 142 | 3,684 | 260 | 142 | 3,944 | 4,086 | (358 | ) | 3,728 | 942 | |||||||||||||||||||||||||||||||||||
JFK Towers | Mid Rise | Jan-06 | Durham, NC | 1983 | 177 | 750 | 7,970 | 773 | 750 | 8,743 | 9,493 | (4,678 | ) | 4,815 | 5,796 | |||||||||||||||||||||||||||||||||||
Kephart Plaza | High Rise | Jan-06 | Lock Haven, PA | 1978 | 101 | 609 | 3,796 | 462 | 609 | 4,258 | 4,867 | (2,987 | ) | 1,880 | 1,488 | |||||||||||||||||||||||||||||||||||
King Bell Apartments | Garden | Jan-06 | Milwaukie, OR | 1982 | 62 | 204 | 2,497 | 193 | 204 | 2,690 | 2,894 | (1,451 | ) | 1,443 | 1,631 | |||||||||||||||||||||||||||||||||||
Kirkwood House | High Rise | Sep-04 | Baltimore, MD | 1979 | 261 | 1,281 | 9,358 | 6,398 | 1,275 | 15,762 | 17,037 | (1,929 | ) | 15,108 | 16,000 | |||||||||||||||||||||||||||||||||||
Kubasek Trinity Manor (The Hollows) | High Rise | Jan-06 | Yonkers, NY | 1981 | 130 | 54 | 8,308 | 1,788 | 54 | 10,096 | 10,150 | (5,033 | ) | 5,117 | 4,749 | |||||||||||||||||||||||||||||||||||
La Salle | Garden | Oct-00 | San Francisco, CA | 1976 | 145 | 1,841 | 19,568 | 16,650 | 1,866 | 36,193 | 38,059 | (12,408 | ) | 25,651 | 15,992 | |||||||||||||||||||||||||||||||||||
La Vista | Garden | Jan-06 | Concord, CA | 1981 | 75 | 565 | 4,448 | 4,223 | 581 | 8,655 | 9,236 | (909 | ) | 8,327 | 5,499 | |||||||||||||||||||||||||||||||||||
Lafayette Square | Garden | Jan-06 | Camden, SC | 1978 | 72 | 142 | 1,875 | 79 | 142 | 1,954 | 2,096 | (1,629 | ) | 467 | 270 | |||||||||||||||||||||||||||||||||||
Lakeview Arms | Mid Rise | Jan-06 | Poughkeepsie, NY | 1981 | 72 | 111 | 3,256 | 288 | 111 | 3,544 | 3,655 | (2,182 | ) | 1,473 | 1,790 | |||||||||||||||||||||||||||||||||||
Landau | Garden | Oct-05 | Clinton, SC | 1970 | 80 | 1,293 | 1,429 | 246 | 1,293 | 1,675 | 2,968 | (1,675 | ) | 1,293 | 283 | |||||||||||||||||||||||||||||||||||
Laurelwood | Garden | Jan-06 | Morristown, TN | 1981 | 65 | 75 | 1,870 | 179 | 75 | 2,049 | 2,124 | (1,275 | ) | 849 | 1,320 | |||||||||||||||||||||||||||||||||||
Lock Haven Gardens | Garden | Jan-06 | Lock Haven, PA | 1979 | 150 | 1,163 | 6,045 | 606 | 1,163 | 6,651 | 7,814 | (4,643 | ) | 3,171 | 2,860 | |||||||||||||||||||||||||||||||||||
Locust House | High Rise | Mar-02 | Westminster, MD | 1979 | 99 | 650 | 2,604 | 786 | 650 | 3,390 | 4,040 | (1,123 | ) | 2,917 | 2,264 | |||||||||||||||||||||||||||||||||||
Long Meadow | Garden | Jan-06 | Cheraw, SC | 1973 | 56 | 158 | 1,342 | 174 | 158 | 1,516 | 1,674 | (1,168 | ) | 506 | 198 | |||||||||||||||||||||||||||||||||||
Loring Towers | High Rise | Oct-02 | Minneapolis, MN | 1975 | 230 | 1,297 | 7,445 | 7,587 | 886 | 15,443 | 16,329 | (4,248 | ) | 12,081 | 7,387 | |||||||||||||||||||||||||||||||||||
Loring Towers Apartments | High Rise | Sep-03 | Salem, MA | 1973 | 250 | 129 | 14,050 | 6,414 | 140 | 20,453 | 20,593 | (3,664 | ) | 16,929 | 16,177 | |||||||||||||||||||||||||||||||||||
Lynnhaven | Garden | Mar-04 | Durham, NC | 1980 | 75 | 539 | 2,159 | 793 | 563 | 2,928 | 3,491 | (652 | ) | 2,839 | 2,787 | |||||||||||||||||||||||||||||||||||
Michigan Beach | Garden | Oct-07 | Chicago, IL | 1958 | 239 | 2,225 | 10,797 | 757 | 2,225 | 11,554 | 13,779 | (3,296 | ) | 10,483 | 5,510 | |||||||||||||||||||||||||||||||||||
Mill Pond | Mid Rise | Jan-06 | Taunton, MA | 1982 | 49 | 80 | 2,704 | 311 | 80 | 3,015 | 3,095 | (1,655 | ) | 1,440 | 1,301 | |||||||||||||||||||||||||||||||||||
Miramar Housing | High Rise | Jan-06 | Ponce, PR | 1983 | 96 | 367 | 5,085 | 194 | 367 | 5,279 | 5,646 | (2,946 | ) | 2,700 | 2,869 | |||||||||||||||||||||||||||||||||||
Montblanc Gardens | Town Home | Dec-03 | Yauco, PR | 1982 | 128 | 391 | 3,859 | 959 | 391 | 4,818 | 5,209 | (2,469 | ) | 2,740 | 3,282 | |||||||||||||||||||||||||||||||||||
Moss Gardens | Mid Rise | Jan-06 | Lafayette, LA | 1980 | 114 | 524 | 3,818 | 257 | 524 | 4,075 | 4,599 | (3,058 | ) | 1,541 | 1,991 | |||||||||||||||||||||||||||||||||||
New Baltimore | Mid Rise | Mar-02 | New Baltimore, MI | 1980 | 101 | 888 | 2,360 | 5,154 | 896 | 7,506 | 8,402 | (1,459 | ) | 6,943 | 2,213 | |||||||||||||||||||||||||||||||||||
Newberry Park | Garden | Dec-97 | Chicago, IL | 1985 | 82 | 1,380 | 7,632 | 459 | 1,380 | 8,091 | 9,471 | (2,739 | ) | 6,732 | 7,399 |
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AIMCO PROPERTIES, L.P. | ||||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION — (Continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(2) | (3) | December 31, 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Cost | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Buildings | Capitalized | Buildings | Accumulated | Cost | |||||||||||||||||||||||||||||||||||||||||||||
Property | Date | Year | Number | and | Subsequent to | and | (5) | Depreciation | Net of | |||||||||||||||||||||||||||||||||||||||||
Property Name | Type | Consolidated | Location | Built | of Units | Land | Improvements | Consolidation | Land | Improvements | Total | (AD) | AD | Encumbrances | ||||||||||||||||||||||||||||||||||||
(In thousands Except Unit Data) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Northlake Village | Garden | Oct-00 | Lima, OH | 1971 | 150 | 487 | 1,317 | 1,791 | 487 | 3,108 | 3,595 | (1,736 | ) | 1,859 | 608 | |||||||||||||||||||||||||||||||||||
Northpoint | Garden | Jan-00 | Chicago, IL | 1921 | 304 | 2,280 | 14,334 | 16,403 | 2,510 | 30,507 | 33,017 | (14,624 | ) | 18,393 | 19,556 | |||||||||||||||||||||||||||||||||||
Northwinds, The | Garden | Mar-02 | Wytheville, VA | 1978 | 144 | 500 | 2,012 | 525 | 500 | 2,537 | 3,037 | (1,339 | ) | 1,698 | 1,599 | |||||||||||||||||||||||||||||||||||
Oakbrook | Garden | Jan-08 | Topeka, KS | 1979 | 170 | 240 | 6,200 | 7 | 240 | 6,207 | 6,447 | (2,773 | ) | 3,674 | 2,770 | |||||||||||||||||||||||||||||||||||
