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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) |
Large accelerated filer þ | Accelerated filer o | Non-accelerated filer o | Smaller reporting company o |
Proposed | Proposed | |||||||||||
Maximum | Maximum | |||||||||||
Title of Each Class of | Amount to be | Offering Price | Aggregate | Amount of | ||||||||
Securities to be Registered | Registered(1) | per Share (1) | Offering Price | Registration Fee | ||||||||
Partnership Common Units of AIMCO Properties, L.P. | $1,354,489.76 | $157.26 | ||||||||||
Common Stock of Apartment Investment and Management Company(2) | — | — | ||||||||||
(1) | Omitted in reliance on Rule 457(o) under the Securities Act of 1933. |
(2) | Represents shares of Common Stock issuable upon redemption of Partnership Common Units issued hereunder. |
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The information in this consent solicitation/prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This consent solicitation/prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted. |
PROPOSED MERGER — YOUR VOTE IS VERY IMPORTANT
• | First, NPI will be converted from a California limited partnership to a Delaware limited partnership, or New NPI. In the conversion, each unit of limited partnership interest in NPI, or NPI Unit, will be converted into an identical unit of limited partnership in New NPI, or New NPI Unit, and the general partnership interest in NPI now held by NPI’s managing general partner will be converted into a general partnership interest in New NPI. | |
• | Second, Aimco OP’s subsidiary, AIMCO NPI 6 Merger Sub LLC, a Delaware limited liability company, or the Aimco Subsidiary, will be merged with and into New NPI, with New NPI as the surviving entity. The Aimco Subsidiary was formed for the purpose of effecting this merger and does not have any assets or operations. In the merger, each New NPI Unit will be converted into the right to receive, at the election of the holder of such unit, either: |
• | $41.08 in cash, or | |
• | $41.08 in partnership common units of Aimco OP, or OP Units. |
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MASSACHUSETTS
NEW YORK
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P.O. Box 2347
Greenville, South Carolina 29602
(864) 239-1029
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1. | An Agreement and Plan of Conversion and Merger, or merger agreement, to be entered into by NPI with AIMCO Properties, L.P., or Aimco OP, and a wholly owned subsidiary of Aimco OP, under which: |
• | First, NPI will be converted from a California limited partnership to a Delaware limited partnership, or New NPI. In the conversion, each unit of limited partnership interest in NPI, or NPI Unit, will be converted into an identical unit of limited partnership in New NPI, or New NPI Unit, and the general partnership interest in NPI now held by NPI’s managing general partner will be converted into a general partnership interest in New NPI; and | |
• | Second, Aimco OP’s subsidiary, AIMCO NPI 6 Merger Sub LLC, a Delaware limited liability company, or the Aimco Subsidiary, will be merged with and into New NPI, with New NPI as the surviving entity, and each New NPI Unit will be converted into the right to receive, at the election of the holder of such unit, either: |
$41.08 in cash, or |
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EX-99.1 | ||||||||
EX-99.2 |
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• | The Transactions: |
• | First, NPI will be converted from a California limited partnership to a Delaware limited partnership, or New NPI. In the conversion, each NPI Unit will be converted into a New NPI Unit, and the general partnership interest in NPI now held by the managing general partner will be converted into a general partnership interest in New NPI. | |
• | Second, the Aimco Subsidiary will be merged with and into New NPI, with New NPI as the surviving entity. The Aimco Subsidiary was formed for the purpose of effecting this merger and does not have any assets or operations. In the merger, each New NPI Unit will be converted into the right to receive the merger consideration described below. |
• | Merger Consideration: In the merger, each NPI Unit will be converted into the right to receive, at the election of the holder of such NPI Unit, either $41.08 in cash or equivalent value in OP Units, except in those jurisdictions where the law prohibits the offer of OP Units (or registration or qualification would be prohibitively costly). The number of OP Units issuable with respect to each NPI Unit will be calculated by dividing the $41.08 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 Transactions — Determination of Merger Consideration” beginning on page 37. | |
• | Opinion of Financial Advisor: In connection with the merger, Duff & Phelps, LLC, or Duff & Phelps, has delivered its written opinion to the boards of directors of Aimco and the general partners of Aimco OP and NPI to the effect that, as of July 28, 2011, the cash consideration offered in the mergers is fair, from a financial point of view, to the unaffiliated limited partners of NPI. |
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• | Effects of the Transactions: After the amendment, the conversion and the merger, Aimco OP will be the sole limited partner in New NPI, and will own all of the outstanding New NPI Units. As a result, after the merger, you will cease to have any rights in New NPI as a limited partner. See “Special Factors — Effects of the Transactions,” beginning on page 6. | |
• | Appraisal Rights: Pursuant to the terms of the proposed 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 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 NPI Units in connection with the transactions. See “The Transactions — Appraisal Rights,” beginning on page 39. 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 consent solicitation/prospectus asAnnex C. | |
• | Parties Involved: |
• | National Property Investors 6, or NPI, is a California limited partnership formed on October 15, 1982. NPI owns and operates one investment property, Colony at Kenilworth Apartments, a 383��unit apartment project located in Towson, Maryland. See “Information About NPI,” beginning on page 31. NPI’s principal address is 55 Beattie Place, P.O. Box 1089, Greenville, South Carolina 29602, and its telephone number is(864) 239-1000. NPI will be converted to a Delaware limited partnership, or New NPI, under the terms of the proposed conversion. | |
• | 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. Aimco’s principal financial objective is to provide predictable and attractive returns to its stockholders. 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’s principal address is 4582 South Ulster Street Parkway, Suite 1100, Denver, Colorado 80237, and its telephone number is(303) 757-8101. | |
• | 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 OP’s principal address is 4582 South Ulster Street Parkway, Suite 1100, Denver, Colorado 80237, and its telephone number is(303) 757-8101. | |
• | AIMCO NPI 6 Merger Sub LLC, or the Aimco Subsidiary, is a Delaware limited liability company formed for the purpose of consummating the merger with NPI. 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 Transactions: Aimco and Aimco OP are in the business of acquiring, owning and managing apartment properties such as the one owned by NPI, and have decided to proceed with the transactions as a means of acquiring the property currently owned by NPI in a manner that they believe (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 registration or qualification would be prohibitively costly), and (iii) relieves NPI of the expenses associated with a sale of the property, including marketing and other transaction costs. The Aimco Entities decided to proceed with the transactions at this time for the following reasons: |
• | In the absence of a transaction, NPI limited partners have only limited options to liquidate their investment in NPI. The NPI Units are not traded on an exchange or other reporting system, and transactions in the securities are limited and sporadic. | |
• | The value of the single property owned by NPI is not sufficient to justify its continued operation as a public company. As a public company with a significant number of unaffiliated limited partners, NPI |
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incurs costs associated with preparing audited annual financial statements, unaudited quarterly financial statements, tax returns and partnerSchedule K-1s and periodic SEC reports and other costs associated with having multiple limited partners. The Aimco Entities estimate these costs to be approximately $83,000 per year. |
• | NPI has been operating at a loss for the past several years, and depends, in part, on loans from Aimco OP to fund its operations and capital improvements at its property. At March 31, 2011, the total amount of loans owed by NPI to Aimco OP was approximately $6,834,000. NPI may receive additional advances of funds from Aimco OP, although Aimco OP is not obligated to provide such advances. If the Aimco Entities acquire 100% of the limited partnership interests of NPI, they will have greater flexibility in financing and operating its property. |
• | Fairness of the Transactions; Recommendation of the Managing General Partner: Although the Aimco Entities have interests that may conflict with those of NPI’s unaffiliated limited partners, each of the Aimco Entities believe that the amendment, the merger agreement, the conversion and the merger are fair to the unaffiliated limited partners of NPI. NPI Equity, the managing general partner of NPI, has approved the merger agreement, the conversion, the merger and the amendment, and recommends that you vote “FOR” the proposal to approve the merger agreement, the conversion, the merger and the amendment. See “Special Factors — Fairness of the Transactions,” beginning on page 7. | |
• | Conflicts of Interest: In considering NPI Equity’s recommendation to vote for the proposal to approve the merger agreement, the conversion, the merger and the amendment, you should be aware that NPI Equity has a conflict of interest with respect to the transactions. NPI Equity is the managing general partner of NPI and is wholly owned by AIMCO/IPT, Inc., which in turn is wholly owned by Aimco. NPI Equity has fiduciary duties to AIMCO/IPT, Inc., NPI Equity’s sole stockholder and an affiliate of Aimco, on the one hand, and to NPI and its limited partners, on the other hand. The duties of NPI Equity to NPI and its limited partners conflict with the duties of NPI Equity to AIMCO/IPT, Inc., which could result in NPI Equity approving and recommending a transaction that is more favorable to Aimco than might be the case absent such conflict of interest. See “The Transactions — Conflicts of Interest,” beginning on page 38. | |
• | Risk Factors: In evaluating the merger agreement, the conversion, the merger and the amendment, NPI limited partners should carefully read this consent solicitation/prospectus and especially consider the factors discussed in the section entitled “Risk Factors,” beginning on page 18. Some of the risk factors associated with the transactions are summarized below: |
• | Aimco owns NPI Equity, the managing general partner of NPI. As a result, NPI Equity 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 NPI limited partners. | |
• | NPI 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 NPI Units and Aimco OP Units relating to, among other things, the nature of the investment, voting rights, distributions and liquidity and transferability/redemption. For more information regarding those differences, see “Comparison of NPI Units and Aimco OP Units,” beginning on page 60. | |
• | NPI 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. |
• | Voting Rights: Limited partners are being asked to consider and vote on, or consent to, a proposal to approve the merger agreement, the conversion, the merger and the amendment. NPI Equity has fixed[ • ], 2011 as the record date for voting on the merger agreement, the conversion, the merger and the amendment. Only limited partners of record as of the close of business on the record date are entitled to notice of, and to vote on, or consent to, the matter. This solicitation of consents will expire at 5:00 p.m., New York City time |
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on [ • ], 2011 unless extended by the managing general partner in its discretion as described in this consent solicitation/prospectus. This date, as may be extended, is referred to as the expiration date. |
• | Required Vote and Voting Rights: Approval of the merger agreement, the conversion, the merger and the amendment requires the affirmative vote of at least a majority of the NPI Units. Each NPI Unit is entitled to one vote. As of July 21, 2011, there were 109,594 NPI Units outstanding held by 1,909 limited partners of record. Aimco OP and its affiliates owned 76,622 of those NPI Units, or approximately 69.91% of the number of units outstanding at such date. However, 46,289 of the NPI Units owned by Aimco OP and its affiliates are subject to a voting restriction, which requires such units to be voted in proportion to the votes cast with respect to NPI Units not subject to this voting restriction. Aimco OP and its affiliates have indicated that they will vote all 30,333 of their NPI Units that are not subject to this restriction, or approximately 47.92% of all NPI Units not subject to this restriction, “FOR” the proposal to approve the merger agreement, the conversion, the merger and the amendment. As a result, Aimco OP and its affiliates expect to vote a minimum of 52,512 of the NPI Units outstanding, or approximately 47.92% of the NPI Units outstanding in favor of the proposals. Taking into account the remaining restricted NPI Units that Aimco OP and its affiliates will vote in proportion to the remaining unrestricted NPI Units, the affirmative vote of at least 1,321 NPI Units held by limited partners unaffiliated with Aimco OP is required to approve the merger agreement, the conversion, the merger and the amendment. Approval of this proposal is a condition to the completion of the merger. If the proposal is not approved, the merger will not be completed. For more information regarding the required vote, see “The Transactions — Approvals Required and Voting Rights,” beginning on page 39. | |
• | How NPI Units are Voted: You may vote by completing the enclosed consent form and then signing, dating and returning it in the self-addressed postage pre-paid envelope provided. Submitting a consent now will not limit your right to revoke such consent prior to the expiration date. See “The Transactions — How NPI Units are Voted,” beginning on page 40. | |
• | Revocation of Consents: You may revoke your consent at any time before the expiration date by giving notice in writing to the information agent, or by submitting a duly executed consent bearing a later date. See “The Transactions — Revocation of Consent,” beginning on page 40. | |
• | Material United States Federal Income Tax Consequences of the Transactions: New NPI, the Delaware partnership, will be considered a continuation of NPI, the California partnership for tax purposes. NPI will not recognize gain. New NPI will have the same federal identification number as that of NPI and will have the same tax basis, holding period, and depreciation method for each of its assets as that of NPI. The partners of NPI will not recognize any gain from the merger of NPI with and into New NPI. The bases of the partners in New NPI will be equal to their bases in NPI, and their holding periods in their units in New NPI will be the same as their holding periods in the NPI units. Aimco believes that completion of the conversion will not result in any tax consequences to the limited partners of NPI. |
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•�� | In the absence of a transaction, NPI limited partners have only limited options to liquidate their investment in NPI. The NPI Units are not traded on an exchange or other reporting system, and transactions in the securities are limited and sporadic. | |
• | The value of the single property owned by NPI is not sufficient to justify its continued operation as a public company. As a public company with a significant number of unaffiliated limited partners, NPI incurs costs associated with preparing audited annual financial statements, unaudited quarterly financial statements, tax returns and partnerSchedule K-1s and periodic SEC reports and other costs associated with having multiple limited partners. The Aimco Entities estimate these costs to be approximately $83,000 per year. | |
• | NPI has been operating at a loss for the past several years, and depends, in part, on loans from Aimco OP to fund its operations and capital improvements at its property. At March 31, 2011, the total amount of loans owed by NPI to Aimco OP was approximately $6,834,000. NPI may receive additional advances of funds from Aimco OP, although Aimco OP is not obligated to provide such advances. If the Aimco Entities acquire 100% of the limited partnership interests of NPI, they will have greater flexibility in financing and operating its property. |
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• | The merger consideration of $41.08 per NPI Unit was based on an independent third party appraisal of the property by KTR, an independent valuation firm. | |
• | Duff & Phelps has delivered its written opinion to the board of directors of Aimco and the general partners of Aimco OP and NPI to the effect that, as of July 28, 2011, based upon and subject to the assumptions made, procedures followed, factors considered, and qualifications and limitations on the review undertaken by Duff & Phelps in connection with its opinion, the cash consideration offered in the merger is fair, from a financial point of view, to the unaffiliated limited partners of NPI. | |
• | The merger consideration is based upon the Aimco Entities’ estimate of going concern value, calculated as the appraised value of NPI’s property, plus the amount of its other assets, less the amount of NPI’s liabilities, including the market value of mortgage debt (but without deducting any prepayment penalties thereon), and adjusted for the incentive fee payable to NPI Equity under the terms of NPI’s partnership agreement upon a sale of the property. | |
• | Themark-to-market adjustment to the mortgage debt encumbering NPI’s property is less than the prepayment penalties that would be payable upon an immediate sale of the property. | |
• | The merger consideration is greater than the Aimco Entities’ estimate of liquidation value because other than the incentive fee payable to NPI Equity, there was no deduction for certain amounts that would be payable upon an immediate sale of the property, such as a prepayment penalty on the mortgage debt, currently estimated to be approximately $7,149,800. | |
�� | • | The merger consideration exceeds the net book value per unit (a deficit of $182.81 per NPI Unit at March 31, 2011). |
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• | 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 or qualification 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 NPI. | |
• | Although limited partners are not entitled to dissenters’ appraisal rights under applicable 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, New NPI 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 property to a third party, which would involve marketing and other transaction costs, Aimco OP has agreed to pay all third party expenses associated with the transactions. | |
• | The merger consideration is greater than the prices at which NPI Units have recently sold in the secondary market ($4.00 to $25.12 per NPI Unit) from January 1, 2010 through July 21, 2011. | |
• | The merger consideration is greater than the prices at which NPI Units have historically sold in the secondary market ($25.00 to $25.12 per NPI Unit) from January 1, 2009 through December 31, 2009. | |
• | The appraised value of the property on which the merger consideration is based, $39 million, is greater than the highest of the offers that NPI received for the property when it tried to sell the property during March through June of 2009 ($32.5 million). |
• | NPI Equity, the managing general partner of NPI, 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, which has an interest in obtaining the property 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 a majority in interest of the unaffiliated limited partners. | |
• | In calculating the merger consideration, the market value of the mortgage debt encumbering the property was deducted, which resulted in less merger consideration than would have been the case if the aggregate amount outstanding was deducted. | |
• | In calculating the merger consideration, the incentive compensation fee payable to NPI Equity under the terms of NPI’s partnership agreement in a sale of the property was deducted. |
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• | 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 the property. | |
• | 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.” | |
• | KTR, the valuation firm that appraised the property, has performed work for Aimco OP and its affiliates in the past and this pre-existing relationship could negatively impact KTR’s independence. |
• | Inspected the property and its environs; | |
• | Reviewed demographic and other socioeconomic trends pertaining to the city and region where the property is located; |
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• | Examined regional apartment market conditions, with special emphasis on the property’s apartment 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, KTR 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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• | A potential gross income from apartment unit rentals of $444,780 per month or $5,337,360 for the appraised year; | |
• | A loss to lease allowance of 10.0% of gross potential rent; | |
• | A rent concession of 4.0% of the gross rent potential; | |
• | A stabilized vacancy and credit loss of 5.0% of the gross rent potential; | |
• | A deduction of $27,360 from potential gross apartment unit rentals for the appraised year for two units serving as a management office; | |
• | Other income of $1,335 per unit for the appraised year; | |
• | Total expenses of $2,296,544, or $5,990 per unit, for the appraised year; and | |
• | A capitalization rate of 6.5%. |
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• | Duff & Phelps reviewed the valuation conclusions for the property owned by NPI reached in the third party appraisals that were provided by the management of Aimco OP and as described in greater detail under the heading “Special Factors — The Appraisals” andAnnex F — Summary of Appraisals Table; | |
• | Duff & Phelps’ review of the third party appraisals included a review of the key assumptions used in and the conclusions reached by the appraisals and a comparison of such assumptions and conclusions to appropriate sources of real estate market data including, but not limited to: market surveys, selected comparable real estate transaction data, and discussions with opinions of professionals in the market place. Duff & Phelps also reviewed the valuation methodology employed by the third party appraiser and determined it to be appropriate; | |
• | Duff & Phelps estimated the range of value attributable to the interests of the unaffiliated limited partners by adding to the range of the appraised value of the property owned by NPI the amount of NPI’s other non-real estate assets that were not included in the appraisal, and subtracting the amount of NPI’s liabilities, including the market value of mortgage debt (but without deducting any prepayment penalties thereon) and the amount of liabilities estimated by management of Aimco OP for expenses attributable to the property that would be incurred prior to the transactions but payable after the transactions; and | |
• | Duff & Phelps reviewed Aimco OP management’s estimate of the fair value of the mortgage debt associated with the property owned by NPI, as described in greater detail under the heading “The Transactions -Determination of Merger Consideration,” by reviewing the valuation methodology and the determination of the appropriate current market yield on mortgage debt of similar type, leverage and duration. |
Low Value | Proposed Value | High Value | % of Total | |||||||||||||
Property Value | ||||||||||||||||
Colony at Kenilworth Apartments | $ | 37,200,000 | $ | 39,000,000 | $ | 40,200,000 | ||||||||||
Debt Summary | ||||||||||||||||
Book Value of Debt | $ | 24,124,544 | $ | 24,124,544 | $ | 24,124,544 | ||||||||||
Fair Value of Debt | 27,133,514 | 27,133,514 | 27,133,514 | |||||||||||||
Fair Value as a % of Book | 112 | % | 112 | % | 112 | % | ||||||||||
LP Interest Summary | ||||||||||||||||
Proceeds Distributable to LPs | $ | 2,774,015 | $ | 4,502,555 | $ | 5,654,915 | ||||||||||
Affiliated LP Units | 76,622 | 76,622 | 76,622 | 70 | % | |||||||||||
Unaffiliated LP Units | 32,972 | 32,972 | 32,972 | 30 | % | |||||||||||
Total LP Units | 109,594 | 109,594 | 109,594 | |||||||||||||
Value Per LP Unit | $ | 25.31 | $ | 41.08 | $ | 51.60 |
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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. |
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• | 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 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 Three Months | ||||||||||||||||||||||||||||
Ended March 31, | For the Years Ended December 31, | |||||||||||||||||||||||||||
2011 | 2010 | 2010(1) | 2009(1) | 2008(1) | 2007(1) | 2006(1) | ||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||
(dollar amounts in thousands, except per share data) | ||||||||||||||||||||||||||||
Consolidated Statements of Operations: | ||||||||||||||||||||||||||||
Total revenues | $ | 286,553 | $ | 276,825 | $ | 1,132,478 | $ | 1,120,818 | $ | 1,168,253 | $ | 1,101,950 | $ | 1,015,335 | ||||||||||||||
Total operating expenses(2) | (245,079 | ) | (253,072 | ) | (1,002,939 | ) | (1,025,934 | ) | (1,127,318 | ) | (931,172 | ) | (853,802 | ) | ||||||||||||||
Operating income(2) | 41,474 | 23,753 | 129,539 | 94,884 | 40,935 | 170,778 | 161,533 | |||||||||||||||||||||
Loss from continuing operations(2) | (30,584 | ) | (36,933 | ) | (165,448 | ) | (201,480 | ) | (118,267 | ) | (47,124 | ) | (42,866 | ) | ||||||||||||||
Income from discontinued operations, net(3) | 3,307 | 20,173 | 75,824 | 156,680 | 745,269 | 172,630 | 329,888 | |||||||||||||||||||||
Net (loss) income | (27,277 | ) | (16,760 | ) | (89,624 | ) | (44,800 | ) | 627,002 | 125,506 | 287,022 | |||||||||||||||||
Net loss (income) attributable to noncontrolling interests | 8,017 | (10,758 | ) | 17,896 | (19,474 | ) | (214,995 | ) | (95,595 | ) | (110,234 | ) | ||||||||||||||||
Net (income) attributable to Aimco’s preferred stockholders | (12,456 | ) | (12,922 | ) | (53,590 | ) | (50,566 | ) | (53,708 | ) | (66,016 | ) | (81,132 | ) | ||||||||||||||
Net (loss) income attributable to Aimco’s common stockholders | (31,773 | ) | (40,440 | ) | (125,318 | ) | (114,840 | ) | 351,314 | (40,586 | ) | 93,710 | ||||||||||||||||
Earnings (loss) per common share — basic and diluted: | ||||||||||||||||||||||||||||
Loss from continuing operations attributable to Aimco’s common stockholders | $ | (0.30 | ) | $ | (0.43 | ) | $ | (1.47 | ) | $ | (1.78 | ) | $ | (2.10 | ) | $ | (1.39 | ) | $ | (1.46 | ) | |||||||
Net (loss) income attributable to Aimco’s common stockholders | $ | (0.27 | ) | $ | (0.35 | ) | $ | (1.08 | ) | $ | (1.00 | ) | $ | 3.96 | $ | (0.43 | ) | $ | 0.98 | |||||||||
Consolidated Balance Sheets: | ||||||||||||||||||||||||||||
Real estate, net of accumulated depreciation | $ | 6,417,197 | — | $ | 6,489,747 | $ | 6,671,114 | $ | 6,829,484 | $ | 6,598,248 | $ | 6,138,593 | |||||||||||||||
Total assets | 7,261,832 | — | 7,378,566 | 7,906,468 | 9,441,870 | 10,617,681 | 10,292,587 | |||||||||||||||||||||
Total indebtedness | 5,440,579 | — | 5,477,546 | 5,455,225 | 5,829,016 | 5,439,058 | 4,761,198 | |||||||||||||||||||||
Total equity | 1,276,999 | — | 1,306,772 | 1,534,703 | 1,646,749 | 2,048,546 | 2,650,182 | |||||||||||||||||||||
Other Information: | ||||||||||||||||||||||||||||
Dividends declared per common share(4) | $ | 0.12 | $ | — | $ | 0.30 | $ | 0.40 | $ | 7.48 | $ | 4.31 | $ | 2.40 | ||||||||||||||
Total consolidated properties (end of period) | 387 | 438 | 399 | 426 | 514 | 657 | 703 | |||||||||||||||||||||
Total consolidated apartment units (end of period) | 88,254 | 96,297 | 89,875 | 95,202 | 117,719 | 153,758 | 162,432 | |||||||||||||||||||||
Total unconsolidated properties (end of period) | 48 | 60 | 48 | 77 | 85 | 94 | 102 | |||||||||||||||||||||
Total unconsolidated apartment units (end of period) | 5,637 | 7,123 | 5,637 | 8,478 | 9,613 | 10,878 | 11,791 |
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(1) | Certain reclassifications have been made to conform to the March 31, 2011 financial statement presentation, including retroactive adjustments to reflect additional properties sold or classified as held for sale as of March 31, 2011 as discontinued operations (See Note 3 to the condensed consolidated financial statements in “Item 1 —Financial Statements” in Aimco’s Quarterly Report on Form10-Q for the quarter ended March 31, 2011 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 July 28, 2011, which are incorporated by reference in this consent solicitation/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 Annual Report onForm 10-K for the year ended December 31, 2010, filed with the SEC on February 25, 2011, which is incorporated by reference in this consent solicitation/prospectus. | |
(3) | Income from discontinued operations for the years ended December 31, 2010, 2009, 2008, 2007 and 2006 includes $94.9 million, $221.8 million, $800.3 million, $116.1 million and $336.2 million in gains on disposition of real estate, respectively. Income from discontinued operations for 2010, 2009 and 2008 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 July 28, 2011, which is incorporated by reference in this consent solicitation/prospectus. | |
(4) | Dividends declared per common share during the years ended December 31, 2008 and 2007, included $5.08 and $1.91, respectively, of per share dividends that were paid through the issuance of shares of Aimco Class A Common Stock (see Note 11 to the consolidated financial statements in “Item 8 —Financial Statements and Supplementary Data” included in Aimco’s Current Report onForm 8-K, filed with the SEC on July 28, 2011, which is incorporated by reference in this consent solicitation/prospectus). |
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For the Three Months Ended March 31, | For the Years Ended December 31, | |||||||||||||||||||||||||||
2011 | 2010 | 2010(1) | 2009(1) | 2008(1) | 2007(1) | 2006(1) | ||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||
(dollar amounts in thousands, except per unit data) | ||||||||||||||||||||||||||||
Consolidated Statements of Operations: | ||||||||||||||||||||||||||||
Total revenues | $ | 286,553 | $ | 276,825 | $ | 1,132,478 | $ | 1,120,818 | $ | 1,168,253 | $ | 1,101,950 | $ | 1,015,335 | ||||||||||||||
Total operating expenses(2) | (245,079 | ) | (253,072 | ) | (1,002,939 | ) | (1,025,934 | ) | (1,127,318 | ) | (931,172 | ) | (853,802 | ) | ||||||||||||||
Operating income(2) | 41,474 | 23,753 | 129,539 | 94,884 | 40,935 | 170,778 | 161,533 | |||||||||||||||||||||
Loss from continuing operations(2) | (30,372 | ) | (36,721 | ) | (164,589 | ) | (200,660 | ) | (117,481 | ) | (46,375 | ) | (39,907 | ) | ||||||||||||||
Income from discontinued operations, net(3) | 3,307 | 20,173 | 75,824 | 156,680 | 745,269 | 172,630 | 329,888 | |||||||||||||||||||||
Net (loss) income | (27,065 | ) | (16,548 | ) | (88,765 | ) | (43,980 | ) | 627,788 | 126,255 | 289,982 | |||||||||||||||||
Net loss (income) attributable to noncontrolling interests | 7,305 | (12,134 | ) | 13,301 | (22,442 | ) | (155,749 | ) | (92,138 | ) | (92,917 | ) | ||||||||||||||||
Net (income) attributable to Aimco OP’s preferred unitholders | (14,127 | ) | (14,615 | ) | (58,554 | ) | (56,854 | ) | (61,354 | ) | (73,144 | ) | (90,527 | ) | ||||||||||||||
Net (loss) income attributable to Aimco OP’s common unitholders | (33,944 | ) | (43,297 | ) | (134,018 | ) | (123,276 | ) | 403,700 | (43,508 | ) | 104,592 | ||||||||||||||||
Earnings (loss) per common unit — basic and diluted | ||||||||||||||||||||||||||||
Loss from continuing operations Attributable to Aimco OP’s common unitholders | $ | (0.30 | ) | $ | (0.43 | ) | $ | (1.46 | ) | $ | (1.77 | ) | $ | (1.95 | ) | $ | (1.38 | ) | $ | (1.45 | ) | |||||||
Net (loss) income attributable to Aimco OP’s common unitholders | $ | (0.27 | ) | $ | (0.35 | ) | $ | (1.07 | ) | $ | (1.00 | ) | $ | 4.11 | $ | (0.42 | ) | $ | 0.99 | |||||||||
Consolidated Balance Sheets: | ||||||||||||||||||||||||||||
Real estate, net of accumulated depreciation | $ | 6,417,702 | — | $ | 6,490,252 | $ | 6,671,619 | $ | 6,829,989 | $ | 6,598,753 | $ | 6,139,098 | |||||||||||||||
Total assets | 7,278,574 | — | 7,395,096 | 7,922,139 | 9,456,721 | 10,631,746 | 10,305,903 | |||||||||||||||||||||
Total indebtedness | 5,440,579 | — | 5,477,546 | 5,455,225 | 5,829,016 | 5,439,058 | 4,761,198 | |||||||||||||||||||||
Total partners’ capital | 1,293,741 | — | 1,323,302 | 1,550,374 | 1,661,600 | 2,152,326 | 2,753,617 | |||||||||||||||||||||
Other Information: | ||||||||||||||||||||||||||||
Distributions declared per common unit(4) | $ | 0.12 | $ | — | $ | 0.30 | $ | 0.40 | $ | 7.48 | $ | 4.31 | $ | 2.40 | ||||||||||||||
Total consolidated properties (end of period) | 387 | 438 | 399 | 426 | 514 | 657 | 703 | |||||||||||||||||||||
Total consolidated apartment units (end of period) | 88,254 | 96,297 | 89,875 | 95,202 | 117,719 | 153,758 | 162,432 | |||||||||||||||||||||
Total unconsolidated properties (end of period) | 48 | 60 | 48 | 77 | 85 | 94 | 102 | |||||||||||||||||||||
Total unconsolidated apartment units (end of period) | 5,637 | 7,123 | 5,637 | 8,478 | 9,613 | 10,878 | 11,791 |
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(1) | Certain reclassifications have been made to conform to the March 31, 2011 financial statement presentation, including retroactive adjustments to reflect additional properties sold or classified as held for sale as of March 31, 2011 as discontinued operations (See Note 3 to the condensed consolidated financial statements in “Item 1 —Financial Statements” in Aimco OP’s Quarterly Report onForm 10-Q for the quarter ended March 31, 2011, included as Annex J to this consent solicitation/prospectus, and Note 13 to the consolidated financial statements in “Item 8 —Financial Statements and Supplementary Data” in Aimco OP’s Current Report onForm 8-K included as Annex K to this consent solicitation/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 OP’s Annual Report onForm 10-K for the year ended December 31, 2010 included as Annex I to this consent solicitation/prospectus. | |
(3) | Income from discontinued operations for the years ended December 31, 2010, 2009, 2008, 2007 and 2006 includes $94.9 million, $221.8 million, $800.3 million, $116.1 million and $336.2 million in gains on disposition of real estate, respectively. Income from discontinued operations for 2010, 2009 and 2008 is discussed further in “Item 7 -Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Aimco OP’s Current Report onForm 8-K, filed with the SEC on July 28, 2011 and included as Annex K to this consent solicitation/prospectus. | |
(4) | Distributions declared per common unit during the years ended December 31, 2008 and 2007, included $5.08 and $1.91, respectively, of per unit distributions that were paid to Aimco through the issuance of OP Units (see Note 11 to the consolidated financial statements in “Item 8 —Financial Statements and Supplementary Data” in Aimco OP’s Current Report onForm 8-K, filed with the SEC on July 28, 2011, and included as Annex K to this consent solicitation/prospectus). |
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For the Three Months Ended March 31, | For the Years Ended December 31, | |||||||||||||||
2011 | 2010 | 2010 | 2009 | |||||||||||||
(Unaudited) | ||||||||||||||||
(Dollar amounts in thousands, except per unit data) | ||||||||||||||||
Statements of Operations: | ||||||||||||||||
Total revenues | $ | 1,165 | $ | 1,167 | $ | 4,727 | $ | 4,872 | ||||||||
Loss from continuing operations | (307 | ) | (229 | ) | (987 | ) | (803 | ) | ||||||||
Net loss | (307 | ) | (229 | ) | (987 | ) | (803 | ) | ||||||||
Loss from continuing operations per limited partnership unit | (2.77 | ) | (2.07 | ) | (8.91 | ) | (7.25 | ) | ||||||||
Net loss per limited partnership unit | (2.77 | ) | (2.07 | ) | (8.91 | ) | (7.25 | ) | ||||||||
Distributions per limited partnership unit | — | — | — | — | ||||||||||||
Deficit of earnings to fixed charges | (307 | ) | (229 | ) | (987 | ) | (807 | ) | ||||||||
Balance Sheets: | ||||||||||||||||
Cash and Cash Equivalents | $ | 109 | $ | 69 | $ | 106 | $ | 82 | ||||||||
Real Estate, Net of Accumulated Depreciation | 9,767 | 7,963 | 10,012 | 8,016 | ||||||||||||
Total Assets | 10,963 | 9,055 | 11,343 | 9,198 | ||||||||||||
Mortgage Notes Payable | 24,046 | 24,366 | 24,128 | 24,443 | ||||||||||||
Due to Affiliates | 7,065 | 3,611 | 7,055 | 3,538 | ||||||||||||
General Partners’ Deficit | (755 | ) | (744 | ) | (752 | ) | (742 | ) | ||||||||
Limited Partners’ Deficit | (20,035 | ) | (18,981 | ) | (19,731 | ) | (18,754 | ) | ||||||||
Total Partners’ Deficit | (20,790 | ) | (19,725 | ) | (20,483 | ) | (19,496 | ) | ||||||||
Total Distributions | — | — | — | — | ||||||||||||
Book value per NPI Unit | (182.81 | ) | (173.18 | ) | (180.03 | ) | (171.11 | ) | ||||||||
Other Information: | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | $ | 3 | $ | (13 | ) | $ | 24 | $ | 69 | |||||||
Net cash provided by operating activities | 263 | 316 | 528 | 642 |
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Three Months Ended | Fiscal Year Ended | |||||||||||||||
March 31, | December 31, | |||||||||||||||
2011 | 2010 | 2009 | 2008 | |||||||||||||
Cash dividends declared per share/unit | ||||||||||||||||
Aimco Common Stock | $ | 0.12 | $ | 0.30 | $ | 0.40 | $ | 2.40 | ||||||||
Aimco OP Units | 0.12 | 0.30 | 0.40 | 2.40 | ||||||||||||
NPI Units | — | — | — | 2.25 | ||||||||||||
Loss per common share/unit from continuing operations | ||||||||||||||||
Aimco Common Stock | $ | (0.30 | ) | $ | (1.47 | ) | $ | (1.78 | ) | $ | (2.10 | ) | ||||
Aimco OP Units | (0.30 | ) | (1.46 | ) | (1.77 | ) | (1.95 | ) | ||||||||
NPI Units | (2.77 | ) | (8.91 | ) | (7.25 | ) | (1.95 | ) |
March 31, 2011 | December 31, 2010 | |||||||
Book value per share/unit | ||||||||
Aimco Common Stock(1) | $ | 8.52 | $ | 8.89 | ||||
Aimco OP Units(2) | 7.78 | 8.18 | ||||||
NPI Units(3) | (182.81 | ) | (180.03 | ) |
(1) | Based on 119.1 million and 117.6 million shares of Aimco common stock outstanding at March 31, 2011 and December 31, 2010, respectively. | |
(2) | Based on 127.6 million and 126.1 million Aimco OP Units and equivalents outstanding at March 31, 2011 and December 31, 2010, respectively. | |
(3) | Based on 109,594 NPI Units and equivalents outstanding at March 31, 2011 and December 31, 2010. |
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• | own and operate a broadly diversified portfolio of primarily class “B/B+” assets (defined below) with properties concentrated in the 20 largest markets in the U.S. (as measured by total apartment value, which is the estimated total market value of apartment properties in a particular market); | |
• | improve its portfolio by selling assets with lower projected returns and reinvesting those proceeds through the purchase of new assets or additional investment in existing assets in its portfolio, including increased ownership or redevelopment; and | |
• | provide financial leverage primarily by the use of non-recourse, long-dated, fixed-rate property debt and perpetual preferred equity. |
• | owned an equity interest in 218 conventional real estate properties with 68,645 units; | |
• | owned an equity interest in 217 affordable real estate properties with 25,246 units; and | |
• | provided services for or managed 15,460 units in 213 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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Average Annual Rental Rates | ||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||
$11,631/unit | $12,225/unit | $12,484/unit | $11,555/unit | $10,786/unit |
Average Occupancy | ||||||||||||
For the Three Months | ||||||||||||
Ended March 31, | For the Years Ended December 31, | |||||||||||
2011 | 2010 | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||
98% | 95% | 95% | 95% | 94% | 97% | 97% |
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Principal | Principal | |||||||||||||||||||
Balance At | Fixed | Balance | ||||||||||||||||||
March 31, | Interest | Period | Maturity | Due At | ||||||||||||||||
Property | 2011 | Rate | Amortized | Date | Maturity(1) | |||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||
Colony at Kenilworth Apartments 1st mortgage | $ | 11,561 | 7.58 | % | 30 yrs | 07/01/21 | $ | 9,451 | ||||||||||||