Oakwood Manor | Garden | Mar-04 | Milan, TN | 1984 | 34 | 95 | 498 | 27 | 95 | 525 | 620 | (96 | ) | 524 | 433 | |||||||||||||||||||||||||||||||||||
O’Neil | High Rise | Jan-06 | Troy, NY | 1978 | 115 | 88 | 4,067 | 791 | 88 | 4,858 | 4,946 | (3,278 | ) | 1,668 | 1,353 | |||||||||||||||||||||||||||||||||||
Orange Village | Garden | Jan-06 | Hermitage, PA | 1979 | 81 | 79 | 3,406 | 436 | 79 | 3,842 | 3,921 | (2,361 | ) | 1,560 | 1,833 | |||||||||||||||||||||||||||||||||||
Overbrook Park | Garden | Jan-06 | Chillicothe, OH | 1981 | 50 | 136 | 2,282 | 198 | 136 | 2,480 | 2,616 | (1,377 | ) | 1,239 | 1,447 | |||||||||||||||||||||||||||||||||||
Oxford House | Mid Rise | Mar-02 | Deactur, IL | 1979 | 156 | 993 | 4,164 | 451 | 993 | 4,615 | 5,608 | (1,932 | ) | 3,676 | 2,910 | |||||||||||||||||||||||||||||||||||
Palm Springs Senior | Garden | Mar-02 | Palm Springs, CA | 1981 | 116 | — | 8,745 | 3,657 | — | 12,402 | 12,402 | (1,782 | ) | 10,620 | 6,902 | |||||||||||||||||||||||||||||||||||
Panorama Park | Garden | Mar-02 | Bakersfield, CA | 1982 | 66 | 621 | 5,520 | 893 | 619 | 6,415 | 7,034 | (1,254 | ) | 5,780 | 2,331 | |||||||||||||||||||||||||||||||||||
Parc Chateau I | Garden | Jan-06 | Lithonia, GA | 1973 | 86 | 592 | 1,442 | 324 | 592 | 1,766 | 2,358 | (1,744 | ) | 614 | 434 | |||||||||||||||||||||||||||||||||||
Parc Chateau II | Garden | Jan-06 | Lithonia, GA | 1974 | 88 | 596 | 2,965 | 284 | 596 | 3,249 | 3,845 | (2,522 | ) | 1,323 | 437 | |||||||||||||||||||||||||||||||||||
Park — Joplin Apartments | Garden | Oct-07 | Joplin, MO | 1974 | 192 | 996 | 8,847 | 2 | 996 | 8,849 | 9,845 | (2,816 | ) | 7,029 | 3,395 | |||||||||||||||||||||||||||||||||||
Park Place | Mid Rise | Jun-05 | St Louis, MO | 1977 | 242 | 742 | 6,327 | 9,758 | 705 | 16,122 | 16,827 | (8,022 | ) | 8,805 | 9,572 | |||||||||||||||||||||||||||||||||||
Park Vista | Garden | Oct-05 | Anaheim, CA | 1958 | 392 | 6,155 | 25,929 | 4,463 | 6,155 | 30,392 | 36,547 | (6,356 | ) | 30,191 | 37,757 | |||||||||||||||||||||||||||||||||||
Parkview | Garden | Mar-02 | Sacramento, CA | 1980 | 97 | 1,041 | 2,880 | 7,019 | 1,145 | 9,795 | 10,940 | (1,456 | ) | 9,484 | 6,198 | |||||||||||||||||||||||||||||||||||
Parkways, The | Garden | Jun-04 | Chicago, IL | 1925 | 446 | 3,684 | 23,257 | 17,401 | 3,427 | 40,915 | 44,342 | (12,211 | ) | 32,131 | 21,927 | |||||||||||||||||||||||||||||||||||
Patman Switch | Garden | Jan-06 | Hughes Springs, TX | 1978 | 82 | 727 | 1,382 | 604 | 727 | 1,986 | 2,713 | (1,532 | ) | 1,181 | 1,229 | |||||||||||||||||||||||||||||||||||
Pavilion | High Rise | Mar-04 | Philadelphia, PA | 1976 | 296 | — | 15,416 | 1,265 | — | 16,681 | 16,681 | (4,111 | ) | 12,570 | 9,230 | |||||||||||||||||||||||||||||||||||
Peachwood Place | Garden | Oct-07 | Waycross, GA | 1999 | 72 | 163 | 2,254 | — | 163 | 2,254 | 2,417 | (1,317 | ) | 1,100 | 737 | |||||||||||||||||||||||||||||||||||
Pinebluff Village | Mid Rise | Jan-06 | Salisbury, MD | 1980 | 151 | 1,112 | 7,177 | 685 | 1,112 | 7,862 | 8,974 | (5,627 | ) | 3,347 | 2,050 | |||||||||||||||||||||||||||||||||||
Pinewood Place | Garden | Mar-02 | Toledo, OH | 1979 | 99 | 420 | 1,698 | 1,234 | 420 | 2,932 | 3,352 | (1,229 | ) | 2,123 | 2,001 | |||||||||||||||||||||||||||||||||||
Pleasant Hills | Garden | Apr-05 | Austin, TX | 1982 | 100 | 1,188 | 2,631 | 3,502 | 1,229 | 6,092 | 7,321 | (1,810 | ) | 5,511 | 3,206 | |||||||||||||||||||||||||||||||||||
Plummer Village | Mid Rise | Mar-02 | North Hills, CA | 1983 | 75 | 624 | 2,647 | 1,613 | 667 | 4,217 | 4,884 | (1,670 | ) | 3,214 | 2,598 | |||||||||||||||||||||||||||||||||||
Portner Place | Town Home | Jan-06 | Washington, DC | 1980 | 48 | 697 | 3,753 | 92 | 697 | 3,845 | 4,542 | (287 | ) | 4,255 | 6,428 | |||||||||||||||||||||||||||||||||||
Post Street Apartments | High Rise | Jan-06 | Yonkers, NY | 1930 | 56 | 148 | 3,315 | 415 | 148 | 3,730 | 3,878 | (2,297 | ) | 1,581 | 1,599 | |||||||||||||||||||||||||||||||||||
Pride Gardens | Garden | Dec-97 | Flora, MS | 1975 | 76 | 102 | 1,071 | 1,628 | 102 | 2,699 | 2,801 | (1,454 | ) | 1,347 | 1,079 | |||||||||||||||||||||||||||||||||||
Rancho California | Garden | Jan-06 | Temecula, CA | 1984 | 55 | 488 | 5,462 | 256 | 488 | 5,718 | 6,206 | (2,797 | ) | 3,409 | 4,536 | |||||||||||||||||||||||||||||||||||
Ridgewood (La Loma) | Garden | Mar-02 | Sacramento, CA | 1980 | 75 | 684 | 227 | 7,367 | 718 | 7,560 | 8,278 | (910 | ) | 7,368 | 4,650 | |||||||||||||||||||||||||||||||||||
Ridgewood Towers | High Rise | Mar-02 | East Moline, IL | 1977 | 140 | 698 | 2,803 | 755 | 698 | 3,558 | 4,256 | (1,296 | ) | 2,960 | 1,552 | |||||||||||||||||||||||||||||||||||
River Village | High Rise | Jan-06 | Flint, MI | 1980 | 340 | 1,756 | 13,877 | 1,484 | 1,756 | 15,361 | 17,117 | (10,068 | ) | 7,049 | 7,370 | |||||||||||||||||||||||||||||||||||
River’s Edge | Town Home | Jan-06 | Greenville, MI | 1983 | 49 | 311 | 2,097 | 283 | 311 | 2,380 | 2,691 | (1,643 | ) | 1,048 | 664 | |||||||||||||||||||||||||||||||||||
Riverwoods | High Rise | Jan-06 | Kankakee, IL | 1983 | 125 | 590 | 4,932 | 3,454 | 598 | 8,378 | 8,976 | (1,234 | ) | 7,742 | 5,077 | |||||||||||||||||||||||||||||||||||
Rosedale Court Apartments | Garden | Mar-04 | Dawson Springs, KY | 1981 | 40 | 194 | 1,177 | 180 | 194 | 1,357 | 1,551 | (548 | ) | 1,003 | 876 |
I-92
Table of Contents
AIMCO PROPERTIES, L.P. | ||||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION — (Continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(2) | (3) | December 31, 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Cost | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Buildings | Capitalized | Buildings | Accumulated | Cost | |||||||||||||||||||||||||||||||||||||||||||||
Property | Date | Year | Number | and | Subsequent to | and | (5) | Depreciation | Net of | |||||||||||||||||||||||||||||||||||||||||
Property Name | Type | Consolidated | Location | Built | of Units | Land | Improvements | Consolidation | Land | Improvements | Total | (AD) | AD | Encumbrances | ||||||||||||||||||||||||||||||||||||
(In thousands Except Unit Data) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Round Barn | Garden | Mar-02 | Champaign, IL | 1979 | 156 | 947 | 5,134 | 5,729 | 934 | 10,876 | 11,810 | (2,312 | ) | 9,498 | 5,220 | |||||||||||||||||||||||||||||||||||
Rutherford Park | Town Home | Jan-06 | Hummelstown, PA | 1981 | 85 | 376 | 4,814 | 312 | 376 | 5,126 | 5,502 | (3,005 | ) | 2,497 | 2,841 | |||||||||||||||||||||||||||||||||||
San Jose Apartments | Garden | Sep-05 | San Antonio, TX | 1970 | 220 | 404 | 5,770 | 11,373 | 234 | 17,313 | 17,547 | (3,275 | ) | 14,272 | 5,271 | |||||||||||||||||||||||||||||||||||
San Juan Del Centro | Mid Rise | Sep-05 | Boulder, CO | 1971 | 150 | 243 | 7,110 | 12,551 | 438 | 19,466 | 19,904 | (3,729 | ) | 16,175 | 11,652 | |||||||||||||||||||||||||||||||||||
Sandy Hill Terrace | High Rise | Mar-02 | Norristown, PA | 1980 | 174 | 1,650 | 6,599 | 2,783 | 1,650 | 9,382 | 11,032 | (3,011 | ) | 8,021 | 3,598 | |||||||||||||||||||||||||||||||||||
Sandy Springs | Garden | Mar-05 | Macon, GA | 1979 | 74 | 366 | 1,522 | 1,403 | 366 | 2,925 | 3,291 | (1,703 | ) | 1,588 | 1,915 | |||||||||||||||||||||||||||||||||||
School Street | Mid Rise | Jan-06 | Taunton, MA | 1920 | 75 | 219 | 4,335 | 645 | 219 | 4,980 | 5,199 | (2,742 | ) | 2,457 | 2,625 | |||||||||||||||||||||||||||||||||||
Sherman Hills | High Rise | Jan-06 | Wilkes-Barre, PA | 1976 | 344 | 2,039 | 15,549 | 1,334 | 2,039 | 16,883 | 18,922 | (13,422 | ) | 5,500 | 3,028 | |||||||||||||||||||||||||||||||||||
Shoreview | Garden | Oct-99 | San Francisco, CA | 1976 | 156 | 1,498 | 19,071 | 18,283 | 1,476 | 37,376 | 38,852 | (13,248 | ) | 25,604 | 17,278 | |||||||||||||||||||||||||||||||||||
South Bay Villa | Garden | Mar-02 | Los Angeles, CA | 1981 | 80 | 663 | 2,770 | 4,354 | 1,352 | 6,435 | 7,787 | (3,290 | ) | 4,497 | 3,063 | |||||||||||||||||||||||||||||||||||
Springfield Villas | Garden | Oct-07 | Lockhart, TX | 1999 | 32 | — | 1,153 | 9 | — | 1,162 | 1,162 | — | 1,162 | 855 | ||||||||||||||||||||||||||||||||||||
St. George Villas | Garden | Jan-06 | St. George, SC | 1984 | 40 | 86 | 1,025 | 95 | 86 | 1,120 | 1,206 | (787 | ) | 419 | 503 | |||||||||||||||||||||||||||||||||||
Sterling Village | Town Home | Mar-02 | San Bernadino, CA | 1983 | 80 | 549 | 3,459 | 2,722 | 188 | 6,542 | 6,730 | (1,470 | ) | 5,260 | 4,497 | |||||||||||||||||||||||||||||||||||
Stonegate Apts | Mid Rise | Jul-09 | Indianapolis, IN | 1920 | 52 | 255 | 3,610 | 6 | 255 | 3,616 | 3,871 | (733 | ) | 3,138 | 1,918 | |||||||||||||||||||||||||||||||||||
Sumler Terrace | Garden | Jan-06 | Norfolk, VA | 1976 | 126 | 215 | 4,400 | 503 | 215 | 4,903 | 5,118 | (3,643 | ) | 1,475 | 1,303 | |||||||||||||||||||||||||||||||||||
Summit Oaks | Town Home | Jan-06 | Burke, VA | 1980 | 50 | 382 | 4,930 | 288 | 382 | 5,218 | 5,600 | (1,103 | ) | 4,497 | 3,303 | |||||||||||||||||||||||||||||||||||
Suntree | Garden | Jan-06 | St. Johns, MI | 1980 | 121 | 403 | 6,488 | 658 | 403 | 7,146 | 7,549 | (4,472 | ) | 3,077 | 966 | |||||||||||||||||||||||||||||||||||
Tabor Towers | Mid Rise | Jan-06 | Lewisburg, WV | 1979 | 84 | 163 | 3,360 | 236 | 163 | 3,596 | 3,759 | (2,136 | ) | 1,623 | 1,934 | |||||||||||||||||||||||||||||||||||
Tamarac Apartments I | Garden | Nov-04 | Woodlands, TX | 1980 | 144 | 140 | 2,775 | 3,613 | 363 | 6,165 | 6,528 | (2,071 | ) | 4,457 | 4,188 | |||||||||||||||||||||||||||||||||||
Tamarac Apartments II | Garden | Nov-04 | Woodlands, TX | 1980 | 156 | 142 | 3,195 | 4,048 | 266 | 7,119 | 7,385 | (2,349 | ) | 5,036 | 4,537 | |||||||||||||||||||||||||||||||||||
Terraces | Mid Rise | Jan-06 | Kettering, OH | 1979 | 102 | 1,561 | 2,815 | 634 | 1,561 | 3,449 | 5,010 | (2,493 | ) | 2,517 | 2,483 | |||||||||||||||||||||||||||||||||||
Terry Manor | Mid Rise | Oct-05 | Los Angeles, CA | 1977 | 170 | 1,775 | 5,848 | 6,648 | 1,997 | 12,274 | 14,271 | (4,379 | ) | 9,892 | 6,961 | |||||||||||||||||||||||||||||||||||
Tompkins Terrace | Garden | Oct-02 | Beacon, NY | 1974 | 193 | 872 | 6,827 | 12,128 | 872 | 18,955 | 19,827 | (3,124 | ) | 16,703 | 8,536 | |||||||||||||||||||||||||||||||||||
Trestletree Village | Garden | Mar-02 | Atlanta, GA | 1981 | 188 | 1,150 | 4,655 | 1,500 | 1,150 | 6,155 | 7,305 | (2,119 | ) | 5,186 | 2,856 | |||||||||||||||||||||||||||||||||||
University Square | High Rise | Mar-05 | Philadelphia, PA | 1978 | 442 | 702 | 12,201 | 12,209 | 702 | 24,410 | 25,112 | (8,361 | ) | 16,751 | 13,634 | |||||||||||||||||||||||||||||||||||
Van Nuys Apartments | High Rise | Mar-02 | Los Angeles, CA | 1981 | 299 | 4,253 | 21,226 | 19,594 | 4,219 | 40,854 | 45,073 | (5,581 | ) | 39,492 | 20,870 | |||||||||||||||||||||||||||||||||||
Victory Square | Garden | Mar-02 | Canton, OH | 1975 | 81 | 215 | 889 | 550 | 215 | 1,439 | 1,654 | (633 | ) | 1,021 | 850 | |||||||||||||||||||||||||||||||||||
Village Oaks | Mid Rise | Jan-06 | Catonsville, MD | 1980 | 181 | 2,127 | 5,188 | 1,775 | 2,127 | 6,963 | 9,090 | (4,748 | ) | 4,342 | 4,479 | |||||||||||||||||||||||||||||||||||
Village of Kaufman | Garden | Mar-05 | Kaufman, TX | 1981 | 68 | 370 | 1,606 | 628 | 370 | 2,234 | 2,604 | (747 | ) | 1,857 | 1,851 | |||||||||||||||||||||||||||||||||||
Vintage Crossing | Town Home | Mar-04 | Cuthbert, GA | 1982 | 50 | 188 | 1,058 | 553 | 188 | 1,611 | 1,799 | (917 | ) | 882 | 1,639 | |||||||||||||||||||||||||||||||||||
Vista Park Chino | Garden | Mar-02 | Chino, CA | 1983 | 40 | 380 | 1,521 | 388 | 380 | 1,909 | 2,289 | (693 | ) | 1,596 | 1,446 | |||||||||||||||||||||||||||||||||||