2nd mortgage | 12,485 | 5.93 | % | 30 yrs | 07/01/19 | 10,415 | ||||||||||||||
$ | 24,046 | $ | 19,866 | |||||||||||||||||
(1) | See “Note B — Mortgage Notes Payable” to the financial statements included in “Item 8. Financial Statements and Supplementary Data” included inAnnex G to this consent solicitation/prospectus for information with respect to NPI’s ability to prepay the loans and other specific details about the loans. |
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Approximate | Approximate | |||||||
Number of | Percent of | |||||||
Entity Name and Address | NPI Units | NPI Units | ||||||
Apartment Investment and Management Company(1) 4582 South Ulster Street Parkway, Suite 1100 Denver, CO 80237 | 76,622 | (2) | 69.91 | % | ||||
AIMCO-GP, Inc.(1) 4582 South Ulster Street Parkway, Suite 1100 Denver, CO 80237 | 76,622 | (2) | 69.91 | % | ||||
AIMCO Properties, L.P.(1) 4582 South Ulster Street Parkway, Suite 1100 Denver, CO 80237 | 76,622 | (2) | 69.91 | % | ||||
AIMCO IPLP, L.P.(3) 4582 South Ulster Street Parkway, Suite 1100 Denver, CO 80237 | 48,033 | (4) | 43.83 | % | ||||
AIMCO/IPT, Inc.(3) 4582 South Ulster Street Parkway, Suite 1100 Denver, CO 80237 | 48,033 | (4) | 43.83 | % |
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(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 July 21, 2011, AIMCO-LP Trust, a Delaware trust wholly owned by Apartment Investment and Management Company, owns approximately a 94% interest in the OP Units and equivalents of AIMCO Properties, L.P. | |
(2) | AIMCO Properties, L.P., AIMCO-GP, Inc. and Apartment Investment and Management Company share voting and dispositive power over 76,622 NPI Units, representing approximately 69.91% of such units. AIMCO-GP, Inc. holds its NPI 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 NPI Units held by AIMCO-GP, Inc. Apartment Investment and Management Company may be deemed the beneficial owner of the NPI 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 Aimco 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, L.P. as the limited partner. | |
(4) | AIMCO IPLP, L.P. and AIMCO/IPT, Inc. share voting and dispositive power over 48,033 NPI Units, representing approximately 43.83% of the class. |
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Appraised value of Colony at Kenilworth Apartments | $ | 39,000,000 | ||
Plus: Cash and cash equivalents | 181,501 | |||
Plus: Other assets | 582,724 | |||
Less: Mortgage debt, including accrued interest | (24,124,544 | ) | ||
Less:Mark-to-market adjustment(1) | (2,486,489 | ) | ||
Less: Loans from affiliates of the managing general partner | (6,894,001 | ) | ||
Less: Other amounts payable to the managing general partner and/or affiliates | (242,575 | ) | ||
Less: Accounts payable and accrued expenses owed to third parties | (205,242 | ) | ||
Less: Other liabilities(2) | (317,239 | ) | ||
Less: Incentive Compensation Fee(3) | (792,900 | ) | ||
Less: Estimated trailing payables | (153,200 | ) | ||
Net partnership equity | $ | 4,548,035 | ||
Percentage of net partnership equity allocable to limited partners | 99 | % | ||
Net partnership equity allocable to limited partners | $ | 4,502,555 | ||
Total number of Units | 109,594 | |||
Cash consideration per unit | 41.08 | |||
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(1) | Themark-to-market adjustment reflects the difference between the outstanding amount of the mortgage debt and its market value. The market value was calculated as the present value of the remaining required payments under the loan through maturity, discounted at 5.38% for the first mortgage and at 5.09% for the second mortgage, which we believe is an appropriate market rate based on our analysis of interest rates for selected loans of a similar type, leverage and duration. | |
(2) | Consists primarily of security deposits paid by tenants of the property. | |
(3) | See discussion in “Information about NPI — Certain Relationships and Related Transactions.” |
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Liquidation | ||||||||||||
Units | Quarterly Distribution | Preference | ||||||||||
Class | Outstanding | per Unit | per Unit | |||||||||
Partnership Common Units (OP Units) | 125,234,221 | $ | — | N/A | ||||||||
Class T Partnership Preferred Units | 6,000,000 | $ | 0.50 | $ | 25.00 | |||||||
Class U Partnership Preferred Units | 12,000,000 | $ | 0.485 | $ | 25.00 | |||||||
Class V Partnership Preferred Units | 3,450,000 | $ | 0.50 | $ | 25.00 | |||||||
Class Y Partnership Preferred Units | 3,450,000 | $ | 0.4925 | $ | 25.00 | |||||||
Series A Community Reinvestment Act Perpetual Partnership Preferred Units(1) | 114 | $ | 1,937.50 | $ | 500,000.00 | |||||||
Class One Partnership Preferred Units(2) | 90,000 | $ | 2.00 | $ | 91.43 | |||||||
Class Two Partnership Preferred Units(2) | 19,339 | $ | 0.12 | $ | 25.00 | |||||||
Class Three Partnership Preferred Units(2) | 1,365,971 | $ | 0.4925 | $ | 25.00 | |||||||
Class Four Partnership Preferred Units(2) | 755,999 | $ | 0.50 | $ | 25.00 | |||||||
Class Six Partnership Preferred Units(2) | 796,668 | $ | 0.5325 | $ | 25.00 | |||||||
Class Seven Partnership Preferred Units(2) | 27,960 | $ | 0.595 | $ | 25.00 | |||||||
Class Eight Partnership Preferred Units(3) | 6,250 | $ | — | N/A | ||||||||
Class I High Performance Partnership Units (HPUs)(3) | 2,339,950 | $ | — | N/A |
(1) | The Series A Community Reinvestment Act Perpetual Partnership Preferred Units, or the CRA Preferred Units, have substantially the same terms as Aimco’s Series A Community Reinvestment Act Perpetual Preferred Stock, or 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 March 31, 2011 was 1.55%. 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. | |
(2) | 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 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 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. | |
(3) | 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 OP Units. |
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Quarter Ended | High | Low | Dividends | |||||||||
September 30, 2011 (through July 21, 2011) | $ | 28.12 | $ | 25.41 | $ | 0.00 | ||||||
June 30, 2011 | 27.67 | 24.50 | 0.12 | |||||||||
March 31, 2011 | 26.33 | 23.38 | 0.12 | |||||||||
December 31, 2010 | $ | 26.24 | $ | 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 |
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Quarterly | Liquidation | |||||||||||||||||||
Shares | Shares | Dividend | Preference | Conversion | ||||||||||||||||
Class | Authorized | Outstanding | per Share | per Share | Price | |||||||||||||||
Class T Cumulative Preferred Stock | 6,000,000 | 6,000,000 | $ | 0.50 | $ | 25.00 | N/A | |||||||||||||
Class U Cumulative Preferred Stock | 12,000,000 | 12,000,000 | $ | 0.485 | $ | 25.00 | N/A | |||||||||||||
Class V Cumulative Preferred Stock | 3,450,000 | 3,450,000 | $ | 0.50 | $ | 25.00 | N/A | |||||||||||||
Class Y Cumulative Preferred Stock | 3,450,000 | 3,450,000 | $ | 0.4925 | $ | 25.00 | N/A | |||||||||||||
Series A Community Reinvestment Act Perpetual Preferred Stock(1) | 240 | 114 | $ | 1,937.50 | $ | 500,000.00 | N/A |
(1) | 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 March 31, 2011 was 1.55%. 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 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 Community Reinvestment Act Perpetual Preferred Stock | June 30, 2011 | 100 | % |
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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 with respect to distributions of Available Cash, distributions upon liquidation or other distributions. | 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 Considerations.” |
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OP Units | Common Stock | |
See “Description of Aimco OP Units; Summary of Aimco OP Partnership Agreement — 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 Aimco OP Units; Summary of Aimco OP Partnership Agreement — 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 Aimco OP Units; Summary of Aimco OP Partnership Agreement — 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 Aimco OP Units; Summary of Aimco OP Partnership Agreement — 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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NPI Units | OP Units | |
Nature of Investment | ||
The NPI Units constitute equity interests entitling each partner to its pro rata share of distributions to be made to the partners of NPI. | 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 NPI partnership agreement, upon the vote of a majority in units of all limited partners (other than the original limited partner), the limited partners may (i) remove the general partner, (ii) elect a successor general partner, (iii) dissolve and terminate the partnership, (iv) make certain amendments to NPI’s partnership agreement, (v) extend the term of NPI, (vi) sell all or substantially all of the assets of NPI, and (vii) pledge or encumber all or substantially all of the assets of NPI. An affiliate of the general partner of NPI currently owns a majority of NPI’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. 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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NPI Units | OP Units | |
Distributions | ||
Distributions from operations, from sales or refinancing, and from the property reserve account will be made quarterly to the partners (in the case of distributions from sales or refinancing and from the property reserve account, in the order of priority set forth in the NPI partnership agreement) unless (i) NPI is restricted from making distributions under the terms of notes, mortgages or other types of debt obligations that it may issue or assume in conjunction with borrowed funds, or (ii) the general partner determines, in its absolute discretion, that a restriction or suspension of distributions is in the best interests of NPI. 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 NPI’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 Aimco OP Units; Summary of Aimco OP Partnership Agreement — 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 Aimco OP Units; Summary of Aimco OP Partnership Agreement — Distributions.” | |
Liquidity and Transferability/ Redemption | ||
There is a limited market for the NPI Units and the NPI 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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NPI Units | OP Units | |
Under the NPI partnership agreement, holders of NPI Units may transfer five or more whole NPI Units by a written instrument that is not contrary to any terms of the partnership agreement and that has been duly executed by the assignor of the NPI Unit. Notwithstanding the above, no partner may assign its NPI Units if counsel for the partnership is of the opinion that such assignment would result in a termination of the partnership for tax purposes. In addition, 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) a transfer fee (not to exceed $50) shall have been paid to NPI to cover all reasonable expenses connected with the substitution, and (d) the assignor and assignee execute and acknowledge such other instruments as the general partner may deem necessary or desirable to effect the substitution. Unauthorized assignments and transfers arevoid ab initio. The NPI 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 Aimco OP Units; Summary of Aimco OP Partnership Agreement — 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 Aimco OP Units; Summary of Aimco OP Partnership Agreement — 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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NPI Units | OP Units | |
Fiduciary Duty | ||
California law provides that a general partner’s duty of loyalty to the limited partnership and the other partners is limited to (i) accounting to the limited partnership and holding as trustee for it any property, profit, or benefit derived by the general partner in the conduct and winding up of the limited partnership’s activities or derived from a use by the general partner of limited partnership property, including the appropriation of a limited partnership opportunity; (ii) refraining from dealing with the limited partnership in the conduct or winding up of the limited partnership’s activities as or on behalf of a party having an interest adverse to the limited partnership; and (iii) refraining from competing with the limited partnership in the conduct or winding up of the limited partnership’s activities. Under California law, a general partner’s duty of care to the limited partnership and the other partners in the conduct and winding up of the limited partnership’s activities is limited to refraining from engaging in grossly negligent or reckless conduct, intentional misconduct, or a knowing violation of law. Additionally, California law requires that a general partner discharge its duties to the partnership and the other partners consistently with the obligation of good faith and fair dealing. The NPI limited partnership agreement does not limit or enhance the fiduciary duties provided by California law. | 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. | |
The NPI partnership agreement provides that the general partners shall not employ or permit another to employ the partnership funds or assets in any manner except for the exclusive benefit of the partnership. | ||
Investment Policy | ||
NPI is engaged in the business of operating and holding real estate properties for investment. In general, NPI Equity, as the general partner, regularly evaluates NPI’s properties by considering various factors, such as the partnership’s financial position and real estate and capital markets conditions. NPI Equity 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 NPI Equity 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 nonetheless maintains 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 test 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 will 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 “— Requirements for Qualification.” | |
• | 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 of Aimco’s subsidiaries are subchapter C corporations, the earnings of which could be subject to U.S. 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 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, subject to certain exceptions, Aimco may not own more than 10% of the total value of the outstanding securities of any one issuer. The 5% and 10% asset tests do not apply to securities of TRSs. | |
• | Fourth, the aggregate value of all securities of TRSs 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. |
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• | 85% of its REIT ordinary income for such year, | |
• | 95% of its REIT capital gain net income for such year (excluding retained net capital gain), and | |
• | any undistributed taxable income from prior periods, |
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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. stockholder held 5% or less of such class of Aimco’s outstanding stock at all times during a specified testing period. |
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Information Agent Fees | $ | 7,500 | ||
Printing Fees | 139,700 | |||
Postage Fees | 14,400 | |||
Tax and Accounting Fees | 50,000 | |||
Appraisal Fees | 11,000 | |||
Fairness Opinion Fees | 36,400 | |||
Legal Fees | 200,000 | |||
Total | $ | 459,000 | ||
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• | Proxy Statement for the 2011 Annual Meeting of Stockholders of Aimco (filed March 14, 2011); | |
• | Aimco’s Annual Report onForm 10-K for the year ended December 31, 2010 (filed February 25, 2011); | |
• | Aimco’s Quarterly Report onForm 10-Q for the quarter ended March 31, 2011 (filed April 29, 2011); and | |
• | Aimco’s Current Reports onForm 8-K, dated January 10, 2011 (filed January 11, 2011), April 14, 2011 (filed April 14, 2011), July 26, 2011 (filed July 27, 2011), and July 28, 2011 (filed July 28, 2011). |
• | Annex A — Agreement and Plan of Conversion and Merger; | |
• | Annex B — Amendment to Limited Partnership Agreement; | |
• | Annex C — Appraisal Rights of Limited Partners; | |
• | Annex D — Opinion of Duff & Phelps, LLC; | |
• | Annex E — Officers and Directors; | |
• | Annex F — Summary of Appraisal Table; | |
• | Annex G — NPI’s Annual Report onForm 10-K for the year ended December 31, 2010; | |
• | Annex H — NPI’s Quarterly Report onForm 10-Q for the three months ended March 31, 2011; |
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• | Annex I — Aimco OP’s Annual Report onForm 10-K for the year ended December 31, 2010 (excluding the report of the independent registered accounting firm, the financial statements and the notes thereto); | |
• | Annex J — Aimco OP’s Quarterly Report onForm 10-Q for the three months ended March 31, 2011; | |
• | Annex K — Aimco OP’s Current Report onForm 8-K, filed with the SEC on July 28, 2011, 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 from its Annual Report onForm 10-K for the year ended December 31, 2010, revised to reflect additional discontinued operations through March 31, 2011. |
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By: | NPI Equity Investments, Inc. Its General Partner | |
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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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TO
PARTNERSHIP AGREEMENT
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NATIONAL PROPERTY INVESTORS 6
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4582 S. Ulster St., Suite 1100
Denver, CO 80237”
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a Florida corporation
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By: | NPI Equity Investments, Inc. attorney-in-fact | |
By: |
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TO
PARTNERSHIP AGREEMENT
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NATIONAL PROPERTY INVESTORS 6
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a Florida corporation
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By: | NPI Equity Investments, Inc. attorney-in-fact | |
By: |
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Confidential | July 28, 2011 |
Duff & Phelps, LLC 311 South Wacker Drive Suite 4200 Chicago, IL 60606 | T +1 312 697 4600 F +1 312 697 0112 | www.duffandphelps.com |
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Name (age) | Position | |
Terry Considine(63) | Chairman of the Board of Directors and Chief Executive Officer of Aimco; Director, Chief Executive Officer and President of AIMCO-GP and AIMCO/IPT. | |
Lisa R. Cohn(42) | Executive Vice President, General Counsel and Secretary of Aimco, AIMCO-GP, AIMCO/IPT and NPI Equity. | |
Miles Cortez(67) | Executive Vice President and Chief Administrative Officer of Aimco, AIMCO-GP and AIMCO/IPT. | |
Ernest M. Freedman(40) | Executive Vice President and Chief Financial Officer of Aimco, AIMCO-GP, AIMCO/IPT and NPI Equity. | |
John Bezzant(48) | Executive Vice President of Aimco, AIMCO-GP, AIMCO/IPT and FCMC; Director and Executive Vice President of NPI Equity. | |
Keith M. Kimmel(39) | Executive Vice President of Aimco, AIMCO-GP and AIMCO/IPT. | |
Daniel S. Matula(45) | Executive Vice President of Aimco, AIMCO-GP and AIMCO/IPT. | |
Steven D. Cordes(39) | Senior Vice President of Aimco, AIMCO-GP, AIMCO/IPT and FCMC; Director and Senior Vice President of NPI Equity. | |
Paul Beldin(37) | Senior Vice President and Chief Accounting Officer of Aimco, AIMCO-GP, AIMCO/IPT and NPI Equity. | |
Stephen B. Waters(49) | Senior Director of Partnership Accounting of Aimco, AIMCO-GP, AIMCO/IPT and NPI Equity. | |
James N. Bailey(64) | Director of Aimco | |
Richard S. Ellwood(79) | Director of Aimco | |
Thomas L. Keltner(64) | Director of Aimco | |
J. Landis Martin(65) | Director of Aimco | |
Robert A. Miller(64) | Director of Aimco | |
Michael A. Stein(61) | Director of Aimco | |
Kathleen M. Nelson(65) | 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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Name | Biographical Summary of Current Directors and Officers | |
Lisa R. Cohn | Ms. Cohn was appointed Executive Vice President, General Counsel and Secretary of Aimco, AIMCO-GP, AIMCO/IPT and FCMC 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 Aimco, 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 Aimco, 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 | Mr. Freedman was appointed Executive Vice President and Chief Financial Officer of Aimco, AIMCO-GP, AIMCO/IPT and FCMC 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 | Mr. Cordes was appointed as a Director of FCMC effective March 2, 2009. Mr. Cordes has been a Senior Vice President of Aimco, AIMCO-GP, AIMCO/IPT and FCMC 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. | |
John Bezzant | Mr. Bezzant was appointed as a Director of FCMC effective December 16, 2009. Mr. Bezzant currently serves as an Executive Vice President of Aimco, AIMCO-GP, AIMCO/IPT and FCMC. Mr. Bezzant joined Aimco in June 2006 as Senior Vice President — Development and was appointed as Executive Vice President, Transactions in January 2011. 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. |
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Name | Biographical Summary of Current Directors and Officers | |
Keith M. Kimmel | Mr. Kimmel was appointed Executive Vice President of Property Operations of Aimco in January 2011. He also serves as Executive Vice President of AIMCO-GP, AIMCO/IPT and FCMC. From September 2008 to January 2011, Mr. Kimmel served as the Area Vice President of property operations for the western region. Prior to that, from March 2006 to September 2008, he served as the Regional Vice President of property operations for California. He joined Aimco in March of 2002 as a Regional Property Manager. Prior to joining Aimco, Mr. Kimmel was with Casden Properties from 1998 through 2002, and was responsible for the operation of the new construction and high-end product line. Mr. Kimmel began his career in the multi-family real estate business in 1992 as a leasing consultant andon-site manager. | |
Daniel S. Matula | Mr. Matula was appointed Executive Vice President of Redevelopment and Construction for Aimco in January 2011. He also serves as Executive Vice President of AIMCO-GP, AIMCO/IPT and FCMC. He joined Aimco as Senior Vice President of Redevelopment in January 2006. Mr. Matula oversees redevelopment, construction services, capital management, energy, service and quality and procurement. Prior to joining Aimco, from 2005 to 2006, Mr. Matula served as Senior Vice President of Development for Triad Partners, a private medical office development company headquartered in Irvine, CA. From 2000 to 2005, Mr. Matula served as Senior Vice President of Construction Services for Catellus Development Corporation. | |
Paul Beldin | Mr. Beldin was appointed Senior Vice President and Chief Accounting Officer of Aimco and FCMC 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 | Mr. Waters was appointed Senior Director of Partnership Accounting of Aimco and FCMC in June 2009. Mr. Waters has responsibility for partnership accounting with Aimco and serves as the principal financial officer of FCMC. Mr. Waters joined Aimco as a Director of Real Estate Accounting in September 1999 and was appointed Vice President of FCMC 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, anot-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 the2003-04 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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Colony at Kenilworth | ||||
Appraised Value (as | ||||
of June 1, | ||||
Valuation Methodology | 2011) | Material Assumptions and Analyses | ||
Income Capitalization Approach — Direct Capitalization Analysis | $38,600,000 | • Potential gross income from apartment unit rentals of $444,780 per month or $5,337,360 for the appraised year; | ||
• Loss to lease allowance of 10.0% of gross potential rent; | ||||
• Rent concession of 4.0% of the gross rent potential; | ||||
• Stabilized vacancy and credit loss of 5.0% of the gross rent potential; | ||||
• Deduction of $27,360 from potential gross apartment unit rentals for the appraised year for two units serving as a management office; | ||||
• Other income of $1,335 per unit for the appraised year; | ||||
• Total expenses of $2,296,544, or $5,990 per unit, for the appraised year; and | ||||
• Capitalization rate of 6.5%. | ||||
Sales Comparison Approach | $40,200,000 | • KTR examined and analyzed comparable sales of three properties in the influencing market. | ||
• The sales reflected per unit unadjusted sales prices ranging from $113,998 to $128,592. | ||||
• After adjustment for factors such as differences in location, building size, quality of construction, building materials, age, condition, functional utility, appearance and average unit size, the comparable sales illustrated a range from $102,874 to $108,298 per unit. | ||||
• Based on this range, KTR concluded that a value of $105,000 per unit for the property was reasonable. | ||||
• The per unit value of $105,000 was multiplied by the property’s 383 units. | ||||
Extraordinary Assumption | ||||
In connection with the preparation of its March 2011 appraisal report of the property, KTR inspected the property on March 4, 2011. KTR noted that the scope of work of the June 2011 appraisal report of the property did not include a physical inspection of the property, and that the values derived in the report are based on the extraordinary assumption that the physical condition of the property has not materially changed since March 4, 2011. |
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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, 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 |
California | 13-3140364 | |
(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 |
Item 2. | Property |
Date of | ||||||||
Property | Purchase | Type of Ownership | Use | |||||
Colony at Kenilworth Apartments Towson, Maryland | 03/15/84 | Fee ownership, subject to first and second mortgages | Apartment 383 units |
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Gross | ||||||||||||||||||||
Carrying | Accumulated | Depreciable | Method of | Federal | ||||||||||||||||
Property | Value | Depreciation | Life | Depreciation | Tax Basis | |||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||
Colony at Kenilworth Apartments | $ | 34,953 | $ | 24,941 | 5-30 yrs | S/L | $ | 9,202 | ||||||||||||
Principal | Principal | |||||||||||||||||||
Balance At | Fixed | Balance | ||||||||||||||||||
December 31, | Interest | Period | Maturity | Due At | ||||||||||||||||
Property | 2010 | Rate | Amortized | Date | Maturity(1) | |||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||
Colony at Kenilworth | ||||||||||||||||||||
Apartments | ||||||||||||||||||||
1st mortgage | $ | 11,595 | 7.58 | % | 30 yrs | 07/01/21 | $ | 9,451 | ||||||||||||
2nd mortgage | 12,533 | 5.93 | % | 30 yrs | 07/01/19 | 10,415 | ||||||||||||||
$ | 24,128 | $ | 19,866 | |||||||||||||||||
(1) | See “Note B — Mortgage Notes Payable” to the financial statements included in “Item 8. Financial Statements and Supplementary Data” for information with respect to the Partnership’s ability to prepay the loans and other specific details about the loans. |
Average Annual | ||||||||||||||||
Rental Rate | Average Annual | |||||||||||||||
(per unit) | Occupancy | |||||||||||||||
Property | 2010 | 2009 | 2010 | 2009 | ||||||||||||
Colony at Kenilworth Apartments | $ | 11,631 | $ | 12,225 | 95 | % | 95 | % |
2010 | 2010 | |||||||
Billing | Rate | |||||||
(In thousands) | ||||||||
Colony at Kenilworth Apartments(1) | $ | 495 | 1.73 | % |
(1) | Property’s tax year is not on a calendar year basis. |
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Item 3. | Legal Proceedings |
Item 5. | Market for the Registrant’s Common Equity, Related Security Holder Matters and Issuer Purchases of Equity Securities |
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Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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Item 8. | Financial Statements and Supplementary Data |
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December 31, | ||||||||
2010 | 2009 | |||||||
(In thousands, except unit data) | ||||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 106 | $ | 82 | ||||
Receivables and deposits | 442 | 399 | ||||||
Other assets | 783 | 701 | ||||||
Investment property (Notes B and E): | ||||||||
Land | 1,366 | 1,366 | ||||||
Buildings and related personal property | 33,587 | 30,218 | ||||||
34,953 | 31,584 | |||||||
Less accumulated depreciation | (24,941 | ) | (23,568 | ) | ||||
10,012 | 8,016 | |||||||
$ | 11,343 | $ | 9,198 | |||||
LIABILITIES AND PARTNERS’ DEFICIT | ||||||||
Liabilities | ||||||||
Accounts payable | $ | 99 | $ | 172 | ||||
Tenant security deposit liabilities | 262 | 274 | ||||||
Due to affiliates (Note D) | 7,055 | 3,538 | ||||||
Other liabilities | 282 | 267 | ||||||
Mortgage notes payable (Note B) | 24,128 | 24,443 | ||||||
31,826 | 28,694 | |||||||
Partners’ Deficit | ||||||||
General partner | (752 | ) | (742 | ) | ||||
Limited partners | (19,731 | ) | (18,754 | ) | ||||
(20,483 | ) | (19,496 | ) | |||||
$ | 11,343 | $ | 9,198 | |||||
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Years Ended December 31, | ||||||||
2010 | 2009 | |||||||
(In thousands, except | ||||||||
per unit data) | ||||||||
Revenues: | ||||||||
Rental income | $ | 4,218 | $ | 4,412 | ||||
Other income | 509 | 460 | ||||||
Total revenues | 4,727 | 4,872 | ||||||
Expenses: | ||||||||
Operating | 1,779 | 1,917 | ||||||
General and administrative | 128 | 211 | ||||||
Depreciation | 1,448 | 1,259 | ||||||
Interest | 1,938 | 1,837 | ||||||
Property taxes | 483 | 451 | ||||||
Total expenses | 5,776 | 5,675 | ||||||
Casualty gain (Note F) | 62 | — | ||||||
Net loss (Note C) | $ | (987 | ) | $ | (803 | ) | ||
Net loss allocated to general partner (1)% | $ | (10 | ) | $ | (8 | ) | ||
Net loss allocated to limited partners (99)% | (977 | ) | (795 | ) | ||||
$ | (987 | ) | $ | (803 | ) | |||
Net loss per limited partnership unit | $ | (8.91 | ) | $ | (7.25 | ) | ||
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Limited | ||||||||||||||||
Partnership | General | Limited | ||||||||||||||
Units | Partner | Partners | Total | |||||||||||||
(In thousands, except unit data) | ||||||||||||||||
Original capital contributions | 109,600 | $ | 1 | $ | 54,800 | $ | 54,801 | |||||||||
Partners’ deficit at December 31, 2008 | 109,600 | $ | (734 | ) | $ | (17,959 | ) | $ | (18,693 | ) | ||||||
Net loss for the year ended December 31, 2009 | — | (8 | ) | (795 | ) | (803 | ) | |||||||||
Partners’ deficit at December 31, 2009 | 109,600 | (742 | ) | (18,754 | ) | (19,496 | ) | |||||||||
Abandonment of Units (Note A) | (6 | ) | — | — | — | |||||||||||
Net loss for the year ended December 31, 2010 | — | (10 | ) | (977 | ) | (987 | ) | |||||||||
Partners’ deficit at December 31, 2010 | 109,594 | $ | (752 | ) | $ | (19,731 | ) | $ | (20,483 | ) | ||||||
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Years Ended December 31, | ||||||||
2010 | 2009 | |||||||
(In thousands) | ||||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (987 | ) | $ | (803 | ) | ||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
Depreciation | 1,448 | 1,259 | ||||||
Amortization of loan costs | 39 | 39 | ||||||
Casualty gain | (59 | ) | — | |||||
Change in accounts: | ||||||||
Receivables and deposits | (43 | ) | (30 | ) | ||||
Other assets | (121 | ) | (27 | ) | ||||
Accounts payable | (75 | ) | 31 | |||||
Tenant security deposit liabilities | (12 | ) | (23 | ) | ||||
Other liabilities | 15 | 26 | ||||||
Due to affiliates | 323 | 170 | ||||||
Net cash provided by operating activities | 528 | 642 | ||||||
Cash flows from investing activities: | ||||||||
Insurance proceeds received | 62 | — | ||||||
Property improvements and replacements | (3,445 | ) | (2,069 | ) | ||||
Net cash used in investing activities | (3,383 | ) | (2,069 | ) | ||||
Cash flows from financing activities: | ||||||||
Payments on mortgage notes payable | (315 | ) | (295 | ) | ||||
Advances from affiliate | 3,194 | 1,791 | ||||||
Net cash provided by financing activities | 2,879 | 1,496 | ||||||
Net increase in cash and cash equivalents | 24 | 69 | ||||||
Cash and cash equivalents at beginning of year | 82 | 13 | ||||||
Cash and cash equivalents at end of year | $ | 106 | $ | 82 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Cash paid for interest | $ | 1,638 | $ | 1,680 | ||||
Supplemental disclosure of non-cash activity: | ||||||||
Property improvements and replacements included in | ||||||||
accounts payable | $ | 29 | $ | 27 | ||||
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Note A — | Organization and Summary of Significant Accounting Policies |
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Note B — | Mortgage Notes Payable |
Principal | Principal | |||||||||||||||||||||||
Balance At | Stated | Balance | ||||||||||||||||||||||
December 31, | Monthly | Interest | Maturity | Due At | ||||||||||||||||||||
Property | 2010 | 2009 | Payment | Rate | Date | Maturity | ||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||
Colony at Kenilworth Apartments | ||||||||||||||||||||||||
1st mortgage | $ | 11,595 | $ | 11,724 | $ | 84 | 7.58 | % | 07/01/21 | $ | 9,451 | |||||||||||||
2nd mortgage | 12,533 | 12,719 | 78 | 5.93 | % | 07/01/19 | 10,415 | |||||||||||||||||
$ | 24,128 | $ | 24,443 | $ | 162 | $ | 19,866 | |||||||||||||||||
2011 | $ | 337 | ||
2012 | 359 | |||
2013 | 384 | |||
2014 | 410 | |||
2015 | 438 | |||
Thereafter | 22,200 | |||
$ | 24,128 | |||
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Note C — | Income Taxes |
2010 | 2009 | |||||||
Net loss as reported | $ | (987 | ) | $ | (803 | ) | ||
(Deduct) add: | ||||||||
Depreciation differences | (265 | ) | (190 | ) | ||||
Prepaid rent | (1 | ) | 8 | |||||
Other | (81 | ) | (160 | ) | ||||
Federal taxable loss | $ | (1,334 | ) | $ | (1,145 | ) | ||
Federal taxable income per limited partnership unit | $ | 17.59 | $ | 4.45 | ||||
2010 | 2009 | |||||||
Net liabilities as reported | $ | (20,483 | ) | $ | (19,496 | ) | ||
Land and buildings | (761 | ) | (664 | ) | ||||
Accumulated depreciation | (49 | ) | 219 | |||||
Syndication and distribution costs | 6,295 | 6,295 | ||||||
Prepaid rent | 11 | 11 | ||||||
Other | 88 | 70 | ||||||
Net liabilities — tax basis | $ | (14,899 | ) | $ | (13,565 | ) | ||
Note D — | Transactions with Affiliated Parties |
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Note E | — Investment Property 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) | ||||||||||||||
Colony at Kenilworth Apartments | $ | 24,128 | $ | 1,306 | $ | 13,187 | $ | 20,460 | ||||||||
At December 31, 2010
(in thousands)
Buildings | ||||||||||||||||||||||||||||
And Related | ||||||||||||||||||||||||||||
Personal | Accumulated | Year of | Date | Depreciable | ||||||||||||||||||||||||
Description | Land | Property | Total | Depreciation | Construction | Acquired | Life | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Colony at Kenilworth Apartments | $ | 1,366 | $ | 33,587 | $ | 34,953 | $ | 24,941 | 1967 | 03/84 | 5-30 yrs | |||||||||||||||||
December 31, | ||||||||
2010 | 2009 | |||||||
(In thousands) | ||||||||
Investment Property | ||||||||
Balance at beginning of year | $ | 31,584 | $ | 29,835 | ||||
Property improvements and replacements | 3,447 | 1,749 | ||||||
Casualty write off | (78 | ) | — | |||||
Balance at end of year | $ | 34,953 | $ | 31,584 | ||||
Accumulated Depreciation | ||||||||
Balance at beginning of year | $ | 23,568 | $ | 22,309 | ||||
Additions charged to expense | 1,448 | 1,259 | ||||||
Casualty write off | (75 | ) | — | |||||
Balance at end of year | $ | 24,941 | $ | 23,568 | ||||
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Note F | — Casualty Events |
Note G — | Contingencies |
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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 assets; | |
• | 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 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 financial statements. |
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(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 | 39 | Director and Senior Vice President | ||||
John Bezzant | 48 | Director and Executive Vice President | ||||
Ernest M. Freedman | 40 | Executive Vice President and Chief Financial Officer | ||||
Lisa R. Cohn | 42 | Executive Vice President, General Counsel and Secretary | ||||
Paul Beldin | 37 | Senior Vice President and Chief Accounting Officer | ||||
Stephen B. Waters | 49 | Senior Director of Partnership Accounting |
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Item 11. | Executive Compensation |
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |
Number of Units | Percentage | |||||||
AIMCO IPLP, L.P. (an affiliate of AIMCO) | 48,033 | 43.83 | % | |||||
AIMCO Properties, L.P. (an affiliate of AIMCO) | 28,589 | 26.08 | % | |||||
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Item 13. | Certain Relationships and Related Transactions, and Director Independence |
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Item 14. | Principal Accounting Fees and Services |
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Item 15. | Exhibits, Financial Statement Schedules |
Balance Sheets at December 31, 2010 and 2009 | G-11 | |||
Statements of Operations for the years ended December 31, 2010 and 2009 | G-12 | |||
Statements of Changes in Partners’ Deficit for the years ended December 31, 2010 and 2009 | G-13 | |||
Statements of Cash Flows for the years ended December 31, 2010 and 2009 | G-14 | |||
Notes to Financial Statements | G-15 |
• | 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. |
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By: | NPI EQUITY INVESTMENTS, INC. |
By: | /s/ Steven D. Cordes |
By: | /s/ Stephen B. Waters |
/s/ John Bezzant John Bezzant | Director and Executive Vice President | Date: March 25, 2011 | ||||
/s/ Steven D. Cordes Steven D. Cordes | Director and Senior Vice President | Date: March 25, 2011 | ||||
/s/ Stephen B. Waters Stephen B. Waters | Senior Director of Partnership Accounting | Date: March 25, 2011 |
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Exhibit | Description of Exhibit | |||
2 | .1 | NPI, Inc. Stock Purchase Agreement dated as of August 17, 1995, incorporated by reference to Exhibit 2 to the Partnership’s Current Report on Form 8-K dated August 17, 1995. | ||
2 | .2 | Partnership Units Purchase Agreement dated as of August 17, 1995, incorporated by reference to Exhibit 2.1 to Form 8-K filed by Insignia Financial Group, Inc. with the Securities and Exchange Commission on September 1, 1995. | ||
2 | .3 | Management Purchase Agreement dated as of August 17, 1995, incorporated by reference to Exhibit 2.2 to Form 8-K filed by Insignia Financial Group, Inc. with the Securities and Exchange Commission on September 1, 1995. | ||
3 | .4(a) | Agreement of Limited Partnership, incorporated by reference to Exhibit A to the Prospectus of the Partnership dated January 12, 1983, included in the Partnership’s Registration Statement on Form S-11 (Reg. No. 2-80141). | ||
(b) | Amendments to Agreement of Limited Partnership, incorporated by reference to the Definitive Proxy Statement of the Partnership dated April 3, 1991. | |||
(c) | Amendments to the Partnership Agreement, incorporated by reference to the Statement Furnished in Connection with the Solicitation of the Registrant dated August 28, 1992. | |||
10 | .36 | Multifamily Note dated August 31, 2007 between National Property Investors 6, a California limited partnership, and Capmark Bank, a Utah industrial bank. (Incorporated by reference to the Partnership’s Current Report on Form 8-K dated August 31, 2007.) | ||
10 | .37 | Amended and Restated Multifamily Note dated August 31, 2007 between National Property Investors 6, a California limited partnership, and Federal Home Loan Mortgage Corporation. (Incorporated by reference to the Partnership’s Current Report on Form 8-K dated August 31, 2007.) | ||
31 | .1 | Certification of equivalent of Chief Executive Officer pursuant to Securities Exchange Act Rules 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 Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
32 | .1 | Certification of equivalent of 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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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 March 31, 2011 | ||
or | ||
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the transition period from to |
California (State or other jurisdiction of incorporation or organization) | 13-3140364 (I.R.S. Employer Identification No.) |
Large accelerated filer o | Accelerated filer o | Non-accelerated filer o | Smaller reporting company þ |
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ITEM 1. | FINANCIAL STATEMENTS |
March 31, | December 31, | |||||||
2011 | 2010 | |||||||
(Unaudited) | (Note) | |||||||
(In thousands) | ||||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 109 | $ | 106 | ||||
Receivables and deposits | 422 | 442 | ||||||
Other assets | 665 | 783 | ||||||
Investment property: | ||||||||
Land | 1,366 | 1,366 | ||||||
Buildings and related personal property | 33,743 | 33,587 | ||||||