Vistula Heritage Village | Garden | Oct-08 | Toledo, OH | 1930 | 250 | 1,312 | 20,635 | — | 1,312 | 20,635 | 21,947 | (8,119 | ) | 13,828 | 12,716 | |||||||||||||||||||||||||||||||||||
Wah Luck House | High Rise | Jan-06 | Washington, DC | 1982 | 153 | — | 8,690 | 476 | — | 9,166 | 9,166 | (2,407 | ) | 6,759 | 9,147 | |||||||||||||||||||||||||||||||||||
Walnut Hills | High Rise | Jan-06 | Cincinnati, OH | 1983 | 198 | 888 | 5,608 | 5,114 | 826 | 10,784 | 11,610 | (1,788 | ) | 9,822 | 5,645 | |||||||||||||||||||||||||||||||||||
Wasco Arms | Garden | Mar-02 | Wasco, CA | 1982 | 78 | 625 | 2,519 | 1,025 | 625 | 3,544 | 4,169 | (1,368 | ) | 2,801 | 3,109 |
I-93
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AIMCO PROPERTIES, L.P. | ||||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION — (Continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(2) | (3) | December 31, 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Cost | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Buildings | Capitalized | Buildings | Accumulated | Cost | |||||||||||||||||||||||||||||||||||||||||||||
Property | Date | Year | Number | and | Subsequent to | and | (5) | Depreciation | Net of | |||||||||||||||||||||||||||||||||||||||||
Property Name | Type | Consolidated | Location | Built | of Units | Land | Improvements | Consolidation | Land | Improvements | Total | (AD) | AD | Encumbrances | ||||||||||||||||||||||||||||||||||||
(In thousands Except Unit Data) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Washington Square West | Mid Rise | Sep-04 | Philadelphia, PA | 1982 | 132 | 555 | 11,169 | 5,854 | 582 | 16,996 | 17,578 | (7,665 | ) | 9,913 | 3,888 | |||||||||||||||||||||||||||||||||||
Westwood Terrace | Mid Rise | Mar-02 | Moline, IL | 1976 | 97 | 720 | 3,242 | 586 | 720 | 3,828 | 4,548 | (1,237 | ) | 3,311 | 1,652 | |||||||||||||||||||||||||||||||||||
White Cliff | Garden | Mar-02 | Lincoln Heights, OH | 1977 | 72 | 215 | 938 | 419 | 215 | 1,357 | 1,572 | (567 | ) | 1,005 | 1,003 | |||||||||||||||||||||||||||||||||||
Whitefield Place | Garden | Apr-05 | San Antonio, TX | 1980 | 80 | 223 | 3,151 | 2,550 | 219 | 5,705 | 5,924 | (2,054 | ) | 3,870 | 2,260 | |||||||||||||||||||||||||||||||||||
Wickford | Garden | Mar-04 | Henderson, NC | 1983 | 44 | 247 | 946 | 123 | 247 | 1,069 | 1,316 | (436 | ) | 880 | 1,423 | |||||||||||||||||||||||||||||||||||
Wilderness Trail | High Rise | Mar-02 | Pineville, KY | 1983 | 124 | 1,010 | 4,048 | 674 | 1,010 | 4,722 | 5,732 | (1,223 | ) | 4,509 | 4,478 | |||||||||||||||||||||||||||||||||||
Wilkes Towers | High Rise | Mar-02 | North Wilkesboro, NC | 1981 | 72 | 410 | 1,680 | 494 | 410 | 2,174 | 2,584 | (723 | ) | 1,861 | 1,875 | |||||||||||||||||||||||||||||||||||
Willow Wood | Garden | Mar-02 | North Hollywood, CA | 1984 | 19 | 1,051 | 840 | 193 | 1,051 | 1,033 | 2,084 | (308 | ) | 1,776 | 1,068 | |||||||||||||||||||||||||||||||||||
Winnsboro Arms | Garden | Jan-06 | Winnsboro, SC | 1978 | 60 | 272 | 1,697 | 253 | 272 | 1,950 | 2,222 | (1,508 | ) | 714 | 182 | |||||||||||||||||||||||||||||||||||
Winter Gardens | High Rise | Mar-04 | St Louis, MO | 1920 | 112 | 300 | 3,072 | 4,448 | 300 | 7,520 | 7,820 | (1,334 | ) | 6,486 | 3,796 | |||||||||||||||||||||||||||||||||||
Woodcrest | Garden | Dec-97 | Odessa, TX | 1972 | 80 | 41 | 229 | 674 | 41 | 903 | 944 | (708 | ) | 236 | 443 | |||||||||||||||||||||||||||||||||||
Woodland | Garden | Jan-06 | Spartanburg, SC | 1972 | 100 | 182 | 663 | 1,379 | 182 | 2,042 | 2,224 | (491 | ) | 1,733 | — | |||||||||||||||||||||||||||||||||||
Woodland Hills | Garden | Oct-05 | Jackson, MI | 1980 | 125 | 541 | 3,875 | 4,266 | 321 | 8,361 | 8,682 | (2,727 | ) | 5,955 | 3,644 | |||||||||||||||||||||||||||||||||||
Total Affordable Properties: | 20,845 | 119,679 | 881,432 | 442,857 | 118,882 | 1,325,086 | 1,443,968 | (484,724 | ) | 959,244 | 706,666 | |||||||||||||||||||||||||||||||||||||||
Other(4) | — | 74 | 2,470 | 2,465 | 2,107 | 2,903 | 5,010 | (2,490 | ) | 2,520 | — | |||||||||||||||||||||||||||||||||||||||
Total Continuing Operations | 90,222 | 2,090,713 | 4,702,013 | 2,597,713 | 2,148,389 | 7,242,051 | 9,390,440 | (2,594,544 | ) | 6,795,896 | 5,398,091 | |||||||||||||||||||||||||||||||||||||||
Discontinued Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Conventional Properties: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Atriums of Plantation | Mid Rise | Aug-98 | Plantation, FL | 1979 | 210 | 1,807 | 10,385 | 2,833 | 1,807 | 13,218 | 15,025 | (5,151 | ) | 9,874 | 5,780 | |||||||||||||||||||||||||||||||||||
Citrus Grove | Garden | Jun-98 | Redlands, CA | 1985 | 198 | 1,118 | 6,642 | 2,186 | 1,118 | 8,828 | 9,946 | (3,983 | ) | 5,963 | 3,261 | |||||||||||||||||||||||||||||||||||
Defoors Crossing | Garden | Jan-06 | Atlanta, GA | 1987 | 60 | 348 | 957 | 392 | 348 | 1,349 | 1,697 | (1,213 | ) | 484 | — | |||||||||||||||||||||||||||||||||||
Fairway | Garden | Jan-00 | Plano, TX | 1978 | 256 | 2,961 | 5,137 | 5,788 | 2,961 | 10,925 | 13,886 | (5,794 | ) | 8,092 | 8,885 | |||||||||||||||||||||||||||||||||||
Glenbridge Manors | Garden | Sep-03 | Cincinnati, OH | 1978 | 274 | 1,030 | 17,447 | 14,108 | 1,031 | 31,554 | 32,585 | (7,012 | ) | 25,573 | 16,820 | |||||||||||||||||||||||||||||||||||
Highland Ridge | Garden | Sep-04 | Atlanta, GA | 1984 | 219 | 1,225 | 6,174 | 5,145 | 1,242 | 11,302 | 12,544 | (4,605 | ) | 7,939 | 6,100 | |||||||||||||||||||||||||||||||||||
Homestead | Garden | Apr-05 | East Lansing, MI | 1986 | 168 | 1,565 | 8,200 | 761 | 1,566 | 8,960 | 10,526 | (3,878 | ) | 6,648 | 3,372 | |||||||||||||||||||||||||||||||||||
Sandpiper Cove | Garden | Dec-97 | Boynton Beach, FL | 1987 | 416 | 3,511 | 21,396 | 7,141 | 3,511 | 28,537 | 32,048 | (11,039 | ) | 21,009 | 29,425 | |||||||||||||||||||||||||||||||||||
Sienna Bay | Garden | Apr-00 | St. Petersburg, FL | 1984 | 276 | 1,737 | 9,778 | 10,702 | 1,737 | 20,480 | 22,217 | (10,277 | ) | 11,940 | 10,630 | |||||||||||||||||||||||||||||||||||
Solana Vista | Garden | Dec-97 | Bradenton, FL | 1984 | 200 | 1,276 | 7,170 | 6,872 | 1,276 | 14,042 | 15,318 | (5,449 | ) | 9,869 | 7,865 | |||||||||||||||||||||||||||||||||||
Stoney Brook | Garden | Nov-96 | Houston, TX | 1972 | 113 | 275 | 1,865 | 1,931 | 275 | 3,796 | 4,071 | (1,215 | ) | 2,856 | 1,797 | |||||||||||||||||||||||||||||||||||
Summit Creek | Garden | May-98 | Austin, TX | 1985 | 164 | 1,211 | 6,037 | 2,591 | 1,211 | 8,628 | 9,839 | (3,285 | ) | 6,554 | 5,670 | |||||||||||||||||||||||||||||||||||
Talbot Woods | Garden | Sep-04 | Middleboro, MA | 1972 | 121 | 5,852 | 4,719 | 2,026 | 5,852 | 6,745 | 12,597 | (2,150 | ) | 10,447 | 6,203 | |||||||||||||||||||||||||||||||||||
Tar River Estates | Garden | Oct-99 | Greenville, NC | 1969 | 220 | 1,558 | 14,298 | 3,740 | 1,558 | 18,038 | 19,596 | (7,601 | ) | 11,995 | 3,960 | |||||||||||||||||||||||||||||||||||
Tierra Palms | Garden | Jan-06 | Norwalk, CA | 1970 | 144 | 6,441 | 6,807 | 609 | 6,441 | 7,416 | 13,857 | (855 | ) | 13,002 | 10,777 | |||||||||||||||||||||||||||||||||||
Village Green | Garden | Oct-02 | Altamonte Springs, FL | 1970 | 164 | 608 | 6,618 | 2,514 | 608 | 9,132 | 9,740 | (4,386 | ) | 5,354 | 6,510 |
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AIMCO PROPERTIES, L.P. | ||||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION — (Continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(2) | (3) | December 31, 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Cost | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Buildings | Capitalized | Buildings | Accumulated | Cost | |||||||||||||||||||||||||||||||||||||||||||||
Property | Date | Year | Number | and | Subsequent to | and | (5) | Depreciation | Net of | |||||||||||||||||||||||||||||||||||||||||
Property Name | Type | Consolidated | Location | Built | of Units | Land | Improvements | Consolidation | Land | Improvements | Total | (AD) | AD | Encumbrances | ||||||||||||||||||||||||||||||||||||
(In thousands Except Unit Data) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Wilson Acres | Garden | Apr-06 | Greenville, NC | 1979 | 146 | 1,175 | 3,943 | 962 | 1,485 | 4,595 | 6,080 | (866 | ) | 5,214 | 2,743 | |||||||||||||||||||||||||||||||||||
Total Conventional Properties: | 3,349 | 33,698 | 137,573 | 70,301 | 34,027 | 207,545 | 241,572 | (78,759 | ) | 162,813 | 129,800 | |||||||||||||||||||||||||||||||||||||||
Affordable Properties: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Baldwin Oaks | Mid Rise | Oct-99 | Parsippany ,NJ | 1980 | 251 | 746 | 8,516 | 1,998 | 746 | 10,514 | 11,260 | (6,245 | ) | 5,015 | 12,972 | |||||||||||||||||||||||||||||||||||
Baldwin Towers | High Rise | Jan-06 | Pittsburgh, PA | 1983 | 99 | 398 | 5,256 | 202 | 398 | 5,458 | 5,856 | (4,002 | ) | 1,854 | 1,458 | |||||||||||||||||||||||||||||||||||
Bloomsburg Towers | Mid Rise | Jan-06 | Bloomsburg, PA | 1981 | 75 | 1 | 4,128 | 351 | 1 | 4,479 | 4,480 | (2,761 | ) | 1,719 | 1,553 | |||||||||||||||||||||||||||||||||||
Campbell Heights | High Rise | Oct-02 | Washington, D.C. | 1978 | 171 | 750 | 6,719 | 859 | 750 | 7,578 | 8,328 | (3,062 | ) | 5,266 | 15,449 | |||||||||||||||||||||||||||||||||||
Cherry Ridge Terrace | Garden | Mar-02 | Northern Cambria, PA | 1983 | 62 | 372 | 1,490 | 906 | 372 | 2,396 | 2,768 | (852 | ) | 1,916 | 795 | |||||||||||||||||||||||||||||||||||
Hillside Village | Town Home | Jan-06 | Catawissa, PA | 1981 | 50 | 31 | 2,643 | 186 | 31 | 2,829 | 2,860 | (1,795 | ) | 1,065 | 1,089 | |||||||||||||||||||||||||||||||||||
Hilltop | Garden | Jan-06 | Duquesne, PA | 1975 | 152 | 1,271 | 6,194 | 722 | 1,271 | 6,916 | 8,187 | (5,198 | ) | 2,989 | 2,110 | |||||||||||||||||||||||||||||||||||
Hudson Terrace | Garden | Jan-06 | Hudson, NY | 1973 | 168 | 647 | 5,025 | 584 | 647 | 5,609 | 6,256 | (3,813 | ) | 2,443 | 1,044 | |||||||||||||||||||||||||||||||||||
Lodge Run | Mid Rise | Jan-06 | Portage, PA | 1983 | 31 | 274 | 1,211 | 377 | 274 | 1,588 | 1,862 | (1,259 | ) | 603 | 363 | |||||||||||||||||||||||||||||||||||
Morrisania II | High Rise | Jan-06 | Bronx, NY | 1979 | 203 | 659 | 15,783 | 1,710 | 659 | 17,493 | 18,152 | (10,840 | ) | 7,312 | 8,144 | |||||||||||||||||||||||||||||||||||
New Vistas I | Garden | Jan-06 | Chicago, IL | 1925 | 148 | 1,448 | 6,121 | 380 | 1,448 | 6,501 | 7,949 | (5,577 | ) | 2,372 | 1,386 | |||||||||||||||||||||||||||||||||||
Oxford Terrace IV | Town Home | Oct-07 | Indianapolis, IN | 1994 | 48 | 247 | 1,410 | 607 | 247 | 2,017 | 2,264 | (1,057 | ) | 1,207 | 1,261 | |||||||||||||||||||||||||||||||||||
Spring Manor | Mid Rise | Jan-06 | Holidaysburg, PA | 1983 | 51 | 608 | 2,083 | 425 | 608 | 2,508 | 3,116 | (2,168 | ) | 948 | 631 | |||||||||||||||||||||||||||||||||||
Stonegate Village | Garden | Oct-00 | New Castle, IN | 1970 | 122 | 313 | 1,895 | 1,342 | 308 | 3,242 | 3,550 | (1,344 | ) | 2,206 | 284 | |||||||||||||||||||||||||||||||||||
Total Affordable Properties: | 1,631 | 7,765 | 68,474 | 10,649 | 7,760 | 79,128 | 86,888 | (49,973 | ) | 36,915 | 48,539 | |||||||||||||||||||||||||||||||||||||||
Other(4) | — | — | — | 78 | 1 | 77 | 78 | (63 | ) | 15 | — | |||||||||||||||||||||||||||||||||||||||
Total Discontinued Operations | 4,980 | 41,463 | 206,047 | 81,028 | 41,788 | 286,750 | 328,538 | (128,795 | ) | 199,743 | 178,339 | |||||||||||||||||||||||||||||||||||||||
Total Continuing and Discontinued Operations | 95,202 | 2,132,176 | 4,908,060 | 2,678,741 | 2,190,177 | 7,528,801 | 9,718,978 | (2,723,339 | ) | 6,995,639 | 5,576,430 | |||||||||||||||||||||||||||||||||||||||