35,109 | 34,953 | |||||||
Less accumulated depreciation | (25,342 | ) | (24,941 | ) | ||||
9,767 | 10,012 | |||||||
$ | 10,963 | $ | 11,343 | |||||
LIABILITIES AND PARTNERS’ DEFICIT | ||||||||
Liabilities | ||||||||
Accounts payable | $ | 119 | $ | 99 | ||||
Tenant security deposit liabilities | 261 | 262 | ||||||
Due to affiliates (Note B) | 7,065 | 7,055 | ||||||
Other liabilities | 262 | 282 | ||||||
Mortgage notes payable | 24,046 | 24,128 | ||||||
31,753 | 31,826 | |||||||
Partners’ Deficit | ||||||||
General partner | (755 | ) | (752 | ) | ||||
Limited partners | (20,035 | ) | (19,731 | ) | ||||
(20,790 | ) | (20,483 | ) | |||||
$ | 10,963 | $ | 11,343 | |||||
Note: | The balance sheet at December 31, 2010 has been derived from the audited financial statements at that date but does not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. |
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Three Months Ended | ||||||||
March 31, | ||||||||
2011 | 2010 | |||||||
(Unaudited) | ||||||||
(In thousands, except per unit data) | ||||||||
Revenues: | ||||||||
Rental income | $ | 1,039 | $ | 1,059 | ||||
Other income | 126 | 108 | ||||||
Total revenues | 1,165 | 1,167 | ||||||
Expenses: | ||||||||
Operating | 400 | 452 | ||||||
General and administrative | 31 | 31 | ||||||
Depreciation | 401 | 330 | ||||||
Interest | 506 | 466 | ||||||
Property taxes | 134 | 117 | ||||||
Total expenses | 1,472 | 1,396 | ||||||
Net loss | $ | (307 | ) | $ | (229 | ) | ||
Net loss allocated to general partner (1)% | $ | (3 | ) | $ | (2 | ) | ||
Net loss allocated to limited partners (99)% | (304 | ) | (227 | ) | ||||
$ | (307 | ) | $ | (229 | ) | |||
Net loss per limited partnership unit | $ | (2.77 | ) | $ | (2.07 | ) | ||
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Limited | ||||||||||||||||
Partnership | General | Limited | ||||||||||||||
Units | Partner | Partners | Total | |||||||||||||
(Unaudited) | ||||||||||||||||
(In thousands, except unit data) | ||||||||||||||||
Original capital contributions | 109,600 | $ | 1 | $ | 54,800 | $ | 54,801 | |||||||||
Partners’ deficit at December 31, 2010 | 109,594 | $ | (752 | ) | $ | (19,731 | ) | $ | (20,483 | ) | ||||||
Net loss for the three months ended March 31, 2011 | — | (3 | ) | (304 | ) | (307 | ) | |||||||||
Partners’ deficit at March 31, 2011 | 109,594 | $ | (755 | ) | $ | (20,035 | ) | $ | (20,790 | ) | ||||||
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STATEMENTS OF CASH FLOWS
Three Months Ended | ||||||||
March 31, | ||||||||
2011 | 2010 | |||||||
(Unaudited) | ||||||||
(In thousands) | ||||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (307 | ) | $ | (229 | ) | ||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
Depreciation | 401 | 330 | ||||||
Amortization of loan costs | 10 | 10 | ||||||
Bad debt expense | (24 | ) | (2 | ) | ||||
Change in accounts: | ||||||||
Receivables and deposits | 44 | (6 | ) | |||||
Other assets | 108 | 75 | ||||||
Accounts payable | 42 | 83 | ||||||
Tenant security deposit liabilities | (1 | ) | 4 | |||||
Due to affiliates | 10 | 61 | ||||||
Other liabilities | (20 | ) | (10 | ) | ||||
Net cash provided by operating activities | 263 | 316 | ||||||
Cash flows used in investing activities: | ||||||||
Property improvements and replacements | (178 | ) | (264 | ) | ||||
Cash flows from financing activities: | ||||||||
Advances from affiliate | — | 12 | ||||||
Payments on mortgage notes payable | (82 | ) | (77 | ) | ||||
Net cash used in financing activities | (82 | ) | (65 | ) | ||||
Net increase (decrease) in cash and cash equivalents | 3 | (13 | ) | |||||
Cash and cash equivalents at beginning of the period | 106 | 82 | ||||||
Cash and cash equivalents at end of the period | $ | 109 | $ | 69 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Cash paid for interest | $ | 500 | $ | 410 | ||||
Supplemental disclosure of non-cash activity: | ||||||||
Property improvements and replacements included in accounts payable | $ | 7 | $ | 40 | ||||
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Note A — | Basis of Presentation |
Note B — | Transactions with Affiliated Parties |
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Note C — | Fair Value of Financial Instruments |
Note D — | Casualty Event |
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Note E — | Contingencies |
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ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Average Occupancy | ||||||||
Property | 2011 | 2010 | ||||||
Colony at Kenilworth Apartments | 98 | % | 95 | % | ||||
Towson, Maryland |
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ITEM 4. | CONTROLS AND PROCEDURES |
(a) | Disclosure Controls and Procedures |
(b) | Changes in Internal Control Over Financial Reporting |
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: | NPI EQUITY INVESTMENTS, INC. |
By: | /s/ Steven D. Cordes |
By: | /s/ Stephen B. Waters |
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Exhibit | Description of Exhibit | |||
2 | .1 | NPI, Inc. Stock Purchase Agreement dated as of August 17, 1995, incorporated by reference to Exhibit 2 to the Partnership’s Current Report on Form 8-K dated August 17, 1995. | ||
2 | .2 | Partnership Units Purchase Agreement dated as of August 17, 1995, incorporated by reference to Exhibit 2.1 to Form 8-K filed by Insignia Financial Group, Inc. with the Securities and Exchange Commission on September 1, 1995. | ||
2 | .3 | Management Purchase Agreement dated as of August 17, 1995, incorporated by reference to Exhibit 2.2 to Form 8-K filed by Insignia Financial Group, Inc. with the Securities and Exchange Commission on September 1, 1995. | ||
3 | .4(a) | Agreement of Limited Partnership, incorporated by reference to Exhibit A to the Prospectus of the Partnership dated January 12, 1983, included in the Partnership’s Registration Statement on Form S-11 (Reg. No. 2-80141). | ||
(b) | Amendments to Agreement of Limited Partnership, incorporated by reference to the Definitive Proxy Statement of the Partnership dated April 3, 1991. | |||
(c) | Amendments to the Partnership Agreement, incorporated by reference to the Statement Furnished in Connection with the Solicitation of the Registrant dated August 28, 1992. | |||
10 | .36 | Multifamily Note dated August 31, 2007 between National Property Investors 6, a California limited partnership, and Capmark Bank, a Utah industrial bank. (Incorporated by reference to the Partnership’s Current Report on Form 8-K dated August 31, 2007.) | ||
10 | .37 | Amended and Restated Multifamily Note dated August 31, 2007 between National Property Investors 6, a California limited partnership, and Federal Home Loan Mortgage Corporation. (Incorporated by reference to the Partnership’s Current Report on Form 8-K dated August 31, 2007.) | ||
31 | .1 | Certification of equivalent of Chief Executive Officer pursuant to Securities Exchange Act Rules 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 Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
32 | .1 | Certification of equivalent of 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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(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, 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) 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 | Smaller reporting company o |
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For the Fiscal Year Ended December 31, 2010
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Item 1. | Business |
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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 estimated total market value of apartment properties in a particular market); | |
• | improve our portfolio by selling assets with lower projected returns and reinvesting those proceeds through the purchase of new assets or additional investment in existing assets in our portfolio, including increased ownership or redevelopment; and | |
• | provide financial leverage primarily by the use of non-recourse, long-dated, fixed-rate property debt and perpetual preferred equity. |
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• | 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 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 and net operating income by optimizing the balance between rental and occupancy rates, as well as taking into consideration the cost of preparing an apartment unit for a new tenant. We are also focused on careful measurements 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, as well as the automation of certain aspects ofon-site operations, to enable ouron-site employees to focus more of their time on customer service. We have standardized policies for new and renewal pricing with timely data and analyses by floor-plan, thereby enabling us to respond quickly to changing supply and demand for our product and maximize rental revenue. | |
• | Controlling Expenses. Cost controls are accomplished by local focus at the area level; taking advantage of economies of scale at the corporate level; and through electronic procurement. | |
• | 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 2010, for properties included in continuing operations, we invested $74.7 million, or $848 per owned apartment unit, in Capital Replacements, which represent the share of additions that are deemed to replace the consumed portion of acquired capital assets. Additionally, for properties included in continuing operations, we invested $45.4 million, or $515 per owned apartment unit, in 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 which we can only do 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; | |
• | changes in governmental regulations and the related cost of compliance; | |
• | 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 |
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Item 2. | Properties |
Number of | Number | Average | ||||||||||
Properties | of Units | Ownership | ||||||||||
Conventional: | ||||||||||||
Chicago | 15 | 4,633 | 94 | % | ||||||||
Houston | 7 | 2,835 | 82 | % | ||||||||
Dallas — Fort Worth | 2 | 569 | 100 | % | ||||||||
Central | 24 | 8,037 | 90 | % | ||||||||
Manhattan | 22 | 957 | 100 | % | ||||||||
New York City | 22 | 957 | 100 | % | ||||||||
Washington — Northern Virginia — Maryland | 17 | 8,015 | 88 | % | ||||||||
Boston | 11 | 4,129 | 100 | % | ||||||||
Philadelphia | 7 | 3,888 | 91 | % | ||||||||
Suburban New York — New Jersey | 4 | 1,162 | 81 | % | ||||||||
Northeast | 39 | 17,194 | 91 | % | ||||||||
Miami | 5 | 2,471 | 95 | % | ||||||||
Palm Beach — Fort Lauderdale | 4 | 1,265 | 93 | % | ||||||||
Orlando | 9 | 2,836 | 92 | % | ||||||||
Tampa | 6 | 1,755 | 92 | % | ||||||||
Jacksonville | 4 | 1,643 | 85 | % | ||||||||
Atlanta | 5 | 1,295 | 80 | % | ||||||||
South | 33 | 11,265 | 91 | % | ||||||||
Los Angeles | 14 | 4,645 | 86 | % | ||||||||
Orange County | 4 | 1,213 | 94 | % | ||||||||
San Diego | 6 | 2,143 | 97 | % | ||||||||
East Bay | 2 | 413 | 85 | % | ||||||||
San Jose | 1 | 224 | 100 | % | ||||||||
San Francisco | 6 | 1,083 | 100 | % | ||||||||
Seattle | 3 | 413 | 75 | % | ||||||||
Denver | 9 | 2,553 | 78 | % | ||||||||
Phoenix | 17 | 4,420 | 89 | % | ||||||||
West | 62 | 17,107 | 88 | % | ||||||||
Total target markets | 180 | 54,560 | 90 | % | ||||||||
Opportunistic and other markets | 39 | 14,412 | 93 | % | ||||||||
Total conventional owned and managed | 219 | 68,972 | 91 | % | ||||||||
Affordable owned and managed | 228 | 26,540 | ||||||||||
Property management | 20 | 2,373 | ||||||||||
Asset management | 301 | 24,809 | ||||||||||
Total | 768 | 122,694 | ||||||||||
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Item 3. | Legal Proceedings |
Item 4. | (Removed and Reserved) |
Item 5. | Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |
Quarter Ended | 2010 | 2009 | ||||||
December 31 | $ | 0.10 | $ | 0.20 | ||||
September 30 | 0.10 | 0.10 | ||||||
June 30 | 0.10 | 0.10 | ||||||
March 31 | 0.00 | 0.00 |
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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, 2010 | 65,329 | $ | 21.76 | N/A | N/A | |||||||||||
November 1 — November 30, 2010 | 2,844 | 23.38 | N/A | N/A | ||||||||||||
December 1 — December 31, 2010 | 16,820 | 24.37 | N/A | N/A | ||||||||||||
Total | 84,993 | $ | 22.33 | |||||||||||||
(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 its Class A Common Stock. There were no repurchases of Aimco’s equity securities during the year ended December 31, 2010. As of December 31, 2010, Aimco was authorized to repurchase approximately 19.3 million 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, | ||||||||||||||||||||
2010 | 2009(1) | 2008(1) | 2007(1) | 2006(1) | ||||||||||||||||
(Dollar amounts in thousands, except per unit data) | ||||||||||||||||||||
OPERATING DATA: | ||||||||||||||||||||
Total revenues | $ | 1,144,934 | $ | 1,131,103 | $ | 1,178,878 | $ | 1,111,656 | $ | 1,024,592 | ||||||||||
Total operating expenses(2) | (1,014,425 | ) | (1,035,408 | ) | (1,136,563 | ) | (940,067 | ) | (862,141 | ) | ||||||||||
Operating income(2) | 130,509 | 95,695 | 42,315 | 171,589 | 162,451 | |||||||||||||||
Loss from continuing operations(2) | (165,030 | ) | (200,821 | ) | (117,140 | ) | (46,454 | ) | (40,040 | ) | ||||||||||
Income from discontinued operations, net(3) | 76,265 | 156,841 | 744,928 | 172,709 | 330,021 | |||||||||||||||
Net (loss) income | (88,765 | ) | (43,980 | ) | 627,788 | 126,255 | 289,982 | |||||||||||||
Net loss (income) attributable to noncontrolling interests | 13,301 | (22,442 | ) | (155,749 | ) | (92,138 | ) | (92,917 | ) | |||||||||||
Net income attributable to preferred unitholders | (58,554 | ) | (56,854 | ) | (61,354 | ) | (73,144 | ) | (90,527 | ) | ||||||||||
Net (loss) income attributable to the Partnership’s common unitholders | (134,018 | ) | (123,276 | ) | 403,700 | (43,508 | ) | 104,592 | ||||||||||||
Earnings (loss) per common unit — basic and diluted: | ||||||||||||||||||||
Loss from continuing operations attributable to the Partnership’s common unitholders | $ | (1.48 | ) | $ | (1.77 | ) | $ | (1.94 | ) | $ | (1.37 | ) | $ | (1.46 | ) | |||||
Net (loss) income attributable to the Partnership’s common unitholders | $ | (1.07 | ) | $ | (1.00 | ) | $ | 4.11 | $ | (0.42 | ) | $ | 0.99 | |||||||
BALANCE SHEET INFORMATION: | ||||||||||||||||||||
Real estate, net of accumulated depreciation | $ | 6,533,758 | $ | 6,711,832 | $ | 6,871,045 | $ | 6,639,160 | $ | 6,172,110 | ||||||||||
Total assets | 7,395,096 | 7,922,139 | 9,456,721 | 10,631,746 | 10,305,903 | |||||||||||||||
Total indebtedness | 5,504,801 | 5,479,476 | 5,853,544 | 5,464,521 | 4,784,107 | |||||||||||||||
Total partners’ capital | 1,323,302 | 1,550,374 | 1,661,600 | 2,152,326 | 2,753,617 | |||||||||||||||
OTHER INFORMATION: | ||||||||||||||||||||
Distributions declared per common unit(4) | $ | 0.30 | $ | 0.40 | $ | 7.48 | $ | 4.31 | $ | 2.40 | ||||||||||
Total consolidated properties (end of period) | 399 | 426 | 514 | 657 | 703 | |||||||||||||||
Total consolidated apartment units (end of period) | 89,875 | 95,202 | 117,719 | 153,758 | 162,432 | |||||||||||||||
Total unconsolidated properties (end of period) | 48 | 77 | 85 | 94 | 102 | |||||||||||||||
Total unconsolidated apartment units (end of period) | 5,637 | 8,478 | 9,613 | 10,878 | 11,791 |
(1) | Certain reclassifications have been made to conform to the current financial statement presentation, including retroactive adjustments to reflect additional properties sold during 2010 as discontinued operations (see Note 13 to the consolidated financial statements in Item 8). |
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(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 inManagement’s Discussion and Analysis of Financial Condition and Results of Operationsin Item 7. | |
(3) | Income from discontinued operations for the years ended December 31, 2010, 2009, 2008, 2007 and 2006 includes $94.9 million, $221.8 million, $800.3 million, $116.1 million and $336.2 million in gains on disposition of real estate, respectively. Income from discontinued operations for 2010, 2009 and 2008 is discussed further inManagement’s Discussion and Analysis of Financial Condition and Results of Operationsin Item 7. | |
(4) | As further discussed in Note 11 to the consolidated financial statements in Item 8, distributions declared per common unit during the years ended December 31, 2008 and 2007, included $5.08 and $1.91, respectively, of per unit distributions that were paid to Aimco through the issuance of common OP Units. |
Item 7. | 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 estimated total market value of apartment properties in a particular market); | |
• | improve our portfolio by selling assets with lower projected returns and reinvesting those proceeds through the purchase of new assets or additional investment in existing assets in our portfolio, including increased ownership or redevelopment; and | |
• | provide financial leverage primarily by the use of non-recourse, long-dated, fixed-rate property debt and perpetual preferred equity. |
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• | Average daily occupancy for our Conventional Same Store properties increased 200 basis points, from 94.1% in 2009 to 96.1% in 2010. | |
• | Conventional Same Store revenues and expenses for 2010, decreased by 0.2% and 1.0%, respectively, as compared to 2009, resulting in a 0.2% increase in net operating income. | |
• | Total Same Store revenues and expenses for 2010 increased by 0.2% and decreased by 0.8%, respectively, as compared to 2009, resulting in a 0.8% increase in net operating income. | |
• | Net operating income for our real estate portfolio (continuing operations) increased 2.3% for the year ended December 31, 2010 as compared to 2009. | |
• | Property sales declined in 2010 as compared to 2009, as property sales completed through July 2010 allowed us to fully repay the remainder of our term debt. |
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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 fewer property sales in 2010 as compared to 2009; and | |
• | a decrease in asset management and tax credit revenues, primarily due to decreased amortization of deferred tax credit income and a de-emphasis on transaction-based fees. |
• | an increase in net operating income of our properties included in continuing operations, reflecting improved operations; | |
• | a decrease in provisions for losses on notes receivable, primarily due to the impairment during 2009 of our interest in Casden Properties; 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 as discussed above. |
• | a decrease in income from discontinued operations, primarily related to a decrease in gains on dispositions of real estate due to fewer property sales in 2009 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 general and administrative expenses, primarily related to reductions in personnel and related expenses from our organizational restructuring activities during 2008 and 2009; | |
• | impairment losses on real estate development assets in 2008, for which no similar impairments were recognized in 2009; and | |
• | 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. |
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Year Ended December 31, | ||||||||||||||||
2010 | 2009 | $ Change | % Change | |||||||||||||
Rental and other property revenues: | ||||||||||||||||
Conventional same store | $ | 641,282 | $ | 642,784 | $ | (1,502 | ) | (0.2 | )% | |||||||
Conventional redevelopment | 113,273 | 107,461 | 5,812 | 5.4 | % | |||||||||||
Other Conventional | 71,414 | 70,065 | 1,349 | 1.9 | % | |||||||||||
Total | 825,969 | 820,310 | 5,659 | 0.7 | % | |||||||||||
Property operating expenses: | ||||||||||||||||
Conventional same store | 247,658 | 250,062 | (2,404 | ) | (1.0 | )% | ||||||||||
Conventional redevelopment | 40,915 | 42,206 | (1,291 | ) | (3.1 | )% | ||||||||||
Other Conventional | 34,689 | 33,990 | 699 | 2.1 | % | |||||||||||
Total | 323,262 | 326,258 | (2,996 | ) | (0.9 | )% | ||||||||||
Property net operating income: | ||||||||||||||||
Conventional same store | 393,624 | 392,722 | 902 | 0.2 | % | |||||||||||
Conventional redevelopment | 72,358 | 65,255 | 7,103 | 10.9 | % | |||||||||||
Other Conventional | 36,725 | 36,075 | 650 | 1.8 | % | |||||||||||
Total | $ | 502,707 | $ | 494,052 | $ | 8,655 | 1.8 | % | ||||||||
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Year Ended December 31, | ||||||||||||||||
2009 | 2008 | $ Change | % Change | |||||||||||||
Rental and other property revenues: | ||||||||||||||||
Conventional same store | $ | 585,501 | $ | 600,907 | $ | (15,406 | ) | (2.6 | )% | |||||||
Conventional redevelopment | 165,480 | 153,983 | 11,497 | 7.5 | % | |||||||||||
Other Conventional | 69,329 | 68,126 | 1,203 | 1.8 | % | |||||||||||
Total | 820,310 | 823,016 | (2,706 | ) | (0.3 | )% | ||||||||||
Property operating expenses: | ||||||||||||||||
Conventional same store | 226,572 | 225,694 | 878 | 0.4 | % | |||||||||||
Conventional redevelopment | 65,996 | 65,111 | 885 | 1.4 | % | |||||||||||
Other Conventional | 33,690 | 31,527 | 2,163 | 6.9 | % | |||||||||||
Total | 326,258 | 322,332 | 3,926 | 1.2 | % | |||||||||||
Property net operating income: | ||||||||||||||||
Conventional same store | 358,929 | 375,213 | (16,284 | ) | (4.3 | )% | ||||||||||
Conventional redevelopment | 99,484 | 88,872 | 10,612 | 11.9 | % | |||||||||||
Other Conventional | 35,639 | 36,599 | (960 | ) | (2.6 | )% | ||||||||||
Total | $ | 494,052 | $ | 500,684 | $ | (6,632 | ) | (1.3 | )% | |||||||
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Year Ended December 31, | ||||||||||||||||
2010 | 2009 | $ Change | % Change | |||||||||||||
Rental and other property revenues: | ||||||||||||||||
Affordable same store | $ | 116,852 | $ | 113,853 | $ | 2,999 | 2.6 | % | ||||||||
Other Affordable | 13,710 | 12,695 | 1,015 | 8.0 | % | |||||||||||
Total | 130,562 | 126,548 | 4,014 | 3.2 | % | |||||||||||
Property operating expenses: | ||||||||||||||||
Affordable same store | 53,121 | 53,057 | 64 | 0.1 | % | |||||||||||
Other Affordable | 5,519 | 5,998 | (479 | ) | (8.0 | )% | ||||||||||
Total | 58,640 | 59,055 | (415 | ) | (0.7 | )% | ||||||||||
Property net operating income: | ||||||||||||||||
Affordable same store | 63,731 | 60,796 | 2,935 | 4.8 | % | |||||||||||
Other Affordable | 8,191 | 6,697 | 1,494 | 22.3 | % | |||||||||||
Total | $ | 71,922 | $ | 67,493 | $ | 4,429 | 6.6 | % | ||||||||
Year Ended December 31, | ||||||||||||||||
2009 | 2008 | $ Change | % Change | |||||||||||||
Rental and other property revenues: | ||||||||||||||||
Affordable same store | $ | 113,853 | $ | 109,483 | $ | 4,370 | 4.0 | % | ||||||||
Other Affordable | 12,695 | 12,209 | 486 | 4.0 | % | |||||||||||
Total | 126,548 | 121,692 | 4,856 | 4.0 | % | |||||||||||
Property operating expenses: | ||||||||||||||||
Affordable same store | 53,057 | 52,975 | 82 | 0.2 | % | |||||||||||
Other Affordable | 5,998 | 6,048 | (50 | ) | (0.8 | )% | ||||||||||
Total | 59,055 | 59,023 | 32 | 0.1 | % | |||||||||||
Property net operating income: | ||||||||||||||||
Affordable same store | 60,796 | 56,508 | 4,288 | 7.6 | % | |||||||||||
Other Affordable | 6,697 | 6,161 | 536 | 8.7 | % | |||||||||||
Total | $ | 67,493 | $ | 62,669 | $ | 4,824 | 7.7 | % | ||||||||
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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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Less Than | More Than | |||||||||||||||||||
Total | One Year | 1-3 Years | 3-5 Years | 5 Years | ||||||||||||||||
Long-term debt(1) | $ | 5,504,801 | $ | 288,990 | $ | 986,396 | $ | 941,339 | $ | 3,288,076 | ||||||||||
Interest related to long-term debt(2) | 2,223,580 | 308,220 | 550,958 | 447,195 | 917,207 | |||||||||||||||
Leases for space(3) | 14,400 | 6,334 | 5,780 | 1,436 | 850 | |||||||||||||||
Other obligations(4) | 3,750 | 3,750 | — | — | — | |||||||||||||||
Total | $ | 7,746,531 | $ | 607,294 | $ | 1,543,134 | $ | 1,389,970 | $ | 4,206,133 | ||||||||||
(1) | Includes scheduled principal amortization and maturity payments related to our long-term debt. | |
(2) | Includes interest related to both fixed rate and variable rate debt. Interest related to variable rate debt is estimated based on the rate effective at December 31, 2010. Refer to Note 6 in the consolidated financial statements in Item 8 for a description of average interest rates associated with our debt. | |
(3) | Inclusive of leased space that has been abandoned as part of our organizational restructuring in 2008. | |
(4) | Represents a commitment to fund $3.8 million in second mortgage loans on certain properties in West Harlem, New York City. |
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Item 7A. | Quantitative and Qualitative Disclosures About Market Risk |
Item 8. | Financial Statements and Supplementary Data |
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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; | |
• | 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 on Form 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 on Form 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 on Form 10-Q for the quarterly period ended June 30, 2009, is incorporated herein by this reference) | ||
10 | .4 | Third Amendment to the Fourth Amended and Restated Agreement of Limited Partnership of AIMCO Properties, L.P., dated as of September 2, 2010 (Exhibit 10.1 to Aimco’s Current Report on Form 8-K, dated September 3, 2010, is incorporated herein by this reference) | ||
10 | .5 | 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 on Form 10-Q for the quarterly period ended September 30, 2004, is incorporated herein by this reference) | ||
10 | .6 | 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 on Form 8-K, dated June 16, 2005, is incorporated herein by this reference) | ||
10 | .7 | 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 on Form 8-K, dated March 22, 2006, is incorporated herein by this reference) |
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Exhibit | ||||
No. | Description | |||
10 | .8 | 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 on Form 8-K, dated August 31, 2007, is incorporated herein by this reference) | ||
10 | .9 | 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 on Form 8-K, dated September 14, 2007, is incorporated herein by this reference) | ||
10 | .10 | 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 on Form 8-K, dated September 11, 2008, is incorporated herein by this reference) | ||
10 | .11 | 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 on Form 10-Q for the quarterly period ended March 31, 2009, is incorporated herein by this reference) | ||
10 | .12 | 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 on Form 8-K, dated August 6, 2009, is incorporated herein by this reference) | ||
10 | .13 | 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 on Form 8-K, dated February 5, 2010, is incorporated herein by this reference) | ||
10 | .14 | 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 on Form 10-Q for the quarterly period ended June 30, 2010, is incorporated herein by this reference) | ||
10 | .15 | 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 on Form 8-K, dated September 29, 2010, is incorporated herein by this reference) | ||
10 | .16 | 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 on Form 8-K, dated December 6, 2001, is incorporated herein by this reference) | ||
10 | .17 | 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 on Form 8-K, dated December 6, 2001, is incorporated herein by this reference) |
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Exhibit | ||||
No. | Description | |||
10 | .18 | 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 on Form 8-K, dated December 29, 2008, is incorporated herein by this reference)* | ||
10 | .19 | Apartment Investment and Management Company 1997 Stock Award and Incentive Plan (October 1999) (Exhibit 10.26 to Aimco’s Annual Report on Form 10-K for the year ended December 31, 1999, is incorporated herein by this reference)* | ||
10 | .20 | Form of Restricted Stock Agreement (1997 Stock Award and Incentive Plan) (Exhibit 10.11 to Aimco’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 1997, is incorporated herein by this reference)* | ||
10 | .21 | Form of Incentive Stock Option Agreement (1997 Stock Award and Incentive Plan) (Exhibit 10.42 to Aimco’s Annual Report on Form 10-K for the year ended December 31, 1998, is incorporated herein by this reference)* | ||
10 | .22 | 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 | .23 | Form of Restricted Stock Agreement (Exhibit 10.2 to Aimco’s Current Report on Form 8-K, dated April 30, 2007, is incorporated herein by this reference)* | ||
10 | .24 | Form of Non-Qualified Stock Option Agreement (Exhibit 10.3 to Aimco’s Current Report on Form 8-K, dated April 30, 2007, is incorporated herein by this reference)* | ||
10 | .25 | 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 Act Rules 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 Act Rules 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 | ||
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) | 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 |
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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 24, 2011 | ||||
/s/ MILES CORTEZ Miles Cortez | Director, Executive Vice President and Chief Administrative Officer of the registrant’s general partner | February 24 2011 | ||||
/s/ ERNEST M. FREEDMAN Ernest M. Freedman | Executive Vice President and Chief Financial Officer of the registrant’s general partner (principal financial officer) | February 24, 2011 | ||||
/s/ PAUL BELDIN Paul Beldin | Senior Vice President and Chief Accounting Officer of the registrant’s general partner (principal accounting officer) | February 24, 2011 |
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Page | ||||
Financial Statements: | ||||
I-49 | ||||
I-50 | ||||
I-51 | ||||
I-52 | ||||
I-53 | ||||
I-54 | ||||
Financial Statement Schedule: | ||||
I-103 |
I-48
Table of Contents
I-49
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2010 | 2009 | |||||||
(In thousands) | ||||||||
ASSETS | ||||||||
Real estate: | ||||||||
Buildings and improvements | $ | 7,328,734 | $ | 7,130,309 | ||||
Land | 2,139,431 | 2,121,044 | ||||||
Total real estate | 9,468,165 | 9,251,353 | ||||||
Less accumulated depreciation | (2,934,407 | ) | (2,539,521 | ) | ||||
Net real estate ($867,053 and $850,398 related to VIEs) | 6,533,758 | 6,711,832 | ||||||
Cash and cash equivalents ($34,808 and $23,366 related to VIEs) | 111,325 | 81,260 | ||||||
Restricted cash ($55,186 and $56,179 related to VIEs) | 201,406 | 218,660 | ||||||
Accounts receivable, net ($13,582 and $20,766 related to VIEs) | 49,855 | 59,822 | ||||||
Accounts receivable from affiliates, net | 8,392 | 23,744 | ||||||
Deferred financing costs, net | 48,032 | 50,282 | ||||||
Notes receivable from unconsolidated real estate partnerships, net | 10,896 | 14,295 | ||||||
Notes receivable from non-affiliates, net | 126,726 | 125,269 | ||||||
Notes receivable from Aimco | 17,230 | 16,371 | ||||||
Investment in unconsolidated real estate partnerships ($54,374 and $99,460 related to VIEs) | 58,151 | 104,193 | ||||||
Other assets | 170,589 | 185,816 | ||||||
Deferred income tax assets, net | 58,736 | 42,015 | ||||||
Assets held for sale | — | 288,580 | ||||||
Total assets | $ | 7,395,096 | $ | 7,922,139 | ||||
LIABILITIES AND PARTNERS’ CAPITAL | ||||||||
Non-recourse property tax-exempt bond financing ($212,245 and $211,691 related to VIEs) | $ | 514,506 | $ | 574,926 | ||||
Non-recourse property loans payable ($442,055 and $385,453 related to VIEs) | 4,943,277 | 4,761,493 | ||||||
Term loan | — | 90,000 | ||||||
Other borrowings ($15,486 and $15,665 related to VIEs) | 47,018 | 53,057 | ||||||
Total indebtedness | 5,504,801 | 5,479,476 | ||||||
Accounts payable | 27,322 | 29,819 | ||||||
Accrued liabilities and other ($79,170 and $62,503 related to VIEs) | 250,106 | 286,328 | ||||||
Deferred income | 150,815 | 178,878 | ||||||
Security deposits | 35,322 | 34,052 | ||||||
Liabilities related to assets held for sale | — | 246,556 | ||||||
Total liabilities | 5,968,366 | 6,255,109 | ||||||
Redeemable preferred units (Note 11) | 103,428 | 116,656 | ||||||
Commitments and contingencies (Note 8) | — | — | ||||||
Partners’ capital: | ||||||||
Preferred units | 657,601 | 660,500 | ||||||
General Partner and Special Limited Partner | 264,182 | 521,692 | ||||||
Limited Partners | 158,401 | 95,990 | ||||||
High Performance Units | (44,892 | ) | (40,313 | ) | ||||
Investment in Aimco Class A Common Stock | (4,397 | ) | (4,621 | ) | ||||
Partners’ capital attributable to the Partnership | 1,030,895 | 1,233,248 | ||||||
Noncontrolling interests in consolidated real estate partnerships | 292,407 | 317,126 | ||||||
Total partners’ capital | 1,323,302 | 1,550,374 | ||||||
Total liabilities and partners’ capital | $ | 7,395,096 | $ | 7,922,139 | ||||
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Table of Contents
2010 | 2009 | 2008 | ||||||||||
(In thousands, except per unit data) | ||||||||||||
REVENUES: | ||||||||||||
Rental and other property revenues | $ | 1,109,381 | $ | 1,081,250 | $ | 1,080,048 | ||||||
Asset management and tax credit revenues | 35,553 | 49,853 | 98,830 | |||||||||
Total revenues | 1,144,934 | 1,131,103 | 1,178,878 | |||||||||
OPERATING EXPENSES: | ||||||||||||
Property operating expenses | 510,179 | 506,803 | 519,241 | |||||||||
Investment management expenses | 14,487 | 15,779 | 24,784 | |||||||||
Depreciation and amortization | 426,060 | 427,666 | 376,473 | |||||||||
Provision for operating real estate impairment losses | 352 | 2,329 | — | |||||||||
Provision for impairment losses on real estate development assets | — | — | 91,138 | |||||||||
General and administrative expenses | 53,365 | 56,640 | 80,376 | |||||||||
Other expenses, net | 9,982 | 14,950 | 21,749 | |||||||||
Restructuring costs | — | 11,241 | 22,802 | |||||||||
Total operating expenses | 1,014,425 | 1,035,408 | 1,136,563 | |||||||||
Operating income | 130,509 | 95,695 | 42,315 | |||||||||
Interest income | 11,990 | 9,911 | 20,329 | |||||||||
Provision for losses on notes receivable, net | (949 | ) | (21,549 | ) | (17,577 | ) | ||||||
Interest expense | (312,576 | ) | (312,534 | ) | (311,448 | ) | ||||||
Equity in losses of unconsolidated real estate partnerships | (23,112 | ) | (11,401 | ) | (4,736 | ) | ||||||
Gain on dispositions of unconsolidated real estate and other, net | 10,675 | 21,570 | 97,403 | |||||||||
Loss before income taxes and discontinued operations | (183,463 | ) | (218,308 | ) | (173,714 | ) | ||||||
Income tax benefit | 18,433 | 17,487 | 56,574 | |||||||||
Loss from continuing operations | (165,030 | ) | (200,821 | ) | (117,140 | ) | ||||||
Income from discontinued operations, net | 76,265 | 156,841 | 744,928 | |||||||||
Net (loss) income | (88,765 | ) | (43,980 | ) | 627,788 | |||||||
Net loss (income) attributable to noncontrolling interests in consolidated real estate partnerships | 13,301 | (22,442 | ) | (155,749 | ) | |||||||
Net (loss) income attributable to the Partnership | (75,464 | ) | (66,422 | ) | 472,039 | |||||||
Net income attributable to the Partnership’s preferred unitholders | (58,554 | ) | (56,854 | ) | (61,354 | ) | ||||||
Net income attributable to participating securities | — | — | (6,985 | ) | ||||||||
Net (loss) income attributable to the Partnership’s common unitholders | $ | (134,018 | ) | $ | (123,276 | ) | $ | 403,700 | ||||
Earnings (loss) per common unit — basic and diluted: | ||||||||||||
Loss from continuing operations attributable to the Partnership’s common unitholders | $ | (1.48 | ) | $ | (1.77 | ) | $ | (1.94 | ) | |||
Income from discontinued operations attributable to the Partnership’s common unitholders | 0.41 | 0.77 | 6.05 | |||||||||
Net (loss) income attributable to the Partnership’s common unitholders | $ | (1.07 | ) | $ | (1.00 | ) | $ | 4.11 | ||||
Weighted average common units outstanding — basic and diluted | 124,747 | 123,180 | 98,249 | |||||||||
Distributions declared per common unit | $ | 0.30 | $ | 0.40 | $ | 7.48 | ||||||
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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, 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 partnership units held by non-Aimco partners | (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 | ||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | (249,456 | ) | (249,456 | ) | ||||||||||||||||||||||
Distributions to common unitholders | — | (675,416 | ) | (50,896 | ) | (17,662 | ) | 1,042 | (742,932 | ) | — | (742,932 | ) | |||||||||||||||||||
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 | ||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | 5,535 | 5,535 | ||||||||||||||||||||||||
Redemption of partnership units held by non-Aimco partners | — | — | (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 | ||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | (91,904 | ) | (91,904 | ) | ||||||||||||||||||||||
Distributions to common unitholders | — | (46,880 | ) | (1,945 | ) | (703 | ) | 488 | (49,040 | ) | — | (49,040 | ) | |||||||||||||||||||
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 | ||||||||||||||||||||||
Issuance of preferred units to Aimco | 98,101 | (3,346 | ) | — | — | — | 94,755 | — | 94,755 | |||||||||||||||||||||||
Redemption of preferred units held by Aimco | (102,511 | ) | 4,511 | — | — | — | (98,000 | ) | — | (98,000 | ) | |||||||||||||||||||||
Common units issued to Aimco | — | 14,046 | — | — | — | 14,046 | — | 14,046 | ||||||||||||||||||||||||
Common units issued in exchange for noncontrolling interests in consolidated real estate partnerships | — | — | 6,854 | — | — | 6,854 | — | 6,854 | ||||||||||||||||||||||||
Redemption of partnership units held by non-Aimco partners | — | — | (3,495 | ) | (76 | ) | — | (3,571 | ) | — | (3,571 | ) | ||||||||||||||||||||
Repayments on Aimco officer notes | — | 577 | — | — | — | 577 | — | 577 | ||||||||||||||||||||||||
Contribution from Aimco related to employee stock purchases, net | — | 2,176 | — | — | — | 2,176 | — | 2,176 | ||||||||||||||||||||||||
Amortization of Aimco stock-based compensation | — | 8,182 | — | — | — | 8,182 | — | 8,182 | ||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | 7,422 | 7,422 | ||||||||||||||||||||||||
Adjustment to noncontrolling interests from consolidation of entities | — | — | — | — | — | — | 6,324 | 6,324 | ||||||||||||||||||||||||
Adjustment to noncontrolling interests related to revision of investment balances (Note 2) | — | — | — | — | — | — | (38,718 | ) | (38,718 | ) | ||||||||||||||||||||||
Effect of changes in ownership for consolidated entities (Note 3) | — | (25,586 | ) | (1,291 | ) | (514 | ) | — | (27,391 | ) | 5,533 | (21,858 | ) | |||||||||||||||||||
Cumulative effect of a change in accounting principle (Note 2) | — | (25,759 | ) | (1,340 | ) | (521 | ) | — | (27,620 | ) | 50,775 | 23,155 | ||||||||||||||||||||
Change in accumulated other comprehensive loss | — | (875 | ) | (45 | ) | (18 | ) | — | (938 | ) | (167 | ) | (1,105 | ) | ||||||||||||||||||
Other, net | — | (472 | ) | — | — | — | (472 | ) | 1,876 | 1,404 | ||||||||||||||||||||||
Net income (loss) | 53,590 | (125,018 | ) | (6,486 | ) | (2,514 | ) | — | (80,428 | ) | (13,301 | ) | (93,729 | ) | ||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | (44,463 | ) | (44,463 | ) | ||||||||||||||||||||||
Distributions to common unitholders | — | (35,304 | ) | (2,428 | ) | (936 | ) | 224 | (38,444 | ) | — | (38,444 | ) | |||||||||||||||||||
Distributions to preferred unitholders | (52,079 | ) | — | — | — | — | (52,079 | ) | — | (52,079 | ) | |||||||||||||||||||||
Adjustment to reflect Limited Partners’ capital at redemption value | — | (70,642 | ) | 70,642 | — | — | — | — | — | |||||||||||||||||||||||
Balances at December 31, 2010 | $ | 657,601 | $ | 264,182 | $ | 158,401 | $ | (44,892 | ) | $ | (4,397 | ) | $ | 1,030,895 | $ | 292,407 | $ | 1,323,302 | ||||||||||||||
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2010 | 2009 | 2008 | ||||||||||
(In thousands) | ||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
Net (loss) income | $ | (88,765 | ) | $ | (43,980 | ) | $ | 627,788 | ||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||||||||||
Depreciation and amortization | 426,060 | 427,666 | 376,473 | |||||||||
Provision for impairment losses on real estate development assets | — | — | 91,138 | |||||||||
Provision for operating real estate impairment losses | 352 | 2,329 | — | |||||||||
Equity in losses of unconsolidated real estate partnerships | 23,112 | 11,401 | 4,736 | |||||||||
Gain on dispositions of unconsolidated real estate and other | (10,675 | ) | (21,570 | ) | (97,403 | ) | ||||||
Income tax benefit | (18,433 | ) | (17,487 | ) | (56,574 | ) | ||||||
Stock-based compensation expense | 7,331 | 6,666 | 13,833 | |||||||||
Amortization of deferred loan costs and other | 9,742 | 10,399 | 9,432 | |||||||||
Distributions of earnings from unconsolidated entities | 1,231 | 4,893 | 14,619 | |||||||||
Discontinued operations: | ||||||||||||
Depreciation and amortization | 10,773 | 67,902 | 139,075 | |||||||||
Gain on disposition of real estate | (94,901 | ) | (221,770 | ) | (800,270 | ) | ||||||
Other adjustments to income from discontinued operations | 20,210 | 52,531 | 70,585 | |||||||||
Changes in operating assets and operating liabilities: | ||||||||||||
Accounts receivable | 25,561 | 27,067 | 4,848 | |||||||||
Other assets | 15,708 | 18,134 | 74,425 | |||||||||
Accounts payable, accrued liabilities and other | (69,806 | ) | (90,369 | ) | (32,337 | ) | ||||||
Total adjustments | 346,265 | 277,792 | (187,420 | ) | ||||||||
Net cash provided by operating activities | 257,500 | 233,812 | 440,368 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
Purchases of real estate | — | — | (112,655 | ) | ||||||||
Capital expenditures | (178,929 | ) | (300,344 | ) | (665,233 | ) | ||||||
Proceeds from dispositions of real estate | 218,571 | 875,931 | 2,060,344 | |||||||||
Proceeds from sale of interests and distributions from real estate partnerships | 19,707 | 25,067 | 94,277 | |||||||||
Purchases of partnership interests and other assets | (9,399 | ) | (6,842 | ) | (28,121 | ) | ||||||
Originations of notes receivable | (1,190 | ) | (5,778 | ) | (6,911 | ) | ||||||
Proceeds from repayment of notes receivable | 5,699 | 5,264 | 8,929 | |||||||||
Net increase in cash from consolidation and deconsolidation of entities | 13,128 | 98 | 241 | |||||||||
Distributions received from Aimco | 224 | 488 | 1,042 | |||||||||
Other investing activities | 18,788 | 36,858 | (6,002 | ) | ||||||||
Net cash provided by investing activities | 86,599 | 630,742 | 1,345,911 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Proceeds from property loans | 449,384 | 772,443 | 949,549 | |||||||||
Principal repayments on property loans | (426,662 | ) | (1,076,318 | ) | (1,291,543 | ) | ||||||
Proceeds from tax-exempt bond financing | — | 15,727 | 50,100 | |||||||||
Principal repayments on tax-exempt bond financing | (66,466 | ) | (157,862 | ) | (217,361 | ) | ||||||
Payments on term loans | (90,000 | ) | (310,000 | ) | (75,000 | ) | ||||||
(Payments on) proceeds from other borrowings | (13,469 | ) | (40,085 | ) | 21,367 | |||||||
Proceeds from issuance of preferred units to Aimco | 96,110 | — | — | |||||||||
Proceeds from issuance of common units to Aimco | 14,350 | — | — | |||||||||
Repurchases and redemptions of preferred units from Aimco | (108,000 | ) | (4,200 | ) | (24,840 | ) | ||||||
Repurchase of common units from Aimco | — | — | (502,296 | ) | ||||||||
Proceeds from Aimco Class A Common Stock option exercises | 1,806 | — | 481 | |||||||||
Payment of distributions to preferred units | (60,165 | ) | (59,172 | ) | (62,733 | ) | ||||||
Payment of distributions to General Partner and Special Limited Partner | (46,953 | ) | (95,823 | ) | (213,328 | ) | ||||||
Payment of distributions to Limited Partners | (2,428 | ) | (15,403 | ) | (55,770 | ) | ||||||
Payment of distributions to High Performance Units | (936 | ) | (5,580 | ) | (18,757 | ) | ||||||
Payment of distributions to noncontrolling interests | (44,463 | ) | (92,421 | ) | (248,537 | ) | ||||||
Other financing activities | (16,142 | ) | (14,276 | ) | (8,396 | ) | ||||||
Net cash used in financing activities | (314,034 | ) | (1,082,970 | ) | (1,697,064 | ) | ||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 30,065 | (218,416 | ) | 89,215 | ||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 81,260 | 299,676 | 210,461 | |||||||||
CASH AND CASH EQUIVALENTS AT END OF YEAR | $ | 111,325 | $ | 81,260 | $ | 299,676 | ||||||
SUPPLEMENTAL CASH FLOW INFORMATION: | ||||||||||||
Interest paid | $ | 311,432 | $ | 348,341 | $ | 434,645 | ||||||
Cash paid for income taxes | 1,899 | 4,560 | 13,780 | |||||||||
Non-cash transactions associated with the disposition of real estate: | ||||||||||||
Secured debt assumed in connection with the disposition of real estate | 157,629 | 314,265 | 157,394 | |||||||||
Issuance of notes receivable in connection with the disposition of real estate | 4,544 | 3,605 | 10,372 | |||||||||
Non-cash transactions associated with consolidation and deconsolidation of real estate partnerships: | ||||||||||||
Real estate, net | 80,629 | 6,058 | 25,830 | |||||||||
Investments in and notes receivable primarily from affiliated entities | 41,903 | 4,326 | 4,497 | |||||||||
Restricted cash and other assets | 3,290 | (1,682 | ) | 5,483 | ||||||||
Non-recourse debt | 61,211 | 2,031 | 22,036 | |||||||||
Noncontrolling interests in consolidated real estate partnerships | 57,099 | 2,225 | 11,896 | |||||||||
Accounts payable, accrued and other liabilities | 20,640 | 4,544 | 2,124 | |||||||||
Other non-cash transactions: | ||||||||||||
Redemption of common OP Units for Aimco Class A Common Stock | — | 7,085 | 4,182 | |||||||||
Cancellation of notes receivable from officers of Aimco | (251 | ) | (1,452 | ) | (385 | ) | ||||||
Common OP Units issued to Aimco pursuant to special distributions (Note 11) | — | (148,746 | ) | (487,477 | ) | |||||||
Issuance of common OP Units for acquisition of noncontrolling interests in consolidated real estate partnerships (Note 3) | 6,854 | — | — |
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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 estimated total market value of apartment properties in a particular market); | |
• | improve our portfolio by selling assets with lower projected returns and reinvesting those proceeds through the purchase of new assets or additional investment in existing assets in our portfolio, including increased ownership or redevelopment; and | |
• | provide financial leverage primarily by the use of non-recourse, long-dated, fixed-rate property debt and perpetual preferred equity. |
• | owned an equity interest in 219 conventional real estate properties with 68,972 units; | |
• | owned an equity interest in 228 affordable real estate properties with 26,540 units; and |
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• | provided services for or managed 27,182 units in 321 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 and Summary of Significant Accounting Policies |
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Consolidation | Deconsolidation | |||||||
Real estate, net | $ | 143,986 | $ | (86,151 | ) | |||
Cash and cash equivalents and restricted cash | 25,056 | (7,425 | ) | |||||
Accounts and notes receivable | (12,249 | ) | 6,002 | |||||
Investment in unconsolidated real estate partnerships | 31,579 | 11,302 | ||||||
Other assets | 3,870 | (1,084 | ) | |||||
Total assets | $ | 192,242 | $ | (77,356 | ) | |||
Total indebtedness | $ | 129,164 | $ | (56,938 | ) | |||
Accrued and other liabilities | 34,426 | (14,921 | ) | |||||
Total liabilities | 163,590 | (71,859 | ) | |||||
Cumulative effect of a change in accounting principle: | ||||||||
Noncontrolling interests | 59,276 | (8,501 | ) | |||||
The Partnership | (30,624 | ) | 3,004 | |||||
Total partners’ capital | 28,652 | (5,497 | ) | |||||
Total liabilities and partners’ capital | $ | 192,242 | $ | (77,356 | ) | |||
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2010 | ||||
Rental and other property revenues | $ | 32,216 | ||
Property operating expenses | (19,192 | ) | ||
Depreciation and amortization | (10,624 | ) | ||
Other expenses | (2,038 | ) | ||
Operating income | 362 | |||
Interest income | 33 | |||
Interest expense | (8,370 | ) | ||
Equity in losses of unconsolidated real estate partnerships | (17,895 | ) | ||
Gain on disposition of unconsolidated real estate and other | 7,360 | |||
Net loss | (18,510 | ) | ||
Net loss attributable to noncontrolling interests in consolidated real estate partnerships | 19,328 | |||
Net income attributable to the Partnership | $ | 818 | ||
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2011 | 2012 | 2013 | 2014 | 2015 | ||||||||||||||||
Estimated amortization | $ | 3.6 | $ | 3.2 | $ | 2.8 | $ | 2.5 | $ | 2.3 |
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Weighted Average | ||||||||||||||||||||||
Weighted | Year of | Swap Variable | ||||||||||||||||||||
Year of Debt | Average Debt | Swap Notional | Swap | Pay Rate at | ||||||||||||||||||
Debt Principal | Maturity | Interest Rate | Amount | Maturity | December 31, 2010 | |||||||||||||||||
$ | 29.2 | 2012 | 7.5 | % | $ | 29.2 | 2012 | 1.6 | % | |||||||||||||
24.0 | 2015 | 6.9 | % | 24.0 | 2012 | 1.1 | % | |||||||||||||||
93.0 | 2031 | 7.4 | % | 93.0 | 2012 | 1.1 | % | |||||||||||||||
106.1 | 2036 | 6.2 | % | 106.5 | 2012 | 2.2 | % | |||||||||||||||
12.1 | 2038 | 5.5 | % | 12.1 | 2012 | 1.0 | % | |||||||||||||||
12.5 | 2048 | 6.5 | % | 12.5 | 2012 | 1.0 | % | |||||||||||||||
$ | 276.9 | $ | 277.3 | |||||||||||||||||||
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Level 2 | Level 3 | |||||||||||||||
Changes in Fair | ||||||||||||||||
Value of Debt | ||||||||||||||||
Interest Rate | Total Rate of | Subject to Total Rate | ||||||||||||||
Swaps | Return Swaps | of Return Swaps | Total | |||||||||||||
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 | ) | |||||
Unrealized gains (losses) included in earnings(1)(2) | (45 | ) | 4,765 | (4,765 | ) | (45 | ) | |||||||||
Realized gains (losses) included in earnings | — | — | — | — | ||||||||||||
Unrealized gains (losses) included in partners’ capital | (1,105 | ) | — | — | (1,105 | ) | ||||||||||
Fair value at December 31, 2010 | $ | (2,746 | ) | $ | (19,542 | ) | $ | 19,542 | $ | (2,746 | ) | |||||
(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 consolidated statements of operations. |
2010 | 2009 | |||||||||||||||
Fair Value | Fair Value | |||||||||||||||
Measurement | Gain (Loss) | Measurement | Gain (Loss) | |||||||||||||
Real estate (impairment losses)(1) | $ | 62,111 | $ | (12,043 | ) | $ | 425,345 | $ | (48,542 | ) | ||||||
Real estate (newly consolidated)(2) | 117,083 | 1,104 | 10,798 | — | ||||||||||||
Property debt (newly consolidated)(2) | 83,890 | — | 2,031 | — | ||||||||||||
Investment in Casden Properties LLC (Note 5) | — | — | 10,000 | (20,740 | ) |
(1) | During the year ended December 31, 2010 and 2009, we reduced the aggregate carrying amounts of $74.2 million and $473.9 million, respectively, 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 the then anticipated holding period. | |
(2) | In connection with our adoption of ASU2009-17 (see preceding discussion of Variable Interest Entities) and reconsideration events during the year ended December 31, 2010, we consolidated 17 partnerships at fair value. With the exception of such partnerships’ investments in real estate properties and related non-recourse property |
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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 year ended December 31, 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 year ended December 31, 2010. We recognized no similar gain as a result of our consolidation of partnerships during the year ended December 31, 2009. |
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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 |
2010 | 2009 | 2008 | ||||||||||
Real estate, net of accumulated depreciation | $ | 624,913 | $ | 95,226 | $ | 122,788 | ||||||
Total assets | 676,373 | 122,543 | 155,444 | |||||||||
Secured and other notes payable | 494,967 | 101,678 | 122,859 | |||||||||
Total liabilities | 726,480 | 145,637 | 175,681 | |||||||||
Partners’ deficit | (50,107 | ) | (23,094 | ) | (20,237 | ) | ||||||
Rental and other property revenues | 145,598 | 55,366 | 69,392 | |||||||||
Property operating expenses | (93,521 | ) | (34,497 | ) | (42,863 | ) | ||||||
Depreciation expense | (36,650 | ) | (10,302 | ) | (12,640 | ) | ||||||
Interest expense | (40,433 | ) | (11,103 | ) | (17,182 | ) | ||||||
(Impairment losses)/Gain on sale, net | (29,316 | ) | 8,482 | 5,391 | ||||||||
Net income (loss) | (58,274 | ) | 6,622 | 1,398 |
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NOTE 5 — | Notes Receivable |
2010 | 2009 | |||||||||||||||||||||||
Unconsolidated | Unconsolidated | |||||||||||||||||||||||
Real Estate | Non- | Real Estate | Non- | |||||||||||||||||||||
Partnerships | Affiliates | Total | Partnerships | Affiliates | Total | |||||||||||||||||||
Par value notes | $ | 10,821 | $ | 17,899 | $ | 28,720 | $ | 11,353 | $ | 20,862 | $ | 32,215 | ||||||||||||
Discounted notes | 980 | 145,888 | 146,868 | 5,095 | 141,468 | 146,563 | ||||||||||||||||||
Allowance for loan losses | (905 | ) | (37,061 | ) | (37,966 | ) | (2,153 | ) | (37,061 | ) | (39,214 | ) | ||||||||||||
Total notes receivable | $ | 10,896 | $ | 126,726 | $ | 137,622 | $ | 14,295 | $ | 125,269 | $ | 139,564 | ||||||||||||
Face value of discounted notes | $ | 31,755 | $ | 158,621 | $ | 190,376 | $ | 37,709 | $ | 155,848 | $ | 193,557 |
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Unconsolidated | ||||||||
Real Estate | ||||||||
Partnerships | Non-Affiliates | |||||||
Balance at December 31, 2008 | $ | (4,863 | ) | $ | (17,743 | ) | ||
Provisions for losses on notes receivable | (2,231 | ) | — | |||||
Recoveries of losses on notes receivable | — | 1,422 | ||||||
Provisions for impairment loss on investment in Casden Properties LLC | — | (20,740 | ) | |||||
Write offs charged against allowance | 4,367 | — | ||||||
Net reductions due to consolidation of real estate partnerships and property dispositions | 574 | — | ||||||
Balance at December 31, 2009 | $ | (2,153 | ) | $ | (37,061 | ) | ||
Provisions for losses on notes receivable | (304 | ) | (220 | ) | ||||
Recoveries of losses on notes receivable | 116 | — | ||||||
Write offs charged against allowance | 639 | 220 | ||||||
Net reductions due to consolidation of real estate partnerships and property dispositions | 797 | — | ||||||
Balance at December 31, 2010 | $ | (905 | ) | $ | (37,061 | ) | ||
2010 | 2009 | |||||||
Par value notes: | ||||||||
Allowance for losses recognized | $ | (796 | ) | $ | (1,158 | ) | ||
Carrying amounts of loans prior to impairments | 1,115 | 3,819 | ||||||
Average recorded investment in impaired loans | 1,255 | 7,589 | ||||||
Interest income recognized related to impaired loans | 75 | 84 | ||||||
Discounted notes: | ||||||||
Allowance for losses recognized | $ | (110 | ) | $ | (996 | ) | ||
Carrying amounts of loans prior to impairments | 110 | 1,580 | ||||||
Average recorded investment in impaired loans | 538 | 3,503 | ||||||
Interest income recognized related to impaired loans | — | — |
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NOTE 6 — | Non-Recourse Property Tax-Exempt Bond Financings, Non-Recourse Property Loans Payable and Other Borrowings |
Weighted Average | Principal | |||||||||||
Interest Rate | Outstanding | |||||||||||
2010 | 2010 | 2009 | ||||||||||
Fixed rate property tax-exempt bonds payable | 5.72 | % | $ | 140,111 | $ | 140,995 | ||||||
Variable rate property tax-exempt bonds payable | 1.29 | % | 374,395 | 433,931 | ||||||||
Total | $ | 514,506 | $ | 574,926 | ||||||||
Weighted Average | Principal | |||||||||||
Interest Rate | Outstanding | |||||||||||
2010 | 2010 | 2009 | ||||||||||
Fixed rate property notes payable | 5.90 | % | $ | 4,855,871 | $ | 4,672,254 | ||||||
Variable rate property notes payable | 2.86 | % | 73,852 | 75,685 | ||||||||
Secured notes credit facility | 1.04 | % | 13,554 | 13,554 | ||||||||
Total | $ | 4,943,277 | $ | 4,761,493 | ||||||||
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Amortization | Maturities | Total | ||||||||||
2011 | $ | 100,162 | $ | 188,828 | $ | 288,990 | ||||||
2012 | 101,864 | 454,229 | 556,093 | |||||||||
2013 | 100,995 | 329,308 | 430,303 | |||||||||
2014 | 87,292 | 375,505 | 462,797 | |||||||||
2015 | 83,893 | 394,649 | 478,542 | |||||||||
Thereafter | 3,288,076 | |||||||||||
$ | 5,504,801 | |||||||||||
NOTE 7 — | Credit Agreement and Term Loan |
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NOTE 8 — | Commitments and Contingencies |
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Operating | ||||||||
Lease | Sublease | |||||||
Obligations | Receivables | |||||||
2011 | $ | 6,334 | $ | 785 | ||||
2012 | 4,399 | 658 | ||||||
2013 | 1,381 | 205 | ||||||
2014 | 925 | — | ||||||
2015 | 511 | — | ||||||
Thereafter | 850 | — | ||||||
Total | $ | 14,400 | $ | 1,648 | ||||
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NOTE 9 — | Income Taxes |
2010 | 2009 | |||||||
Deferred tax liabilities: | ||||||||
Partnership differences | $ | 26,033 | $ | 32,565 | ||||
Depreciation | 1,212 | 2,474 | ||||||
Deferred revenue | 11,975 | 14,862 | ||||||
Total deferred tax liabilities | $ | 39,220 | $ | 49,901 | ||||
Deferred tax assets: | ||||||||
Net operating, capital and other loss carryforwards | $ | 41,511 | $ | 37,164 | ||||
Provision for impairments on real estate assets | 33,321 | 33,321 | ||||||
Receivables | 8,752 | 3,094 | ||||||
Accrued liabilities | 6,648 | 9,272 | ||||||
Accrued interest expense | 2,220 | — | ||||||
Intangibles — management contracts | 1,273 | 1,911 | ||||||
Tax credit carryforwards | 7,181 | 6,949 | ||||||
Equity compensation | 900 | 1,463 | ||||||
Other | 159 | 929 | ||||||
Total deferred tax assets | 101,965 | 94,103 | ||||||
Valuation allowance | (4,009 | ) | (2,187 | ) | ||||
Net deferred income tax assets | $ | 58,736 | $ | 42,015 | ||||
2010 | 2009 | 2008 | ||||||||||
Balance at January 1 | $ | 3,079 | $ | 3,080 | $ | 2,965 | ||||||
Additions based on tax positions related to prior years | 992 | — | 115 | |||||||||
Reductions based on tax positions related to prior years | — | (1 | ) | — | ||||||||
Balance at December 31 | $ | 4,071 | $ | 3,079 | $ | 3,080 | ||||||
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2010 | 2009 | 2008 | ||||||||||
Current: | ||||||||||||
Federal | $ | — | $ | (1,910 | ) | $ | 8,678 | |||||
State | 1,395 | 3,992 | 2,415 | |||||||||
Total current | 1,395 | 2,082 | 11,093 | |||||||||
Deferred: | ||||||||||||
Federal | (10,912 | ) | (17,320 | ) | (22,115 | ) | ||||||
State | (1,380 | ) | (3,988 | ) | (2,386 | ) | ||||||
Total deferred | (12,292 | ) | (21,308 | ) | (24,501 | ) | ||||||
Total benefit | $ | (10,897 | ) | $ | (19,226 | ) | $ | (13,408 | ) | |||
Classification: | ||||||||||||
Continuing operations | $ | (18,433 | ) | $ | (17,487 | ) | $ | (56,574 | ) | |||
Discontinued operations | $ | 7,536 | $ | (1,739 | ) | $ | 43,166 |
2010 | 2009 | 2008 | ||||||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||||||
Tax at U.S. statutory rates on consolidated loss subject to tax | $ | (17,622 | ) | 35.0 | % | $ | (14,221 | ) | 35.0 | % | $ | (28,632 | ) | 35.0 | % | |||||||||
State income tax, net of Federal tax benefit | 14 | — | (2,183 | ) | 5.4 | % | 29 | — | ||||||||||||||||
Effect of permanent differences | (673 | ) | 1.3 | % | 127 | (0.3 | )% | 215 | (0.3 | )% | ||||||||||||||
Tax effect of intercompany transfers of assets between the REIT and taxable subsidiaries(1) | 5,694 | (11.3 | )% | (4,759 | ) | 11.7 | % | 15,059 | (18.4 | )% | ||||||||||||||
Write-off of excess tax basis | (132 | ) | 0.3 | % | (377 | ) | 0.9 | % | (79 | ) | 0.1 | % | ||||||||||||
Increase in valuation allowance | 1,822 | (3.6 | )% | 2,187 | (5.4 | )% | — | — | ||||||||||||||||
$ | (10,897 | ) | 21.7 | % | $ | (19,226 | ) | 47.3 | % | $ | (13,408 | ) | 16.4 | % | ||||||||||
(1) | Includes the effect of assets contributed by us to taxable subsidiaries, for which deferred tax expense or benefit was recognized upon the sale or impairment of the asset by the taxable subsidiary. |
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NOTE 10 — | Notes Receivable from Aimco |
NOTE 11 — | Partners’ Capital and Redeemable Preferred Units |
Annual | ||||||||||||||||
Distribution | ||||||||||||||||
Rate per Unit | Balance | |||||||||||||||
Redemption | (Paid | December 31, | ||||||||||||||
Perpetual: | Date(1) | Quarterly) | 2010 | 2009 | ||||||||||||
Class G Partnership Preferred Units, $0.01 par value, 4,050,000 units authorized, zero and 4,050,000 units issued and outstanding, respectively(2) | 07/15/2008 | 9.375 | % | $ | — | $ | 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, 12,000,000 and 8,000,000 units authorized, 12,000,000 and 8,000,000 units issued and outstanding, respectively | 03/24/2009 | 7.750 | % | 298,101 | 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 Unit, $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, 114 and 134 units issued and outstanding, respectively(3) | 06/30/2011 | (3 | ) | 57,000 | 67,000 | |||||||||||
Total | 677,601 | 690,500 | ||||||||||||||
Less preferred units subject to repurchase agreement(4) | (20,000 | ) | (30,000 | ) | ||||||||||||
Total | $ | 657,601 | $ | 660,500 | ||||||||||||
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(1) | All classes of preferred units are redeemable by the Partnership only in connection with a concurrent redemption by Aimco of the corresponding Aimco preferred stock 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) | Outstanding units at December 31, 2009, included 10,000 units held by a consolidated subsidiary that were eliminated in consolidation. | |
(3) | The Series A Community Reinvestment Act Perpetual Partnership Preferred Units, or the CRA Preferred Units, have substantially the same terms as Aimco’s Series A Community Reinvestment Act Perpetual Preferred Stock, or 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, 2010 and 2009 was 1.54%. Upon liquidation, holders of the CRA Preferred Units are entitled to a preference of $500,000 per unit, 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 unit 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 May 2010 and June 2009, Aimco repurchased 20 shares and 12 shares, or $10.0 million and $6.0 million in liquidation preference, respectively, of CRA Preferred Stock for $7.0 million and $4.2 million, respectively. Concurrent with Aimco’s repurchases, we repurchased from Aimco an equivalent number of our CRA Preferred Units. The holder of the CRA Preferred Stock may require Aimco to repurchase an additional 40 shares, or $20.0 million in liquidation preference, of CRA Preferred Stock over the next two years, for $14.0 million. If required, these additional repurchases will be for up to $10.0 million in liquidation preference in May 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 shares of CRA Preferred Stock pursuant to this agreement and our obligation to purchase from Aimco a corresponding number of our CRA Preferred Units, $20.0 million and $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 sheets at December 31, 2010 and 2009, respectively. |
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Redeemable Preferred OP Units: | 2010 | 2009 | ||||||
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 | $ | 8,229 | ||||
Class Two Partnership Preferred Units, 19,364 and 23,700 units issued and outstanding, redeemable at the holders option one year following issuance, holders to receive distributions at 1.84% ($.46 per annum per unit) | 484 | 593 | ||||||
Class Three Partnership Preferred Units, 1,366,771 and 1,371,451 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) | 34,169 | 34,286 | ||||||
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, zero and 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) | — | 2,747 | ||||||
Class Six Partnership Preferred Units, 796,668 and 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) | 19,917 | 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 7.87% ($1.968 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 | $ | 82,554 | $ | 85,671 | ||||
(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 2010 and 2009. | |
(2) | Purchased from the holder in exchange for cash and other consideration during 2010. |
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2010 | 2009 | 2008 | ||||||||||
Balance at January 1 | $ | 116,656 | $ | 88,148 | $ | — | ||||||
Net income attributable to redeemable preferred units | 4,964 | 6,288 | — | |||||||||
Distributions to preferred units | (6,730 | ) | (6,806 | ) | — | |||||||
Purchases of preferred units | (11,462 | ) | (1,725 | ) | — | |||||||
Reclassification of redeemable preferred units from partners’ capital | — | 30,000 | 88,148 | |||||||||
Other | — | 751 | — | |||||||||
Balance at December 31 | $ | 103,428 | $ | 116,656 | $ | 88,148 | ||||||
2010 | 2009 | 2008 | ||||||||||||||||||||||
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 | $ | 2.30 | $ | 9,334 | $ | 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 | 17,438 | (2) | 1.94 | 15,500 | 1.94 | 15,500 | |||||||||||||||||
Class V | 2.00 | 6,900 | 2.00 | 6,900 | 2.00 | 6,900 | ||||||||||||||||||
Class Y | 1.97 | 6,792 | 1.97 | 6,792 | 1.97 | 6,792 | ||||||||||||||||||
Series A CRA | 8,169.00 | (3) | 971 | 10,841.00 | (4) | 1,531 | 24,381.00 | (5) | 4,531 | |||||||||||||||
Class One | 8.00 | 720 | 8.00 | 720 | 8.00 | 720 | ||||||||||||||||||
Class Two | 0.99 | 19 | 1.80 | 43 | 1.52 | 67 | ||||||||||||||||||
Class Three | 1.97 | 2,693 | 1.99 | 2,733 | 2.01 | 2,856 | ||||||||||||||||||
Class Four | 2.00 | 1,512 | 2.00 | 1,512 | 2.00 | 1,512 | ||||||||||||||||||
Class Five | 0.30 | 21 | 2.38 | 163 | 7.91 | 543 | ||||||||||||||||||
Class Six | 2.13 | 1,696 | 2.13 | 1,705 | 2.12 | 1,705 | ||||||||||||||||||
Class Seven | 2.38 | 66 | 2.38 | 66 | 2.36 | 66 | ||||||||||||||||||
Class Eight | 0.40 | 3 | 2.38 | 15 | 7.91 | 49 | ||||||||||||||||||
Total | $ | 60,165 | $ | 59,172 | $ | 62,733 | ||||||||||||||||||
(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) | Amount paid includes $1.3 million related to the two months prior purchase of the 4,000,000 units sold in September 2010, which amount was prepaid by the purchaser in connection with the sale. |
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(3) | Amount per unit based on 114 units outstanding for the entire period. 20 units were repurchased in May 2010 and the holders of these units received $1,980 per unit in dividends through the date of purchase. | |
(4) | Amount per unit based on 134 units outstanding for the entire period. 12 units were repurchased in June 2009 and the holders of these units received $6,509 per unit in dividends through the date of purchase. | |
(5) | Amount per unit based on 146 units outstanding for the entire period. 54 units were repurchased in September 2008 and the holders of these units received $17,980 per unit in dividends through the date of purchase. |
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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2010 | 2009 | 2008 | ||||
Weighted average grant-date fair value | $9.27 | $2.47 | $4.34 | |||
Assumptions: | ||||||
Risk-free interest rate | 3.14% | 2.26% | 3.12% | |||
Expected dividend yield | 2.90% | 8.00% | 6.02% | |||
Expected volatility | 52.16% | 45.64% | 24.02% | |||
Weighted average expected life of options | 7.8 years | 6.9 years | 6.5 years |
2010 | 2009(1) | 2008(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 | 8,873 | $ | 28.22 | 10,344 | $ | 31.01 | 8,555 | $ | 39.57 | |||||||||||||||
Granted | 3 | 21.67 | 965 | 8.92 | 980 | 39.77 | ||||||||||||||||||
Exercised | (202 | ) | 8.92 | — | — | (14 | ) | 37.45 | ||||||||||||||||
Forfeited | (1,514 | ) | 28.73 | (2,436 | ) | 32.03 | (1,423 | ) | 38.75 | |||||||||||||||
Adjustment to outstanding options pursuant to special dividends | — | n/a | — | n/a | 2,246 | n/a | ||||||||||||||||||
Outstanding at end of year | 7,160 | $ | 28.65 | 8,873 | $ | 28.22 | 10,344 | $ | 31.01 | |||||||||||||||
Exercisable at end of year | 5,869 | $ | 30.18 | 6,840 | $ | 29.65 | 7,221 | $ | 29.51 |
(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, exercised 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 year reflect the adjustments 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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2010 | 2009 | 2008 | ||||||||||||||||||||||
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 | 458 | $ | 26.73 | 893 | $ | 40.33 | 960 | $ | 46.08 | |||||||||||||||
Granted | 381 | 16.72 | 378 | 8.92 | 248 | 39.85 | ||||||||||||||||||
Vested | (261 | ) | 27.56 | (418 | ) | 32.83 | (377 | ) | 43.45 | |||||||||||||||
Forfeited | (34 | ) | 26.11 | (533 | ) | 27.66 | (128 | ) | 46.85 | |||||||||||||||
Issued pursuant to special dividends(1) | — | — | 138 | 9.58 | 190 | 22.51 | ||||||||||||||||||
Unvested at end of year | 544 | $ | 19.36 | 458 | $ | 26.73 | 893 | $ | 40.33 | |||||||||||||||
(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’s 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. |
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NOTE 13 — | Discontinued Operations and Assets Held for Sale |
December 31, | ||||
2009 | ||||
Real estate, net | $ | 283,806 | ||
Other assets | 4,774 | |||
Assets held for sale | $ | 288,580 | ||
Property debt | $ | 240,011 | ||
Other liabilities | 6,545 | |||
Liabilities related to assets held for sale | $ | 246,556 | ||
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2010 | 2009 | 2008 | ||||||||||
Rental and other property revenues | $ | 42,394 | $ | 217,472 | $ | 527,524 | ||||||
Property operating and other expenses | (22,988 | ) | (120,109 | ) | (273,298 | ) | ||||||
Depreciation and amortization | (10,773 | ) | (67,902 | ) | (139,075 | ) | ||||||
Provision for operating real estate impairment losses | (12,674 | ) | (54,530 | ) | (27,420 | ) | ||||||
Operating (loss) income | (4,041 | ) | (25,069 | ) | 87,731 | |||||||
Interest income | 271 | 362 | 2,118 | |||||||||
Interest expense | (7,330 | ) | (42,220 | ) | (102,026 | ) | ||||||
Gain on extinguishment of debt | — | 259 | — | |||||||||
Loss before gain on dispositions of real estate and income taxes | (11,100 | ) | (66,668 | ) | (12,177 | ) | ||||||
Gain on dispositions of real estate | 94,901 | 221,770 | 800,270 | |||||||||
Income tax (expense) benefit | (7,536 | ) | 1,739 | (43,165 | ) | |||||||
Income from discontinued operations, net | $ | 76,265 | $ | 156,841 | $ | 744,928 | ||||||
Income from discontinued operation attributable to: | ||||||||||||
Noncontrolling interests in consolidated real estate partnerships | (25,843 | ) | (61,650 | ) | (150,366 | ) | ||||||
The Partnership | $ | 50,422 | $ | 95,191 | $ | 594,562 | ||||||
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NOTE 14 — | Earnings per Unit |
2010 | 2009 | 2008 | ||||||||||
Numerator: | ||||||||||||
Loss from continuing operations | $ | (165,030 | ) | $ | (200,821 | ) | $ | (117,140 | ) | |||
Loss (income) from continuing operations attributable to noncontrolling interests | 39,144 | 39,208 | (5,383 | ) | ||||||||
Income attributable to the Partnership’s preferred unitholders | (58,554 | ) | (56,854 | ) | (61,354 | ) | ||||||
Income attributable to participating securities | — | — | (6,985 | ) | ||||||||
Loss from continuing operations attributable to the Partnership’s common unitholders | $ | (184,440 | ) | $ | (218,467 | ) | $ | (190,862 | ) | |||
Income from discontinued operations | $ | 76,265 | $ | 156,841 | $ | 744,928 | ||||||
Income from discontinued operations attributable to noncontrolling interests | (25,843 | ) | (61,650 | ) | (150,366 | ) | ||||||
Income from discontinued operations attributable to the Partnership’s common unitholders | $ | 50,422 | $ | 95,191 | $ | 594,562 | ||||||
Net (loss) income | $ | (88,765 | ) | $ | (43,980 | ) | $ | 627,788 | ||||
Net loss (income) attributable to noncontrolling interests | 13,301 | (22,442 | ) | (155,749 | ) | |||||||
Income attributable to the Partnership’s preferred unitholders | (58,554 | ) | (56,854 | ) | (61,354 | ) | ||||||
Income attributable to participating securities | — | — | (6,985 | ) | ||||||||
Net (loss) income attributable to the Partnership’s common unitholders | $ | (134,018 | ) | $ | (123,276 | ) | $ | 403,700 | ||||
Denominator: | ||||||||||||
Denominator for basic earnings per unit — weighted average number of common units outstanding | ||||||||||||
Common OP Units | 122,407 | 120,836 | 95,881 | |||||||||
High Performance Units | 2,340 | 2,344 | 2,368 | |||||||||
Total common units | 124,747 | 123,180 | 98,249 | |||||||||
Effect of dilutive securities: | ||||||||||||
Dilutive potential common units | — | — | — | |||||||||
Denominator for diluted earnings per unit | 124,747 | 123,180 | 98,249 | |||||||||
Earnings (loss) per common unit— basic and diluted: | ||||||||||||
Loss from continuing operations attributable to the Partnership’s common unitholders | $ | (1.48 | ) | $ | (1.77 | ) | $ | (1.94 | ) | |||
Income from discontinued operations attributable to the Partnership’s common unitholders | 0.41 | 0.77 | 6.05 | |||||||||
Net (loss) income attributable to the Partnership’s common unitholders | $ | (1.07 | ) | $ | (1.00 | ) | $ | 4.11 | ||||
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NOTE 15 — | Unaudited Summarized Consolidated Quarterly Information |
Quarter(1) | ||||||||||||||||
2010 | First | Second | Third | Fourth | ||||||||||||
Total revenues | $ | 279,872 | $ | 285,161 | $ | 286,433 | $ | 293,468 | ||||||||
Total operating expenses | (255,739 | ) | (249,690 | ) | (249,464 | ) | (259,532 | ) | ||||||||
Operating income | 24,133 | 35,471 | 36,969 | 33,936 | ||||||||||||
Loss from continuing operations | (36,632 | ) | (38,909 | ) | (47,760 | ) | (41,729 | ) | ||||||||
Income from discontinued operations, net | 20,084 | 28,953 | 19,494 | 7,734 | ||||||||||||
Net loss | (16,548 | ) | (9,956 | ) | (28,266 | ) | (33,995 | ) | ||||||||
Loss attributable to the Partnership’s common unitholders | (43,297 | ) | (19,093 | ) | (30,547 | ) | (41,125 | ) | ||||||||
Loss per common unit — basic and diluted: | ||||||||||||||||
Loss from continuing operations attributable to the Partnership’s common unitholders | $ | (0.43 | ) | $ | (0.33 | ) | $ | (0.36 | ) | $ | (0.36 | ) | ||||
Net loss attributable to the Partnership’s common unitholders | $ | (0.35 | ) | $ | (0.15 | ) | $ | (0.25 | ) | $ | (0.32 | ) | ||||
Weighted average common units outstanding — basic and diluted | 124,400 | 124,663 | 124,739 | 125,183 |
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Quarter(1) | ||||||||||||||||
2009 | First | Second | Third | Fourth | ||||||||||||
Total revenues | $ | 281,173 | $ | 282,974 | $ | 280,210 | $ | 286,746 | ||||||||
Total operating expenses | (253,240 | ) | (254,471 | ) | (262,992 | ) | (264,705 | ) | ||||||||
Operating income | 27,933 | 28,503 | 17,218 | 22,041 | ||||||||||||
Loss from continuing operations | (35,084 | ) | (47,214 | ) | (55,254 | ) | (63,269 | ) | ||||||||
Income from discontinued operations, net | 2,716 | 39,791 | 45,904 | 68,430 | ||||||||||||
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 | ) | $ | (0.41 | ) | $ | (0.46 | ) | $ | (0.58 | ) | ||||
Net loss attributable to the Partnership’s common unitholders | $ | (0.34 | ) | $ | (0.26 | ) | $ | (0.35 | ) | $ | (0.05 | ) | ||||
Weighted average common units outstanding — basic and diluted | 119,661 | 124,333 | 124,376 | 124,351 |
(1) | Certain reclassifications have been made to 2010 and 2009 quarterly amounts to conform to the full year 2010 presentation, primarily related to treatment of discontinued operations. |
NOTE 16 — | Transactions with Affiliates |
NOTE 17 — | Business Segments |
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Corporate and | ||||||||||||||||||||
Conventional | Affordable | Amounts Not | ||||||||||||||||||
Real Estate | Real Estate | Proportionate | Allocated to | |||||||||||||||||
Operations | Operations | Adjustments(1) | Segments | Consolidated | ||||||||||||||||
Year Ended December 31, 2010: | ||||||||||||||||||||
Rental and other property revenues(2) | $ | 825,969 | $ | 130,562 | $ | 149,991 | $ | 2,859 | $ | 1,109,381 | ||||||||||
Asset management and tax credit revenues | — | — | — | 35,553 | 35,553 | |||||||||||||||
Total revenues | 825,969 | 130,562 | 149,991 | 38,412 | 1,144,934 | |||||||||||||||
Property operating expenses(2) | 323,262 | 58,640 | 70,397 | 57,880 | 510,179 | |||||||||||||||
Asset management and tax credit expenses | — | — | — | 14,487 | 14,487 | |||||||||||||||
Depreciation and amortization(2) | — | — | — | 426,060 | 426,060 | |||||||||||||||
Provision for operating real estate impairment losses(2) | — | — | — | 352 | 352 | |||||||||||||||
General and administrative expenses | — | — | — | 53,365 | 53,365 | |||||||||||||||
Other expenses, net | — | — | — | 9,982 | 9,982 | |||||||||||||||
Total operating expenses | 323,262 | 58,640 | 70,397 | 562,126 | 1,014,425 | |||||||||||||||
Net operating income (loss) | 502,707 | 71,922 | 79,594 | (523,714 | ) | 130,509 | ||||||||||||||
Other items included in continuing operations | — | — | — | (295,539 | ) | (295,539 | ) | |||||||||||||
Income (loss) from continuing operations | $ | 502,707 | $ | 71,922 | $ | 79,594 | $ | (819,253 | ) | $ | (165,030 | ) | ||||||||
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Corporate and | ||||||||||||||||||||
Conventional | Affordable | Amounts Not | ||||||||||||||||||
Real Estate | Real Estate | Proportionate | Allocated to | |||||||||||||||||
Operations | Operations | Adjustments(1) | Segments | Consolidated | ||||||||||||||||
Year Ended December 31, 2009: | ||||||||||||||||||||
Rental and other property revenues(2) | $ | 820,310 | $ | 126,548 | $ | 129,310 | $ | 5,082 | $ | 1,081,250 | ||||||||||
Asset management and tax credit revenues | — | — | — | 49,853 | 49,853 | |||||||||||||||
Total revenues | 820,310 | 126,548 | 129,310 | 54,935 | 1,131,103 | |||||||||||||||
Property operating expenses(2) | 326,258 | 59,055 | 60,439 | 61,051 | 506,803 | |||||||||||||||
Asset management and tax credit expenses | — | — | — | 15,779 | 15,779 | |||||||||||||||
Depreciation and amortization(2) | — | — | — | 427,666 | 427,666 | |||||||||||||||
Provision for operating real estate impairment losses(2) | — | — | — | 2,329 | 2,329 | |||||||||||||||
General and administrative expenses | — | — | — | 56,640 | 56,640 | |||||||||||||||
Other expenses, net | — | — | — | 14,950 | 14,950 | |||||||||||||||
Restructuring costs | — | — | — | 11,241 | 11,241 | |||||||||||||||
Total operating expenses | 326,258 | 59,055 | 60,439 | 589,656 | 1,035,408 | |||||||||||||||
Net operating income (loss) | 494,052 | 67,493 | 68,871 | (534,721 | ) | 95,695 | ||||||||||||||
Other items included in continuing operations | — | — | — | (296,516 | ) | (296,516 | ) | |||||||||||||
Income (loss) from continuing operations | $ | 494,052 | $ | 67,493 | $ | 68,871 | $ | (831,237 | ) | $ | (200,821 | ) | ||||||||
Year Ended December 31, 2008: | ||||||||||||||||||||
Rental and other property revenues(2) | $ | 823,016 | $ | 121,692 | $ | 128,995 | $ | 6,345 | $ | 1,080,048 | ||||||||||
Asset management and tax credit revenues | — | — | — | 98,830 | 98,830 | |||||||||||||||
Total revenues | 823,016 | 121,692 | 128,995 | 105,175 | 1,178,878 | |||||||||||||||
Property operating expenses(2) | 322,332 | 59,023 | 60,299 | 77,587 | 519,241 | |||||||||||||||
Asset management and tax credit expenses | — | — | — | 24,784 | 24,784 | |||||||||||||||
Depreciation and amortization(2) | — | — | — | 376,473 | 376,473 | |||||||||||||||
Provision for impairment losses on real estate development assets | — | — | — | 91,138 | 91,138 | |||||||||||||||
General and administrative expenses | — | — | — | 80,376 | 80,376 | |||||||||||||||
Other expenses, net | — | — | — | 21,749 | 21,749 | |||||||||||||||
Restructuring costs | — | — | — | 22,802 | 22,802 | |||||||||||||||
Total operating expenses | 322,332 | 59,023 | 60,299 | 694,909 | 1,136,563 | |||||||||||||||
Net operating income (loss) | 500,684 | 62,669 | 68,696 | (589,734 | ) | 42,315 | ||||||||||||||
Other items included in continuing operations | — | — | — | (159,455 | ) | (159,455 | ) | |||||||||||||
Income (loss) from continuing operations | $ | 500,684 | $ | 62,669 | $ | 68,696 | $ | (749,189 | ) | $ | (117,140 | ) | ||||||||
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(1) | Represents adjustments for the noncontrolling interests in consolidated real estate partnerships’ share of the results of our consolidated properties, which are excluded from our measurement of segment performance but included in the related consolidated amounts, and our share of the results of operations of our unconsolidated real estate partnerships, which are included in our measurement of segment performance but excluded from the related consolidated amounts. | |
(2) | Our chief operating decision maker assesses the performance of our conventional and affordable real estate operations using, among other measures, proportionate property net operating income, which excludes depreciation and amortization, provision for operating real estate impairment losses, property management revenues (which are included in rental and other property revenues) and property management expenses and casualty gains and losses (which are included in property operating expenses). Accordingly, we do not allocate these amounts to our segments. |
2010 | 2009 | |||||||
Conventional | $ | 5,492,942 | $ | 5,647,697 | ||||
Affordable | 886,874 | 966,703 | ||||||
Proportionate adjustments(1) | 555,079 | 463,767 | ||||||
Corporate and other assets | 460,201 | 843,972 | ||||||
Total consolidated assets | $ | 7,395,096 | $ | 7,922,139 | ||||
(1) | Proportionate adjustments for the noncontrolling interests in consolidated real estate partnerships’ share of the assets of our consolidated properties, which are excluded from our measurement of segment financial condition, and our share of the assets of our unconsolidated real estate partnerships, which are included in our measure of segment financial condition. |
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SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2010
(In Thousands Except Unit Data)
(2) | (3) | |||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Initial Cost | Cost Capitalized | December 31, 2010 | |||||||||||||||||||||||||||||||||||||||||||||||
Property | Date | Year | Number | Buildings and | Subsequent to | Buildings and | (4) | Accumulated | Total Cost | |||||||||||||||||||||||||||||||||||||||||