(1) | Date we acquired the property or first consolidated the partnership which owns the property. | |
(2) | Initial cost includes the tendering costs to acquire the noncontrolling interest share of our consolidated real estate partnerships. | |
(3) | Costs capitalized subsequent to consolidation includes costs capitalized since acquisition or first consolidation of the partnership/property. | |
(4) | Other includes land parcels, commercial properties and other related costs. | |
(5) | The aggregate cost of land and depreciable property for federal income tax purposes was approximately $8.0 billion at December 31, 2009. |
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2009 | 2008 | 2007 | ||||||||||
(In thousands) | ||||||||||||
Real Estate | ||||||||||||
Balance at beginning of year | $ | 11,000,496 | $ | 12,420,200 | $ | 12,011,693 | ||||||
Additions during the year: | ||||||||||||
Newly consolidated assets and acquisition of limited partnership interests(1) | 19,683 | 31,447 | 31,572 | |||||||||
Acquisitions | — | 107,445 | 233,059 | |||||||||
Capital expenditures | 275,444 | 665,233 | 689,719 | |||||||||
Deductions during the year: | ||||||||||||
Casualty and other write-offs(2) | (43,134 | ) | (130,595 | ) | (24,594 | ) | ||||||
Sales | (1,533,511 | ) | (2,093,234 | ) | (521,249 | ) | ||||||
Balance at end of year | $ | 9,718,978 | $ | 11,000,496 | $ | 12,420,200 | ||||||
Accumulated Depreciation | ||||||||||||
Balance at beginning of year | $ | 2,814,992 | $ | 3,047,211 | $ | 2,900,909 | ||||||
Additions during the year: | ||||||||||||
Depreciation | 478,550 | 497,395 | 477,725 | |||||||||
Newly consolidated assets and acquisition of limited partnership interests(1) | (2,763 | ) | (22,256 | ) | (128,272 | ) | ||||||
Deductions during the year: | ||||||||||||
Casualty and other write-offs | (5,200 | ) | (1,838 | ) | (5,280 | ) | ||||||
Sales | (562,240 | ) | (705,520 | ) | (197,871 | ) | ||||||
Balance at end of year | $ | 2,723,339 | $ | 2,814,992 | $ | 3,047,211 | ||||||
(1) | Includes the effect of newly consolidated assets, acquisition of limited partnership interests and related activity. |
(2) | Casualty and other write-offs in 2008 include impairments totaling $91.1 million related to our Lincoln Place and Pacific Bay Vistas properties. |
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Item 20. | Indemnification of Directors and Officers. |
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Item 21. | Exhibits. |
• | should not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate; | |
• | have been qualified by disclosures that were made to the other party in connection with the negotiation of the applicable agreement, which disclosures are not necessarily reflected in the agreement; | |
• | may apply standards of materiality in a way that is different from what may be viewed as material to you or other investors; and | |
• | were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement and are subject to more recent developments. |
Item 22. | Undertakings. |
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MANAGEMENT COMPANY
By: | /s/ ERNEST M. FREEDMAN |
Title: | Executive Vice President, Chief Financial Officer |
Signature | Title | Date | ||||
* Terry Considine | Chairman of the Board and Chief Executive Officer (principal executive officer) | December 13, 2010 | ||||
/s/ ERNEST M. FREEDMAN Ernest M. Freedman | Executive Vice President and Chief Financial Officer (principal financial officer) | December 13, 2010 | ||||
* Paul Beldin | Senior Vice President and Chief Accounting Officer (principal accounting officer) | December 13, 2010 | ||||
* James N. Bailey | Director | December 13, 2010 | ||||
* Richard S. Ellwood | Director | December 13, 2010 | ||||
* Thomas L. Keltner | Director | December 13, 2010 | ||||
* J. Landis Martin | Director | December 13, 2010 | ||||
* Robert A. Miller | Director | December 13, 2010 | ||||
* Michael A. Stein | Director | December 13, 2010 |
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Signature | Title | Date | ||||
* Kathleen M. Nelson | Director | December 13, 2010 | ||||
By: | /s/ ERNEST M. FREEDMAN Attorney-in-Fact | December 13, 2010 |
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By: | /s/ ERNEST M. FREEDMAN |
Title: | Executive Vice President, Chief Financial Officer |
Signature | Title | Date | ||||
* Terry Considine | Chairman of the Board and Chief Executive Officer of the registrant’s general partner (principal executive officer) | December 13, 2010 | ||||
* Miles Cortez | Director, Executive Vice President and Chief Administrative Officer of the registrant’s general partner | December 13, 2010 | ||||
/s/ ERNEST M. FREEDMAN Ernest M. Freedman | Executive Vice President and Chief Financial Officer of the registrant’s general partner (principal financial officer) | December 13, 2010 | ||||
* Paul Beldin | Senior Vice President and Chief Accounting Officer of the registrant’s general partner (principal accounting officer) | December 13, 2010 | ||||
By: | /s/ ERNEST M. FREEDMAN Attorney-in-Fact | December 13, 2010 |
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Exhibit | ||||
Number | Description | |||
2 | .1 | Agreement and Plan of Merger, dated as of September 13, 2010 by and among Consolidated Capital Institutional Properties, LP, Aimco CCIP Merger Sub LLC and Aimco Properties, L.P. (Annex A to the Information Statement/Prospectus filed hereto) | ||
3 | .1 | Charter of Apartment Investment and Management Company (Exhibit 3.1 to Aimco’s Quarterly Report onForm 10-Q for the quarterly period ended September 30, 2010, is incorporated herein by this reference) | ||