Property Name | Type | Consolidated | Location | Built | of Units | Land | Improvements | Consolidation | Land | Improvements | Total | Depreciation (AD) | Net of AD | Encumbrances | ||||||||||||||||||||||||||||||||||||
Conventional Properties: | ||||||||||||||||||||||||||||||||||||||||||||||||||
100 Forest Place | High Rise | Dec-97 | Oak Park, IL | 1987 | 234 | $ | 2,664 | $ | 18,815 | $ | 5,790 | $ | 2,664 | $ | 24,605 | $ | 27,269 | $ | (9,484 | ) | $ | 17,785 | $ | 27,347 | ||||||||||||||||||||||||||
1582 First Avenue | High Rise | Mar-05 | New York, NY | 1900 | 17 | 4,250 | 752 | 256 | 4,281 | 977 | 5,258 | (308 | ) | 4,950 | 2,639 | |||||||||||||||||||||||||||||||||||
173 E. 90th Street | High Rise | May-04 | New York, NY | 1910 | 72 | 11,773 | 4,535 | 2,369 | 12,067 | 6,610 | 18,677 | (1,598 | ) | 17,079 | 8,481 | |||||||||||||||||||||||||||||||||||
182-188 Columbus Avenue | Mid Rise | Feb-07 | New York, NY | 1910 | 32 | 17,187 | 3,300 | 4,066 | 19,123 | 5,430 | 24,553 | (1,266 | ) | 23,287 | 13,471 | |||||||||||||||||||||||||||||||||||
204-206 West 133rd Street | Mid Rise | Jun-07 | New York, NY | 1910 | 44 | 3,291 | 1,450 | 2,023 | 4,352 | 2,412 | 6,764 | (441 | ) | 6,323 | 3,132 | |||||||||||||||||||||||||||||||||||
2232-2240 Seventh Avenue | Mid Rise | Jun-07 | New York, NY | 1910 | 24 | 2,863 | 3,785 | 1,530 | 3,366 | 4,812 | 8,178 | (743 | ) | 7,435 | 2,973 | |||||||||||||||||||||||||||||||||||
2247-2253 Seventh Avenue | Mid Rise | Jun-07 | New York, NY | 1910 | 35 | 6,787 | 3,335 | 1,775 | 7,356 | 4,541 | 11,897 | (848 | ) | 11,049 | 5,483 | |||||||||||||||||||||||||||||||||||
2252-2258 Seventh Avenue | Mid Rise | Jun-07 | New York, NY | 1910 | 35 | 3,623 | 4,504 | 1,914 | 4,318 | 5,723 | 10,041 | (1,027 | ) | 9,014 | 5,125 | |||||||||||||||||||||||||||||||||||
2300-2310 Seventh Avenue | Mid Rise | Jun-07 | New York, NY | 1910 | 63 | 8,623 | 6,964 | 5,618 | 10,417 | 10,788 | 21,205 | (2,073 | ) | 19,132 | 9,896 | |||||||||||||||||||||||||||||||||||
236 — 238 East 88th Street | High Rise | Jan-04 | New York, NY | 1900 | 43 | 8,751 | 2,914 | 1,353 | 8,820 | 4,198 | 13,018 | (1,360 | ) | 11,658 | 6,736 | |||||||||||||||||||||||||||||||||||
237-239 Ninth Avenue | High Rise | Mar-05 | New York, NY | 1900 | 36 | 8,430 | 1,866 | 775 | 8,494 | 2,577 | 11,071 | (775 | ) | 10,296 | 5,165 | |||||||||||||||||||||||||||||||||||
240 West 73rd Street, LLC | High Rise | Sep-04 | New York, NY | 1900 | 200 | 68,006 | 12,140 | 4,131 | 68,109 | 16,168 | 84,277 | (3,626 | ) | 80,651 | 29,668 | |||||||||||||||||||||||||||||||||||
2484 Seventh Avenue | Mid Rise | Jun-07 | New York, NY | 1921 | 23 | 2,384 | 1,726 | 497 | 2,601 | 2,006 | 4,607 | (340 | ) | 4,267 | 2,472 | |||||||||||||||||||||||||||||||||||
2900 on First Apartments | Mid Rise | Oct-08 | Seattle, WA | 1989 | 135 | 19,015 | 17,518 | 613 | 19,071 | 18,075 | 37,146 | (1,546 | ) | 35,600 | 20,400 | |||||||||||||||||||||||||||||||||||
306 East 89th Street | High Rise | Jul-04 | New York, NY | 1930 | 20 | 2,659 | 1,006 | 168 | 2,681 | 1,152 | 3,833 | (405 | ) | 3,428 | 1,885 | |||||||||||||||||||||||||||||||||||
311 & 313 East 73rd Street | Mid Rise | Mar-03 | New York, NY | 1904 | 34 | 5,635 | 1,609 | 552 | 5,678 | 2,118 | 7,796 | (1,088 | ) | 6,708 | 2,703 | |||||||||||||||||||||||||||||||||||
322-324 East 61st Street | High Rise | Mar-05 | New York, NY | 1900 | 40 | 6,319 | 2,224 | 729 | 6,372 | 2,900 | 9,272 | (881 | ) | 8,391 | 3,627 | |||||||||||||||||||||||||||||||||||
3400 Avenue of the Arts | Mid Rise | Mar-02 | Costa Mesa, CA | 1987 | 770 | 55,223 | 65,506 | 73,569 | 57,240 | 137,058 | 194,298 | (43,291 | ) | 151,007 | 118,280 | |||||||||||||||||||||||||||||||||||
452 East 78th Street | High Rise | Jan-04 | New York, NY | 1900 | 12 | 1,966 | 608 | 285 | 1,982 | 877 | 2,859 | (289 | ) | 2,570 | 1,567 | |||||||||||||||||||||||||||||||||||
464-466 Amsterdam &200-210 W. 83rd Street | Mid Rise | Feb-07 | New York, NY | 1910 | 72 | 23,677 | 7,101 | 4,367 | 25,552 | 9,593 | 35,145 | (1,755 | ) | 33,390 | 19,679 | |||||||||||||||||||||||||||||||||||
510 East 88th Street | High Rise | Jan-04 | New York, NY | 1900 | 20 | 3,137 | 1,002 | 287 | 3,163 | 1,263 | 4,426 | (359 | ) | 4,067 | 2,579 | |||||||||||||||||||||||||||||||||||
514-516 East 88th Street | High Rise | Mar-05 | New York, NY | 1900 | 36 | 6,230 | 2,168 | 569 | 6,282 | 2,685 | 8,967 | (765 | ) | 8,202 | 4,553 | |||||||||||||||||||||||||||||||||||
656 St. Nicholas Avenue | Mid Rise | Jun-07 | New York, NY | 1920 | 31 | 2,731 | 1,636 | 2,823 | 3,576 | 3,614 | 7,190 | (739 | ) | 6,451 | 2,375 | |||||||||||||||||||||||||||||||||||
707 Leahy | Garden | Apr-07 | Redwood City, CA | 1973 | 111 | 15,352 | 7,909 | 4,407 | 15,444 | 12,224 | 27,668 | (2,269 | ) | 25,399 | 14,983 | |||||||||||||||||||||||||||||||||||
759 St. Nicholas Avenue | Mid Rise | Oct-07 | New York, NY | 1920 | 9 | 682 | 535 | 683 | 1,013 | 887 | 1,900 | (138 | ) | 1,762 | 545 | |||||||||||||||||||||||||||||||||||
865 Bellevue | Garden | Jul-00 | Nashville, TN | 1972 | 326 | 3,558 | 12,037 | 27,236 | 3,558 | 39,273 | 42,831 | (15,414 | ) | 27,417 | 18,951 | |||||||||||||||||||||||||||||||||||
Arbors, The | Garden | Oct-97 | Tempe, AZ | 1967 | 200 | 1,092 | 6,208 | 3,378 | 1,092 | 9,586 | 10,678 | (4,505 | ) | 6,173 | 6,655 | |||||||||||||||||||||||||||||||||||
Arbours Of Hermitage, The | Garden | Jul-00 | Hermitage, TN | 1972 | 350 | 3,217 | 12,023 | 7,326 | 3,217 | 19,349 | 22,566 | (8,540 | ) | 14,026 | 10,059 | |||||||||||||||||||||||||||||||||||
Auburn Glen | Garden | Dec-06 | Jacksonville, FL | 1974 | 251 | 7,483 | 8,191 | 3,441 | 7,670 | 11,445 | 19,115 | (2,767 | ) | 16,348 | 9,765 | |||||||||||||||||||||||||||||||||||
BaLaye | Garden | Apr-06 | Tampa, FL | 2002 | 324 | 10,329 | 28,800 | 1,261 | 10,608 | 29,782 | 40,390 | (5,202 | ) | 35,188 | 22,658 | |||||||||||||||||||||||||||||||||||
Bank Lofts | High Rise | Apr-01 | Denver, CO | 1920 | 117 | 3,525 | 9,045 | 1,786 | 3,525 | 10,831 | 14,356 | (5,080 | ) | 9,276 | 7,138 | |||||||||||||||||||||||||||||||||||
Bay Parc Plaza | High Rise | Sep-04 | Miami, FL | 2000 | 471 | 22,680 | 41,847 | 4,346 | 22,680 | 46,193 | 68,873 | (8,063 | ) | 60,810 | 45,835 | |||||||||||||||||||||||||||||||||||
Bay Ridge at Nashua | Garden | Jan-03 | Nashua, NH | 1984 | 412 | 3,352 | 40,713 | 7,031 | 3,262 | 47,834 | 51,096 | (12,617 | ) | 38,479 | 40,337 | |||||||||||||||||||||||||||||||||||
Bayberry Hill Estates | Garden | Aug-02 | Framingham, MA | 1971 | 424 | 18,915 | 35,945 | 11,382 | 18,916 | 47,326 | 66,242 | (16,011 | ) | 50,231 | 34,820 | |||||||||||||||||||||||||||||||||||
Boston Lofts | High Rise | Apr-01 | Denver, CO | 1890 | 158 | 3,447 | 20,589 | 3,304 | 3,447 | 23,893 | 27,340 | (10,686 | ) | 16,654 | 14,582 | |||||||||||||||||||||||||||||||||||
Boulder Creek | Garden | Jul-94 | Boulder, CO | 1973 | 221 | 755 | 7,730 | 17,237 | 755 | 24,967 | 25,722 | (12,807 | ) | 12,915 | 11,311 | |||||||||||||||||||||||||||||||||||
Brandywine | Garden | Jul-94 | St. Petersburg, FL | 1972 | 477 | 1,437 | 12,725 | 9,193 | 1,437 | 21,918 | 23,355 | (14,848 | ) | 8,507 | 20,838 | |||||||||||||||||||||||||||||||||||
Breakers, The | Garden | Oct-98 | Daytona Beach, FL | 1985 | 208 | 1,008 | 5,507 | 3,349 | 1,008 | 8,856 | 9,864 | (4,261 | ) | 5,603 | 6,207 | |||||||||||||||||||||||||||||||||||
Broadcast Center | Garden | Mar-02 | Los Angeles, CA | 1990 | 279 | 27,603 | 41,244 | 29,464 | 29,407 | 68,904 | 98,311 | (20,934 | ) | 77,377 | 55,875 | |||||||||||||||||||||||||||||||||||
Buena Vista | Mid Rise | Jan-06 | Pasadena, CA | 1973 | 92 | 9,693 | 6,818 | 1,178 | 9,693 | 7,996 | 17,689 | (1,207 | ) | 16,482 | 10,476 |
I-103
Table of Contents
(2) | (3) | |||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Initial Cost | Cost Capitalized | December 31, 2010 | |||||||||||||||||||||||||||||||||||||||||||||||
Property | Date | Year | Number | Buildings and | Subsequent to | Buildings and | (4) | Accumulated | Total Cost | |||||||||||||||||||||||||||||||||||||||||
Property Name | Type | Consolidated | Location | Built | of Units | Land | Improvements | Consolidation | Land | Improvements | Total | Depreciation (AD) | Net of AD | Encumbrances | ||||||||||||||||||||||||||||||||||||
Burke Shire Commons | Garden | Mar-01 | Burke, VA | 1986 | 360 | 4,867 | 23,617 | 4,216 | 4,867 | 27,833 | 32,700 | (11,376 | ) | 21,324 | 31,607 | |||||||||||||||||||||||||||||||||||
Calhoun Beach Club | High Rise | Dec-98 | Minneapolis, MN | 1928 | 332 | 11,708 | 73,334 | 47,028 | 11,708 | 120,362 | 132,070 | (45,129 | ) | 86,941 | 48,548 | |||||||||||||||||||||||||||||||||||
Canterbury Green | Garden | Dec-99 | Fort Wayne, IN | 1970 | 1,988 | 13,659 | 73,115 | 27,161 | 13,659 | 100,276 | 113,935 | (50,369 | ) | 63,566 | 52,666 | |||||||||||||||||||||||||||||||||||
Canyon Terrace | Garden | Mar-02 | Saugus, CA | 1984 | 130 | 7,300 | 6,602 | 6,192 | 7,508 | 12,586 | 20,094 | (4,449 | ) | 15,645 | 10,598 | |||||||||||||||||||||||||||||||||||
Casa del Mar at Baymeadows | Garden | Oct-06 | Jacksonville, FL | 1984 | 144 | 4,902 | 10,562 | 1,570 | 5,039 | 11,995 | 17,034 | (2,302 | ) | 14,732 | 9,294 | |||||||||||||||||||||||||||||||||||
Cedar Rim | Garden | Apr-00 | Newcastle, WA | 1980 | 104 | 761 | 5,218 | 17,275 | 761 | 22,493 | 23,254 | (12,073 | ) | 11,181 | 7,772 | |||||||||||||||||||||||||||||||||||
Center Square | High Rise | Oct-99 | Doylestown, PA | 1975 | 350 | 582 | 4,190 | 3,648 | 582 | 7,838 | 8,420 | (3,479 | ) | 4,941 | 14,644 | |||||||||||||||||||||||||||||||||||
Charleston Landing | Garden | Sep-00 | Brandon, FL | 1985 | 300 | 7,488 | 8,656 | 7,971 | 7,488 | 16,627 | 24,115 | (7,051 | ) | 17,064 | 13,057 | |||||||||||||||||||||||||||||||||||
Chesapeake Landing I | Garden | Sep-00 | Aurora, IL | 1986 | 416 | 15,800 | 16,875 | 5,621 | 15,800 | 22,496 | 38,296 | (8,693 | ) | 29,603 | 24,331 | |||||||||||||||||||||||||||||||||||
Chesapeake Landing II | Garden | Mar-01 | Aurora, IL | 1987 | 184 | 1,969 | 7,980 | 3,745 | 1,969 | 11,725 | 13,694 | (5,276 | ) | 8,418 | 10,099 | |||||||||||||||||||||||||||||||||||
Chestnut Hall | High Rise | Oct-06 | Philadelphia, PA | 1923 | 315 | 12,047 | 14,299 | 5,256 | 12,338 | 19,264 | 31,602 | (5,490 | ) | 26,112 | 18,356 | |||||||||||||||||||||||||||||||||||
Chestnut Hill | Garden | Apr-00 | Philadelphia, PA | 1963 | 821 | 6,463 | 49,315 | 49,521 | 6,463 | 98,836 | 105,299 | (43,941 | ) | 61,358 | 58,962 | |||||||||||||||||||||||||||||||||||
Chimneys of Cradle Rock | Garden | Jun-04 | Columbia, MD | 1979 | 198 | 2,234 | 8,107 | 911 | 2,040 | 9,212 | 11,252 | (2,702 | ) | 8,550 | 16,494 | |||||||||||||||||||||||||||||||||||
Colonnade Gardens | Garden | Oct-97 | Phoenix, AZ | 1973 | 196 | 766 | 4,346 | 3,011 | 766 | 7,357 | 8,123 | (4,004 | ) | 4,119 | 1,464 | |||||||||||||||||||||||||||||||||||
Colony at Kenilworth | Garden | Oct-99 | Towson, MD | 1966 | 383 | 2,403 | 18,798 | 14,392 | 2,403 | 33,190 | 35,593 | (16,540 | ) | 19,053 | 24,128 | |||||||||||||||||||||||||||||||||||
Columbus Avenue | Mid Rise | Sep-03 | New York, NY | 1880 | 59 | 35,472 | 9,450 | 3,763 | 35,527 | 13,158 | 48,685 | (5,818 | ) | 42,867 | 25,324 | |||||||||||||||||||||||||||||||||||
Country Lakes I | Garden | Apr-01 | Naperville, IL | 1982 | 240 | 8,512 | 10,832 | 3,422 | 8,512 | 14,254 | 22,766 | (5,882 | ) | 16,884 | 14,367 | |||||||||||||||||||||||||||||||||||
Country Lakes II | Garden | May-97 | Naperville, IL | 1986 | 400 | 5,165 | 29,430 | 6,072 | 5,165 | 35,502 | 40,667 | (15,568 | ) | 25,099 | 24,539 | |||||||||||||||||||||||||||||||||||
Creekside | Garden | Jan-00 | Denver, CO | 1974 | 328 | 2,953 | 12,697 | 5,668 | 3,189 | 18,129 | 21,318 | (8,709 | ) | 12,609 | 14,157 | |||||||||||||||||||||||||||||||||||
Creekside | Garden | Mar-02 | Simi Valley, CA | 1985 | 397 | 24,595 | 18,818 | 7,149 | 25,245 | 25,317 | 50,562 | (9,342 | ) | 41,220 | 40,670 | |||||||||||||||||||||||||||||||||||
Crescent at West Hollywood, The | Mid Rise | Mar-02 | West Hollywood, CA | 1985 | 130 | 15,382 | 10,215 | 15,245 | 15,765 | 25,077 | 40,842 | (11,723 | ) | 29,119 | 24,195 | |||||||||||||||||||||||||||||||||||
Douglaston Villas | Altamonte Springs, | |||||||||||||||||||||||||||||||||||||||||||||||||
and Townhomes | Garden | Aug-99 | FL | 1979 | 234 | 1,666 | 9,353 | 7,941 | 1,666 | 17,294 | 18,960 | (7,378 | ) | 11,582 | 10,384 | |||||||||||||||||||||||||||||||||||
Elm Creek | Mid Rise | Dec-97 | Elmhurst, IL | 1987 | 372 | 5,534 | 30,830 | 17,543 | 5,635 | 48,272 | 53,907 | (21,197 | ) | 32,710 | 34,695 | |||||||||||||||||||||||||||||||||||
Evanston Place | High Rise | Dec-97 | Evanston, IL | 1990 | 189 | 3,232 | 25,546 | 4,453 | 3,232 | 29,999 | 33,231 | (11,529 | ) | 21,702 | 21,417 | |||||||||||||||||||||||||||||||||||
Farmingdale | Mid Rise | Oct-00 | Darien, IL | 1975 | 240 | 11,763 | 15,174 | 9,317 | 11,763 | 24,491 | 36,254 | (11,145 | ) | 25,109 | 17,349 | |||||||||||||||||||||||||||||||||||
Ferntree | Garden | Mar-01 | Phoenix, AZ | 1968 | 219 | 2,078 | 13,752 | 3,462 | 2,079 | 17,213 | 19,292 | (7,186 | ) | 12,106 | 6,977 | |||||||||||||||||||||||||||||||||||
Fisherman’s Village | Garden | Jan-06 | Indianapolis, IN | 1982 | 328 | 2,156 | 9,936 | 3,023 | 2,156 | 12,959 | 15,115 | (7,618 | ) | 7,497 | 6,350 | |||||||||||||||||||||||||||||||||||
Fishermans Wharf | Garden | Nov-96 | Clute, TX | 1981 | 360 | 1,257 | 7,584 | 5,757 | 1,257 | 13,341 | 14,598 | (6,252 | ) | 8,346 | 6,852 | |||||||||||||||||||||||||||||||||||
Flamingo Towers | High Rise | Sep-97 | Miami Beach, FL | 1960 | 1,127 | 32,191 | 38,399 | 220,608 | 32,239 | 258,959 | 291,198 | (105,723 | ) | 185,475 | 117,541 | |||||||||||||||||||||||||||||||||||
Forestlake Apartments | Garden | Mar-07 | Daytona Beach, FL | 1982 | 120 | 3,691 | 4,320 | 610 | 3,860 | 4,761 | 8,621 | (838 | ) | 7,783 | 4,658 | |||||||||||||||||||||||||||||||||||
Four Quarters Habitat | Garden | Jan-06 | Miami, FL | 1976 | 336 | 2,383 | 17,199 | 16,848 | 2,379 | 34,051 | 36,430 | (13,301 | ) | 23,129 | 10,974 | |||||||||||||||||||||||||||||||||||
Foxchase | Garden | Dec-97 | Alexandria, VA | 1940 | 2,113 | 15,419 | 96,062 | 34,962 | 15,496 | 130,947 | 146,443 | (61,112 | ) | 85,331 | 218,590 | |||||||||||||||||||||||||||||||||||
Georgetown | Garden | Aug-02 | Framingham, MA | 1964 | 207 | 12,351 | 13,168 | 2,216 | 12,351 | 15,384 | 27,735 | (5,123 | ) | 22,612 | 12,070 | |||||||||||||||||||||||||||||||||||
Glen at Forestlake, The | Garden | Mar-07 | Daytona Beach, FL | 1982 | 26 | 897 | 862 | 209 | 933 | 1,035 | 1,968 | (174 | ) | 1,794 | 1,022 | |||||||||||||||||||||||||||||||||||
Granada | Mid Rise | Aug-02 | Framingham, MA | 1958 | 72 | 4,577 | 4,058 | 881 | 4,577 | 4,939 | 9,516 | (2,292 | ) | 7,224 | 4,040 | |||||||||||||||||||||||||||||||||||
Grand Pointe | Garden | Dec-99 | Columbia, MD | 1972 | 325 | 2,715 | 16,771 | 5,613 | 2,715 | 22,384 | 25,099 | (9,121 | ) | 15,978 | 16,690 | |||||||||||||||||||||||||||||||||||
Greens | Garden | Jul-94 | Chandler, AZ | 2000 | 324 | 2,303 | 713 | 27,389 | 2,303 | 28,102 | 30,405 | (14,494 | ) | 15,911 | 12,087 | |||||||||||||||||||||||||||||||||||
Greenspoint at Paradise Valley | Garden | Jan-00 | Phoenix, AZ | 1985 | 336 | 3,042 | 13,223 | 12,552 | 3,042 | 25,775 | 28,817 | (13,733 | ) | 15,084 | 15,884 | |||||||||||||||||||||||||||||||||||
Hampden Heights | Garden | Jan-00 | Denver, CO | 1973 | 376 | 3,224 | 12,905 | 6,885 | 3,453 | 19,561 | 23,014 | (9,518 | ) | 13,496 | 13,639 | |||||||||||||||||||||||||||||||||||
Harbour, The | Garden | Mar-01 | Melbourne, FL | 1987 | 162 | 4,108 | 3,563 | 6,360 | 4,108 | 9,923 | 14,031 | (3,661 | ) | 10,370 | — | |||||||||||||||||||||||||||||||||||
Heritage Park at | ||||||||||||||||||||||||||||||||||||||||||||||||||
Alta Loma | Garden | Jan-01 | Alta Loma, CA | 1986 | 232 | 1,200 | 6,428 | 3,621 | 1,200 | 10,049 | 11,249 | (4,108 | ) | 7,141 | 7,264 | |||||||||||||||||||||||||||||||||||
Heritage Park Escondido | Garden | Oct-00 | Escondido, CA | 1986 | 196 | 1,055 | 7,565 | 1,454 | 1,055 | 9,019 | 10,074 | (4,474 | ) | 5,600 | 7,299 | |||||||||||||||||||||||||||||||||||
Heritage Park Livermore | Garden | Oct-00 | Livermore, CA | 1988 | 167 | 1,039 | 9,170 | 1,434 | 1,039 | 10,604 | 11,643 | (5,029 | ) | 6,614 | 7,532 |
I-104
Table of Contents
(2) | (3) | |||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Initial Cost | Cost Capitalized | December 31, 2010 | |||||||||||||||||||||||||||||||||||||||||||||||
Property | Date | Year | Number | Buildings and | Subsequent to | Buildings and | (4) | Accumulated | Total Cost | |||||||||||||||||||||||||||||||||||||||||
Property Name | Type | Consolidated | Location | Built | of Units | Land | Improvements | Consolidation | Land | Improvements | Total | Depreciation (AD) | Net of AD | Encumbrances | ||||||||||||||||||||||||||||||||||||
Heritage Park Montclair | Garden | Mar-01 | Montclair, CA | 1985 | 144 | 690 | 4,149 | 1,279 | 690 | 5,428 | 6,118 | (2,149 | ) | 3,969 | 4,620 | |||||||||||||||||||||||||||||||||||
Heritage Village Anaheim | Garden | Oct-00 | Anaheim, CA | 1986 | 196 | 1,832 | 8,541 | 1,821 | 1,832 | 10,362 | 12,194 | (5,210 | ) | 6,984 | 8,858 | |||||||||||||||||||||||||||||||||||
Hidden Cove | Garden | Jul-98 | Escondido, CA | 1983 | 334 | 3,043 | 17,615 | 7,524 | 3,043 | 25,139 | 28,182 | (11,328 | ) | 16,854 | 30,561 | |||||||||||||||||||||||||||||||||||
Hidden Cove II | Garden | Jul-07 | Escondido, CA | 1986 | 117 | 12,730 | 6,530 | 5,614 | 12,849 | 12,025 | 24,874 | (2,919 | ) | 21,955 | 11,420 | |||||||||||||||||||||||||||||||||||
Hidden Harbour | Garden | Oct-02 | Melbourne, FL | 1985 | 216 | 1,444 | 7,590 | 5,500 | 1,444 | 13,090 | 14,534 | (4,211 | ) | 10,323 | — | |||||||||||||||||||||||||||||||||||
Highcrest Townhomes | Town Home | Jan-03 | Woodridge, IL | 1968 | 176 | 3,045 | 13,452 | 1,727 | 3,045 | 15,179 | 18,224 | (6,713 | ) | 11,511 | 10,724 | |||||||||||||||||||||||||||||||||||
Hillcreste | Garden | Mar-02 | Century City, CA | 1989 | 315 | 33,755 | 47,216 | 26,126 | 35,862 | 71,235 | 107,097 | (25,749 | ) | 81,348 | 56,594 | |||||||||||||||||||||||||||||||||||
Hillmeade | Garden | Nov-94 | Nashville, TN | 1986 | 288 | 2,872 | 16,069 | 14,093 | 2,872 | 30,162 | 33,034 | (18,098 | ) | 14,936 | 18,076 | |||||||||||||||||||||||||||||||||||
Horizons West Apartments | Mid Rise | Dec-06 | Pacifica, CA | 1970 | 78 | 8,763 | 6,376 | 1,634 | 8,887 | 7,886 | 16,773 | (1,548 | ) | 15,225 | 5,250 | |||||||||||||||||||||||||||||||||||
Hunt Club | Garden | Mar-01 | Austin, TX | 1987 | 384 | 10,342 | 11,920 | 8,707 | 10,342 | 20,627 | 30,969 | (11,288 | ) | 19,681 | 17,143 | |||||||||||||||||||||||||||||||||||
Hunt Club | Garden | Sep-00 | Gaithersburg, MD | 1986 | 336 | 17,859 | 13,149 | 4,272 | 17,859 | 17,421 | 35,280 | (7,126 | ) | 28,154 | 31,787 | |||||||||||||||||||||||||||||||||||
Hunter’s Chase | Garden | Jan-01 | Midlothian, VA | 1985 | 320 | 7,935 | 7,915 | 3,534 | 7,935 | 11,449 | 19,384 | (4,080 | ) | 15,304 | 16,169 | |||||||||||||||||||||||||||||||||||
Hunter’s Crossing | Garden | Apr-01 | Leesburg, VA | 1967 | 164 | 2,244 | 7,763 | 4,360 | 2,244 | 12,123 | 14,367 | (7,363 | ) | 7,004 | 6,845 | |||||||||||||||||||||||||||||||||||
Hunters Glen IV | Garden | Oct-99 | Plainsboro, NJ | 1976 | 264 | 2,709 | 14,420 | 5,028 | 2,709 | 19,448 | 22,157 | (10,380 | ) | 11,777 | 19,864 | |||||||||||||||||||||||||||||||||||
Hunters Glen V | Garden | Oct-99 | Plainsboro, NJ | 1976 | 304 | 3,283 | 17,337 | 5,410 | 3,283 | 22,747 | 26,030 | (12,046 | ) | 13,984 | 23,864 | |||||||||||||||||||||||||||||||||||
Hunters Glen VI | Garden | Oct-99 | Plainsboro, NJ | 1976 | 328 | 2,787 | 15,501 | 6,279 | 2,787 | 21,780 | 24,567 | (12,372 | ) | 12,195 | 24,838 | |||||||||||||||||||||||||||||||||||
Hyde Park Tower | High Rise | Oct-04 | Chicago, IL | 1990 | 155 | 4,683 | 14,928 | 2,901 | 4,731 | 17,781 | 22,512 | (3,462 | ) | 19,050 | 13,842 | |||||||||||||||||||||||||||||||||||
Independence Green | Garden | Jan-06 | Farmington Hills, MI | 1960 | 981 | 10,293 | 24,586 | 21,221 | 10,156 | 45,944 | 56,100 | (15,476 | ) | 40,624 | 27,372 | |||||||||||||||||||||||||||||||||||
Indian Oaks | Garden | Mar-02 | Simi Valley, CA | 1986 | 254 | 23,927 | 15,801 | 4,086 | 24,523 | 19,291 | 43,814 | (6,778 | ) | 37,036 | 32,716 | |||||||||||||||||||||||||||||||||||
Island Club | Garden | Oct-00 | Daytona Beach, FL | 1986 | 204 | 6,086 | 8,571 | 2,330 | 6,087 | 10,900 | 16,987 | (4,927 | ) | 12,060 | 8,440 | |||||||||||||||||||||||||||||||||||
Island Club | Garden | Oct-00 | Oceanside, CA | 1986 | 592 | 18,027 | 28,654 | 12,050 | 18,027 | 40,704 | 58,731 | (18,241 | ) | 40,490 | 64,102 | |||||||||||||||||||||||||||||||||||
Key Towers | High Rise | Apr-01 | Alexandria, VA | 1964 | 140 | 1,526 | 7,050 | 5,031 | 1,526 | 12,081 | 13,607 | (5,674 | ) | 7,933 | 10,736 | |||||||||||||||||||||||||||||||||||
Lakeside | Garden | Oct-99 | Lisle, IL | 1972 | 568 | 5,840 | 27,937 | 28,990 | 5,840 | 56,927 | 62,767 | (26,920 | ) | 35,847 | 29,050 | |||||||||||||||||||||||||||||||||||
Lakeside at Vinings Mountain | Garden | Jan-00 | Atlanta, GA | 1983 | 220 | 2,109 | 11,863 | 15,288 | 2,109 | 27,151 | 29,260 | (13,281 | ) | 15,979 | 9,297 | |||||||||||||||||||||||||||||||||||
Lakeside Place | Garden | Oct-99 | Houston, TX | 1976 | 734 | 6,160 | 34,151 | 15,829 | 6,160 | 49,980 | 56,140 | (21,691 | ) | 34,449 | 26,670 | |||||||||||||||||||||||||||||||||||
Lamplighter Park | Garden | Apr-00 | Bellevue, WA | 1967 | 174 | 2,225 | 9,272 | 4,513 | 2,225 | 13,785 | 16,010 | (7,046 | ) | 8,964 | 10,444 | |||||||||||||||||||||||||||||||||||
Latrobe | High Rise | Jan-03 | Washington, DC | 1980 | 175 | 3,459 | 9,103 | 15,756 | 3,459 | 24,859 | 28,318 | (12,479 | ) | 15,839 | 21,960 | |||||||||||||||||||||||||||||||||||
Lazy Hollow | Garden | Apr-05 | Columbia, MD | 1979 | 178 | 2,424 | 12,181 | 1,075 | 2,424 | 13,256 | 15,680 | (5,985 | ) | 9,695 | 13,896 | |||||||||||||||||||||||||||||||||||
Lewis Park | Garden | Jan-06 | Carbondale, IL | 1972 | 269 | 1,407 | 12,193 | 3,403 | 1,404 | 15,599 | 17,003 | (9,351 | ) | 7,652 | 3,739 | |||||||||||||||||||||||||||||||||||
Lincoln Place Garden | Garden | Oct-04 | Venice, CA | 1951 | 696 | 43,979 | 10,439 | 99,532 | 42,894 | 111,056 | 153,950 | (1,943 | ) | 152,007 | 63,000 | |||||||||||||||||||||||||||||||||||
Lodge at Chattahoochee, The | Garden | Oct-99 | Sandy Springs, GA | 1970 | 312 | 2,320 | 16,370 | 22,232 | 2,320 | 38,602 | 40,922 | (18,613 | ) | 22,309 | 10,974 | |||||||||||||||||||||||||||||||||||
Los Arboles | Garden | Sep-97 | Chandler, AZ | 1986 | 232 | 1,662 | 9,504 | 3,522 | 1,662 | 13,026 | 14,688 | (6,226 | ) | 8,462 | 7,996 | |||||||||||||||||||||||||||||||||||
Malibu Canyon | Garden | Mar-02 | Calabasas, CA | 1986 | 698 | 66,257 | 53,438 | 35,821 | 69,834 | 85,682 | 155,516 | (35,048 | ) | 120,468 | 96,233 | |||||||||||||||||||||||||||||||||||
Maple Bay | Garden | Dec-99 | Virginia Beach, VA | 1971 | 414 | 2,598 | 16,141 | 30,168 | 2,598 | 46,309 | 48,907 | (20,430 | ) | 28,477 | 32,994 | |||||||||||||||||||||||||||||||||||
Mariners Cove | Garden | Mar-02 | San Diego, CA | 1984 | 500 | — | 66,861 | 7,555 | — | 74,416 | 74,416 | (21,635 | ) | 52,781 | 4,915 | |||||||||||||||||||||||||||||||||||
Meadow Creek | Garden | Jul-94 | Boulder, CO | 1968 | 332 | 1,435 | 24,532 | 6,526 | 1,435 | 31,058 | 32,493 | (14,418 | ) | 18,075 | 23,746 | |||||||||||||||||||||||||||||||||||
Merrill House | High Rise | Jan-00 | Falls Church, VA | 1964 | 159 | 1,836 | 10,831 | 6,423 | 1,836 | 17,254 | 19,090 | (5,336 | ) | 13,754 | 15,600 | |||||||||||||||||||||||||||||||||||
Mesa Royale | Garden | Jul-94 | Mesa, AZ | 1985 | 153 | 832 | 4,569 | 9,675 | 832 | 14,244 | 15,076 | (6,590 | ) | 8,486 | 5,093 | |||||||||||||||||||||||||||||||||||
Monterey Grove | Garden | Jun-08 | San Jose, CA | 1999 | 224 | 34,175 | 21,939 | 2,424 | 34,325 | 24,213 | 58,538 | (2,999 | ) | 55,539 | 34,826 | |||||||||||||||||||||||||||||||||||
Oak Park Village | Garden | Oct-00 | Lansing, MI | 1973 | 618 | 10,048 | 16,771 | 8,035 | 10,048 | 24,806 | 34,854 | (14,010 | ) | 20,844 | 23,487 | |||||||||||||||||||||||||||||||||||
Ocean Oaks | Garden | May-98 | Port Orange, FL | 1987 | 296 | 2,132 | 12,855 | 3,424 | 2,132 | 16,279 | 18,411 | (7,139 | ) | 11,272 | 10,295 | |||||||||||||||||||||||||||||||||||
One Lytle Place | High Rise | Jan-00 | Cincinnati, OH | 1980 | 231 | 2,662 | 21,800 | 12,916 | 2,662 | 34,716 | 37,378 | (14,193 | ) | 23,185 | 15,450 | |||||||||||||||||||||||||||||||||||
Pacific Bay Vistas | Garden | Mar-01 | San Bruno, CA | 1987 | 308 | 3,703 | 62,460 | 25,945 | 22,994 | 69,114 | 92,108 | (55,442 | ) | 36,666 | — | |||||||||||||||||||||||||||||||||||
Pacifica Park | Garden | Jul-06 | Pacifica, CA | 1977 | 104 | 12,770 | 6,579 | 3,234 | 12,970 | 9,613 | 22,583 | (2,801 | ) | 19,782 | 11,049 | |||||||||||||||||||||||||||||||||||
Palazzo at Park La Brea, The | Mid Rise | Feb-04 | Los Angeles, CA | 2002 | 521 | 47,822 | 125,464 | 11,001 | 48,362 | 135,925 | 184,287 | (35,703 | ) | 148,584 | 123,809 |
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(2) | (3) | |||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Initial Cost | Cost Capitalized | December 31, 2010 | |||||||||||||||||||||||||||||||||||||||||||||||
Property | Date | Year | Number | Buildings and | Subsequent to | Buildings and | (4) | Accumulated | Total Cost | |||||||||||||||||||||||||||||||||||||||||
Property Name | Type | Consolidated | Location | Built | of Units | Land | Improvements | Consolidation | Land | Improvements | Total | Depreciation (AD) | Net of AD | Encumbrances | ||||||||||||||||||||||||||||||||||||
Palazzo East at Park La Brea, The | Mid Rise | Mar-05 | Los Angeles, CA | 2005 | 611 | 61,004 | 136,503 | 22,826 | 72,578 | 147,755 | 220,333 | (33,073 | ) | 187,260 | 150,000 | |||||||||||||||||||||||||||||||||||
Paradise Palms | Garden | Jul-94 | Phoenix, AZ | 1985 | 130 | 647 | 3,515 | 7,074 | 647 | 10,589 | 11,236 | (6,439 | ) | 4,797 | 6,315 | |||||||||||||||||||||||||||||||||||
Park Towne Place | High Rise | Apr-00 | Philadelphia, PA | 1959 | 959 | 10,451 | 47,301 | 55,507 | 10,451 | 102,808 | 113,259 | (29,724 | ) | 83,535 | 85,165 | |||||||||||||||||||||||||||||||||||
Parktown Townhouses | Garden | Oct-99 | Deer Park, TX | 1968 | 309 | 2,570 | 12,052 | 10,497 | 2,570 | 22,549 | 25,119 | (8,886 | ) | 16,233 | 10,554 | |||||||||||||||||||||||||||||||||||
Parkway | Garden | Mar-00 | Willamsburg, VA | 1971 | 148 | 386 | 2,834 | 3,326 | 386 | 6,160 | 6,546 | (3,583 | ) | 2,963 | 9,128 | |||||||||||||||||||||||||||||||||||
Pathfinder Village | Garden | Jan-06 | Fremont, CA | 1973 | 246 | 19,595 | 14,838 | 8,400 | 19,595 | 23,238 | 42,833 | (4,555 | ) | 38,278 | 19,121 | |||||||||||||||||||||||||||||||||||
Peachtree Park | Garden | Jan-96 | Atlanta, GA | 1969 | 303 | 4,683 | 11,713 | 11,744 | 4,683 | 23,457 | 28,140 | (10,572 | ) | 17,568 | 9,231 | |||||||||||||||||||||||||||||||||||
Peak at Vinings Mountain, The | Garden | Jan-00 | Atlanta, GA | 1980 | 280 | 2,651 | 13,660 | 17,806 | 2,651 | 31,466 | 34,117 | (15,234 | ) | 18,883 | 10,002 | |||||||||||||||||||||||||||||||||||
Peakview Place | Garden | Jan-00 | Englewood, CO | 1975 | 296 | 3,440 | 18,734 | 4,695 | 3,440 | 23,429 | 26,869 | (16,129 | ) | 10,740 | 12,567 | |||||||||||||||||||||||||||||||||||
Peppertree | Garden | Mar-02 | Cypress, CA | 1971 | 136 | 7,835 | 5,224 | 2,868 | 8,030 | 7,897 | 15,927 | (3,151 | ) | 12,776 | 15,617 | |||||||||||||||||||||||||||||||||||
Pine Lake Terrace | Garden | Mar-02 | Garden Grove, CA | 1971 | 111 | 3,975 | 6,035 | 2,209 | 4,125 | 8,094 | 12,219 | (2,929 | ) | 9,290 | 11,898 | |||||||||||||||||||||||||||||||||||
Pine Shadows | Garden | May-98 | Tempe, AZ | 1983 | 272 | 2,095 | 11,899 | 3,888 | 2,095 | 15,787 | 17,882 | (8,163 | ) | 9,719 | 7,500 | |||||||||||||||||||||||||||||||||||
Pines, The | Garden | Oct-98 | Palm Bay, FL | 1984 | 216 | 603 | 3,318 | 2,830 | 603 | 6,148 | 6,751 | (2,701 | ) | 4,050 | 1,896 | |||||||||||||||||||||||||||||||||||
Plantation Gardens | Garden | Oct-99 | Plantation, FL | 1971 | 372 | 3,773 | 19,443 | 9,324 | 3,773 | 28,767 | 32,540 | (12,033 | ) | 20,507 | 23,798 | |||||||||||||||||||||||||||||||||||
Post Ridge | Garden | Jul-00 | Nashville, TN | 1972 | 150 | 1,883 | 6,712 | 4,321 | 1,883 | 11,033 | 12,916 | (5,084 | ) | 7,832 | 5,961 | |||||||||||||||||||||||||||||||||||
Ramblewood | Garden | Dec-99 | Wyoming, MI | 1973 | 1,704 | 8,607 | 61,082 | 3,863 | 8,661 | 64,891 | 73,552 | (15,065 | ) | 58,487 | 34,388 | |||||||||||||||||||||||||||||||||||
Ravensworth Towers | High Rise | Jun-04 | Annandale, VA | 1974 | 219 | 3,455 | 17,157 | 3,018 | 3,455 | 20,175 | 23,630 | (10,249 | ) | 13,381 | 20,172 | |||||||||||||||||||||||||||||||||||
Reflections | Garden | Oct-02 | Casselberry, FL | 1984 | 336 | 3,906 | 10,491 | 4,538 | 3,906 | 15,029 | 18,935 | (5,493 | ) | 13,442 | 10,700 | |||||||||||||||||||||||||||||||||||
Reflections | Garden | Sep-00 | Virginia Beach, VA | 1987 | 480 | 15,988 | 13,684 | 5,591 | 15,988 | 19,275 | 35,263 | (8,531 | ) | 26,732 | 39,832 | |||||||||||||||||||||||||||||||||||
Reflections | Garden | Oct-00 | West Palm Beach, FL | 1986 | 300 | 5,504 | 9,984 | 4,677 | 5,504 | 14,661 | 20,165 | (5,777 | ) | 14,388 | 9,101 | |||||||||||||||||||||||||||||||||||
Regency Oaks | Garden | Oct-99 | Fern Park, FL | 1961 | 343 | 1,832 | 9,905 | 10,415 | 1,832 | 20,320 | 22,152 | (11,054 | ) | 11,098 | 10,978 | |||||||||||||||||||||||||||||||||||
Remington at Ponte | Ponte Vedra Beach, | |||||||||||||||||||||||||||||||||||||||||||||||||
Vedra Lakes | Garden | Dec-06 | FL | 1986 | 344 | 18,576 | 18,650 | 2,468 | 18,795 | 20,899 | 39,694 | (4,581 | ) | 35,113 | 24,345 | |||||||||||||||||||||||||||||||||||
River Club | Garden | Apr-05 | Edgewater, NJ | 1998 | 266 | 30,578 | 30,638 | 2,155 | 30,579 | 32,792 | 63,371 | (7,544 | ) | 55,827 | 37,920 | |||||||||||||||||||||||||||||||||||
River Reach | Garden | Sep-00 | Naples, FL | 1986 | 556 | 17,728 | 18,337 | 7,378 | 17,728 | 25,715 | 43,443 | (11,353 | ) | 32,090 | 23,354 | |||||||||||||||||||||||||||||||||||
Riverbend Village | Garden | Jul-01 | Arlington, TX | 1983 | 201 | 893 | 4,128 | 5,054 | 893 | 9,182 | 10,075 | (4,704 | ) | 5,371 | — | |||||||||||||||||||||||||||||||||||
Riverloft | High Rise | Oct-99 | Philadelphia, PA | 1910 | 184 | 2,120 | 11,287 | 31,208 | 2,120 | 42,495 | 44,615 | (16,738 | ) | 27,877 | 18,881 | |||||||||||||||||||||||||||||||||||
Riverside | High Rise | Apr-00 | Alexandria, VA | 1973 | 1,222 | 10,433 | 65,474 | 80,363 | 10,409 | 145,861 | 156,270 | (72,434 | ) | 83,836 | 105,508 | |||||||||||||||||||||||||||||||||||
Rosewood | Garden | Mar-02 | Camarillo, CA | 1976 | 152 | 12,128 | 8,060 | 2,532 | 12,430 | 10,290 | 22,720 | (3,749 | ) | 18,971 | 17,900 | |||||||||||||||||||||||||||||||||||
Royal Crest Estates | Garden | Aug-02 | Fall River, MA | 1974 | 216 | 5,832 | 12,044 | 2,082 | 5,832 | 14,126 | 19,958 | (6,329 | ) | 13,629 | 11,686 | |||||||||||||||||||||||||||||||||||
Royal Crest Estates | Garden | Aug-02 | Marlborough, MA | 1970 | 473 | 25,178 | 28,786 | 4,117 | 25,178 | 32,903 | 58,081 | (15,197 | ) | 42,884 | 34,969 | |||||||||||||||||||||||||||||||||||
Royal Crest Estates | Garden | Aug-02 | Nashua, NH | 1970 | 902 | 68,231 | 45,562 | 11,730 | 68,231 | 57,292 | 125,523 | (28,323 | ) | 97,200 | 48,117 | |||||||||||||||||||||||||||||||||||
Royal Crest Estates | Garden | Aug-02 | North Andover, MA | 1970 | 588 | 51,292 | 36,808 | 10,653 | 51,292 | 47,461 | 98,753 | (21,029 | ) | 77,724 | 59,507 | |||||||||||||||||||||||||||||||||||
Royal Crest Estates | Garden | Aug-02 | Warwick, RI | 1972 | 492 | 22,433 | 24,095 | 5,605 | 22,433 | 29,700 | 52,133 | (13,883 | ) | 38,250 | 37,433 | |||||||||||||||||||||||||||||||||||
Runaway Bay | Garden | Oct-00 | Lantana, FL | 1987 | 404 | 5,934 | 16,052 | 8,111 | 5,934 | 24,163 | 30,097 | (9,195 | ) | 20,902 | 21,521 | |||||||||||||||||||||||||||||||||||
Runaway Bay | Garden | Jul-02 | Pinellas Park, FL | 1986 | 192 | 1,884 | 7,045 | 3,843 | 1,884 | 10,888 | 12,772 | (2,988 | ) | 9,784 | 8,848 | |||||||||||||||||||||||||||||||||||
Savannah Trace | Garden | Mar-01 | Shaumburg, IL | 1986 | 368 | 13,960 | 20,731 | 4,369 | 13,960 | 25,100 | 39,060 | (9,545 | ) | 29,515 | 22,015 | |||||||||||||||||||||||||||||||||||
Scotchollow | Garden | Jan-06 | San Mateo, CA | 1971 | 418 | 49,474 | 17,756 | 8,864 | 49,474 | 26,620 | 76,094 | (5,014 | ) | 71,080 | 48,982 | |||||||||||||||||||||||||||||||||||
Scottsdale Gateway I | Garden | Oct-97 | Tempe, AZ | 1965 | 124 | 591 | 3,359 | 8,042 | 591 | 11,401 | 11,992 | (5,172 | ) | 6,820 | 5,800 | |||||||||||||||||||||||||||||||||||
Scottsdale Gateway II | Garden | Oct-97 | Tempe, AZ | 1972 | 487 | 2,458 | 13,927 | 23,595 | 2,458 | 37,522 | 39,980 | (18,369 | ) | 21,611 | 16,699 | |||||||||||||||||||||||||||||||||||
Shadow Creek | Garden | May-98 | Mesa, AZ | 1984 | 266 | 2,016 | 11,886 | 4,017 | 2,016 | 15,903 | 17,919 | (8,416 | ) | 9,503 | — | |||||||||||||||||||||||||||||||||||
Shenandoah Crossing | Garden | Sep-00 | Fairfax, VA | 1984 | 640 | 18,492 | 57,197 | 8,058 | 18,492 | 65,255 | 83,747 | (30,696 | ) | 53,051 | 68,604 | |||||||||||||||||||||||||||||||||||
Signal Pointe | Garden | Oct-99 | Winter Park, FL | 1969 | 368 | 2,382 | 11,359 | 22,094 | 2,382 | 33,453 | 35,835 | (13,652 | ) | 22,183 | 18,596 | |||||||||||||||||||||||||||||||||||
Signature Point | Garden | Nov-96 | League City, TX | 1994 | 304 | 2,810 | 17,579 | 2,983 | 2,810 | 20,562 | 23,372 | (7,452 | ) | 15,920 | 10,269 | |||||||||||||||||||||||||||||||||||
Springwoods at Lake Ridge | Garden | Jul-02 | Woodbridge, VA | 1984 | 180 | 5,587 | 7,284 | 1,450 | 5,587 | 8,734 | 14,321 | (2,349 | ) | 11,972 | 14,250 | |||||||||||||||||||||||||||||||||||
Spyglass at Cedar Cove | Garden | Sep-00 | Lexington Park, MD | 1985 | 152 | 3,241 | 5,094 | 2,735 | 3,241 | 7,829 | 11,070 | (3,595 | ) | 7,475 | 10,300 |
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(2) | (3) | |||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Initial Cost | Cost Capitalized | December 31, 2010 | |||||||||||||||||||||||||||||||||||||||||||||||
Property | Date | Year | Number | Buildings and | Subsequent to | Buildings and | (4) | Accumulated | Total Cost | |||||||||||||||||||||||||||||||||||||||||
Property Name | Type | Consolidated | Location | Built | of Units | Land | Improvements | Consolidation | Land | Improvements | Total | Depreciation (AD) | Net of AD | Encumbrances | ||||||||||||||||||||||||||||||||||||
Stafford | High Rise | Oct-02 | Baltimore, MD | 1889 | 96 | 706 | 4,032 | 3,454 | 562 | 7,630 | 8,192 | (4,261 | ) | 3,931 | 4,255 | |||||||||||||||||||||||||||||||||||
Steeplechase | Garden | Sep-00 | Largo, MD | 1986 | 240 | 3,675 | 16,111 | 3,755 | 3,675 | 19,866 | 23,541 | (8,054 | ) | 15,487 | 23,326 | |||||||||||||||||||||||||||||||||||
Steeplechase | Garden | Jul-02 | Plano, TX | 1985 | 368 | 7,056 | 10,510 | 7,183 | 7,056 | 17,693 | 24,749 | (6,390 | ) | 18,359 | 16,575 | |||||||||||||||||||||||||||||||||||
Sterling Apartment Homes, The | Garden | Oct-99 | Philadelphia, PA | 1961 | 537 | 8,871 | 55,364 | 21,600 | 8,871 | 76,964 | 85,835 | (34,388 | ) | 51,447 | 76,778 | |||||||||||||||||||||||||||||||||||
Stone Creek Club | Garden | Sep-00 | Germantown, MD | 1984 | 240 | 13,593 | 9,347 | 3,381 | 13,593 | 12,728 | 26,321 | (7,386 | ) | 18,935 | 24,611 | |||||||||||||||||||||||||||||||||||
Sun Lake | Garden | May-98 | Lake Mary, FL | 1986 | 600 | 4,551 | 25,543 | 32,151 | 4,551 | 57,694 | 62,245 | (24,911 | ) | 37,334 | 35,128 | |||||||||||||||||||||||||||||||||||
Sun River Village | Garden | Oct-99 | Tempe, AZ | 1981 | 334 | 2,367 | 13,303 | 4,157 | 2,367 | 17,460 | 19,827 | (9,273 | ) | 10,554 | 10,467 | |||||||||||||||||||||||||||||||||||
Tamarac Village | Garden | Apr-00 | Denver, CO | 1979 | 564 | 3,928 | 23,491 | 8,715 | 4,223 | 31,911 | 36,134 | (17,565 | ) | 18,569 | 18,212 | |||||||||||||||||||||||||||||||||||
Tamarind Bay | Garden | Jan-00 | St. Petersburg, FL | 1980 | 200 | 1,091 | 6,310 | 5,193 | 1,091 | 11,503 | 12,594 | (6,110 | ) | 6,484 | 6,838 | |||||||||||||||||||||||||||||||||||
Tatum Gardens | Garden | May-98 | Phoenix, AZ | 1985 | 128 | 1,323 | 7,155 | 2,035 | 1,323 | 9,190 | 10,513 | (5,152 | ) | 5,361 | 7,334 | |||||||||||||||||||||||||||||||||||
Bluffs at Pacifica, The | Garden | Oct-06 | Pacifica, CA | 1963 | 64 | 7,975 | 4,131 | 10,549 | 8,108 | 14,547 | 22,655 | (2,601 | ) | 20,054 | 6,323 | |||||||||||||||||||||||||||||||||||
Timbertree | Garden | Oct-97 | Phoenix, AZ | 1979 | 387 | 2,292 | 13,000 | 6,728 | 2,292 | 19,728 | 22,020 | (10,752 | ) | 11,268 | 4,062 | |||||||||||||||||||||||||||||||||||
Towers Of Westchester Park, The | High Rise | Jan-06 | College Park, MD | 1972 | 303 | 15,198 | 22,029 | 4,763 | 15,198 | 26,792 | 41,990 | (5,219 | ) | 36,771 | 27,272 | |||||||||||||||||||||||||||||||||||
Township At Highlands | Town Home | Nov-96 | Centennial, CO | 1985 | 161 | 1,615 | 9,773 | 6,227 | 1,536 | 16,079 | 17,615 | (7,771 | ) | 9,844 | 16,365 | |||||||||||||||||||||||||||||||||||
Twin Lake Towers | High Rise | Oct-99 | Westmont, IL | 1969 | 399 | 3,268 | 18,763 | 23,912 | 3,268 | 42,675 | 45,943 | (19,292 | ) | 26,651 | 26,759 | |||||||||||||||||||||||||||||||||||
Twin Lakes | Garden | Apr-00 | Palm Harbor, FL | 1986 | 262 | 2,062 | 12,850 | 4,809 | 2,062 | 17,659 | 19,721 | (8,622 | ) | 11,099 | 10,471 | |||||||||||||||||||||||||||||||||||
Vantage Pointe | Mid Rise | Aug-02 | Swampscott, MA | 1987 | 96 | 4,749 | 10,089 | 1,432 | 4,749 | 11,521 | 16,270 | (3,847 | ) | 12,423 | 6,978 | |||||||||||||||||||||||||||||||||||
Verandahs at Hunt Club | Garden | Jul-02 | Apopka, FL | 1985 | 210 | 2,271 | 7,724 | 3,346 | 2,271 | 11,070 | 13,341 | (3,268 | ) | 10,073 | 10,891 | |||||||||||||||||||||||||||||||||||
Views at Vinings Mountain, The | Garden | Jan-06 | Atlanta, GA | 1983 | 180 | 610 | 5,026 | 12,158 | 610 | 17,184 | 17,794 | (9,692 | ) | 8,102 | 13,577 | |||||||||||||||||||||||||||||||||||
Villa Del Sol | Garden | Mar-02 | Norwalk, CA | 1972 | 120 | 7,294 | 4,861 | 2,666 | 7,476 | 7,345 | 14,821 | (3,122 | ) | 11,699 | 13,386 | |||||||||||||||||||||||||||||||||||
Village Crossing | Garden | May-98 | West Palm Beach, FL | 1985 | 189 | 1,618 | 8,188 | 3,040 | 1,618 | 11,228 | 12,846 | (5,947 | ) | 6,899 | 7,000 | |||||||||||||||||||||||||||||||||||
Village in the Woods | Garden | Jan-00 | Cypress, TX | 1983 | 530 | 3,457 | 15,787 | 10,605 | 3,457 | 26,392 | 29,849 | (14,251 | ) | 15,598 | 19,250 | |||||||||||||||||||||||||||||||||||
Village of Pennbrook | Garden | Oct-98 | Levittown, PA | 1969 | 722 | 10,229 | 38,222 | 14,189 | 10,229 | 52,411 | 62,640 | (24,021 | ) | 38,619 | 47,804 | |||||||||||||||||||||||||||||||||||
Villages of Baymeadows | Garden | Oct-99 | Jacksonville, FL | 1972 | 904 | 4,859 | 33,957 | 55,352 | 4,859 | 89,309 | 94,168 | (47,875 | ) | 46,293 | 37,113 | |||||||||||||||||||||||||||||||||||
Villas at Park La Brea, The | Garden | Mar-02 | Los Angeles, CA | 2002 | 250 | 8,621 | 48,871 | 3,886 | 8,630 | 52,748 | 61,378 | (14,930 | ) | 46,448 | 28,949 | |||||||||||||||||||||||||||||||||||
Vista Del Lagos | Garden | Dec-97 | Chandler, AZ | 1986 | 200 | 804 | 4,952 | 3,646 | 804 | 8,598 | 9,402 | (3,740 | ) | 5,662 | 11,618 | |||||||||||||||||||||||||||||||||||
Waterford Village | Garden | Aug-02 | Bridgewater, MA | 1971 | 588 | 28,585 | 28,102 | 5,896 | 29,110 | 33,473 | 62,583 | (17,747 | ) | 44,836 | 40,130 | |||||||||||||||||||||||||||||||||||
Waterways Village | Garden | Jun-97 | Aventura, FL | 1994 | 180 | 4,504 | 11,064 | 4,062 | 4,504 | 15,126 | 19,630 | (7,089 | ) | 12,541 | 6,443 | |||||||||||||||||||||||||||||||||||
Waverly Apartments | Garden | Aug-08 | Brighton, MA | 1970 | 103 | 7,696 | 11,347 | 1,275 | 7,920 | 12,398 | 20,318 | (1,302 | ) | 19,016 | 12,000 | |||||||||||||||||||||||||||||||||||
West Winds | Garden | Oct-02 | Orlando, FL | 1985 | 272 | 2,324 | 11,481 | 3,319 | 2,324 | 14,800 | 17,124 | (5,545 | ) | 11,579 | 12,570 | |||||||||||||||||||||||||||||||||||
Westway Village | Garden | May-98 | Houston, TX | 1977 | 326 | 2,921 | 11,384 | 3,503 | 2,921 | 14,887 | 17,808 | (7,395 | ) | 10,413 | 7,677 | |||||||||||||||||||||||||||||||||||
Wexford Village | Garden | Aug-02 | Worcester, MA | 1974 | 264 | 6,339 | 17,939 | 2,203 | 6,339 | 20,142 | 26,481 | (8,167 | ) | 18,314 | 13,269 | |||||||||||||||||||||||||||||||||||
Willow Bend | Garden | May-98 | Rolling Meadows, IL | 1969 | 328 | 2,717 | 15,437 | 26,536 | 2,717 | 41,973 | 44,690 | (18,148 | ) | 26,542 | 19,595 | |||||||||||||||||||||||||||||||||||
Willow Park on Lake | Altamonte Springs, | |||||||||||||||||||||||||||||||||||||||||||||||||
Adelaide | Garden | Oct-99 | FL | 1972 | 185 | 1,225 | 7,357 | 3,519 | 1,224 | 10,877 | 12,101 | (6,063 | ) | 6,038 | 6,716 | |||||||||||||||||||||||||||||||||||
Windrift | Garden | Mar-01 | Oceanside, CA | 1987 | 404 | 24,960 | 17,590 | 19,325 | 24,960 | 36,915 | 61,875 | (18,841 | ) | 43,034 | 44,601 | |||||||||||||||||||||||||||||||||||
Windrift | Garden | Oct-00 | Orlando, FL | 1987 | 288 | 3,696 | 10,029 | 5,834 | 3,696 | 15,863 | 19,559 | (6,451 | ) | 13,108 | 16,841 | |||||||||||||||||||||||||||||||||||
Windsor Crossing | Garden | Mar-00 | Newport News, VA | 1978 | 156 | 307 | 2,110 | 2,528 | 131 | 4,814 | 4,945 | (2,358 | ) | 2,587 | 1,885 | |||||||||||||||||||||||||||||||||||
Windsor Park | Garden | Mar-01 | Woodbridge, VA | 1987 | 220 | 4,279 | 15,970 | 2,329 | 4,279 | 18,299 | 22,578 | (7,179 | ) | 15,399 | 19,325 | |||||||||||||||||||||||||||||||||||
Woodcreek | Garden | Oct-02 | Mesa, AZ | 1985 | 432 | 2,426 | 15,886 | 4,767 | 2,426 | 20,653 | 23,079 | (11,433 | ) | 11,646 | 19,165 | |||||||||||||||||||||||||||||||||||