3 | .2 | Amended and Restated Bylaws of Apartment Investment and Management Company (Exhibit 3.2 to Aimco’s Current Report onForm 8-K dated February 4, 2010, is incorporated herein by this reference) | ||
3 | .3 | Fourth Amended and Restated Agreement of Limited Partnership of AIMCO Properties, L.P., dated as of July 29, 1994, as amended and restated as of February 28, 2007 (Exhibit 10.1 to Aimco’s Annual Report onForm 10-K for the year ended December 31, 2006, is incorporated herein by this reference) | ||
3 | .4 | First Amendment to Fourth Amended and Restated Agreement of Limited Partnership of AIMCO Properties, L.P., dated as of December 31, 2007 (Exhibit 10.1 to Aimco’s Current Report onForm 8-K, dated December 31, 2007, is incorporated herein by this reference) | ||
3 | .5 | Second Amendment to the Fourth Amended and Restated Agreement of Limited Partnership of AIMCO Properties, L.P., dated as of July 30, 2009 (Exhibit 10.1 to Aimco’s Quarterly Report onForm 10-Q for the quarterly period ended June 30, 2009, is incorporated herein by this reference) | ||
3 | .6 | Third Amendment to Fourth Amended and Restated Agreement of Limited Partnership of AIMCO Properties, L.P., dated as of December 31, 2007 (Exhibit 10.1 to Aimco’s Current Report onForm 8-K, dated September 3, 2010, is incorporated herein by this reference) | ||
5 | .1 | Opinion of Skadden, Arps, Slate, Meagher & Flom LLP regarding the validity of the Common OP Units being registered.† | ||
5 | .2 | Opinion of DLA Piper regarding the validity of the Class A Common Stock issuable upon redemption of the Common OP Units† | ||
8 | .1 | Opinion of Skadden, Arps, Slate, Meagher & Flom LLP regarding certain tax matters† | ||
10 | .1 | Amended and Restated Secured Credit Agreement, dated as of November 2, 2004, by and among Aimco, AIMCO Properties, L.P., AIMCO/Bethesda Holdings, Inc., and NHP Management Company as the borrowers and Bank of America, N.A., Keybank National Association, and the Lenders listed therein (Exhibit 4.1 to Aimco’s Quarterly Report onForm 10-Q for the quarterly period ended September 30, 2004, is incorporated herein by this reference) | ||
10 | .2 | First Amendment to Amended and Restated Secured Credit Agreement, dated as of June 16, 2005, by and among Aimco, AIMCO Properties, L.P., AIMCO/Bethesda Holdings, Inc., and NHP Management Company as the borrowers and Bank of America, N.A., Keybank National Association, and the Lenders listed therein (Exhibit 10.1 to Aimco’s Current Report onForm 8-K, dated June 16, 2005, is incorporated herein by this reference) | ||
10 | .3 | Second Amendment to Amended and Restated Senior Secured Credit Agreement, dated as of March 22, 2006, by and among Aimco, AIMCO Properties, L.P., and AIMCO/Bethesda Holdings, Inc., as the borrowers, and Bank of America, N.A., Keybank National Association, and the lenders listed therein (Exhibit 10.1 to Aimco’s Current Report onForm 8-K, dated March 22, 2006, is incorporated herein by this reference) | ||
10 | .4 | Third Amendment to Senior Secured Credit Agreement, dated as of August 31, 2007, by and among Apartment Investment and Management Company, AIMCO Properties, L.P., and AIMCO/Bethesda Holdings, Inc., as the Borrowers, the pledgors and guarantors named therein, Bank of America, N.A., as administrative agent and Bank of America, N.A., Keybank National Association and the other lenders listed therein (Exhibit 10.1 to Aimco’s Current Report onForm 8-K, dated August 31, 2007, is incorporated herein by this reference) | ||
10 | .5 | Fourth Amendment to Senior Secured Credit Agreement, dated as of September 14, 2007, by and among Apartment Investment and Management Company, AIMCO Properties, L.P., and AIMCO/Bethesda Holdings, Inc., as the Borrowers, the pledgors and guarantors named therein, Bank of America, N.A., as administrative agent and Bank of America, N.A., Keybank National Association and the other lenders listed therein (Exhibit 10.1 to Aimco’s Current Report onForm 8-K, dated September 14, 2007, is incorporated herein by this reference) |
Table of Contents
Exhibit | ||||
Number | Description | |||
10 | .6 | Fifth Amendment to Senior Secured Credit Agreement, dated as of September 9, 2008, by and among Apartment Investment and Management Company, AIMCO Properties, L.P., and AIMCO/Bethesda Holdings, Inc., as the Borrowers, the pledgors and guarantors named therein, Bank of America, N.A., as administrative agent and Bank of America, N.A., Keybank National Association and the other lenders listed therein (Exhibit 10.1 to Aimco’s Current Report onForm 8-K, dated September 11, 2008, is incorporated herein by this reference) | ||
10 | .7 | Sixth Amendment to Senior Secured Credit Agreement, dated as of May 1, 2009, by and among Apartment Investment and Management Company, AIMCO Properties, L.P., and AIMCO/Bethesda Holdings, Inc., as the Borrowers, the pledgors and guarantors named therein, Bank of America, N.A., as administrative agent and Bank of America, N.A., Keybank National Association and the other lenders listed therein (Exhibit 10.1 to Aimco’s Quarterly Report onForm 10-Q for the quarterly period ended March 31, 2009, is incorporated herein by this reference) | ||
10 | .8 | Seventh Amendment to Senior Secured Credit Agreement, dated as of August 4, 2009, by and among Apartment Investment and Management Company, AIMCO Properties, L.P., and AIMCO/Bethesda Holdings, Inc., as the Borrowers, the pledgors and guarantors named therein and the lenders party thereto (Exhibit 10.1 to Aimco’s Current Report onForm 8-K, dated August 6, 2009, is incorporated herein by this reference) | ||