Woods of Burnsville | Garden | Nov-04 | Burnsville, MN | 1984 | 400 | 3,954 | 18,125 | 2,890 | 3,954 | 21,015 | 24,969 | (8,248 | ) | 16,721 | 16,580 | |||||||||||||||||||||||||||||||||||
Woods of Inverness | Garden | Oct-99 | Houston, TX | 1983 | 272 | 2,146 | 10,978 | 4,115 | 2,146 | 15,093 | 17,239 | (7,424 | ) | 9,815 | 5,878 | |||||||||||||||||||||||||||||||||||
Woods Of Williamsburg | Garden | Jan-06 | Williamsburg, VA | 1976 | 125 | 798 | 3,657 | 1,102 | 798 | 4,759 | 5,557 | (3,546 | ) | 2,011 | 1,090 | |||||||||||||||||||||||||||||||||||
Yacht Club at Brickell | High Rise | Dec-03 | Miami, FL | 1998 | 357 | 31,363 | 32,214 | 5,418 | 31,363 | 37,632 | 68,995 | (7,188 | ) | 61,807 | 37,289 | |||||||||||||||||||||||||||||||||||
Yorktown Apartments | High Rise | Dec-99 | Lombard, IL | 1971 | 364 | 2,971 | 18,163 | 17,222 | 3,055 | 35,301 | 38,356 | (13,149 | ) | 25,207 | 25,469 |
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(2) | (3) | |||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Initial Cost | Cost Capitalized | December 31, 2010 | |||||||||||||||||||||||||||||||||||||||||||||||
Property | Date | Year | Number | Buildings and | Subsequent to | Buildings and | (4) | Accumulated | Total Cost | |||||||||||||||||||||||||||||||||||||||||
Property Name | Type | Consolidated | Location | Built | of Units | Land | Improvements | Consolidation | Land | Improvements | Total | Depreciation (AD) | Net of AD | Encumbrances | ||||||||||||||||||||||||||||||||||||
Total Conventional Properties | 67,668 | 1,946,419 | 3,767,197 | 2,245,548 | 2,002,838 | 5,956,326 | 7,959,164 | (2,388,140 | ) | 5,571,024 | 4,695,494 | |||||||||||||||||||||||||||||||||||||||
Affordable Properties: | ||||||||||||||||||||||||||||||||||||||||||||||||||
All Hallows | Garden | Jan-06 | San Francisco, CA | 1976 | 157 | 1,348 | 29,770 | 20,594 | 1,338 | 50,374 | 51,712 | (18,274 | ) | 33,438 | 21,207 | |||||||||||||||||||||||||||||||||||
Alliance Towers | High Rise | Mar-02 | Alliance, OH | 1979 | 101 | 530 | 1,934 | 773 | 530 | 2,707 | 3,237 | (838 | ) | 2,399 | 2,219 | |||||||||||||||||||||||||||||||||||
Antioch Towers | High Rise | Jan-10 | Cleveland, OH | 1976 | 171 | 720 | 8,802 | 88 | 720 | 8,890 | 9,610 | (2,359 | ) | 7,251 | 5,717 | |||||||||||||||||||||||||||||||||||
Anton Square | Garden | Jan-10 | Whistler, AL | 1984 | 48 | 152 | 1,846 | 53 | 152 | 1,899 | 2,051 | (393 | ) | 1,658 | 1,499 | |||||||||||||||||||||||||||||||||||
Arvada House | High Rise | Nov-04 | Arvada, CO | 1977 | 88 | 641 | 3,314 | 1,800 | 405 | 5,350 | 5,755 | (1,520 | ) | 4,235 | 4,118 | |||||||||||||||||||||||||||||||||||
Bayview | Garden | Jun-05 | San Francisco, CA | 1976 | 146 | 1,023 | 15,265 | 16,581 | 582 | 32,287 | 32,869 | (12,021 | ) | 20,848 | 10,934 | |||||||||||||||||||||||||||||||||||
Beacon Hill | High Rise | Mar-02 | Hillsdale, MI | 1980 | 198 | 1,380 | 7,044 | 6,650 | 1,093 | 13,981 | 15,074 | (4,080 | ) | 10,994 | 4,338 | |||||||||||||||||||||||||||||||||||
Bedford House | Mid Rise | Mar-02 | Falmouth, KY | 1979 | 48 | 230 | 919 | 335 | 230 | 1,254 | 1,484 | (494 | ) | 990 | 1,079 | |||||||||||||||||||||||||||||||||||
Benjamin Banneker Plaza | Mid Rise | Jan-06 | Chester, PA | 1976 | 70 | 79 | 3,862 | 810 | 79 | 4,672 | 4,751 | (3,118 | ) | 1,633 | 1,497 | |||||||||||||||||||||||||||||||||||
Berger Apartments | Mid Rise | Mar-02 | New Haven, CT | 1981 | 144 | 1,152 | 4,657 | 2,609 | 1,152 | 7,266 | 8,418 | (2,332 | ) | 6,086 | 595 | |||||||||||||||||||||||||||||||||||
Biltmore Towers | High Rise | Mar-02 | Dayton, OH | 1980 | 230 | 1,813 | 6,411 | 13,229 | 1,813 | 19,640 | 21,453 | (10,325 | ) | 11,128 | 10,591 | |||||||||||||||||||||||||||||||||||
Birchwood | Garden | Jan-10 | Dallas, TX | 1963 | 276 | 975 | 5,525 | — | 975 | 5,525 | 6,500 | (380 | ) | 6,120 | 4,240 | |||||||||||||||||||||||||||||||||||
Blakewood | Garden | Oct-05 | Statesboro, GA | 1973 | 42 | 316 | 882 | 402 | 316 | 1,284 | 1,600 | (1,167 | ) | 433 | 676 | |||||||||||||||||||||||||||||||||||
Bolton North | High Rise | Jan-06 | Baltimore, MD | 1977 | 209 | 1,450 | 6,569 | 806 | 1,429 | 7,396 | 8,825 | (2,579 | ) | 6,246 | 2,223 | |||||||||||||||||||||||||||||||||||
Bridge Street | Garden | Jan-10 | East Stroudsburg, PA | 1999 | 52 | 398 | 2,255 | 47 | 398 | 2,302 | 2,700 | (169 | ) | 2,531 | 2,016 | |||||||||||||||||||||||||||||||||||
Brittany Apartments | Garden | Jan-10 | Raytown, MO | 1971 | 144 | 465 | 2,635 | — | 465 | 2,635 | 3,100 | (194 | ) | 2,906 | 2,138 | |||||||||||||||||||||||||||||||||||
Burchwood | Garden | Oct-07 | Berea, KY | 1999 | 24 | 147 | 247 | 494 | 147 | 741 | 888 | (274 | ) | 614 | 949 | |||||||||||||||||||||||||||||||||||
Butternut Creek | Mid Rise | Jan-06 | Charlotte, MI | 1980 | 100 | 505 | 3,617 | 3,785 | 505 | 7,402 | 7,907 | (3,124 | ) | 4,783 | — | |||||||||||||||||||||||||||||||||||
California Square I | High Rise | Jan-06 | Louisville, KY | 1982 | 101 | 154 | 5,704 | 560 | 154 | 6,264 | 6,418 | (3,813 | ) | 2,605 | 3,465 | |||||||||||||||||||||||||||||||||||
Calvert City | Garden | Jan-10 | Calvert City, KY | 1980 | 60 | 128 | 694 | 11 | 128 | 705 | 833 | (663 | ) | 170 | 711 | |||||||||||||||||||||||||||||||||||
Canterbury Towers | High Rise | Jan-06 | Worcester, MA | 1976 | 156 | 567 | 4,557 | 1,012 | 567 | 5,569 | 6,136 | (3,984 | ) | 2,152 | 3,005 | |||||||||||||||||||||||||||||||||||
Canyon Shadows | Garden | Jan-10 | Riverside, CA | 1971 | 120 | 488 | 2,763 | — | 488 | 2,763 | 3,251 | (205 | ) | 3,046 | 2,547 | |||||||||||||||||||||||||||||||||||
Carriage House | Mid Rise | Dec-06 | Petersburg, VA | 1885 | 118 | 847 | 2,886 | 3,454 | 716 | 6,471 | 7,187 | (1,951 | ) | 5,236 | 2,041 | |||||||||||||||||||||||||||||||||||
Castlewood | Garden | Mar-02 | Davenport, IA | 1980 | 96 | 585 | 2,351 | 1,544 | 585 | 3,895 | 4,480 | (1,753 | ) | 2,727 | 3,486 | |||||||||||||||||||||||||||||||||||
City Line | Garden | Mar-02 | Newport News, VA | 1976 | 200 | 500 | 2,014 | 7,329 | 500 | 9,343 | 9,843 | (1,598 | ) | 8,245 | 4,786 | |||||||||||||||||||||||||||||||||||
Clisby Towers | Mid Rise | Jan-06 | Macon, GA | 1980 | 52 | 524 | 1,970 | 272 | 524 | 2,242 | 2,766 | (1,736 | ) | 1,030 | 881 | |||||||||||||||||||||||||||||||||||
Club, The | Garden | Jan-06 | Lexington, NC | 1972 | 87 | 498 | 2,128 | 688 | 498 | 2,816 | 3,314 | (2,142 | ) | 1,172 | 235 | |||||||||||||||||||||||||||||||||||
Cold Spring Homes | Garden | Oct-07 | Cold Springs, KY | 2000 | 30 | 118 | (433 | ) | 1,129 | 118 | 696 | 814 | (383 | ) | 431 | 719 | ||||||||||||||||||||||||||||||||||
Community Circle II | Garden | Jan-06 | Cleveland, OH | 1975 | 129 | 263 | 4,699 | 962 | 263 | 5,661 | 5,924 | (3,517 | ) | 2,407 | 3,275 | |||||||||||||||||||||||||||||||||||
Copperwood I Apartments | Garden | Apr-06 | The Woodlands, TX | 1980 | 150 | 390 | 8,373 | 4,879 | 363 | 13,279 | 13,642 | (9,980 | ) | 3,662 | 5,529 | |||||||||||||||||||||||||||||||||||
Copperwood II Apartments | Garden | Oct-05 | The Woodlands, TX | 1981 | 150 | 452 | 5,552 | 3,442 | 459 | 8,987 | 9,446 | (3,917 | ) | 5,529 | 5,704 | |||||||||||||||||||||||||||||||||||
Country Club Heights | Garden | Mar-04 | Quincy, IL | 1976 | 200 | 676 | 5,715 | 4,872 | 675 | 10,588 | 11,263 | (4,294 | ) | 6,969 | 7,027 | |||||||||||||||||||||||||||||||||||
Country Commons | Garden | Jan-06 | Bensalem, PA | 1972 | 352 | 1,853 | 17,657 | 4,493 | 1,853 | 22,150 | 24,003 | (11,635 | ) | 12,368 | 12,633 | |||||||||||||||||||||||||||||||||||
Courtyard | Mid Rise | Jan-06 | Cincinnati, OH | 1980 | 137 | 1,362 | 4,876 | 548 | 1,362 | 5,424 | 6,786 | (3,324 | ) | 3,462 | 3,787 | |||||||||||||||||||||||||||||||||||
Courtyards at Kirnwood | Garden | Jan-10 | DeSoto, TX | 1997 | 198 | 861 | 4,881 | — | 861 | 4,881 | 5,742 | (516 | ) | 5,226 | 4,397 | |||||||||||||||||||||||||||||||||||
Courtyards of Arlington | Garden | Jan-10 | Arlington, TX | 1996 | 140 | 758 | 4,293 | — | 758 | 4,293 | 5,051 | (286 | ) | 4,765 | 2,943 | |||||||||||||||||||||||||||||||||||
Crevenna Oaks | Town Home | Jan-06 | Burke, VA | 1979 | 50 | 355 | 4,849 | 247 | 355 | 5,096 | 5,451 | (1,436 | ) | 4,015 | 3,197 | |||||||||||||||||||||||||||||||||||
Crockett Manor | Garden | Mar-04 | Trenton, TN | 1982 | 38 | 42 | 1,395 | 73 | 130 | 1,380 | 1,510 | (115 | ) | 1,395 | 978 | |||||||||||||||||||||||||||||||||||
Cumberland Court | Garden | Jan-06 | Harrisburg, PA | 1975 | 108 | 379 | 4,040 | 863 | 379 | 4,903 | 5,282 | (3,490 | ) | 1,792 | 1,228 | |||||||||||||||||||||||||||||||||||
Darby Townhouses | Town Home | Jan-10 | Sharon Hill, PA | 1970 | 172 | 1,298 | 11,115 | 218 | 1,298 | 11,333 | 12,631 | (4,241 | ) | 8,390 | 5,504 | |||||||||||||||||||||||||||||||||||
Daugette Tower | High Rise | Mar-02 | Gadsden, AL | 1979 | 100 | 540 | 2,178 | 1,841 | 540 | 4,019 | 4,559 | (1,462 | ) | 3,097 | — | |||||||||||||||||||||||||||||||||||
Day Meadows | Garden | Jan-10 | Mountain Home, ID | 1978 | 44 | 270 | 1,530 | 11 | 270 | 1,541 | 1,811 | (81 | ) | 1,730 | 956 | |||||||||||||||||||||||||||||||||||
Delhaven Manor | Mid Rise | Mar-02 | Jackson, MS | 1983 | 104 | 575 | 2,304 | 2,046 | 575 | 4,350 | 4,925 | (1,923 | ) | 3,002 | 3,625 | |||||||||||||||||||||||||||||||||||
Denny Place | Garden | Mar-02 | North Hollywood, CA | 1984 | 17 | 394 | 1,579 | 146 | 394 | 1,725 | 2,119 | (542 | ) | 1,577 | 1,111 | |||||||||||||||||||||||||||||||||||
Douglas Landing | Garden | Oct-07 | Austin, TX | 1999 | 96 | 750 | 4,250 | 95 | 750 | 4,345 | 5,095 | (502 | ) | 4,593 | 3,902 | |||||||||||||||||||||||||||||||||||
Elmwood | Garden | Jan-06 | Athens, AL | 1981 | 80 | 346 | 2,643 | 426 | 346 | 3,069 | 3,415 | (1,793 | ) | 1,622 | 1,860 |
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(1) | Initial Cost | Cost Capitalized | December 31, 2010 | |||||||||||||||||||||||||||||||||||||||||||||||
Property | Date | Year | Number | Buildings and | Subsequent to | Buildings and | (4) | Accumulated | Total Cost | |||||||||||||||||||||||||||||||||||||||||
Property Name | Type | Consolidated | Location | Built | of Units | Land | Improvements | Consolidation | Land | Improvements | Total | Depreciation (AD) | Net of AD | Encumbrances | ||||||||||||||||||||||||||||||||||||
Fairburn and Gordon I | Garden | Jan-10 | Atlanta, GA | 1969 | 102 | 143 | 1,941 | 292 | 143 | 2,233 | 2,376 | (1,509 | ) | 867 | — | |||||||||||||||||||||||||||||||||||
Fairburn and Gordon II | Garden | Jan-06 | Atlanta, GA | 1969 | 58 | 439 | 1,360 | 484 | 439 | 1,844 | 2,283 | (1,568 | ) | 715 | — | |||||||||||||||||||||||||||||||||||
Fairwood | Garden | Jan-06 | Carmichael, CA | 1979 | 86 | 176 | 5,264 | 460 | 176 | 5,724 | 5,900 | (3,729 | ) | 2,171 | 2,364 | |||||||||||||||||||||||||||||||||||
Fountain Place | Mid Rise | Jan-06 | Connersville, IN | 1980 | 102 | 440 | 2,091 | 2,914 | 378 | 5,067 | 5,445 | (751 | ) | 4,694 | 1,121 | |||||||||||||||||||||||||||||||||||
Fox Run | Garden | Mar-02 | Orange, TX | 1983 | 70 | 420 | 1,992 | 1,050 | 420 | 3,042 | 3,462 | (1,166 | ) | 2,296 | 2,549 | |||||||||||||||||||||||||||||||||||
Foxfire | Garden | Jan-06 | Jackson, MI | 1975 | 160 | 856 | 6,853 | 2,505 | 856 | 9,358 | 10,214 | (5,660 | ) | 4,554 | 1,611 | |||||||||||||||||||||||||||||||||||
Franklin Square School Apts | Mid Rise | Jan-06 | Baltimore, MD | 1888 | 65 | 566 | 3,581 | 259 | 566 | 3,840 | 4,406 | (2,271 | ) | 2,135 | 3,898 | |||||||||||||||||||||||||||||||||||
Friendset Apartments | High Rise | Jan-06 | Brooklyn, NY | 1979 | 259 | 550 | 16,825 | 1,873 | 550 | 18,698 | 19,248 | (11,001 | ) | 8,247 | 14,095 | |||||||||||||||||||||||||||||||||||
Frio | Garden | Jan-06 | Pearsall, TX | 1980 | 63 | 327 | 2,207 | 419 | 327 | 2,626 | 2,953 | (1,855 | ) | 1,098 | 1,109 | |||||||||||||||||||||||||||||||||||
Gates Manor | Garden | Mar-04 | Clinton, TN | 1981 | 80 | 266 | 2,225 | 927 | 264 | 3,154 | 3,418 | (1,355 | ) | 2,063 | 2,381 | |||||||||||||||||||||||||||||||||||
Georgetown Woods | Garden | Jan-10 | Indianapolis, IN | 1993 | 90 | 375 | 2,125 | — | 375 | 2,125 | 2,500 | (175 | ) | 2,325 | 2,118 | |||||||||||||||||||||||||||||||||||
Glens, The | Garden | Jan-06 | Rock Hill, SC | 1982 | 88 | 839 | 4,135 | 1,187 | 839 | 5,322 | 6,161 | (3,939 | ) | 2,222 | 3,723 | |||||||||||||||||||||||||||||||||||
Gotham Apts | Garden | Jan-10 | Kansas City, MO | 1930 | 105 | 471 | 5,419 | 79 | 471 | 5,498 | 5,969 | (3,334 | ) | 2,635 | 3,408 | |||||||||||||||||||||||||||||||||||
Greenbriar | Garden | Jan-06 | Indianapolis, IN | 1980 | 121 | 812 | 3,272 | 396 | 812 | 3,668 | 4,480 | (2,583 | ) | 1,897 | 3,266 | |||||||||||||||||||||||||||||||||||
Hamlin Estates | Garden | Mar-02 | North Hollywood, CA | 1983 | 30 | 1,010 | 1,691 | 262 | 1,010 | 1,953 | 2,963 | (754 | ) | 2,209 | 1,349 | |||||||||||||||||||||||||||||||||||
Hanover Square | High Rise | Jan-06 | Baltimore, MD | 1980 | 199 | 1,656 | 9,575 | 510 | 1,656 | 10,085 | 11,741 | (6,567 | ) | 5,174 | 10,500 | |||||||||||||||||||||||||||||||||||
Harris Park Apartments | Garden | Dec-97 | Rochester, NY | 1968 | 114 | 475 | 2,786 | 1,321 | 475 | 4,107 | 4,582 | (1,959 | ) | 2,623 | 42 | |||||||||||||||||||||||||||||||||||
Hatillo Housing | Mid Rise | Jan-06 | Hatillo, PR | 1982 | 64 | 202 | 2,875 | 515 | 202 | 3,390 | 3,592 | (1,939 | ) | 1,653 | 1,358 | |||||||||||||||||||||||||||||||||||
Henna Townhomes | Garden | Oct-07 | Round Rock, TX | 1999 | 160 | 1,716 | 9,197 | 270 | 1,736 | 9,447 | 11,183 | (1,132 | ) | 10,051 | 5,874 | |||||||||||||||||||||||||||||||||||
Hopkins Village | Mid Rise | Sep-03 | Baltimore, MD | 1979 | 165 | 438 | 5,973 | 3,593 | 549 | 9,455 | 10,004 | (1,808 | ) | 8,196 | 9,100 | |||||||||||||||||||||||||||||||||||
Hudson Gardens | Garden | Mar-02 | Pasadena, CA | 1983 | 41 | 914 | 1,548 | 607 | 914 | 2,155 | 3,069 | (732 | ) | 2,337 | 408 | |||||||||||||||||||||||||||||||||||
Ingram Square | Garden | Jan-06 | San Antonio, TX | 1980 | 120 | 630 | 3,137 | 5,863 | 630 | 9,000 | 9,630 | (2,228 | ) | 7,402 | 3,825 | |||||||||||||||||||||||||||||||||||
James Court | Garden | Jan-10 | Meridian, ID | 1978 | 50 | 345 | 1,955 | 9 | 345 | 1,964 | 2,309 | (101 | ) | 2,208 | 1,925 | |||||||||||||||||||||||||||||||||||
JFK Towers | Mid Rise | Jan-06 | Durham, NC | 1983 | 177 | 750 | 7,970 | 872 | 750 | 8,842 | 9,592 | (5,001 | ) | 4,591 | 5,736 | |||||||||||||||||||||||||||||||||||
Kephart Plaza | High Rise | Jan-06 | Lock Haven, PA | 1978 | 101 | 609 | 3,796 | 569 | 609 | 4,365 | 4,974 | (3,131 | ) | 1,843 | 1,650 | |||||||||||||||||||||||||||||||||||
King Bell Apartments | Garden | Jan-06 | Milwaukie, OR | 1982 | 62 | 204 | 2,497 | 205 | 204 | 2,702 | 2,906 | (1,535 | ) | 1,371 | 1,599 | |||||||||||||||||||||||||||||||||||
Kirkwood House | High Rise | Sep-04 | Baltimore, MD | 1979 | 261 | 1,281 | 9,358 | 8,143 | 1,338 | 17,444 | 18,782 | (3,162 | ) | 15,620 | 16,000 | |||||||||||||||||||||||||||||||||||
Kubasek Trinity Manor | High Rise | Jan-06 | Yonkers, NY | 1981 | 130 | 54 | 8,308 | 1,864 | 54 | 10,172 | 10,226 | (5,341 | ) | 4,885 | 4,671 | |||||||||||||||||||||||||||||||||||
La Salle | Garden | Oct-00 | San Francisco, CA | 1976 | 145 | 1,841 | 19,568 | 17,382 | 1,866 | 36,925 | 38,791 | (15,711 | ) | 23,080 | 16,093 | |||||||||||||||||||||||||||||||||||
La Vista | Garden | Jan-06 | Concord, CA | 1981 | 75 | 565 | 4,448 | 4,230 | 581 | 8,662 | 9,243 | (1,438 | ) | 7,805 | 5,418 | |||||||||||||||||||||||||||||||||||
Lafayette Square | Garden | Jan-06 | Camden, SC | 1978 | 72 | 142 | 1,875 | 98 | 142 | 1,973 | 2,115 | (1,664 | ) | 451 | 236 | |||||||||||||||||||||||||||||||||||
Lake Avenue Commons | Garden | Jan-10 | Cleveland, OH | 1982 | 79 | 488 | 2,763 | — | 488 | 2,763 | 3,251 | (158 | ) | 3,093 | 3,070 | |||||||||||||||||||||||||||||||||||
Landau | Garden | Oct-05 | Clinton, SC | 1970 | 80 | 1,293 | 1,429 | 320 | 1,293 | 1,749 | 3,042 | (1,770 | ) | 1,272 | 228 | |||||||||||||||||||||||||||||||||||
Laurelwood | Garden | Jan-06 | Morristown, TN | 1981 | 65 | 75 | 1,870 | 224 | 75 | 2,094 | 2,169 | (1,350 | ) | 819 | 1,320 | |||||||||||||||||||||||||||||||||||
Lock Haven Gardens | Garden | Jan-06 | Lock Haven, PA | 1979 | 150 | 1,163 | 6,045 | 666 | 1,163 | 6,711 | 7,874 | (4,894 | ) | 2,980 | 2,359 | |||||||||||||||||||||||||||||||||||
Locust House | High Rise | Mar-02 | Westminster, MD | 1979 | 99 | 650 | 2,604 | 851 | 650 | 3,455 | 4,105 | (1,228 | ) | 2,877 | 2,084 | |||||||||||||||||||||||||||||||||||
Long Meadow | Garden | Jan-06 | Cheraw, SC | 1973 | 56 | 158 | 1,342 | 214 | 158 | 1,556 | 1,714 | (1,232 | ) | 482 | 165 | |||||||||||||||||||||||||||||||||||
Loring Towers | High Rise | Oct-02 | Minneapolis, MN | 1975 | 230 | 1,297 | 7,445 | 7,643 | 886 | 15,499 | 16,385 | (4,787 | ) | 11,598 | 10,501 | |||||||||||||||||||||||||||||||||||
Loring Towers Apartments | High Rise | Sep-03 | Salem, MA | 1973 | 250 | 129 | 14,050 | 6,599 | 187 | 20,591 | 20,778 | (4,763 | ) | 16,015 | 15,786 | |||||||||||||||||||||||||||||||||||
Madisonville | Garden | Jan-10 | Madisonville, KY | 1981 | 60 | 73 | 367 | 86 | 73 | 453 | 526 | (498 | ) | 28 | 589 | |||||||||||||||||||||||||||||||||||
Maunakea Tower | High Rise | Jan-10 | Honolulu, HI | 1976 | 380 | 7,995 | 45,305 | 3,702 | 7,995 | 49,007 | 57,002 | (2,074 | ) | 54,928 | 34,957 | |||||||||||||||||||||||||||||||||||
Michigan Beach | Garden | Oct-07 | Chicago, IL | 1958 | 239 | 2,225 | 10,797 | 978 | 2,225 | 11,775 | 14,000 | (4,011 | ) | 9,989 | 5,576 | |||||||||||||||||||||||||||||||||||
Mill Pond | Mid Rise | Jan-06 | Taunton, MA | 1982 | 49 | 80 | 2,704 | 319 | 80 | 3,023 | 3,103 | (1,768 | ) | 1,335 | 983 | |||||||||||||||||||||||||||||||||||
Mill Run | Garden | Jan-10 | Mobile, AL | 1983 | 50 | 293 | 2,569 | 42 | 293 | 2,611 | 2,904 | (818 | ) | 2,086 | 1,466 | |||||||||||||||||||||||||||||||||||
Miramar Housing | High Rise | Jan-06 | Ponce, PR | 1983 | 96 | 367 | 5,085 | 425 | 367 | 5,510 | 5,877 | (3,099 | ) | 2,778 | 2,769 | |||||||||||||||||||||||||||||||||||
Montblanc Gardens | Town Home | Dec-03 | Yauco, PR | 1982 | 128 | 391 | 3,859 | 1,010 | 391 | 4,869 | 5,260 | (2,645 | ) | 2,615 | 3,252 | |||||||||||||||||||||||||||||||||||
Monticello Manor | Garden | Jan-10 | San Antonio, TX | 1998 | 154 | 647 | 3,665 | — | 647 | 3,665 | 4,312 | (250 | ) | 4,062 | 3,935 |
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(1) | Initial Cost | Cost Capitalized | December 31, 2010 | |||||||||||||||||||||||||||||||||||||||||||||||
Property | Date | Year | Number | Buildings and | Subsequent to | Buildings and | (4) | Accumulated | Total Cost | |||||||||||||||||||||||||||||||||||||||||
Property Name | Type | Consolidated | Location | Built | of Units | Land | Improvements | Consolidation | Land | Improvements | Total | Depreciation (AD) | Net of AD | Encumbrances | ||||||||||||||||||||||||||||||||||||
Moss Gardens | Mid Rise | Jan-06 | Lafayette, LA | 1980 | 114 | 524 | 3,818 | 824 | 524 | 4,642 | 5,166 | (3,174 | ) | 1,992 | 1,946 | |||||||||||||||||||||||||||||||||||
New Baltimore | Mid Rise | Mar-02 | New Baltimore, MI | 1980 | 101 | 888 | 2,360 | 5,157 | 896 | 7,509 | 8,405 | (1,905 | ) | 6,500 | 2,179 | |||||||||||||||||||||||||||||||||||
Newberry Park | Garden | Dec-97 | Chicago, IL | 1995 | 84 | 1,380 | 7,632 | 486 | 1,380 | 8,118 | 9,498 | (2,972 | ) | 6,526 | 7,299 | |||||||||||||||||||||||||||||||||||
Nintey Five Vine Street | Garden | Jan-10 | Hartford, CT | 1800 | 31 | 188 | 1,062 | 626 | 188 | 1,688 | 1,876 | (104 | ) | 1,772 | 1,055 | |||||||||||||||||||||||||||||||||||
Northlake Village | Garden | Oct-00 | Lima, OH | 1971 | 150 | 487 | 1,317 | 1,886 | 487 | 3,203 | 3,690 | (1,987 | ) | 1,703 | — | |||||||||||||||||||||||||||||||||||
Northpoint | Garden | Jan-00 | Chicago, IL | 1921 | 305 | 2,280 | 14,334 | 16,706 | 2,510 | 30,810 | 33,320 | (16,997 | ) | 16,323 | 19,101 | |||||||||||||||||||||||||||||||||||
Northwinds, The | Garden | Mar-02 | Wytheville, VA | 1978 | 144 | 500 | 2,012 | 575 | 500 | 2,587 | 3,087 | (1,466 | ) | 1,621 | 1,466 | |||||||||||||||||||||||||||||||||||
Oakbrook | Garden | Jan-08 | Topeka, KS | 1979 | 170 | 550 | 2,915 | 885 | 550 | 3,800 | 4,350 | (773 | ) | 3,577 | 2,636 | |||||||||||||||||||||||||||||||||||
Oakwood Manor | Garden | Mar-04 | Milan, TN | 1984 | 34 | 95 | 498 | 18 | 103 | 508 | 611 | (140 | ) | 471 | 316 | |||||||||||||||||||||||||||||||||||
O’Neil | High Rise | Jan-06 | Troy, NY | 1978 | 115 | 88 | 4,067 | 864 | 88 | 4,931 | 5,019 | (3,452 | ) | 1,567 | 2,595 | |||||||||||||||||||||||||||||||||||
Oswego Village | Garden | Jan-10 | Columbia, PA | 1979 | 68 | 392 | 2,221 | — | 392 | 2,221 | 2,613 | (140 | ) | 2,473 | 1,395 | |||||||||||||||||||||||||||||||||||
Overbrook Park | Garden | Jan-06 | Chillicothe, OH | 1981 | 50 | 136 | 2,282 | 311 | 136 | 2,593 | 2,729 | (1,458 | ) | 1,271 | 1,432 | |||||||||||||||||||||||||||||||||||
Oxford House | Mid Rise | Mar-02 | Deactur, IL | 1979 | 156 | 993 | 4,164 | 928 | 993 | 5,092 | 6,085 | (2,109 | ) | 3,976 | 2,627 | |||||||||||||||||||||||||||||||||||
Panorama Park | Garden | Mar-02 | Bakersfield, CA | 1982 | 66 | 621 | 5,520 | 884 | 619 | 6,406 | 7,025 | (1,687 | ) | 5,338 | 2,255 | |||||||||||||||||||||||||||||||||||
Parc Chateau I | Garden | Jan-06 | Lithonia, GA | 1973 | 86 | 592 | 1,442 | 521 | 592 | 1,963 | 2,555 | (1,861 | ) | 694 | 359 | |||||||||||||||||||||||||||||||||||
Parc Chateau II | Garden | Jan-06 | Lithonia, GA | 1974 | 88 | 596 | 2,965 | 497 | 596 | 3,462 | 4,058 | (2,626 | ) | 1,432 | 361 | |||||||||||||||||||||||||||||||||||
Park — Joplin Apartments | Garden | Oct-07 | Joplin, MO | 1974 | 192 | 1,154 | 5,539 | 402 | 1,154 | 5,941 | 7,095 | (924 | ) | 6,171 | 3,165 | |||||||||||||||||||||||||||||||||||
Park Place | Mid Rise | Jun-05 | St Louis, MO | 1977 | 242 | 742 | 6,327 | 9,798 | 705 | 16,162 | 16,867 | (10,003 | ) | 6,864 | 9,423 | |||||||||||||||||||||||||||||||||||
Park Vista | Garden | Oct-05 | Anaheim, CA | 1958 | 392 | 6,155 | 25,929 | 4,822 | 6,155 | 30,751 | 36,906 | (7,763 | ) | 29,143 | 37,656 | |||||||||||||||||||||||||||||||||||
Parkways, The | Garden | Jun-04 | Chicago, IL | 1925 | 446 | 3,684 | 23,257 | 18,115 | 3,427 | 41,629 | 45,056 | (14,959 | ) | 30,097 | 21,209 | |||||||||||||||||||||||||||||||||||
Patman Switch | Garden | Jan-06 | Hughes Springs, TX | 1978 | 82 | 727 | 1,382 | 616 | 727 | 1,998 | 2,725 | (1,589 | ) | 1,136 | 1,229 | |||||||||||||||||||||||||||||||||||
Pavilion | High Rise | Mar-04 | Philadelphia, PA | 1976 | 296 | — | 15,416 | 1,471 | — | 16,887 | 16,887 | (4,984 | ) | 11,903 | 8,680 | |||||||||||||||||||||||||||||||||||
Peachwood Place | Garden | Oct-07 | Waycross, GA | 1999 | 72 | 390 | 748 | 82 | 390 | 830 | 1,220 | (159 | ) | 1,061 | 737 | |||||||||||||||||||||||||||||||||||
Pinebluff Village | Mid Rise | Jan-06 | Salisbury, MD | 1980 | 151 | 1,112 | 7,177 | 758 | 1,112 | 7,935 | 9,047 | (5,801 | ) | 3,246 | 1,893 | |||||||||||||||||||||||||||||||||||
Pinewood Place | Garden | Mar-02 | Toledo, OH | 1979 | 99 | 420 | 1,698 | 1,276 | 420 | 2,974 | 3,394 | (1,408 | ) | 1,986 | 1,992 | |||||||||||||||||||||||||||||||||||
Pleasant Hills | Garden | Apr-05 | Austin, TX | 1982 | 100 | 1,188 | 2,631 | 3,529 | 1,229 | 6,119 | 7,348 | (2,237 | ) | 5,111 | 3,171 | |||||||||||||||||||||||||||||||||||
Plummer Village | Mid Rise | Mar-02 | North Hills, CA | 1983 | 75 | 624 | 2,647 | 1,637 | 667 | 4,241 | 4,908 | (1,968 | ) | 2,940 | 2,560 | |||||||||||||||||||||||||||||||||||
Portner Place | Town Home | Jan-06 | Washington, DC | 1980 | 48 | 697 | 3,753 | 142 | 697 | 3,895 | 4,592 | (431 | ) | 4,161 | 6,348 | |||||||||||||||||||||||||||||||||||
Post Street Apartments | High Rise | Jan-06 | Yonkers, NY | 1930 | 56 | 148 | 3,315 | 461 | 148 | 3,776 | 3,924 | (2,407 | ) | 1,517 | 1,518 | |||||||||||||||||||||||||||||||||||
Pride Gardens | Garden | Dec-97 | Flora, MS | 1975 | 76 | 102 | 1,071 | 1,753 | 102 | 2,824 | 2,926 | (1,586 | ) | 1,340 | 1,062 | |||||||||||||||||||||||||||||||||||
Rancho California | Garden | Jan-06 | Temecula, CA | 1984 | 55 | 488 | 5,462 | 307 | 488 | 5,769 | 6,257 | (3,035 | ) | 3,222 | 4,480 | |||||||||||||||||||||||||||||||||||
Ridgewood Towers | High Rise | Mar-02 | East Moline, IL | 1977 | 140 | 698 | 2,803 | 818 | 698 | 3,621 | 4,319 | (1,418 | ) | 2,901 | 1,418 | |||||||||||||||||||||||||||||||||||
River Village | High Rise | Jan-06 | Flint, MI | 1980 | 340 | 1,756 | 13,877 | 3,599 | 1,756 | 17,476 | 19,232 | (11,075 | ) | 8,157 | 6,929 | |||||||||||||||||||||||||||||||||||
River’s Edge | Town Home | Jan-06 | Greenville, MI | 1983 | 49 | 311 | 2,097 | 391 | 311 | 2,488 | 2,799 | (1,731 | ) | 1,068 | 521 | |||||||||||||||||||||||||||||||||||
Riverwoods | High Rise | Jan-06 | Kankakee, IL | 1983 | 125 | 590 | 4,932 | 3,475 | 598 | 8,399 | 8,997 | (1,678 | ) | 7,319 | 4,702 | |||||||||||||||||||||||||||||||||||
Rosedale Court Apartments | Garden | Mar-04 | Dawson Springs, KY | 1981 | 40 | 194 | �� | 1,177 | 222 | 194 | 1,399 | 1,593 | (612 | ) | 981 | 858 | ||||||||||||||||||||||||||||||||||
Round Barn | Garden | Mar-02 | Champaign, IL | 1979 | 156 | 947 | 5,134 | 5,764 | 810 | 11,035 | 11,845 | (2,565 | ) | 9,280 | 5,078 | |||||||||||||||||||||||||||||||||||
San Jose Apartments | Garden | Sep-05 | San Antonio, TX | 1970 | 220 | 404 | 5,770 | 11,459 | 234 | 17,399 | 17,633 | (4,471 | ) | 13,162 | 5,069 | |||||||||||||||||||||||||||||||||||
San Juan Del Centro | Mid Rise | Sep-05 | Boulder, CO | 1971 | 150 | 243 | 7,110 | 12,574 | 438 | 19,489 | 19,927 | (5,060 | ) | 14,867 | 11,259 | |||||||||||||||||||||||||||||||||||
Sandy Hill Terrace | High Rise | Mar-02 | Norristown, PA | 1980 | 175 | 1,650 | 6,599 | 2,874 | 1,650 | 9,473 | 11,123 | (3,341 | ) | 7,782 | 3,351 | |||||||||||||||||||||||||||||||||||
Sandy Springs | Garden | Mar-05 | Macon, GA | 1979 | 74 | 366 | 1,522 | 1,451 | 366 | 2,973 | 3,339 | (1,876 | ) | 1,463 | 1,894 | |||||||||||||||||||||||||||||||||||
Santa Maria | Garden | Jan-10 | San German, PR | 1983 | 86 | 368 | 2,087 | — | 368 | 2,087 | 2,455 | (390 | ) | 2,065 | 2,343 | |||||||||||||||||||||||||||||||||||
School Street | Mid Rise | Jan-06 | Taunton, MA | 1920 | 75 | 219 | 4,335 | 670 | 219 | 5,005 | 5,224 | (2,890 | ) | 2,334 | 2,116 | |||||||||||||||||||||||||||||||||||
Sherman Hills | High Rise | Jan-06 | Wilkes-Barre, PA | 1976 | 344 | 2,039 | 15,549 | 1,560 | 2,037 | 17,111 | 19,148 | (13,907 | ) | 5,241 | 2,686 | |||||||||||||||||||||||||||||||||||
Shoreview | Garden | Oct-99 | San Francisco, CA | 1976 | 156 | 1,498 | 19,071 | 18,772 | 1,476 | 37,865 | 39,341 | (16,745 | ) | 22,596 | 17,391 | |||||||||||||||||||||||||||||||||||
South Bay Villa | Garden | Mar-02 | Los Angeles, CA | 1981 | 80 | 663 | 2,770 | 4,383 | 1,352 | 6,464 | 7,816 | (4,055 | ) | 3,761 | 3,018 | |||||||||||||||||||||||||||||||||||
Springfield Villas | Garden | Oct-07 | Lockhart, TX | 1999 | 32 | — | 1,153 | 86 | — | 1,239 | 1,239 | (44 | ) | 1,195 | 828 | |||||||||||||||||||||||||||||||||||
St. George Villas | Garden | Jan-06 | St. George, SC | 1984 | 40 | 86 | 1,025 | 147 | 86 | 1,172 | 1,258 | (822 | ) | 436 | 483 |
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(1) | Initial Cost | Cost Capitalized | December 31, 2010 | |||||||||||||||||||||||||||||||||||||||||||||||
Property | Date | Year | Number | Buildings and | Subsequent to | Buildings and | (4) | Accumulated | Total Cost | |||||||||||||||||||||||||||||||||||||||||
Property Name | Type | Consolidated | Location | Built | of Units | Land | Improvements | Consolidation | Land | Improvements | Total | Depreciation (AD) | Net of AD | Encumbrances | ||||||||||||||||||||||||||||||||||||
Stonegate Apts | Mid Rise | Jul-09 | Indianapolis, IN | 1920 | 52 | 255 | 3,610 | 353 | 255 | 3,963 | 4,218 | (920 | ) | 3,298 | 1,931 | |||||||||||||||||||||||||||||||||||
Sumler Terrace | Garden | Jan-06 | Norfolk, VA | 1976 | 126 | 215 | 4,400 | 671 | 215 | 5,071 | 5,286 | (3,836 | ) | 1,450 | 1,191 | |||||||||||||||||||||||||||||||||||
Summit Oaks | Town Home | Jan-06 | Burke, VA | 1980 | 50 | 382 | 4,930 | 311 | 382 | 5,241 | 5,623 | (1,513 | ) | 4,110 | 3,189 | |||||||||||||||||||||||||||||||||||
Suntree | Garden | Jan-06 | St. Johns, MI | 1980 | 121 | 403 | 6,488 | 2,012 | 403 | 8,500 | 8,903 | (4,744 | ) | 4,159 | 530 | |||||||||||||||||||||||||||||||||||
Tabor Towers | Mid Rise | Jan-06 | Lewisburg, WV | 1979 | 84 | 163 | 3,360 | 384 | 163 | 3,744 | 3,907 | (2,263 | ) | 1,644 | 1,906 | |||||||||||||||||||||||||||||||||||
Tamarac Apartments I | Garden | Nov-04 | Woodlands, TX | 1980 | 144 | 140 | 2,775 | 3,650 | 363 | 6,202 | 6,565 | (2,451 | ) | 4,114 | 4,117 | |||||||||||||||||||||||||||||||||||
Tamarac Apartments II | Garden | Nov-04 | Woodlands, TX | 1980 | 156 | 142 | 3,195 | 4,064 | 266 | 7,135 | 7,401 | (2,786 | ) | 4,615 | 4,460 | |||||||||||||||||||||||||||||||||||
Terraces | Mid Rise | Jan-06 | Kettering, OH | 1979 | 102 | 1,561 | 2,815 | 1,126 | 1,561 | 3,941 | 5,502 | (2,652 | ) | 2,850 | 2,472 | |||||||||||||||||||||||||||||||||||
Terry Manor | Mid Rise | Oct-05 | Los Angeles, CA | 1977 | 170 | 1,775 | 5,848 | 6,674 | 1,997 | 12,300 | 14,297 | (5,810 | ) | 8,487 | 6,859 | |||||||||||||||||||||||||||||||||||
Tompkins Terrace | Garden | Oct-02 | Beacon, NY | 1974 | 193 | 872 | 6,827 | 13,333 | 872 | 20,160 | 21,032 | (4,632 | ) | 16,400 | 8,211 | |||||||||||||||||||||||||||||||||||
Trestletree Village | Garden | Mar-02 | Atlanta, GA | 1981 | 188 | 1,150 | 4,655 | 1,838 | 1,150 | 6,493 | 7,643 | (2,355 | ) | 5,288 | 2,793 | |||||||||||||||||||||||||||||||||||
Underwood Elderly | High Rise | Jan-10 | Hartford, CT | 1982 | 136 | 2,274 | 7,238 | 580 | 2,274 | 7,818 | 10,092 | (3,380 | ) | 6,712 | 6,203 | |||||||||||||||||||||||||||||||||||
Underwood Family | Town Home | Jan-10 | Hartford, CT | 1982 | 25 | 830 | 1,505 | 44 | 830 | 1,549 | 2,379 | (729 | ) | 1,650 | 1,582 | |||||||||||||||||||||||||||||||||||
University Square | High Rise | Mar-05 | Philadelphia, PA | 1978 | 442 | 702 | 12,201 | 12,809 | 702 | 25,010 | 25,712 | (9,800 | ) | 15,912 | 18,405 | |||||||||||||||||||||||||||||||||||
Van Nuys Apartments | High Rise | Mar-02 | Los Angeles, CA | 1981 | 299 | 4,253 | 21,226 | 20,286 | 3,575 | 42,190 | 45,765 | (7,748 | ) | 38,017 | 22,224 | |||||||||||||||||||||||||||||||||||
Verdes Del Oriente | Garden | Jan-10 | San Pedro, CA | 1976 | 113 | 1,100 | 7,044 | 105 | 1,100 | 7,149 | 8,249 | (2,841 | ) | 5,408 | 5,471 | |||||||||||||||||||||||||||||||||||
Vicente Geigel Polanco | Garden | Jan-10 | Isabela, PR | 1983 | 80 | 361 | 2,044 | — | 361 | 2,044 | 2,405 | (203 | ) | 2,202 | 2,277 | |||||||||||||||||||||||||||||||||||
Victory Square | Garden | Mar-02 | Canton, OH | 1975 | 81 | 215 | 889 | 719 | 215 | 1,608 | 1,823 | (728 | ) | 1,095 | 833 | |||||||||||||||||||||||||||||||||||
Villa de Guadalupe | Garden | Jan-10 | San Jose, CA | 1982 | 101 | 1,770 | 8,456 | 31 | 1,770 | 8,487 | 10,257 | (3,517 | ) | 6,740 | 6,980 | |||||||||||||||||||||||||||||||||||
Village Oaks | Mid Rise | Jan-06 | Catonsville, MD | 1980 | 181 | 2,127 | 5,188 | 1,895 | 2,127 | 7,083 | 9,210 | (4,997 | ) | 4,213 | 4,252 | |||||||||||||||||||||||||||||||||||
Village of Kaufman | Garden | Mar-05 | Kaufman, TX | 1981 | 68 | 370 | 1,606 | 689 | 370 | 2,295 | 2,665 | (846 | ) | 1,819 | 1,843 | |||||||||||||||||||||||||||||||||||
Villas of Mount Dora | Garden | Jan-10 | Mt. Dora, FL | 1979 | 70 | 323 | 1,828 | — | 323 | 1,828 | 2,151 | (156 | ) | 1,995 | 1,704 | |||||||||||||||||||||||||||||||||||
Vintage Crossing | Town Home | Mar-04 | Cuthbert, GA | 1985 | 50 | 188 | 1,058 | 571 | 188 | 1,629 | 1,817 | (1,051 | ) | 766 | 1,614 | |||||||||||||||||||||||||||||||||||
Vista Park Chino | Garden | Mar-02 | Chino, CA | 1983 | 40 | 380 | 1,521 | 440 | 380 | 1,961 | 2,341 | (776 | ) | 1,565 | 3,120 | |||||||||||||||||||||||||||||||||||
Wah Luck House | High Rise | Jan-06 | Washington, DC | 1982 | 153 | — | 8,690 | 553 | — | 9,243 | 9,243 | (2,723 | ) | 6,520 | 8,613 | |||||||||||||||||||||||||||||||||||
Walnut Hills | High Rise | Jan-06 | Cincinnati, OH | 1983 | 198 | 888 | 5,608 | 5,176 | 826 | 10,846 | 11,672 | (2,599 | ) | 9,073 | 5,600 | |||||||||||||||||||||||||||||||||||
Wasco Arms | Garden | Mar-02 | Wasco, CA | 1982 | 78 | 625 | 2,519 | 1,050 | 625 | 3,569 | 4,194 | (1,564 | ) | 2,630 | 3,103 | |||||||||||||||||||||||||||||||||||
Washington Square West | Mid Rise | Sep-04 | Philadelphia, PA | 1982 | 132 | 555 | 11,169 | 6,078 | 582 | 17,220 | 17,802 | (9,279 | ) | 8,523 | 3,824 | |||||||||||||||||||||||||||||||||||
Westwood Terrace | Mid Rise | Mar-02 | Moline, IL | 1976 | 97 | 720 | 3,242 | 664 | 720 | 3,906 | 4,626 | (1,356 | ) | 3,270 | 1,488 | |||||||||||||||||||||||||||||||||||
White Cliff | Garden | Mar-02 | Lincoln Heights, OH | 1977 | 72 | 215 | 938 | 446 | 215 | 1,384 | 1,599 | (639 | ) | 960 | 996 | |||||||||||||||||||||||||||||||||||
Whitefield Place | Garden | Apr-05 | San Antonio, TX | 1980 | 80 | 223 | 3,151 | 2,570 | 219 | 5,725 | 5,944 | (2,387 | ) | 3,557 | 2,226 | |||||||||||||||||||||||||||||||||||
Wickford | Garden | Mar-04 | Henderson, NC | 1983 | 44 | 247 | 946 | 198 | 247 | 1,144 | 1,391 | (493 | ) | 898 | 1,441 | |||||||||||||||||||||||||||||||||||
Wilderness Trail | High Rise | Mar-02 | Pineville, KY | 1983 | 124 | 1,010 | 4,048 | 739 | 1,010 | 4,787 | 5,797 | (1,391 | ) | 4,406 | 4,379 | |||||||||||||||||||||||||||||||||||
Wilkes Towers | High Rise | Mar-02 | North Wilkesboro, NC | 1981 | 72 | 410 | 1,680 | 514 | 410 | 2,194 | 2,604 | (845 | ) | 1,759 | 1,870 | |||||||||||||||||||||||||||||||||||
Willow Wood | Garden | Mar-02 | North Hollywood, CA | 1984 | 19 | 1,051 | 840 | 208 | 1,051 | 1,048 | 2,099 | (350 | ) | 1,749 | 1,057 | |||||||||||||||||||||||||||||||||||
Winnsboro Arms | Garden | Jan-06 | Winnsboro, SC | 1978 | 60 | 272 | 1,697 | 298 | 272 | 1,995 | 2,267 | (1,572 | ) | 695 | 112 | |||||||||||||||||||||||||||||||||||
Winter Gardens | High Rise | Mar-04 | St Louis, MO | 1920 | 112 | 300 | 3,072 | 4,489 | 300 | 7,561 | 7,861 | (1,531 | ) | 6,330 | 3,732 | |||||||||||||||||||||||||||||||||||
Woodcrest | Garden | Dec-97 | Odessa, TX | 1972 | 80 | 41 | 229 | 718 | 41 | 947 | 988 | (788 | ) | 200 | 430 | |||||||||||||||||||||||||||||||||||
Woodland | Garden | Jan-06 | Spartanburg, SC | 1972 | 100 | 182 | 663 | 1,438 | 182 | 2,101 | 2,283 | (590 | ) | 1,693 | — | |||||||||||||||||||||||||||||||||||
Woodland Hills | Garden | Oct-05 | Jackson, MI | 1980 | 125 | 541 | 3,875 | 4,275 | 321 | 8,370 | 8,691 | (3,584 | ) | 5,107 | 3,589 | |||||||||||||||||||||||||||||||||||
Woodlands | Garden | Jan-10 | Whistler, AL | 1983 | 50 | 213 | 2,277 | 29 | 213 | 2,306 | 2,519 | (765 | ) | 1,754 | 1,538 | |||||||||||||||||||||||||||||||||||
Total Affordable Properties | 22,207 | 135,550 | 927,186 | 439,064 | 134,530 | 1,367,270 | 1,501,800 | (543,342 | ) | 958,458 | 762,289 | |||||||||||||||||||||||||||||||||||||||
Other(5) | — | 1,038 | 2,470 | 3,693 | 2,063 | 5,138 | 7,201 | (2,925 | ) | 4,276 | — | |||||||||||||||||||||||||||||||||||||||
Total | 89,875 | $ | 2,083,007 | $ | 4,696,853 | $ | 2,688,305 | $ | 2,139,431 | $ | 7,328,734 | $ | 9,468,165 | $ | (2,934,407 | ) | $ | 6,533,758 | $ | 5,457,783 | ||||||||||||||||||||||||||||||
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(1) | Date we acquired the property or first consolidated the partnership which owns the property. | |
(2) | For 2008 and prior periods, costs to acquire the noncontrolling interest’s share of our consolidated real estate partnerships were capitalized as part of the initial cost. | |
(3) | Costs capitalized subsequent to consolidation includes costs capitalized since acquisition or first consolidation of the partnership/property. | |
(4) | The aggregate cost of land and depreciable property for federal income tax purposes was approximately $3.8 billion at December 31, 2010. | |
(5) | Other includes land parcels, commercial properties and other related costs. We exclude such properties from our residential unit counts. |
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2010 | 2009 | 2008 | ||||||||||
(In thousands) | ||||||||||||
Real Estate | ||||||||||||
Balance at beginning of year | $ | 9,718,978 | $ | 11,000,496 | $ | 12,420,200 | ||||||
Additions during the year: | ||||||||||||
Newly consolidated assets and acquisition of limited partnership interests(1) | 69,410 | 19,683 | 31,447 | |||||||||
Acquisitions | — | — | 107,445 | |||||||||
Capital additions | 175,329 | 275,444 | 665,233 | |||||||||
Deductions during the year: | ||||||||||||
Casualty and other write-offs(2) | (15,865 | ) | (43,134 | ) | (130,595 | ) | ||||||
Sales | (479,687 | ) | (1,533,511 | ) | (2,093,234 | ) | ||||||
Balance at end of year | $ | 9,468,165 | $ | 9,718,978 | $ | 11,000,496 | ||||||
Accumulated Depreciation | ||||||||||||
Balance at beginning of year | $ | 2,723,339 | $ | 2,814,992 | $ | 3,047,211 | ||||||
Additions during the year: | ||||||||||||
Depreciation | 422,099 | 478,550 | 497,395 | |||||||||
Newly consolidated assets and acquisition of limited partnership interests(1) | (12,348 | ) | (2,763 | ) | (22,256 | ) | ||||||
Deductions during the year: | ||||||||||||
Casualty and other write-offs | (4,831 | ) | (5,200 | ) | (1,838 | ) | ||||||
Sales | (193,852 | ) | (562,240 | ) | (705,520 | ) | ||||||
Balance at end of year | $ | 2,934,407 | $ | 2,723,339 | $ | 2,814,992 | ||||||
(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 15. | Exhibits |
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 on Form 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 on Form 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 on Form 10-Q for the quarterly period ended June 30, 2009, is incorporated herein by this reference) | ||
10 | .4 | Third Amendment to the Fourth Amended and Restated Agreement of Limited Partnership of AIMCO Properties, L.P., dated as of September 2, 2010 (Exhibit 10.1 to Aimco’s Current Report on Form 8-K, dated September 3, 2010, is incorporated herein by this reference) | ||
10 | .5 | 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 on Form 10-Q for the quarterly period ended September 30, 2004, is incorporated herein by this reference) | ||
10 | .6 | 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 on Form 8-K, dated June 16, 2005, is incorporated herein by this reference) | ||
10 | .7 | 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 on Form 8-K, dated March 22, 2006, is incorporated herein by this reference) | ||
10 | .8 | 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 on Form 8-K, dated August 31, 2007, is incorporated herein by this reference) | ||
10 | .9 | 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 on Form 8-K, dated September 14, 2007, is incorporated herein by this reference) | ||
10 | .10 | 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 on Form 8-K, dated September 11, 2008, is incorporated herein by this reference) |
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Exhibit | ||||
No. | Description | |||
10 | .11 | 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 on Form 10-Q for the quarterly period ended March 31, 2009, is incorporated herein by this reference) | ||
10 | .12 | 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 on Form 8-K, dated August 6, 2009, is incorporated herein by this reference) | ||
10 | .13 | 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 on Form 8-K, dated February 5, 2010, is incorporated herein by this reference) | ||
10 | .14 | 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 on Form 10-Q for the quarterly period ended June 30, 2010, is incorporated herein by this reference) | ||
10 | .15 | 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 on Form 8-K, dated September 29, 2010, is incorporated herein by this reference) | ||
10 | .16 | 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 on Form 8-K, dated December 6, 2001, is incorporated herein by this reference) | ||
10 | .17 | 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 on Form 8-K, dated December 6, 2001, is incorporated herein by this reference) | ||
10 | .18 | 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 on Form 8-K, dated December 29, 2008, is incorporated herein by this reference)* | ||
10 | .19 | Apartment Investment and Management Company 1997 Stock Award and Incentive Plan (October 1999) (Exhibit 10.26 to Aimco’s Annual Report on Form 10-K for the year ended December 31, | ||
1999, is incorporated herein by this reference)* | ||||
10 | .20 | Form of Restricted Stock Agreement (1997 Stock Award and Incentive Plan) (Exhibit 10.11 to Aimco’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 1997, is incorporated herein by this reference)* | ||
10 | .21 | Form of Incentive Stock Option Agreement (1997 Stock Award and Incentive Plan) (Exhibit 10.42 to Aimco’s Annual Report on Form 10-K for the year ended December 31, 1998, is incorporated herein by this reference)* | ||
10 | .22 | 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 | .23 | Form of Restricted Stock Agreement (Exhibit 10.2 to Aimco’s Current Report on Form 8-K, dated April 30, 2007, is incorporated herein by this reference)* |
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Exhibit | ||||
No. | Description | |||
10 | .24 | 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 | .25 | 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 Act Rules 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 theSarbanes-Oxley Act of 2002 | ||
32 | .2 | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of theSarbanes-Oxley Act of 2002 | ||
99 | .1 | Agreement re: 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) | 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 |
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Entity Name | State Code | |
AIMCO PROPERTIES, L.P. | DE | |
107-145 WEST 135TH STREET ASSOCIATES LIMITED PARTNERSHIP | NY | |
1133 FIFTEENTH STREET ASSOCIATES | DC | |
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 | |
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 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 |
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Entity Name | State Code | |
AIMCO BILTMORE, LLC | DE | |
AIMCO BOLTON NORTH, L.L.C. | DE | |
AIMCO BOSTON LOFTS, L.P. | DE | |
AIMCO BREAKERS, L.P. | DE | |
AIMCO BRIARWOOD, LLC | 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 CANYON TERRACE GP, LLC | DE | |
AIMCO CANYON TERRACE, L.P. | 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 | |
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 |
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201010-K SUBSIDIARY LIST
Entity Name | State Code | |
AIMCO CASA DE LAS HERMANITAS DEVCO, LLC | DE | |
AIMCO CHELSEA LAND, 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 CLEARING ACCOUNT, LLC | DE | |
AIMCO COLUMBUS AVE., LLC | DE | |
AIMCO COMMUNITY CIRCLE II, 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 CREVENNA OAKS GP, LLC | DE | |
AIMCO CROSSWOOD PARK APARTMENTS GP, LLC | DE | |
AIMCO CROSSWOOD PARK APARTMENTS, L.P. | DE | |
AIMCO DEERBROOK, LLC | DE | |
AIMCO ELM CREEK, L.P. | DE | |
AIMCO ELM CREEK, LLC | 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 | |
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 FOX VALLEY-OXFORD, LLC | DE | |
AIMCO FOXCHASE 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 GROUP, L.P. | DE | |
AIMCO GS SWAP, LLC | DE | |
AIMCO HANOVER SQUARE/DIP, L.L.C. | DE | |
AIMCO HARLEM FUNDING, LLC | DE |
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201010-K SUBSIDIARY LIST
Entity Name | State Code | |
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 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 KEY TOWERS, L.P. | DE | |
AIMCO KIRKWOOD HOUSE PRESERVATION SLP, LLC | DE | |
AIMCO LA SALLE, LLC | DE | |
AIMCO LA VISTA, LLC | 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 | |
AIMCO LT, L.P. | DE | |
AIMCO MALIBU CANYON, LLC | 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 N.P. LOFTS, L.P. | DE | |
AIMCO NAPLES, LLC | 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 |
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201010-K SUBSIDIARY LIST
Entity Name | State Code | |
AIMCO OAK FOREST II, L.L.C. | DE | |
AIMCO OCEAN OAKS, L.L.C. | 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 LA BREA HOLDINGS, LLC | DE | |
AIMCO PARK LA BREA SERVICES, LLC | DE | |
AIMCO PARK PLACE, LLC | DE | |
AIMCO PARKVIEW DEVCO, 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 PEPPERTREE, L.P. | DE | |
AIMCO PINE BLUFF VILLAGE PRESERVATION GP, LLC | DE | |
AIMCO PINE LAKE, L.P. | DE | |
AIMCO PINE SHADOWS, L.L.C. | DE | |
AIMCO PINES, L.P. | DE | |
AIMCO PLEASANT HILL, LLC | DE | |
AIMCO PLUMMER VILLAGE, LLC | DE | |
AIMCO PROPERTIES FINANCE PARTNERSHIP, L.P. | DE | |
AIMCO PROPERTIES, LLC | DE | |
AIMCO QRS GP, LLC | DE | |
AIMCO RAMBLEWOOD, L.L.C. | DE | |
AIMCO RAVENSWORTH GP, LLC | DE | |
AIMCO RAVENSWORTH, L.P. | DE | |
AIMCO REFLECTIONS, LLC | 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 |
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Entity Name | State Code | |
AIMCO SAN BRUNO APARTMENT PARTNERS, L.P. | DE | |
AIMCO SAN JOSE, LLC | DE | |
AIMCO SAN JUAN DEL CENTRO GP, LLC | DE | |
AIMCO SCHAUMBURG-OXFORD, LLC | 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 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 | |
AIMCO VILLA DEL SOL, L.P. | 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 WAVERLY, LLC | DE | |
AIMCO WESTCHESTER PARK, LLC | DE | |
AIMCO WESTMINSTER OAKS GP, LLC | DE | |
AIMCO WESTWAY VILLAGE, 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 WINTER GARDEN, LLC | DE |
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Entity Name | State Code | |
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/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/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 | |
AIMCO/FOXTREE, 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 MERGER SUB, L.P. | DE | |
AIMCO/LEXINGTON, L.L.C. | DE | |
AIMCO/MINNEAPOLIS ASSOCIATES GP, LLC | DE | |
AIMCO/NASHUA, 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/RAVENSWORTH ASSOCIATES GP, LLC | DE | |
AIMCO/RIVERSIDE PARK ASSOCIATES GP, LLC | DE |
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Entity Name | State Code | |
AIMCO/RIVERSIDE PARK MERGER SUB, L.P. | 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/WINROCK-HOUSTON GP, LLC | DE | |
AJ ONE LIMITED PARTNERSHIP | DE | |
AJ TWO LIMITED PARTNERSHIP | DE | |
ALL HALLOWS ASSOCIATES, L.P. | CA | |
ALL HALLOWS PRESERVATION, L.P. | CA | |
ALLIANCE TOWERS LIMITED PARTNERSHIP | OH | |
AMBASSADOR APARTMENTS, L.P. | DE | |
AMBASSADOR CRM FLORIDA PARTNERS LIMITED PARTNERSHIP | DE | |
AMBASSADOR FLORIDA PARTNERS LIMITED PARTNERSHIP | DE | |
AMBASSADOR I, L. P. | IL | |
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 | |
ANGELES INCOME PROPERTIES, LTD. 6 | CA | |
ANGELES INVESTMENT PROPERTIES, INC. | 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 |
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Entity Name | State Code | |
APARTMENT CCG 17, L.L.C. | SC | |
APARTMENT CCG 17, L.P. | CA | |
APARTMENT CREEK 17A LLC | CO | |
APARTMENT LODGE 17A LLC | CO | |
APOLLO-OXFORD ASSOCIATES LIMITED PARTNERSHIP | MD | |
ARLINGTON SENIOR HOUSING, L.P. | TX | |
ARVADA HOUSE PRESERVATION LIMITED PARTNERSHIP | CO | |
ATLANTA ASSOCIATES LIMITED PARTNERSHIP | MA | |
ATLANTIC IX, L.L.C. | MI | |
BANGOR HOUSE PROPRIETARY LIMITED PARTNERSHIP | ME | |
BAY PARC PLAZA APARTMENTS, L.P. | DE | |
BAYBERRY HILL, L.L.C. | DE | |
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 | |
BENJAMIN BANNEKER PLAZA ASSOCIATES | 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 | |
BETTER HOUSING ASSOCIATES, LIMITED PARTNERSHIP | CT | |
BEVILLE-ISLAND CLUB APARTMENTS PARTNERS, L.P. | DE | |
BILTMORE APARTMENTS, LTD. | OH | |
BLAKEWOOD PROPERTIES ASSOCIATES | GA | |
BLANCHARD APARTMENTS ASSOCIATES LIMITED PARTNERSHIP | WA | |
BOLTON NORTH PRESERVATION LIMITED PARTNERSHIP | DE | |
BRANDERMILL-OXFORD ASSOCIATES LIMITED PARTNERSHIP | MD | |
BRANDON-OXFORD ASSOCIATES LIMITED PARTNERSHIP | MD | |
BRIARCLIFFE-OXFORD ASSOCIATES LIMITED PARTNERSHIP | MI | |
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 | |
BROOK RUN ASSOCIATES, L.P. | IL | |
BROOKSIDE APARTMENTS ASSOCIATES | PA |
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Entity Name | State Code | |
BROOKWOOD LIMITED PARTNERSHIP | IL | |
BUFFALO VILLAGE ASSOCIATES LIMITED PARTNERSHIP | NY | |
BURKSHIRE COMMONS APARTMENTS PARTNERS, L.P. | DE | |
BURNSVILLE APARTMENTS LIMITED PARTNERSHIP | MN | |
BUTTERNUT CREEK PRESERVATION LIMITED DIVIDEND HOUSING ASSOCIATION LIMITED PARTNERSHIP | MI | |
BW OPERATING COMPANY, L.L.C. | MA | |
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 | |
CALVERT CITY, LTD. | OH | |
CAMARILLO-ROSEWOOD ASSOCIATES LIMITED PARTNERSHIP | CA | |
CAMBRIDGE HEIGHTS APARTMENTS LIMITED PARTNERSHIP | MS | |
CANTERBURY GARDENS ASSOCIATES LIMITED PARTNERSHIP | MI | |
CANTERBURY LIMITED PARTNERSHIP | IN | |
CANTERBURY SERVICES LLC | DE | |
CANYON SHADOWS, L.P. | CA | |
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 HOUSE PRESERVATION, L.P. | DE | |
CASSELBERRY INVESTORS, L.L.C. | MD | |
CASSELBERRY-OXFORD ASSOCIATES LIMITED PARTNERSHIP | MD | |
CASTLEWOOD ASSOCIATES, L.P. | IA | |
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 | |
CCP IV ARBOURS OF HERMITAGE, LLC | DE | |
CCP IV ASSOCIATES, LTD. | TX | |
CCP IV KNOLLWOOD, LLC | DE | |
CCP/IV RESIDENTIAL GP, L.L.C. | SC | |
CDLH AFFORDABLE, L.P. | CA | |
CEDAR RIM APARTMENTS, LLC | DE | |
CENTER CITY ASSOCIATES | PA | |
CENTER SQUARE ASSOCIATES | PA | |
CENTRAL STROUD, LIMITED PARTNERSHIP | FL |
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Entity Name | State Code | |
CENTRAL WOODLAWN LIMITED PARTNERSHIP | IL | |
CENTRAL WOODLAWN REHABILITATION JOINT VENTURE | IL | |
CENTURY LAKESIDE PLACE, L.P. | TX | |
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 | |
CHANTILLY PARTNERS LIMITED PARTNERSHIP | VA | |
CHAPEL HOUSING LIMITED PARTNERSHIP | MD | |
CHATEAU FOGHORN LIMITED PARTNERSHIP | MD | |
CHESTNUT HILL ASSOCIATES LIMITED PARTNERSHIP | DE | |
CHESWICK-OXFORD ASSOCIATES, L.P. | IN | |
CHICKASAW-OXFORD ASSOCIATES LIMITED PARTNERSHIP | MD | |
CHIMNEYTOP-OXFORD ASSOCIATES L.P. | IN | |
CHURCH STREET ASSOCIATES LIMITED PARTNERSHIP | IL | |
CHURCHVIEW GARDENS LIMITED PARTNERSHIP | PA | |
CITY HEIGHTS DEVELOPMENT COMPANY | PA | |
CITY LINE ASSOCIATES LIMITED PARTNERSHIP | VA | |
CK ACQUISITIONS, L.P. | DE | |
CK SERVICES, INC. | DE | |
CK-GP II, INC. | DE | |
CK-LP II, INC. | DE | |
CLEAR LAKE LAND PARTNERS, LTD. | TX | |
CLOVERLANE III CORPORATION | MD | |
CLOVERLANE III-OXFORD ASSOCIATES LIMITED PARTNERSHIP | MD | |
CLUB APARTMENT ASSOCIATES LIMITED PARTNERSHIP | NC | |
COLD SPRING SINGLE FAMILY HOMES, LTD. | KY | |
COLLEGE PARK APARTMENTS, A LIMITED PARTNERSHIP | PA | |
COMMUNITY CIRCLE II, LTD. | OH | |
COMMUNITY DEVELOPERS OF PRINCEVILLE LIMITED PARTNERSHIP | NC | |
CONCAP EQUITIES, INC. | DE | |
CONGRESS REALTY COMPANIES LIMITED PARTNERSHIP | MA | |
CONGRESS REALTY CORP. | MA | |
CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES, LP | DE | |
CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES/2, LP | DE | |
CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES/3, LP | DE | |
CONSOLIDATED CAPITAL PROPERTIES IV, LP | DE | |
CONTINENTAL PLAZA ASSOCIATES | IL | |
COOPER RIVER PROPERTIES, L.L.C. | DE |
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Entity Name | State Code | |
COPPERFIELD APARTMENTS JV, L.P. | TX | |
COPPERWOOD PRESERVATION, LP | TX | |
COUCH-OXFORD ASSOCIATES LIMITED PARTNERSHIP | MD | |
COUCH-OXFORD, L.L.C. | MD | |
COURTYARD-OXFORD ASSOCIATES L.P. | IN | |
CPF 16 WOODS OF INVERNESS GP, L.L.C. | SC | |
CPF CREEKSIDE, LLC | DE | |
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 | |
CREEKVIEW ASSOCIATES | PA | |
CREVENNA OAKS PRESERVATION, L.P. | DE | |
CROCKETT MANOR APARTMENTS, A LIMITED PARTNERSHIP | TN | |
CUMBERLAND COURT ASSOCIATES | PA | |
DANBURY PARK MANAGEMENT CORP. | CA | |
DARBY TOWNHOUSES ASSOCIATES | PA | |
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 PROPERTIES, INC. | TN | |
DAWSON SPRINGS, LTD. | OH | |
DBL PROPERTIES CORPORATION | NY | |
DELHAVEN MANOR, LTD. | MS | |
DELTA SQUARE-OXFORD LIMITED PARTNERSHIP | MD | |
DELTA SQUARE-OXFORD, L.L.C. | MD | |
DENNY PLACE LIMITED PARTNERSHIP | CA | |
DFW RESIDENTIAL INVESTORS LIMITED PARTNERSHIP | DE | |
DIVERSIFIED EQUITIES, LIMITED | TN | |
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 | |
DUQUESNE ASSOCIATES NO. 1 | PA | |
EAST HAVEN REAL ESTATE ASSOCIATES LIMITED PARTNERSHIP | MA | |
EASTRIDGE APARTMENTS A LIMITED PARTNERSHIP | PA | |
EASTRIDGE ASSOCIATES | PA | |
ELDERLY DEVELOPMENT WESTMINSTER, A CALIFORNIA LIMITED PARTNERSHIP | CA | |
ELKHART TOWN AND COUNTRY LIMITED PARTNERSHIP | IN | |
EUSTIS APARTMENTS, LTD. | FL | |
EVERGREEN CLUB LIMITED PARTNERSHIP | MA |
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Entity Name | State Code | |
FAIRBURN AND GORDON ASSOCIATES II LIMITED PARTNERSHIP | GA | |
FAIRBURN AND GORDON ASSOCIATES LIMITED PARTNERSHIP | GA | |
FAIRWOOD ASSOCIATES | CA | |
FARMINGDALE-OXFORD ASSOCIATES LIMITED PARTNERSHIP | IL | |
FINLAY INTERESTS 2, LTD. | FL | |
FINLAY INTERESTS MT 2, LTD. | FL | |
FIRST ALEXANDRIA ASSOCIATES LIMITED PARTNERSHIP | VA | |
FIRST WINTHROP CORPORATION | 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 | |
FOUNTAIN PLACE PRESERVATION, L.P. | DE | |
FOUR QUARTERS HABITAT APARTMENTS ASSOCIATES, LTD. | FL | |
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 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 | |
FRIENDSET HOUSING COMPANY LIMITED PARTNERSHIP | NY | |
FRIO HOUSING, LTD. | TX | |
FRP LIMITED PARTNERSHIP | PA | |
GADSDEN TOWERS, LTD. | AL | |
GATE MANOR APARTMENTS, LTD., A TENNESSEE LIMITED PARTNERSHIP | TN | |
GC SOUTHEAST PARTNERS, L.P. | DE |
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Entity Name | State Code | |
GEORGETOWN 20Y APARTMENTS, L.L.C. | DE | |
GEORGETOWN MANAGEMENT, INC. | CA | |
GEORGETOWN WOODS LAND DEVELOPMENT, LP | IN | |
GEORGETOWN WOODS SENIOR APARTMENTS, L.P. | IN | |
GLENBROOK LIMITED PARTNERSHIP | MA | |
GOTHAM APARTMENTS, LIMITED PARTNERSHIP | MO | |
GP REAL ESTATE SERVICES II INC. | DE | |
GP SERVICES II, INC. | SC | |
GP-OP PROPERTY MANAGEMENT, LLC | DE | |
GRAND PLAZA PRESERVATION GP, LLC | DE | |
GRAND PLAZA PRESERVATION, L.P. | CA | |
GRANDVIEW MANAGEMENT, INC. | CA | |
GREENBRIAR PRESERVATION, L.P. | DE | |
GREENBRIAR-OXFORD ASSOCIATES L.P. | IN | |
GREENTREE ASSOCIATES | IL | |
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 | |
GWYNED PARTNERS LIMITED PARTNERSHIP | PA | |
HALLS MILL, LTD. | AL | |
HAMLIN ESTATES LIMITED PARTNERSHIP | CA | |
HARRIS PARK LIMITED PARTNERSHIP | NY | |
HATILLO HOUSING ASSOCIATES | MA | |
HC/OAC, L.L.C. | MD | |
HCW GENERAL PARTNER, LIMITED PARTNERSHIP | TX | |
HCW PENSION REAL ESTATE FUND LIMITED PARTNERSHIP | MA | |
HENNA GP LLC | DE | |
HENNA TOWNHOMES, LTD. | TX | |
HENRIETTA-OXFORD ASSOCIATES LIMITED PARTNERSHIP, A MARYLAND LIMITED PARTNERSHIP | MD | |
HERITAGE PARK II INC. | DE | |
HERITAGE PARK INVESTORS, INC. | CA | |
HHP L.P. | DE | |
HIGHLANDS VILLAGE II, LTD. | FL | |
HISTORIC PROPERTIES INC. | DE | |
HMI PROPERTY MANAGEMENT (ARIZONA), INC. | AZ | |
HOLLIDAYSBURG LIMITED PARTNERSHIP | PA | |
HOLLOWS ASSOCIATES LIMITED PARTNERSHIP | NY | |
HOMECORP INVESTMENTS, LTD. | AL |
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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 | |
HUDSON STREET APARTMENTS LIMITED PARTNERSHIP | CA | |
HUNT CLUB PARTNERS, L.L.C. | MD | |
HUNTER’S GLEN AP XII GP, LLC | DE | |
HUNTERS GLEN AP XII LIMITED PARTNERSHIP | SC | |
HUNTERS GLEN PHASE V GP, L.L.C. | SC | |
HURBELL IV LTD. | AL | |
IDA TOWER | PA | |
IH, INC. | DE | |
INGRAM SQUARE PRESERVATION, L.P. | TX | |
INTOWN WEST ASSOCIATES LIMITED PARTNERSHIP | CT | |
IPLP ACQUISITION I LLC | DE | |
IPT I LLC | DE | |
ISTC CORPORATION | DE | |
JACARANDA-OXFORD LIMITED PARTNERSHIP | MD | |
JACARANDA-OXFORD, L.L.C. | MD | |
JACQUES-MILLER ASSOCIATES | TN | |
JAMES COURT ASSOCIATES | ID | |
JAMES-OXFORD LIMITED PARTNERSHIP | MD | |
JAMESTOWN VILLAGE ASSOCIATES | PA | |
JFK ASSOCIATES LIMITED PARTNERSHIP | NC | |
JUPITER-I, L.P. | DE | |
JUPITER-II, L.P. | DE | |
KENDALL TOWNHOME INVESTORS, LTD. | FL | |
KING-BELL ASSOCIATES LIMITED PARTNERSHIP | OR | |
KINSEY-OXFORD ASSOCIATES, L.P. | OH | |
KIRKMAN-OXFORD ASSOCIATES LIMITED PARTNERSHIP | MD | |
KIRKWOOD HOUSE PRESERVATION LIMITED PARTNERSHIP | DE | |
LA BROADCAST CENTER GP LLC | 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 |
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Entity Name | State Code | |
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 | |
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 MANOR ASSOCIATES LIMITED PARTNERSHIP | VA | |
LAFAYETTE SQUARE ASSOCIATES | TN | |
LAKE AVENUE ASSOCIATES L.P. | OH | |
LAKE FOREST APARTMENTS | PA | |
LAKE RIDGE-OXFORD ASSOCIATES LIMITED PARTNERSHIP | MD | |
LAKE WALES VILLAS, LTD. | FL | |
LAKERIDGE-ISLAND CLUB APARTMENTS PARTNERS, L.P. | DE | |
LAKESIDE AT VININGS, LLC | DE | |
LAKESIDE NORTH, L.L.C. | MD | |
LAKEVIEW VILLAS, LTD. | FL | |
LAKEWOOD AOPL, A TEXAS LIMITED PARTNERSHIP | TX | |
LANCASTER HEIGHTS MANAGEMENT CORP. | CA | |
LANDAU APARTMENTS LIMITED PARTNERSHIP | SC | |
LANTANA-OXFORD ASSOCIATES LIMITED PARTNERSHIP | MD | |
LARGO PARTNERS, L.L.C. | MD | |
LARGO/OAC, L.L.C. | MD | |
LASALLE APARTMENTS, L.P. | CA | |
LAZY HOLLOW PARTNERS | CA | |
LEE-HY MANOR ASSOCIATES LIMITED PARTNERSHIP | VA | |
LEWISBURG ASSOCIATES LIMITED PARTNERSHIP | WV | |
LEXINGTON-OXFORD ASSOCIATES L.P. | IN |
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Entity Name | State Code | |
LEYDEN LIMITED PARTNERSHIP | MA | |
LIMA-OXFORD ASSOCIATES, L.P. | IN | |
LINCOLN MARINERS ASSOCIATES LIMITED | CA | |
LINCOLN PROPERTY COMPANY NO. 409, LTD. | CA | |
LOCK HAVEN ELDERLY ASSOCIATES | PA | |
LOCK HAVEN GARDENS ASSOCIATES | PA | |
LOCUST HOUSE ASSOCIATES LIMITED PARTNERSHIP | MD | |
LONG MEADOW LIMITED PARTNERSHIP | SC | |
LORELEI ASSOCIATES LIMITED PARTNERSHIP | DC | |
LORING TOWERS PRESERVATION LIMITED PARTNERSHIP | DE | |
LORING TOWERS SALEM PRESERVATION LIMITED PARTNERSHIP | MA | |
M & P DEVELOPMENT COMPANY | PA | |
MADISON RIVER PROPERTIES, L.L.C. | DE | |
MADISONVILLE, LTD. | OH | |
MAE — SPI, L.P. | DE | |
MAE DELTA, INC. | DE | |
MAE INVESTMENTS, INC. | DE | |
MAE JMA, INC. | DE | |
MAERIL, INC. | DE | |
MAPLE HILL ASSOCIATES | PA | |
MARINA DEL REY LIMITED DIVIDEND PARTNERSHIP ASSOCIATES | MA | |
MARKET VENTURES, L.L.C. | DE | |
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 | |
MELBOURNE-OXFORD ASSOCIATES LIMITED PARTNERSHIP | MD | |
MELBOURNE-OXFORD CORPORATION | MD | |
METROPOLITAN PLAZA LP, LLC | DE | |
MIAMI ELDERLY ASSOCIATES LIMITED PARTNERSHIP | OH | |
MICHIGAN BEACH LIMITED PARTNERSHIP | IL | |
MINNEAPOLIS ASSOCIATES II LIMITED PARTNERSHIP | MA | |
MINNEAPOLIS ASSOCIATES LIMITED PARTNERSHIP | MD | |
MIRAMAR HOUSING ASSOCIATES LIMITED PARTNERSHIP | DC | |
MONROE CORPORATION | MD | |
MONROE-OXFORD ASSOCIATES LIMITED PARTNERSHIP | MD | |
MONTBLANC GARDEN APARTMENTS ASSOCIATES | MA | |
MONTICELLO MANAGEMENT I, L.L.C. | DE | |
MONTICELLO MANOR, LTD. | TX |
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Entity Name | State Code | |
MORTON TOWERS APARTMENTS, L.P. | DE | |
MORTON TOWERS HEALTH CLUB, LLC | DE | |
MOSS GARDENS LTD., A PARTNERSHIP IN COMMENDAM | LA | |
MRR LIMITED PARTNERSHIP | IL | |
MULBERRY ASSOCIATES | PA | |
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 | |
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 |
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Entity Name | State Code | |
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 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 | |
NCHP DEVELOPMENT CORP. | DC | |
NEW BALTIMORE SENIOR PRESERVATION LIMITED PARTNERSHIP | MI | |
NEW HAVEN ASSOCIATES LIMITED PARTNERSHIP | MA | |
NEWBERRY PARK PRESERVATION, L.P. | DE | |
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 |
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Entity Name | State Code | |
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 | |
NORTH GATE-OXFORD ASSOCIATES LIMITED PARTNERSHIP | IN | |
NORTH WOODS-OXFORD ASSOCIATES, L.P. | IN | |
NORTHPOINT PRESERVATION LIMITED PARTNERSHIP | DE | |
NORTHWINDS APARTMENTS, L.P. | VA | |
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 FOREST ASSOCIATES LIMITED PARTNERSHIP | OH | |
OAK FOREST II ASSOCIATES LIMITED PARTNERSHIP | OH | |
OAK FOREST III ASSOCIATES | OH | |
OAK HOLLOW SOUTH ASSOCIATES | PA | |
OAK PARK-OXFORD ASSOCIATES LIMITED PARTNERSHIP | MI | |
OAKBROOK ACQUISITION, L.P. | MO | |
OAKWOOD MANOR ASSOCIATES, LTD. | TN | |
OAMCO I, L.L.C. | DE | |
OAMCO II, L.L.C. | DE | |
OAMCO IV, 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 | |
OHA ASSOCIATES | IL | |
ONE LINWOOD ASSOCIATES, LTD. | DC |
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Entity Name | State Code | |
ONE LYTLE PLACE APARTMENTS PARTNERS, L.P. | DE | |
ONE WEST CONWAY ASSOCIATES LIMITED PARTNERSHIP | MD | |
OP PROPERTY MANAGEMENT, L.P. | DE | |
OP PROPERTY MANAGEMENT, LLC | DE | |
OPPORTUNITY ASSOCIATES 1994, L.P. | IN | |
ORANGE CITY VILLAS II, LTD. | FL | |
ORLEANS GARDENS, A LIMITED PARTNERSHIP | SC | |
ORP ACQUISITION PARTNERS LIMITED PARTNERSHIP | MD | |
ORP ACQUISITION, INC. | MD | |
ORP CORPORATION I | MD | |
ORP I ASSIGNOR CORPORATION | 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 CORPORATION | IN | |
OXFORD DEVELOPMENT CORPORATION | IN | |
OXFORD EQUITIES CORPORATION | IN | |
OXFORD EQUITIES CORPORATION II | DE | |
OXFORD FUND I LIMITED PARTNERSHIP | MD | |
OXFORD HOLDING CORPORATION | MD | |
OXFORD HOUSE PRESERVATION, L.P. | DE | |
OXFORD INVESTMENT CORPORATION | MD | |
OXFORD INVESTMENT II CORPORATION | MD | |
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-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 |
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Entity Name | State Code | |
OXPARC 1997, L.L.C. | MD | |
OXPARC 1998, L.L.C. | MD | |
OXPARC 1999, L.L.C. | MD | |
OXPARC 2000, L.L.C. | MD | |
PALM AIRE-ISLAND CLUB APARTMENTS PARTNERS, L.P. | DE | |
PALM BEACH-OXFORD LIMITED PARTNERSHIP | MD | |
PALM SPRINGS SENIOR AFFORDABLE, L.P. | CA | |
PALMETTO APARTMENTS, A LIMITED PARTNERSHIP | SC | |
PANORAMA PARK APARTMENTS LIMITED PARTNERSHIP | CA | |
PANORAMA PARK PRESERVATION, L.P. | CA | |
PARC CHATEAU SECTION I ASSOCIATES L.P. | GA | |
PARC CHATEAU SECTION II ASSOCIATES (L.P.) | GA | |
PARK ASSOCIATES, L.P. | MO | |
PARK LA BREA ACQUISITION, LLC | DE | |
PARK NORTH-OXFORD ASSOCIATES, A MARYLAND LIMITED PARTNERSHIP | MD | |
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 ASSOCIATES LIMITED PARTNERSHIP | CA | |
PARKWAYS PRESERVATION, L.P. | DE | |
PARTNERSHIP FOR HOUSING LIMITED | CA | |
PAVILION ASSOCIATES | PA | |
PAVILION PRESERVATION, L.P. | DE | |
PEAK AT VININGS, LLC | DE | |
PEBBLESHIRE MANAGEMENT CORP. | CA | |
PENNSYLVANIA ASSOCIATES LIMITED PARTNERSHIP | MA | |
PEPPERMILL PLACE APARTMENTS JV, L.P. | TX | |
PEPPERTREE ASSOCIATES | CA | |
PEPPERTREE VILLAGE OF AVON PARK, LIMITED | FL | |
PINE BLUFF ASSOCIATES, A MARYLAND LIMITED PARTNERSHIP | MD | |
PINE BLUFF VILLAGE PRESERVATION LIMITED PARTNERSHIP | DE | |
PINE LAKE TERRACE ASSOCIATES L.P. | CA | |
PINELLAS-OXFORD ASSOCIATES LIMITED PARTNERSHIP | MD | |
PINERIDGE ASSOCIATES, L.P. | MO | |
PINERIDGE MANAGEMENT, INC. | CA | |
PINEWOOD PARK APARTMENTS, A LIMITED PARTNERSHIP | SC | |
PINEWOOD PLACE APARTMENTS ASSOCIATES LIMITED PARTNERSHIP | OH | |
PLEASANT HILL PRESERVATION, LP | TX | |
PLUMMER VILLAGE PRESERVATION, L.P. | CA |
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Entity Name | State Code | |
PORTFOLIO PROPERTIES EIGHT ASSOCIATES LIMITED PARTNERSHIP | DC | |
PORTFOLIO PROPERTIES SEVEN ASSOCIATES LIMITED PARTNERSHIP | DC | |
PORTNER PLACE ASSOCIATES LIMITED PARTNERSHIP | DC | |
POST RIDGE ASSOCIATES, LTD., LIMITED PARTNERSHIP | TN | |
POST STREET ASSOCIATES LIMITED PARTNERSHIP | NY | |
PRIDE GARDENS LIMITED PARTNERSHIP | MS | |
PUERTO RICO MANAGEMENT, INC. | CA | |
QUEENSTOWN APARTMENTS LIMITED PARTNERSHIP | MD | |
QUINCY AFFORDABLE HOUSING L.P. | IL | |
RAMBLEWOOD LIMITED PARTNERSHIP | MI | |
RAMBLEWOOD RESIDENTIAL JV GP, LLC | DE | |
RAMBLEWOOD RESIDENTIAL JV, LLC | DE | |
RAMBLEWOOD SERVICES LLC | DE | |
RANCHO TOWNHOUSES ASSOCIATES | CA | |
RAVENSWORTH ASSOCIATES LIMITED PARTNERSHIP | MA | |
RAVENSWORTH ASSOCIATES LIMITED PARTNERSHIP | DE | |
RAVENSWORTH ASSOCIATES, LLC | DE | |
REAL ESTATE ASSOCIATES III | CA | |
REAL ESTATE ASSOCIATES IV | CA | |
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 | |
REEDY RIVER PROPERTIES, L.L.C. | DE | |
REGENCY PARTNERS LIMITED PARTNERSHIP | OH | |
REGENCY-NATIONAL CORPORATE TAX CREDIT, INC. II | OH | |
RI-15 GP, LLC | DE | |
RI-15 LIMITED PARTNERSHIP | DC | |
RICHLIEU ASSOCIATES | PA | |
RIDGEWOOD TOWERS ASSOCIATES | IL | |
RIDGEWOOD TOWERS PRESERVATION, L.P. | DE | |
RIVER LOFT APARTMENTS LIMITED PARTNERSHIP | PA | |
RIVER LOFT ASSOCIATES LIMITED PARTNERSHIP | MA | |
RIVER REACH COMMUNITY SERVICES ASSOCIATION, INC. | FL | |
RIVER VILLAGE PRESERVATION LIMITED PARTNERSHIP | DE | |
RIVERCREST APARTMENTS, L.P. | SC |
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Entity Name | State Code | |
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 | |
ROOSEVELT GARDENS APARTMENTS II LIMITED PARTNERSHIP | SC | |
ROOSEVELT GARDENS LIMITED PARTNERSHIP | SC | |
ROSEWOOD APARTMENTS CORPORATION | CA | |
ROUND BARN MANOR PRESERVATION, L.P. | DE | |
ROYAL CREST ESTATES (MARLBORO), L.L.C. | DE | |
SAN JOSE PRESERVATION, L.P. | TX | |
SANDY SPRINGS ASSOCIATES, LIMITED | GA | |
SANTA MARIA LIMITED DIVIDEND PARTNERSHIP ASSOCIATES | MA | |
SCHAUMBURG-OXFORD LIMITED PARTNERSHIP | MD | |
SEASIDE POINT PARTNERS, LTD., A TEXAS LIMITED PARTNERSHIP | TX | |
SEAVIEW TOWERS ASSOCIATES | NY | |
SECURED INCOME L.P. | DE | |
SECURITY MANAGEMENT INC. | WA | |
SEMINOLE-OXFORD ASSOCIATES LIMITED PARTNERSHIP | MD | |
SEMINOLE-OXFORD CORPORATION | MD | |
SENCIT F/G METROPOLITAN ASSOCIATES | NJ | |
SENCIT-LEBANON COMPANY | PA | |
SENCIT-SELINSGROVE ASSOCIATES | PA | |
SHARP-LEADENHALL ASSOCIATES, A MARYLAND LIMITED PARTNERSHIP | MD | |
SHELTER IV GP LIMITED PARTNERSHIP | SC | |
SHELTER PROPERTIES II LIMITED PARTNERSHIP | SC | |
SHELTER PROPERTIES IV LIMITED PARTNERSHIP | SC | |
SHELTER REALTY II CORPORATION | SC | |
SHELTER REALTY IV CORPORATION | SC | |
SHELTER REALTY V CORPORATION | SC | |
SHERMAN TERRACE ASSOCIATES | PA | |
SHOREVIEW APARTMENTS, L.P. | CA | |
SHOREVIEW PRESERVATION, L.P. | CA | |
SIGNATURE POINT JOINT VENTURE | TX | |
SIGNATURE POINT PARTNERS, LTD. | TX | |
SNI DEVELOPMENT COMPANY LIMITED PARTNERSHIP | NY | |
SOL 413 LIMITED DIVIDEND PARTNERSHIP | MA | |
SOUTH BAY VILLA PRESERVATION, L.P. | CA | |
SOUTH HIAWASSEE VILLAGE, LTD. | FL | |
SOUTH MILL ASSOCIATES | PA | |
SOUTH PARK APARTMENTS | OH | |
SOUTH PARK APARTMENTS LIMITED PARTNERSHIP | OH |
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Entity Name | State Code | |
SOUTHRIDGE-OXFORD LIMITED PARTNERSHIP | MD | |
SPRINGFIELD FACILITIES, LLC | MD | |
SPRINGFIELD VILLAS, LTD. | TX | |
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 | |
STERLING VILLAGE AFFORDABLE, L.P. | CA | |
STRATFORD VILLAGE REALTY TRUST | MA | |
STRAWBRIDGE SQUARE ASSOCIATES LIMITED PARTNERSHIP | VA | |
SUBSIDIZED HOUSING PARTNERS | CA | |
SUGARBERRY APARTMENTS CORPORATION | CA | |
SUMMIT OAKS PRESERVATION, L.P. | DE | |
SUNBURY DOWNS APARTMENTS JV, L.P. | TX | |
SUNTREE-OXFORD ASSOCIATES LIMITED DIVIDEND HOUSING ASSOCIATION | MI | |
TAMARAC PINES PRESERVATION, LP | TX | |
TAMARAC VILLAGE, LLC | DE | |
TAUNTON GREEN ASSOCIATES LIMITED PARTNERSHIP | MA | |
TAUNTON II ASSOCIATES | MA | |
TERRY MANOR PRESERVATION, L.P. | CA | |
TEXAS BIRCHWOOD APARTMENTS, L.P. | TX | |
TEXAS KIRNWOOD APARTMENTS, L.P. | TX | |
THE GLENS, A LIMITED PARTNERSHIP | SC | |
THE NATIONAL HOUSING PARTNERSHIP | DC | |
THE NATIONAL HOUSING PARTNERSHIP II TRUST | NY | |
THE NATIONAL HOUSING PARTNERSHIP-II LIMITED PARTNERSHIP | DC | |
THE OAK PARK PARTNERSHIP LIMITED PARTNERSHIP | IL | |
THE TERRACES ASSOCIATES L.P. | IN | |
THE VILLAGE OF KAUFMAN, LTD. | TX | |
THE WOODLANDS LIMITED | MI | |
TIDEWATER-OXFORD LIMITED PARTNERSHIP | MD | |
TOMPKINS TERRACE ASSOCIATES LIMITED PARTNERSHIP | NY | |
TOMPKINS TERRACE PRESERVATION, L.P. | DE | |
TOMPKINS TERRACE, INC. | NY | |
TOWN VIEW TOWERS I LIMITED PARTNERSHIP | TN | |
TOWNSHIP AT HIGHLANDS LLC | DE | |
TRAVIS ONE-OXFORD LIMITED PARTNERSHIP | MD | |
TUJUNGA GARDENS LIMITED PARTNERSHIP | CA | |
U. S. REALTY I CORPORATION | SC | |
U. S. REALTY PARTNERS LIMITED PARTNERSHIP | DE | |
U.S. SHELTER LIMITED PARTNERSHIP | SC |
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201010-K SUBSIDIARY LIST
Entity Name | State Code | |
UNDERWOOD ASSOCIATES LIMITED PARTNERSHIP | CT | |
UNDERWOOD-OXFORD ASSOCIATES LIMITED PARTNERSHIP ONE | CT | |
UNITED FRONT HOMES LIMITED PARTNERSHIP | MA | |
UNITED HOUSING PARTNERS — ELMWOOD, LTD. | AL | |
UNITED HOUSING PARTNERS CUTHBERT LIMITED PARTNERSHIP | GA | |
UNITED HOUSING PARTNERS MORRISTOWN LIMITED PARTNERSHIP | TN | |
UNITED INVESTORS REAL ESTATE, INC. | DE | |
UNIVERSITY PLAZA ASSOCIATES | PA | |
URBANIZACION MARIA LOPEZ HOUSING COMPANY LIMITED PARTNERSHIP | NY | |
UTOPIA ACQUISITION, L.P. | MO | |
VAN NUYS ASSOCIATES LIMITED PARTNERSHIP | MA | |
VAN NUYS PRESERVATION MT, L.P. | CA | |
VAN NUYS PRESERVATION, L.P. | CA | |
VERDES DEL ORIENTE PRESERVATION, L.P. | CA | |
VICTORY SQUARE APARTMENTS LIMITED PARTNERSHIP | OH | |
VILLA DE GUADALUPE PRESERVATION, L.P. | CA | |
VILLA DEL SOL ASSOCIATES LIMITED PARTNERSHIP | CA | |
VILLA NOVA, LIMITED PARTNERSHIP | TN | |
VILLAGE OAKS-OXFORD ASSOCIATES, A MARYLAND LIMITED PARTNERSHIP | MD | |
VINEVILLE TOWERS ASSOCIATES LIMITED PARTNERSHIP | GA | |
VISTA DEL LAGOS JOINT VENTURE | AZ | |
VISTA PARK CHINO LIMITED PARTNERSHIP | CA | |
VISTULA HERITAGE VILLAGE LIMITED PARTNERSHIP | OH | |
WAI ASSOCIATES LIMITED PARTNERSHIP | TX | |
WALNUT HILLS PRESERVATION, L.P. | DE | |
WASCO ARMS | CA | |
WASHINGTON CHINATOWN ASSOCIATES LIMITED PARTNERSHIP | DC | |
WASHINGTON SQUARE WEST PRESERVATION, L.P. | DE | |
WASH-WEST PROPERTIES | PA | |
WATERFORD VILLAGE, L.L.C. | DE | |
WATERS LANDING PARTNERS, L.L.C. | MD | |
WAYCROSS, L.P. | GA | |
WEST LAKE ARMS LIMITED PARTNERSHIP | DE | |
WESTMINSTER OAKS PRESERVATION, L.P. | DE | |
WESTRIDGE-OXFORD LIMITED PARTNERSHIP | MD | |
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 |
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201010-K SUBSIDIARY LIST
Entity Name | State Code | |
WHITE CLIFF APARTMENTS LIMITED PARTNERSHIP | OH | |
WHITEFIELD PLACE PRESERVATION, LP | TX | |
WICKFORD ASSOCIATES LIMITED PARTNERSHIP | NC | |
WILDERNESS TRAIL, LTD. | OH | |
WILKES TOWERS LIMITED PARTNERSHIP | NC | |
WILLIAMSBURG LIMITED PARTNERSHIP | IL | |
WILLOW WOOD LIMITED PARTNERSHIP | CA | |
WINNSBORO ARMS LIMITED PARTNERSHIP | SC | |
WINROCK-HOUSTON ASSOCIATES LIMITED PARTNERSHIP | DE | |
WINROCK-HOUSTON LIMITED PARTNERSHIP | DE | |
WINTER GARDEN PRESERVATION, L.P. | MO | |
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. | TX | |
WOODLAND APARTMENTS, A LIMITED PARTNERSHIP | SC | |
WOODLAND HILLS PRESERVATION LIMITED PARTNERSHIP | MI | |
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 | |
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 XI L.L.C. | MD | |
ZIMCO XIII L.L.C. | MD | |
ZIMCO XIV 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 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: | /s/ Ernest M. Freedman 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 March 31, 2011 | ||
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 |
March 31, | December 31, | |||||||
2011 | 2010 | |||||||
(In thousands) | ||||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Buildings and improvements | $ | 7,278,391 | $ | 7,254,069 | ||||
Land | 2,128,831 | 2,128,734 | ||||||
Total real estate | 9,407,222 | 9,382,803 | ||||||
Less accumulated depreciation | (2,989,520 | ) | (2,892,551 | ) | ||||
Net real estate ($839,673 and $854,811 related to VIEs) | 6,417,702 | 6,490,252 | ||||||
Cash and cash equivalents ($37,294 and $34,808 related to VIEs) | 81,360 | 111,325 | ||||||
Restricted cash ($50,834 and $55,125 related to VIEs) | 199,241 | 201,058 | ||||||
Accounts receivable, net ($20,493 and $13,582 related to VIEs) | 59,349 | 49,855 | ||||||
Accounts receivable from affiliates, net | 8,049 | 8,392 | ||||||
Deferred financing costs, net | 48,171 | 47,779 | ||||||
Notes receivable from unconsolidated real estate partnerships, net | 10,744 | 10,896 | ||||||
Notes receivable from non-affiliates, net | 121,651 | 116,726 | ||||||
Notes receivable from Aimco | 17,443 | 17,230 | ||||||
Investment in unconsolidated real estate partnerships ($52,585 and $54,374 related to VIEs) | 56,473 | 58,151 | ||||||
Other assets | 188,454 | 180,522 | ||||||
Deferred income tax assets, net | 59,435 | 58,736 | ||||||
Assets held for sale | 10,502 | 44,174 | ||||||
Total assets | $ | 7,278,574 | $ | 7,395,096 | ||||
LIABILITIES AND PARTNERS’ CAPITAL | ||||||||
Non-recourse property tax-exempt bond financing ($222,894 and $212,245 related to VIEs) | $ | 431,452 | $ | 514,506 | ||||
Non-recourse property loans payable ($426,580 and $432,918 related to VIEs) | 4,963,846 | 4,916,022 | ||||||
Other borrowings ($13,749 and $15,486 related to VIEs) | 45,281 | 47,018 | ||||||
Total indebtedness | 5,440,579 | 5,477,546 | ||||||
Accounts payable | 21,818 | 27,322 | ||||||
Accrued liabilities and other ($73,701 and $79,170 related to VIEs) | 226,298 | 250,106 | ||||||
Deferred income | 153,345 | 150,735 | ||||||
Security deposits | 35,323 | 34,935 | ||||||
Liabilities related to assets held for sale | 4,066 | 27,722 | ||||||
Total liabilities | 5,881,429 | 5,968,366 | ||||||
Redeemable preferred units | 103,404 | 103,428 | ||||||
Commitments and contingencies (Note 5) | — | — | ||||||
Partners’ capital: | ||||||||
Preferred units | 657,601 | 657,601 | ||||||
General Partner and Special Limited Partner | 229,760 | 264,182 | ||||||
Limited Partners | 155,336 | 158,401 | ||||||
High Performance Units | (46,182 | ) | (44,892 | ) | ||||
Investment in Aimco Class A Common Stock | (4,330 | ) | (4,397 | ) | ||||
Partners’ capital attributable to the Partnership | 992,185 | 1,030,895 | ||||||
Noncontrolling interests in consolidated real estate partnerships | 301,556 | 292,407 | ||||||
Total partners’ capital | 1,293,741 | 1,323,302 | ||||||
Total liabilities and partners’ capital | $ | 7,278,574 | $ | 7,395,096 | ||||
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Three Months Ended | ||||||||
March 31, | ||||||||
2011 | 2010 | |||||||
(In thousands, except | ||||||||
per unit data) | ||||||||
(Unaudited) | ||||||||
REVENUES: | ||||||||
Rental and other property revenues | $ | 277,317 | $ | 272,124 | ||||
Asset management and tax credit revenues | 9,236 | 4,701 | ||||||
Total revenues | 286,553 | 276,825 | ||||||
OPERATING EXPENSES: | ||||||||
Property operating expenses | 126,084 | 130,799 | ||||||
Investment management expenses | 3,031 | 3,229 | ||||||
Depreciation and amortization | 100,911 | 105,035 | ||||||
General and administrative expenses | 11,125 | 11,736 | ||||||
Other expenses, net | 3,928 | 2,273 | ||||||
Total operating expenses | 245,079 | 253,072 | ||||||
Operating income | 41,474 | 23,753 | ||||||
Interest income | 2,460 | 3,412 | ||||||
Provision for losses on notes receivable, net | (17 | ) | (426 | ) | ||||
Interest expense | (76,381 | ) | (77,677 | ) | ||||
Equity in (losses) income of unconsolidated real estate partnerships | (1,648 | ) | 9,149 | |||||
Gain on dispositions of unconsolidated real estate and other, net | 1,212 | 1,444 | ||||||
Loss before income taxes and discontinued operations | (32,900 | ) | (40,345 | ) | ||||
Income tax benefit | 2,528 | 3,624 | ||||||
Loss from continuing operations | (30,372 | ) | (36,721 | ) | ||||
Income from discontinued operations, net | 3,307 | 20,173 | ||||||
Net loss | (27,065 | ) | (16,548 | ) | ||||
Net loss (income) attributable to noncontrolling interests in consolidated real estate partnerships | 7,305 | (12,134 | ) | |||||
Net loss attributable to the Partnership | (19,760 | ) | (28,682 | ) | ||||
Net income attributable to the Partnership’s preferred unitholders | (14,127 | ) | (14,615 | ) | ||||
Net income attributable to participating securities | (57 | ) | — | |||||
Net loss attributable to the Partnership’s common unitholders | $ | (33,944 | ) | $ | (43,297 | ) | ||
Earnings (loss) per common unit — basic and diluted: | ||||||||
Loss from continuing operations attributable to the Partnership’s common unitholders | $ | (0.30 | ) | $ | (0.43 | ) | ||
Income from discontinued operations attributable to the Partnership’s common unitholders | 0.03 | 0.08 | ||||||
Net loss attributable to the Partnership’s common unitholders | $ | (0.27 | ) | $ | (0.35 | ) | ||
Weighted average common units outstanding — basic and diluted | 125,773 | 124,400 | ||||||
Distributions declared per common unit | $ | 0.12 | $ | 0.00 | ||||
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Three Months Ended | ||||||||
March 31, | ||||||||
2011 | 2010 | |||||||
(In thousands) | ||||||||
(Unaudited) | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net loss | $ | (27,065 | ) | $ | (16,548 | ) | ||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 100,911 | 105,035 | ||||||
Equity in losses (income) of unconsolidated real estate partnerships | 1,648 | (9,149 | ) | |||||
Gain on dispositions of unconsolidated real estate and other | (1,212 | ) | (1,444 | ) | ||||
Discontinued operations | (3,134 | ) | (15,547 | ) | ||||
Other adjustments | 4,782 | 1,189 | ||||||
Net changes in operating assets and operating liabilities | (48,250 | ) | (36,758 | ) | ||||
Net cash provided by operating activities | 27,680 | 26,778 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Capital expenditures | (30,236 | ) | (39,057 | ) | ||||
Proceeds from dispositions of real estate | 22,014 | 27,682 | ||||||
Purchases of corporate assets | (3,641 | ) | (1,148 | ) | ||||
Originations of notes receivable from unconsolidated real estate partnerships | (361 | ) | (220 | ) | ||||
Proceeds from repayment of notes receivable | 441 | 117 | ||||||
Proceeds from sale of interests in and distributions from real estate partnerships | 1,329 | 2,065 | ||||||
Net increase in cash from consolidation and deconsolidation of entities | — | 13,118 | ||||||
Distributions received from Aimco | 67 | 56 | ||||||
Other investing activities | 9,434 | 6,269 | ||||||
Net cash (used in) provided by investing activities | (953 | ) | 8,882 | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Proceeds from property loans | 321,184 | 49,854 | ||||||
Principal repayments on property loans | (271,495 | ) | (35,369 | ) | ||||
Principal repayments on tax-exempt bond financing | (97,466 | ) | (886 | ) | ||||
Payments on term loans | — | (45,000 | ) | |||||
Net borrowings on revolving credit facility | — | 14,800 | ||||||
Proceeds from issuance of common OP Units to Aimco | 27,174 | — | ||||||
Proceeds from Aimco Class A Common Stock option exercises | 1,806 | — | ||||||
Payment of distributions to preferred units | (14,127 | ) | (14,614 | ) | ||||
Payment of distributions to General Partner and Special Limited Partner | (14,306 | ) | (11,705 | ) | ||||
Payment of distributions to Limited Partners | (734 | ) | (595 | ) | ||||
Payment of distributions to High Performance Units | (281 | ) | (234 | ) | ||||
Payment of distributions to noncontrolling interests | (8,856 | ) | (9,517 | ) | ||||
Other financing activities | 409 | 14,221 | ||||||
Net cash used in financing activities | (56,692 | ) | (39,045 | ) | ||||
NET DECREASE IN CASH AND CASH EQUIVALENTS | (29,965 | ) | (3,385 | ) | ||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 111,325 | 81,260 | ||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 81,360 | $ | 77,875 | ||||
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NOTE 1 — | Organization |
• | own and operate a broadly diversified portfolio of primarily class “B/B+” assets (defined below) with properties concentrated in the 20 largest markets in the United States (as measured by total apartment value, which is the estimated total market value of apartment properties in a particular market); | |
• | improve our portfolio by selling assets with lower projected returns and reinvesting those proceeds through the purchase of new assets or additional investment in existing assets in our portfolio, including increased ownership or redevelopment; and | |
• | provide financial leverage primarily by the use of non-recourse, long-dated, fixed-rate property debt and perpetual preferred units. |
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• | owned an equity interest in 218 conventional real estate properties with 68,645 units; | |
• | owned an equity interest in 217 affordable real estate properties with 25,246 units; and | |
• | provided services for, or managed, 15,460 units in 213 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 and Summary of Significant Accounting Policies |
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March 31, 2011 | December 31, 2010 | |||||||||||||||||||||||
Unconsolidated | Unconsolidated | |||||||||||||||||||||||
Real Estate | Non- | Real Estate | Non- | |||||||||||||||||||||
Partnerships | Affiliates | Total | Partnerships | Affiliates | Total | |||||||||||||||||||
Par value notes | $ | 10,660 | $ | 22,090 | $ | 32,750 | $ | 10,821 | $ | 17,899 | $ | 28,720 | ||||||||||||
Discounted notes | 995 | 99,561 | 100,556 | 980 | 98,827 | 99,807 | ||||||||||||||||||
Allowance for loan losses | (911 | ) | — | (911 | ) | (905 | ) | — | (905 | ) | ||||||||||||||
Total notes receivable | $ | 10,744 | $ | 121,651 | $ | 132,395 | $ | 10,896 | $ | 116,726 | $ | 127,622 | ||||||||||||
Face value of discounted notes | $ | 31,094 | $ | 108,966 | $ | 140,060 | $ | 31,755 | $ | 108,621 | $ | 140,376 |
Unconsolidated | ||||||||
Real Estate | ||||||||
Partnerships | Non-Affiliates | |||||||
Balance at December 31, 2010 | $ | (905 | ) | $ | — | |||
Provisions for losses on notes receivable | (42 | ) | — | |||||
Recoveries of losses on notes receivable | 25 | — | ||||||
Write offs charged against allowance | 11 | — | ||||||
Balance at March 31, 2011 | $ | (911 | ) | $ | — | |||
2011 | 2010 | |||||||
Par value notes: | ||||||||
Allowance for losses recognized at period end | $ | (801 | ) | $ | (795 | ) | ||
Carrying amounts of loans prior to impairments | 1,134 | 1,115 | ||||||
Unpaid principal balance of impaired loans | 964 | 952 | ||||||
Discounted notes: | ||||||||
Allowance for losses recognized at period end | $ | (110 | ) | $ | (110 | ) | ||
Carrying amounts of loans prior to impairments | 110 | 110 | ||||||
Unpaid principal balance of impaired loans | 480 | 480 |
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Redeemable | ||||
Preferred Units | ||||
Balance, December 31, 2010 | $ | 103,428 | ||
Preferred distributions | (1,671 | ) | ||
Redemption of preferred units | (24 | ) | ||
Net income | 1,671 | |||
Balance, March 31, 2011 | $ | 103,404 | ||
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Noncontrolling | ||||||||||||
Partners’ Capital | Interests in | |||||||||||
Attributable to | Consolidated Real | Total Partners’ | ||||||||||
the Partnership | Estate Partnerships | Capital | ||||||||||