10 | .9 | Eighth Amendment to Senior Secured Credit Agreement, dated as of February 3, 2010, by and among Apartment Investment and Management Company, AIMCO Properties, L.P., and AIMCO/Bethesda Holdings, Inc., as the Borrowers, the pledgors and guarantors named therein and the lenders party thereto (Exhibit 10.1 to Aimco’s Current Report onForm 8-K, dated February 5, 2010, is incorporated herein by this reference) | ||
10 | .10 | Ninth Amendment to Amended and Restated Senior Secured Credit Agreement, dated as of May 14, 2010, by and among Apartment Investment and Management Company, AIMCO Properties, L.P., and AIMCO/Bethesda Holdings, Inc., as the borrowers, the guarantors and the pledgors named therein and the lenders party thereto (Exhibit 10.1 to Aimco’s Quarterly Report onForm 10-Q for the quarterly period ended June 30, 2009, is incorporated herein by this reference) | ||
10 | .11 | Tenth Amendment to Senior Secured Credit Agreement, dated as of September 29, 2010, by and among Apartment Investment and Management Company, AIMCO Properties, L.P., and AIMCO/Bethesda Holdings, Inc., as the Borrowers, the pledgors and guarantors named therein, Bank of America, N.A., as administrative agent, swing line lender and L/C issuer, and the lenders party thereto. (Exhibit 10.1 to Aimco’s Current Report onForm 8-K, dated September 29, 2010, is incorporated herein by reference). | ||
10 | .12 | Master Indemnification Agreement, dated December 3, 2001, by and among Apartment Investment and Management Company, AIMCO Properties, L.P., XYZ Holdings LLC, and the other parties signatory thereto (Exhibit 2.3 to Aimco’s Current Report onForm 8-K, dated December 6, 2001, is incorporated herein by this reference) | ||
10 | .13 | Tax Indemnification and Contest Agreement, dated December 3, 2001, by and among Apartment Investment and Management Company, National Partnership Investments, Corp., and XYZ Holdings LLC and the other parties signatory thereto (Exhibit 2.4 to Aimco’s Current Report onForm 8-K, dated December 6, 2001, is incorporated herein by this reference) | ||
10 | .14 | Limited Liability Company Agreement of AIMCO JV Portfolio #1, LLC dated as of December 30, 2003 by and among AIMCO BRE I, LLC, AIMCO BRE II, LLC and SRV-AJVP#1, LLC (Exhibit 10.54 to Aimco’s Annual Report onForm 10-K for the year ended December 31, 2003, is incorporated herein by this reference) | ||
10 | .15 | Employment Contract executed on December 29, 2008, by and between AIMCO Properties, L.P. and Terry Considine (Exhibit 10.1 to Aimco’s Current Report onForm 8-K, dated December 29, 2008, is incorporated herein by this reference)* | ||
10 | .16 | Apartment Investment and Management Company 1997 Stock Award and Incentive Plan (October 1999) (Exhibit 10.26 to Aimco’s Annual Report onForm 10-K for the year ended December 31, 1999, is incorporated herein by this reference)* | ||
10 | .17 | Form of Restricted Stock Agreement (1997 Stock Award and Incentive Plan) (Exhibit 10.11 to Aimco’s Quarterly Report onForm 10-Q for the quarterly period ended September 30, 1997, is incorporated herein by this reference)* |
Table of Contents
Exhibit | ||||
Number | Description | |||
10 | .18 | Form of Incentive Stock Option Agreement (1997 Stock Award and Incentive Plan) (Exhibit 10.42 to Aimco’s Annual Report onForm 10-K for the year ended December 31, 1998, is incorporated herein by this reference)* | ||
10 | .19 | 2007 Stock Award and Incentive Plan (incorporated by reference to Appendix A to Aimco’s Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on March 20, 2007)* | ||
10 | .20 | Form of Restricted Stock Agreement (Exhibit 10.2 to Aimco’s Current Report onForm 8-K, dated April 30, 2007, is incorporated herein by this reference)* | ||
10 | .21 | Form of Non-Qualified Stock Option Agreement (Exhibit 10.3 to Aimco’s Current Report onForm 8-K, dated April 30, 2007, is incorporated herein by this reference)* | ||
10 | .22 | 2007 Employee Stock Purchase Plan (incorporated by reference to Appendix B to Aimco’s Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on March 20, 2007)* | ||
21 | .1 | List of Subsidiaries (Exhibit 21.1 to Aimco’s Annual Report ofForm 10-K for the year ended December 31, 2009 is incorporated herein by this reference) | ||
23 | .1 | Consent of Independent Registered Public Accounting Firm | ||
23 | .2 | Consent of Independent Registered Public Accounting Firm | ||
23 | .3 | Consent of Independent Registered Public Accounting Firm | ||
23 | .4 | Consent of Skadden, Arps, Slate, Meagher & Flom LLP (included in Exhibit 5.1) | ||
23 | .5 | Consent of DLA Piper (included in Exhibit 5.2) | ||
23 | .6 | Consent of Skadden, Arps, Slate, Meagher & Flom LLP (included in Exhibit 8.1) | ||
23 | .7 | Consent of Cogent Realty Advisors, LLC† | ||
24 | .1 | Power of Attorney† | ||
99 | .1 | Appraisal Report, dated as of February 22, 2010, by Cogent Realty Advisors, LLC, related to The Sterling Apartment Homes and Commerce Center.† | ||
99 | .2 | Appraisal Report, dated as of April 17, 2010, by Cogent Realty Advisors, LLC, related to the Plantation Gardens Apartments.† | ||
99 | .3 | Supplement Letter, dated as of August 30, 2010, by Cogent Realty Advisors, related to the Plantation Gardens Apartments.† | ||
99 | .4 | Appraisal Report, dated as of May 17, 2010, by Cogent Realty Advisors, LLC, related to the Regency Oaks Apartments.† |
(1) | Schedules and supplemental materials to the exhibits have been omitted but will be provided to the Securities and Exchange Commission upon request. | |
(2) | The file reference number for all exhibits is001-13232, and all such exhibits remain available pursuant to the Records Control Schedule of the Securities and Exchange Commission. | |
* | Indicates a management contract or compensatory plan or arrangement. | |
† | Previously filed with the Registration Statement on Form S-4 filed by Aimco and Aimco OP on September 14, 2010. |