Balance, December 31, 2010 | $ | 1,030,895 | $ | 292,407 | $ | 1,323,302 | ||||||
Contributions | — | 11,121 | 11,121 | |||||||||
Issuance of common OP Units to Aimco | 27,174 | — | 27,174 | |||||||||
Preferred unit distributions | (12,456 | ) | — | (12,456 | ) | |||||||
Common distributions | (15,254 | ) | (8,856 | ) | (24,110 | ) | ||||||
Repurchases of common units | (759 | ) | — | (759 | ) | |||||||
Amortization of stock based compensation cost | 2,372 | — | 2,372 | |||||||||
Stock option exercises | 1,806 | — | 1,806 | |||||||||
Effect of changes in ownership for consolidated subsidiaries (Note 4) | (20,397 | ) | 14,227 | (6,170 | ) | |||||||
Change in accumulated other comprehensive loss | 34 | 23 | 57 | |||||||||
Other | 201 | (61 | ) | 140 | ||||||||
Net loss | (21,431 | ) | (7,305 | ) | (28,736 | ) | ||||||
Balance, March 31, 2011 | $ | 992,185 | $ | 301,556 | $ | 1,293,741 | ||||||
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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, 2009 | $ | (1,596 | ) | $ | (24,307 | ) | $ | 24,307 | $ | (1,596 | ) | |||||
Unrealized gains (losses) included in earnings(4) | (13 | ) | 290 | (290 | ) | (13 | ) | |||||||||
Realized gains (losses) included in earnings | — | — | — | — | ||||||||||||
Unrealized gains (losses) included in partners’ capital | (156 | ) | — | — | (156 | ) | ||||||||||
Fair value at March 31, 2010 | $ | (1,765 | ) | $ | (24,017 | ) | $ | 24,017 | $ | (1,765 | ) | |||||
Fair value at December 31, 2010 | $ | (2,746 | ) | $ | (19,542 | ) | $ | 19,542 | $ | (2,746 | ) | |||||
Unrealized gains (losses) included in earnings(4) | (12 | ) | 3,478 | (3,478 | ) | (12 | ) | |||||||||
Realized gains (losses) included in earnings | — | — | — | — | ||||||||||||
Unrealized gains (losses) included in partners’ capital | 57 | — | — | 57 | ||||||||||||
Fair value at March 31, 2011 | $ | (2,701 | ) | $ | (16,064 | ) | $ | 16,064 | $ | (2,701 | ) | |||||
(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 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, including revaluations resulting from repayment of the debt at par, and have not resulted from the settlement of a swap position as we have not historically incurred any termination payments upon settlement. These unrealized gains (losses) are included in interest expense in the accompanying condensed consolidated statements of operations. |
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Three Months Ended | Three Months Ended | |||||||||||||||
March 31, 2011 | March 31, 2010 | |||||||||||||||
Fair Value | Total | Fair Value | Total | |||||||||||||
Measurement | Gain (Loss) | Measurement | Gain (Loss) | |||||||||||||
Real estate (impairments losses)(1)(3) | $ | 7,639 | $ | (3,014 | ) | $ | 29,335 | $ | (7,225 | ) | ||||||
Real estate (newly consolidated)(2)(3) | — | — | 117,083 | 236 | ||||||||||||
Property debt (newly consolidated)(2)(4) | — | — | 83,890 | — | ||||||||||||
(1) | During the three months ended March 31, 2011 and 2010, we reduced the aggregate carrying amounts of $10.7 million and $36.0 million, respectively, 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 the anticipated expected holding period. | |
(2) | In connection with our adoption of revised accounting guidance regarding consolidation of VIEs and reconsideration events during the three months ended March 31, 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 the revised accounting guidance for VIEs. For the partnerships we consolidated at fair value due to reconsideration events during the three months ended March 31, 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 condensed consolidated statement of operations for the three months ended March 31, 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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NOTE 3 — | Real Estate Dispositions |
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March 31, | December 31, | |||||||
2011 | 2010 | |||||||
Real estate, net | $ | 10,330 | $ | 43,485 | ||||
Other assets | 172 | 689 | ||||||
Assets held for sale | $ | 10,502 | $ | 44,174 | ||||
Property debt | $ | 3,945 | $ | 27,255 | ||||
Other liabilities | 121 | 467 | ||||||
Liabilities related to assets held for sale | $ | 4,066 | $ | 27,722 | ||||
Three Months Ended | ||||||||
March 31, | ||||||||
2011 | 2010 | |||||||
Rental and other property revenues | $ | 1,983 | $ | 20,417 | ||||
Property operating expenses | (1,560 | ) | (12,714 | ) | ||||
Depreciation and amortization | (539 | ) | (4,776 | ) | ||||
Provision for operating real estate impairment losses | (3,855 | ) | (7,225 | ) | ||||
Operating loss | (3,971 | ) | (4,298 | ) | ||||
Interest income | 51 | 49 | ||||||
Interest expense | (301 | ) | (3,126 | ) | ||||
Loss before gain on dispositions of real estate and income tax | (4,221 | ) | (7,375 | ) | ||||
Gain on dispositions of real estate | 7,718 | 26,339 | ||||||
Income tax (expense) benefit | (190 | ) | 1,209 | |||||
Income from discontinued operations, net | $ | 3,307 | $ | 20,173 | ||||
Loss (income) from discontinued operations attributable to noncontrolling interests in consolidated real estate partnerships | $ | 907 | $ | (10,098 | ) | |||
Income from discontinued operations attributable to the Partnership | $ | 4,214 | $ | 10,075 | ||||
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NOTE 4 — | Other Significant Transactions |
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NOTE 6 — | Earnings (Loss) per Unit |
Three Months Ended | ||||||||
March 31, | ||||||||
2011 | 2010 | |||||||
Numerator: | ||||||||
Loss from continuing operations | $ | (30,372 | ) | $ | (36,721 | ) | ||
Loss (income) from continuing operations attributable to noncontrolling interests | 6,398 | (2,036 | ) | |||||
Income attributable to the Partnership’s preferred unitholders | (14,127 | ) | (14,615 | ) | ||||
Income attributable to participating securities | (57 | ) | — | |||||
Loss from continuing operations attributable to the Partnership’s common unitholders | $ | (38,158 | ) | $ | (53,372 | ) | ||
Income from discontinued operations | $ | 3,307 | $ | 20,173 | ||||
Loss (income) from discontinued operations attributable to noncontrolling interests | 907 | (10,098 | ) | |||||
Income from discontinued operations attributable to the Partnership’s common unitholders | $ | 4,214 | $ | 10,075 | ||||
Net loss | $ | (27,065 | ) | $ | (16,548 | ) | ||
Net loss (income) attributable to noncontrolling interests | 7,305 | (12,134 | ) | |||||
Income attributable to the Partnership’s preferred unitholders | (14,127 | ) | (14,615 | ) | ||||
Income attributable to participating securities | (57 | ) | — | |||||
Net loss attributable to the Partnership’s common unitholders | $ | (33,944 | ) | $ | (43,297 | ) | ||
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Three Months Ended | ||||||||
March 31, | ||||||||
2011 | 2010 | |||||||
Denominator: | ||||||||
Denominator for basic earnings per unit — weighted average number of common units outstanding | ||||||||
Common OP Units | 123,433 | 122,060 | ||||||
High Performance Units | 2,340 | 2,340 | ||||||
Total common units | 125,773 | 124,400 | ||||||
Effect of dilutive securities: | ||||||||
Dilutive potential common units | — | — | ||||||
Denominator for diluted earnings per unit | 125,773 | 124,400 | ||||||
Earnings (loss) per common unit — basic and diluted: | ||||||||
Loss from continuing operations attributable to the Partnership’s common unitholders | $ | (0.30 | ) | $ | (0.43 | ) | ||
Income from discontinued operations attributable to the Partnership’s common unitholders | 0.03 | 0.08 | ||||||
Net loss attributable to the Partnership’s common unitholders | $ | (0.27 | ) | $ | (0.35 | ) | ||
NOTE 7 — | Business Segments |
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Corporate and | ||||||||||||||||||||
Conventional | Affordable | Amounts Not | ||||||||||||||||||
Real Estate | Real Estate | Proportionate | Allocated to | |||||||||||||||||
Operations | Operations | Adjustments(1) | Segments | Consolidated | ||||||||||||||||
Three Months Ended March 31, 2011: | ||||||||||||||||||||
Rental and other property revenues(2) | $ | 210,458 | $ | 33,143 | $ | 33,137 | $ | 579 | $ | 277,317 | ||||||||||
Asset management and tax credit revenues | — | — | — | 9,236 | 9,236 | |||||||||||||||
Total revenues | 210,458 | 33,143 | 33,137 | 9,815 | 286,553 | |||||||||||||||
Property operating expenses(2) | 81,408 | 13,989 | 15,253 | 15,434 | 126,084 | |||||||||||||||
Investment management expenses | — | — | — | 3,031 | 3,031 | |||||||||||||||
Depreciation and amortization(2) | — | — | — | 100,911 | 100,911 | |||||||||||||||
General and administrative expenses | — | — | — | 11,125 | 11,125 | |||||||||||||||
Other expenses, net | — | — | — | 3,928 | 3,928 | |||||||||||||||
Total operating expenses | 81,408 | 13,989 | 15,253 | 134,429 | 245,079 | |||||||||||||||
Net operating income (loss) | 129,050 | 19,154 | 17,884 | (124,614 | ) | 41,474 | ||||||||||||||
Other items included in continuing operations | — | — | — | (71,846 | ) | (71,846 | ) | |||||||||||||
Income (loss) from continuing operations | $ | 129,050 | $ | 19,154 | $ | 17,884 | $ | (196,460 | ) | $ | (30,372 | ) | ||||||||
Three Months Ended March 31, 2010: | ||||||||||||||||||||
Rental and other property revenues(2) | $ | 207,704 | $ | 31,317 | $ | 32,366 | $ | 737 | $ | 272,124 | ||||||||||
Asset management and tax credit revenues | — | — | — | 4,701 | 4,701 | |||||||||||||||
Total revenues | 207,704 | 31,317 | 32,366 | 5,438 | 276,825 | |||||||||||||||
Property operating expenses(2) | 86,195 | 15,046 | 15,915 | 13,643 | 130,799 | |||||||||||||||
Investment management expenses | — | — | — | 3,229 | 3,229 |
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Corporate and | ||||||||||||||||||||
Conventional | Affordable | Amounts Not | ||||||||||||||||||
Real Estate | Real Estate | Proportionate | Allocated to | |||||||||||||||||
Operations | Operations | Adjustments(1) | Segments | Consolidated | ||||||||||||||||
Depreciation and amortization(2) | — | — | — | 105,035 | 105,035 | |||||||||||||||
General and administrative expenses | — | — | — | 11,736 | 11,736 | |||||||||||||||
Other expenses, net | — | — | — | 2,273 | 2,273 | |||||||||||||||
Total operating expenses | 86,195 | 15,046 | 15,915 | 135,916 | 253,072 | |||||||||||||||
Net operating income (loss) | 121,509 | 16,271 | 16,451 | (130,478 | ) | 23,753 | ||||||||||||||
Other items included in continuing operations | — | — | — | (60,474 | ) | (60,474 | ) | |||||||||||||
Income (loss) from continuing operations | $ | 121,509 | $ | 16,271 | $ | 16,451 | $ | (190,952 | ) | $ | (36,721 | ) | ||||||||
(1) | Represents adjustments for the noncontrolling interests in consolidated real estate partnerships’ share of the results of our consolidated properties, which are excluded from our measurement of segment performance but included in the related consolidated amounts, and our share of the results of operations of our unconsolidated real estate partnerships, which are included in our measurement of segment performance but excluded from the related consolidated amounts. | |
(2) | Proportionate property net operating income, our key measurement of segment profit or loss, excludes provision for operating real estate impairment losses, property management revenues (which are included in rental and other property revenues), property management expenses and casualty gains and losses (which are included in property operating expenses) and depreciation and amortization. Accordingly, we do not allocate these amounts to our segments. |
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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 (as defined in Note 1 to the condensed consolidated financial statements in Item 1) with properties concentrated in the 20 largest markets in the United States (as measured by total apartment value, which is the estimated total market value of apartment properties in a particular market); | |
• | improve our portfolio by selling assets with lower projected returns and reinvesting those proceeds through the purchase of new assets or additional investment in existing assets in our portfolio, including increased ownership or redevelopment; and | |
• | provide financial leverage primarily by the use of non-recourse, long-dated, fixed-rate property debt and perpetual preferred units. |
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• | Total Same Store revenues and expenses for the three months ended March 31, 2011, increased by 2.1% and decreased by 6.8%, respectively, as compared to the three months ended March 31, 2010, resulting in an 8.5% increase in net operating income. | |
• | Average daily occupancy for our Conventional Same Store properties remained high at 96.4% for the three months ended March 31, 2011. | |
• | Conventional Same Store revenues and expenses for the three months ended March 31, 2011, increased by 1.6% and decreased by 6.6%, respectively, as compared to the three months ended March 31, 2010, resulting in a 7.2% increase in net operating income. | |
• | As part of our leverage strategy we continued to focus on the refinancing of near term property debt maturities. We refinanced $287.9 million of property debt scheduled to mature during 2011 through 2015 with new property debt totaling $263.3 million and with terms ranging from seven to ten years, resulting in net repayments of $26.7 million (of which our share was $16.5 million). | |
• | General and administrative expenses decreased by 5% during the three months ended March 31, 2011, as compared to the three months ended March 31, 2010. | |
• | As part of our effort to simplify our business, we resigned from our role as asset manager and property manager for approximately 100 properties with approximately 11,400 units. |
• | an increase in net operating income of our properties included in continuing operations, reflecting improved operations; | |
• | an increase in asset management and tax credit revenues, primarily due to reductions of revenue recognized during 2010 (explained further below); and | |
• | a decrease in income from discontinued operations 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. |
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Three Months Ended March 31, | ||||||||||||||||
2011 | 2010 | $ Change | % Change | |||||||||||||
Rental and other property revenues: | ||||||||||||||||
Conventional same store | $ | 189,257 | $ | 186,259 | $ | 2,998 | 1.6 | % | ||||||||
Other Conventional | 21,201 | 21,445 | (244 | ) | (1.1 | )% | ||||||||||
Total | 210,458 | 207,704 | 2,754 | 1.3 | % | |||||||||||
Property operating expenses: | ||||||||||||||||
Conventional same store | 70,810 | 75,803 | (4,993 | ) | (6.6 | )% | ||||||||||
Other Conventional | 10,598 | 10,392 | 206 | 2.0 | % | |||||||||||
Total | 81,408 | 86,195 | (4,787 | ) | (5.6 | )% | ||||||||||
Property net operating income: | ||||||||||||||||
Conventional same store | 118,447 | 110,456 | 7,991 | 7.2 | % | |||||||||||
Other Conventional | 10,603 | 11,053 | (450 | ) | (4.1 | )% | ||||||||||
Total | $ | 129,050 | $ | 121,509 | $ | 7,541 | 6.2 | % | ||||||||
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Three Months Ended March 31, | ||||||||||||||||
2011 | 2010 | $ Change | % Change | |||||||||||||
Rental and other property revenues: | ||||||||||||||||
Affordable same store | $ | 29,540 | $ | 28,006 | $ | 1,534 | 5.5 | % | ||||||||
Other Affordable | 3,603 | 3,311 | 292 | 8.8 | % | |||||||||||
Total | 33,143 | 31,317 | 1,826 | 5.8 | % | |||||||||||
Property operating expenses: | ||||||||||||||||
Affordable same store | 12,486 | 13,533 | (1,047 | ) | (7.7 | )% | ||||||||||
Other Affordable | 1,503 | 1,513 | (10 | ) | (0.7 | )% | ||||||||||
Total | 13,989 | 15,046 | (1,057 | ) | (7.0 | )% | ||||||||||
Property net operating income: | ||||||||||||||||
Affordable same store | 17,054 | 14,473 | 2,581 | 17.8 | % | |||||||||||
Other Affordable | 2,100 | 1,798 | 302 | 16.8 | % | |||||||||||
Total | $ | 19,154 | $ | 16,271 | $ | 2,883 | 17.7 | % | ||||||||
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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; |
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• | 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) | ||||||||||||
January 1 — January 31, 2011 | 15,983 | $ | 25.50 | N/A | N/A | |||||||||||
February 1 — February 28, 2011 | 5,258 | 25.10 | N/A | N/A | ||||||||||||
March 1 — March 31, 2011 | 10,056 | 24.52 | N/A | N/A | ||||||||||||
�� | ||||||||||||||||
Total | 31,297 | $ | 25.12 | |||||||||||||
(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 March 31, 2011, 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) | ||||
31 | .1 | Certification of Chief Executive Officer pursuant to Securities Exchange Act Rules 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 Act Rules 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 |
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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
Date of Report (Date of earliest event reported): | July 28, 2011 |
DELAWARE | 0-24497 | 84-1275621 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||
4582 SOUTH ULSTER STREET PARKWAY SUITE 1100, DENVER, CO (Address of principal executive offices) | 80237 (Zip Code) |
Registrant’s telephone number, including area code: | (303) 757-8101 |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 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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Item 6. | Selected Financial Data |
For the Years Ended December 31, | ||||||||||||||||||||
2010(1) | 2009(1) | 2008(1) | 2007(1) | 2006(1) | ||||||||||||||||
(Dollar amounts in thousands, except per unit data) | ||||||||||||||||||||
OPERATING DATA: | ||||||||||||||||||||
Total revenues | $ | 1,132,478 | $ | 1,120,818 | $ | 1,168,253 | $ | 1,101,950 | $ | 1,015,335 | ||||||||||
Total operating expenses(2) | (1,002,939 | ) | (1,025,934 | ) | (1,127,318 | ) | (931,172 | ) | (853,802 | ) | ||||||||||
Operating income(2) | 129,539 | 94,884 | 40,935 | 170,778 | 161,533 | |||||||||||||||
Loss from continuing operations(2) | (164,589 | ) | (200,660 | ) | (117,481 | ) | (46,375 | ) | (39,907 | ) | ||||||||||
Income from discontinued operations, net(3) | 75,824 | 156,680 | 745,269 | 172,630 | 329,888 | |||||||||||||||
Net (loss) income | (88,765 | ) | (43,980 | ) | 627,788 | 126,255 | 289,982 | |||||||||||||
Net loss (income) attributable to noncontrolling interests | 13,301 | (22,442 | ) | (155,749 | ) | (92,138 | ) | (92,917 | ) | |||||||||||
Net income attributable to preferred unitholders | (58,554 | ) | (56,854 | ) | (61,354 | ) | (73,144 | ) | (90,527 | ) | ||||||||||
Net (loss) income attributable to the Partnership’s common unitholders | (134,018 | ) | (123,276 | ) | 403,700 | (43,508 | ) | 104,592 | ||||||||||||
Earnings (loss) per common unit — basic and diluted: | ||||||||||||||||||||
Loss from continuing operations attributable to the Partnership’s common unitholders | $ | (1.46 | ) | $ | (1.77 | ) | $ | (1.95 | ) | $ | (1.38 | ) | $ | (1.45 | ) | |||||
Net (loss) income attributable to the Partnership’s common unitholders | $ | (1.07 | ) | $ | (1.00 | ) | $ | 4.11 | $ | (0.42 | ) | $ | 0.99 | |||||||
BALANCE SHEET INFORMATION: | ||||||||||||||||||||
Real estate, net of accumulated depreciation | $ | 6,490,252 | $ | 6,671,619 | $ | 6,829,989 | $ | 6,598,753 | $ | 6,139,098 | ||||||||||
Total assets | 7,395,096 | 7,922,139 | 9,456,721 | 10,631,746 | 10,305,903 | |||||||||||||||
Total indebtedness | 5,477,546 | 5,455,225 | 5,829,016 | 5,439,058 | 4,761,198 | |||||||||||||||
Total partners’ capital | 1,323,302 | 1,550,374 | 1,661,600 | 2,152,326 | 2,753,617 | |||||||||||||||
OTHER INFORMATION: | ||||||||||||||||||||
Distributions declared per common unit(4) | $ | 0.30 | $ | 0.40 | $ | 7.48 | $ | 4.31 | $ | 2.40 | ||||||||||
Total consolidated properties (end of period) | 399 | 426 | 514 | 657 | 703 | |||||||||||||||
Total consolidated apartment units (end of period) | 89,875 | 95,202 | 117,719 | 153,758 | 162,432 | |||||||||||||||
Total unconsolidated properties (end of period) | 48 | 77 | 85 | 94 | 102 | |||||||||||||||
Total unconsolidated apartment units (end of period) | 5,637 | 8,478 | 9,613 | 10,878 | 11,791 |
(1) | Certain reclassifications have been made to conform to the March 31, 2011 financial statement presentation, including retroactive adjustments to reflect additional properties sold or classified as held for sale as of March 31, 2011, as discontinued operations (see Note 13 to the consolidated financial statements in Item 8). | |
(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 inManagement’s Discussion and Analysis of Financial Condition and Results of Operationsin Item 7. |
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(3) | Income from discontinued operations for the years ended December 31, 2010, 2009, 2008, 2007 and 2006 includes $94.9 million, $221.8 million, $800.3 million, $116.1 million and $336.2 million in gains on disposition of real estate, respectively. Income from discontinued operations for 2010, 2009 and 2008 is discussed further inManagement’s Discussion and Analysis of Financial Condition and Results of Operationsin Item 7. | |
(4) | As further discussed in Note 11 to the consolidated financial statements in Item 8, distributions declared per common unit during the years ended December 31, 2008 and 2007, included $5.08 and $1.91, respectively, of per unit distributions that were paid to Aimco through the issuance of common OP Units. |
Item 7. | 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 (as defined in Note 1 to the consolidated financial statements in Item 8) with properties concentrated in the 20 largest markets in the United States (as measured by total apartment value, which is the estimated total market value of apartment properties in a particular market); | |
• | improve our portfolio by selling assets with lower projected returns and reinvesting those proceeds through the purchase of new assets or additional investment in existing assets in our portfolio, including increased ownership or redevelopment; and | |
• | provide financial leverage primarily by the use of non-recourse, long-dated, fixed-rate property debt and perpetual preferred equity. |
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• | Average daily occupancy for our Conventional Same Store properties increased 200 basis points, from 94.1% in 2009 to 96.1% in 2010. | |
• | Conventional Same Store revenues and expenses for 2010, decreased by 0.2% and 1.0%, respectively, as compared to 2009, resulting in a 0.3% increase in net operating income. | |
• | Total Same Store revenues and expenses for 2010 increased by 0.2% and decreased by 0.8%, respectively, as compared to 2009, resulting in a 0.8% increase in net operating income. | |
• | Net operating income for our real estate portfolio (continuing operations) increased 2.3% for the year ended December 31, 2010 as compared to 2009. | |
• | Property sales declined in 2010 as compared to 2009, as property sales completed through July 2010 allowed us to fully repay the remainder of our term debt. |
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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 fewer property sales in 2010 as compared to 2009; and | |
• | a decrease in asset management and tax credit revenues, primarily due to decreased amortization of deferred tax credit income and a de-emphasis on transaction-based fees. |
• | an increase in net operating income of our properties included in continuing operations, reflecting improved operations; | |
• | a decrease in provisions for losses on notes receivable, primarily due to the impairment during 2009 of our interest in Casden Properties; 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 as discussed above. |
• | a decrease in income from discontinued operations, primarily related to a decrease in gains on dispositions of real estate due to fewer property sales in 2009 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 general and administrative expenses, primarily related to reductions in personnel and related expenses from our organizational restructuring activities during 2008 and 2009; | |
• | impairment losses on real estate development assets in 2008, for which no similar impairments were recognized in 2009; and |
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• | 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. |
• | the removal of 15 properties, with 3,166 units that were sold or classified as held for sale through March 31, 2011 and therefore have been reclassified into discontinued operations; | |
• | the inclusion of eight acquisition properties with 1,168 units that were reclassified from the other conventional classification upon meeting the requirements to be classified as same store; |
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• | the inclusion of six properties with 3,778 units that were previously classified as redevelopment properties; and | |
• | the removal of three properties with 1,254 units that experienced significant casualty losses and were moved from same store into the other conventional classification. |
Year Ended December 31, | ||||||||||||||||
2010 | 2009 | $ Change | % Change | |||||||||||||
Rental and other property revenues: | ||||||||||||||||
Conventional same store | $ | 637,909 | $ | 639,210 | $ | (1,301 | ) | (0.2 | )% | |||||||
Conventional redevelopment | 113,273 | 107,461 | 5,812 | 5.4 | % | |||||||||||
Other Conventional | 71,414 | 70,065 | 1,349 | 1.9 | % | |||||||||||
Total | 822,596 | 816,736 | 5,860 | 0.7 | % | |||||||||||
Property operating expenses: | ||||||||||||||||
Conventional same store | 245,632 | 248,038 | (2,406 | ) | (1.0 | )% | ||||||||||
Conventional redevelopment | 40,915 | 42,206 | (1,291 | ) | (3.1 | )% | ||||||||||
Other Conventional | 34,689 | 33,990 | 699 | 2.1 | % | |||||||||||
Total | 321,236 | 324,234 | (2,998 | ) | (0.9 | )% | ||||||||||
Property net operating income: | ||||||||||||||||
Conventional same store | 392,277 | 391,172 | 1,105 | 0.3 | % | |||||||||||
Conventional redevelopment | 72,358 | 65,255 | 7,103 | 10.9 | % | |||||||||||
Other Conventional | 36,725 | 36,075 | 650 | 1.8 | % | |||||||||||
Total | $ | 501,360 | $ | 492,502 | $ | 8,858 | 1.8 | % | ||||||||
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Year Ended December 31, | ||||||||||||||||
2009 | 2008 | $ Change | % Change | |||||||||||||
Rental and other property revenues: | ||||||||||||||||
Conventional same store | $ | 581,927 | $ | 596,950 | $ | (15,023 | ) | (2.5 | )% | |||||||
Conventional redevelopment | 165,480 | 153,983 | 11,497 | 7.5 | % | |||||||||||
Other Conventional | 69,329 | 68,126 | 1,203 | 1.8 | % | |||||||||||
Total | 816,736 | 819,059 | (2,323 | ) | (0.3 | )% | ||||||||||
Property operating expenses: | ||||||||||||||||
Conventional same store | 224,548 | 223,579 | 969 | 0.4 | % | |||||||||||
Conventional redevelopment | 65,996 | 65,111 | 885 | 1.4 | % | |||||||||||
Other Conventional | 33,690 | 31,527 | 2,163 | 6.9 | % | |||||||||||
Total | 324,234 | 320,217 | 4,017 | 1.3 | % | |||||||||||
Property net operating income: | ||||||||||||||||
Conventional same store | 357,379 | 373,371 | (15,992 | ) | (4.3 | )% | ||||||||||
Conventional redevelopment | 99,484 | 88,872 | 10,612 | 11.9 | % | |||||||||||
Other Conventional | 35,639 | 36,599 | (960 | ) | (2.6 | )% | ||||||||||
Total | $ | 492,502 | $ | 498,842 | $ | (6,340 | ) | (1.3 | )% | |||||||
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Year Ended December 31, | ||||||||||||||||
2010 | 2009 | $ Change | �� | % Change | ||||||||||||
Rental and other property revenues: | ||||||||||||||||
Affordable same store | $ | 114,199 | $ | 111,455 | $ | 2,744 | 2.5 | % | ||||||||
Other Affordable | 13,710 | 12,695 | 1,015 | 8.0 | % | |||||||||||
Total | 127,909 | 124,150 | 3,759 | 3.0 | % | |||||||||||
Property operating expenses: | ||||||||||||||||
Affordable same store | 51,729 | 51,593 | 136 | 0.3 | % | |||||||||||
Other Affordable | 5,519 | 5,998 | (479 | ) | (8.0 | )% | ||||||||||
Total | 57,248 | 57,591 | (343 | ) | (0.6 | )% | ||||||||||
Property net operating income: | ||||||||||||||||
Affordable same store | 62,470 | 59,862 | 2,608 | 4.4 | % | |||||||||||
Other Affordable | 8,191 | 6,697 | 1,494 | 22.3 | % | |||||||||||
Total | $ | 70,661 | $ | 66,559 | $ | 4,102 | 6.2 | % | ||||||||
Year Ended December 31, | ||||||||||||||||
2009 | 2008 | $ Change | % Change | |||||||||||||
Rental and other property revenues: | ||||||||||||||||
Affordable same store | $ | 111,455 | $ | 107,064 | $ | 4,391 | 4.1 | % | ||||||||
Other Affordable | 12,695 | 12,209 | 486 | 4.0 | % | |||||||||||
Total | 124,150 | 119,273 | 4,877 | 4.1 | % | |||||||||||
Property operating expenses: | ||||||||||||||||
Affordable same store | 51,593 | 51,467 | 126 | 0.2 | % | |||||||||||
Other Affordable | 5,998 | 6,048 | (50 | ) | (0.8 | )% | ||||||||||
Total | 57,591 | 57,515 | 76 | 0.1 | % | |||||||||||
Property net operating income: | ||||||||||||||||
Affordable same store | 59,862 | 55,597 | 4,265 | 7.7 | % | |||||||||||
Other Affordable | 6,697 | 6,161 | 536 | 8.7 | % | |||||||||||
Total | $ | 66,559 | $ | 61,758 | $ | 4,801 | 7.8 | % | ||||||||
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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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Less than | More than | |||||||||||||||||||
Total | One Year | 1-3 Years | 3-5 Years | 5 Years | ||||||||||||||||
Long-term debt(1) | $ | 5,477,546 | $ | 288,092 | $ | 978,059 | $ | 939,253 | $ | 3,272,142 | ||||||||||
Interest related to long-term debt(2) | 2,216,083 | 306,824 | 549,151 | 445,808 | 914,300 | |||||||||||||||
Long-term debt on assets held for sale(1) | 27,255 | 898 | 8,337 | 2,086 | 15,934 | |||||||||||||||
Interest related to long-term debt on assets held for sale(2) | 7,497 | 1,396 | 1,807 | 1,387 | 2,907 | |||||||||||||||
Leases for space(3) | 14,400 | 6,334 | 5,780 | 1,436 | 850 | |||||||||||||||
Other obligations(4) | 3,750 | 3,750 | — | — | — | |||||||||||||||
Total | $ | 7,746,531 | $ | 607,294 | $ | 1,543,134 | $ | 1,389,970 | $ | 4,206,133 | ||||||||||
(1) | Includes scheduled principal amortization and maturity payments related to our long-term debt. | |
(2) | Includes interest related to both fixed rate and variable rate debt. Interest related to variable rate debt is estimated based on the rate effective at December 31, 2010. Refer to Note 6 in the consolidated financial statements in Item 8 for a description of average interest rates associated with our debt. | |
(3) | Inclusive of leased space that has been abandoned as part of our organizational restructuring in 2008. | |
(4) | Represents a commitment to fund $3.8 million in second mortgage loans on certain properties in West Harlem, New York City. |
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K-25
Item 8. | Financial Statements and Supplementary Data |
Page | ||||
Financial Statements: | ||||
K-27 | ||||
K-28 | ||||
K-29 | ||||
K-30 | ||||
K-32 | ||||
K-33 | ||||
Financial Statement Schedule: | ||||
K-93 |
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2010 | 2009 | |||||||
(In thousands) | ||||||||
ASSETS | ||||||||
Real estate: | ||||||||
Buildings and improvements | $ | 7,254,069 | $ | 7,060,131 | ||||
Land | 2,128,734 | 2,111,561 | ||||||
Total real estate | 9,382,803 | 9,171,692 | ||||||
Less accumulated depreciation | (2,892,551 | ) | (2,500,073 | ) | ||||
Net real estate ($854,811 and $841,486 related to VIEs) | 6,490,252 | 6,671,619 | ||||||
Cash and cash equivalents ($34,808 and $23,366 related to VIEs) | 111,325 | 81,260 | ||||||
Restricted cash ($55,125 and $56,144 related to VIEs) | 201,058 | 218,344 | ||||||
Accounts receivable, net ($13,582 and $20,766 related to VIEs) | 49,855 | 59,822 | ||||||
Accounts receivable from affiliates, net | 8,392 | 23,744 | ||||||
Deferred financing costs, net | 47,779 | 50,103 | ||||||
Notes receivable from unconsolidated real estate partnerships, net | 10,896 | 14,295 | ||||||
Notes receivable from non-affiliates, net | 126,726 | 125,269 | ||||||
Notes receivable from Aimco | 17,230 | 16,371 | ||||||
Investment in unconsolidated real estate partnerships ($54,374 and $99,460 related to VIEs) | 58,151 | 104,193 | ||||||
Other assets | 170,524 | 185,816 | ||||||
Deferred income tax assets, net | 58,736 | 42,015 | ||||||
Assets held for sale | 44,172 | 329,288 | ||||||
Total assets | $ | 7,395,096 | $ | 7,922,139 | ||||
LIABILITIES AND PARTNERS’ CAPITAL | ||||||||
Non-recourse property tax-exempt bond financing ($212,245 and $211,691 related to VIEs) | $ | 514,506 | 574,926 | |||||
Non-recourse property loans payable ($432,918 and $379,759 related to VIEs) | 4,916,022 | $ | 4,737,242 | |||||
Term loan | — | 90,000 | ||||||
Other borrowings ($15,486 and $15,665 related to VIEs) | 47,018 | 53,057 | ||||||
Total indebtedness | 5,477,546 | 5,455,225 | ||||||
Accounts payable | 27,322 | 29,819 | ||||||
Accrued liabilities and other ($79,170 and $62,503 related to VIEs) | 250,106 | 286,328 | ||||||
Deferred income | 150,732 | 178,772 | ||||||
Security deposits | 34,939 | 33,736 | ||||||
Liabilities related to assets held for sale | 27,721 | 271,229 | ||||||
Total liabilities | 5,968,366 | 6,255,109 | ||||||
Redeemable preferred units (Note 11) | 103,428 | 116,656 | ||||||
Commitments and contingencies (Note 8) | — | — | ||||||
Partners’ capital: | ||||||||
Preferred units | 657,601 | 660,500 | ||||||
General Partner and Special Limited Partner | 264,182 | 521,692 | ||||||
Limited Partners | 158,401 | 95,990 | ||||||
High Performance Units | (44,892 | ) | (40,313 | ) | ||||
Investment in Aimco Class A Common Stock | (4,397 | ) | (4,621 | ) | ||||
Partners’ capital attributable to the Partnership | 1,030,895 | 1,233,248 | ||||||
Noncontrolling interests in consolidated real estate partnerships | 292,407 | 317,126 | ||||||
Total partners’ capital | 1,323,302 | 1,550,374 | ||||||
Total liabilities and partners’ capital | $ | 7,395,096 | $ | 7,922,139 | ||||
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2010 | 2009 | 2008 | ||||||||||
(In thousands, except per unit data) | ||||||||||||
REVENUES: | ||||||||||||
Rental and other property revenues | $ | 1,096,925 | $ | 1,070,965 | $ | 1,069,423 | ||||||
Asset management and tax credit revenues | 35,553 | 49,853 | 98,830 | |||||||||
Total revenues | 1,132,478 | 1,120,818 | 1,168,253 | |||||||||
OPERATING EXPENSES: | ||||||||||||
Property operating expenses | 502,780 | 500,559 | 513,097 | |||||||||
Investment management expenses | 14,487 | 15,779 | 24,784 | |||||||||
Depreciation and amortization | 421,825 | 424,913 | 373,862 | |||||||||
Provision for operating real estate impairment losses | 352 | 2,329 | — | |||||||||
Provision for impairment losses on real estate development assets | — | — | 91,138 | |||||||||
General and administrative expenses | 53,365 | 56,640 | 80,376 | |||||||||
Other expenses, net | 10,130 | 14,473 | 21,259 | |||||||||
Restructuring costs | — | 11,241 | 22,802 | |||||||||
Total operating expenses | 1,002,939 | 1,025,934 | 1,127,318 | |||||||||
Operating income | 129,539 | 94,884 | 40,935 | |||||||||
Interest income | 11,978 | 9,899 | 20,261 | |||||||||
Provision for losses on notes receivable, net | (949 | ) | (21,549 | ) | (17,577 | ) | ||||||
Interest expense | (311,048 | ) | (311,550 | ) | (310,341 | ) | ||||||
Equity in losses of unconsolidated real estate partnerships | (23,112 | ) | (11,401 | ) | (4,736 | ) | ||||||
Gain on dispositions of unconsolidated real estate and other, net | 10,675 | 21,570 | 97,403 | |||||||||
Loss before income taxes and discontinued operations | (182,917 | ) | (218,147 | ) | (174,055 | ) | ||||||
Income tax benefit | 18,328 | 17,487 | 56,574 | |||||||||
Loss from continuing operations | (164,589 | ) | (200,660 | ) | (117,481 | ) | ||||||
Income from discontinued operations, net | 75,824 | 156,680 | 745,269 | |||||||||
Net (loss) income | (88,765 | ) | (43,980 | ) | 627,788 | |||||||
Net loss (income) attributable to noncontrolling interests in consolidated real estate partnerships | 13,301 | (22,442 | ) | (155,749 | ) | |||||||
Net (loss) income attributable to the Partnership | (75,464 | ) | (66,422 | ) | 472,039 | |||||||
Net income attributable to the Partnership’s preferred unitholders | (58,554 | ) | (56,854 | ) | (61,354 | ) | ||||||
Net income attributable to participating securities | — | — | (6,985 | ) | ||||||||
Net (loss) income attributable to the Partnership’s common unitholders | $ | (134,018 | ) | $ | (123,276 | ) | $ | 403,700 | ||||
Earnings (loss) per common unit — basic and diluted: | ||||||||||||
Loss from continuing operations attributable to the Partnership’s common unitholders | $ | (1.46 | ) | $ | (1.77 | ) | $ | (1.95 | ) | |||
Income from discontinued operations attributable to the Partnership’s common unitholders | 0.39 | 0.77 | 6.06 | |||||||||
Net (loss) income attributable to the Partnership’s common unitholders | $ | (1.07 | ) | $ | (1.00 | ) | $ | 4.11 | ||||
Weighted average common units outstanding — basic and diluted | 124,747 | 123,180 | 98,249 | |||||||||
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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, 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 partnership units held by non-Aimco partners | (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 | ||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | (249,456 | ) | (249,456 | ) | ||||||||||||||||||||||
Distributions to common unitholders | — | (675,416 | ) | (50,896 | ) | (17,662 | ) | 1,042 | (742,932 | ) | — | (742,932 | ) | |||||||||||||||||||
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 | ||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | 5,535 | 5,535 | ||||||||||||||||||||||||
Redemption of partnership units held by non-Aimco partners | — | — | (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 | ||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | (91,904 | ) | (91,904 | ) | ||||||||||||||||||||||
Distributions to common unitholders | — | (46,880 | ) | (1,945 | ) | (703 | ) | 488 | (49,040 | ) | — | (49,040 | ) | |||||||||||||||||||
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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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) | ||||||||||||||||||||||||||||||||
Issuance of preferred units to Aimco | 98,101 | (3,346 | ) | — | — | — | 94,755 | — | 94,755 | |||||||||||||||||||||||
Redemption of preferred units held by Aimco | (102,511 | ) | 4,511 | — | — | — | (98,000 | ) | — | (98,000 | ) | |||||||||||||||||||||
Common units issued to Aimco | — | 14,046 | — | — | — | 14,046 | — | 14,046 | ||||||||||||||||||||||||
Common units issued in exchange for noncontrolling interests in consolidated real estate partnerships | — | — | 6,854 | — | — | 6,854 | — | 6,854 | ||||||||||||||||||||||||
Redemption of partnership units held by non-Aimco partners | — | — | (3,495 | ) | (76 | ) | — | (3,571 | ) | — | (3,571 | ) | ||||||||||||||||||||
Repayments on Aimco officer notes | — | 577 | — | — | — | 577 | — | 577 | ||||||||||||||||||||||||
Contribution from Aimco related to employee stock purchases, net | — | 2,176 | — | — | — | 2,176 | — | 2,176 | ||||||||||||||||||||||||
Amortization of Aimco stock-based compensation | — | 8,182 | — | — | — | 8,182 | — | 8,182 | ||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | 7,422 | 7,422 | ||||||||||||||||||||||||
Adjustment to noncontrolling interests from consolidation of entities | — | — | — | — | — | — | 6,324 | 6,324 | ||||||||||||||||||||||||
Adjustment to noncontrolling interests related to revision of investment balances (Note 2) | — | — | — | — | — | — | (38,718 | ) | (38,718 | ) | ||||||||||||||||||||||
Effect of changes in ownership for consolidated entities (Note 3) | — | (25,586 | ) | (1,291 | ) | (514 | ) | — | (27,391 | ) | 5,533 | (21,858 | ) | |||||||||||||||||||
Cumulative effect of a change in accounting principle (Note 2) | — | (25,759 | ) | (1,340 | ) | (521 | ) | — | (27,620 | ) | 50,775 | 23,155 | ||||||||||||||||||||
Change in accumulated other comprehensive loss | — | (875 | ) | (45 | ) | (18 | ) | — | (938 | ) | (167 | ) | (1,105 | ) | ||||||||||||||||||
Other, net | — | (472 | ) | — | — | — | (472 | ) | 1,876 | 1,404 | ||||||||||||||||||||||
Net income (loss) | 53,590 | (125,018 | ) | (6,486 | ) | (2,514 | ) | — | (80,428 | ) | (13,301 | ) | (93,729 | ) | ||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | (44,463 | ) | (44,463 | ) | ||||||||||||||||||||||
Common distributions | — | (35,304 | ) | (2,428 | ) | (936 | ) | 224 | (38,444 | ) | — | (38,444 | ) | |||||||||||||||||||
Distributions to preferred unitholders | (52,079 | ) | — | — | — | — | (52,079 | ) | — | (52,079 | ) | |||||||||||||||||||||
Adjustment to reflect Limited Partners’ capital at redemption value | — | (70,642 | ) | 70,642 | — | — | — | — | — | |||||||||||||||||||||||
Balances at December 31, 2010 | $ | 657,601 | $ | 264,182 | $ | 158,401 | $ | (44,892 | ) | $ | (4,397 | ) | $ | 1,030,895 | $ | 292,407 | $ | 1,323,302 | ||||||||||||||
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CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31, 2010, 2009 and 2008
2010 | 2009 | 2008 | ||||||||||
(In thousands) | ||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
Net (loss) income | $ | (88,765 | ) | $ | (43,980 | ) | $ | 627,788 | ||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||||||||||
Depreciation and amortization | 421,825 | 424,913 | 373,862 | |||||||||
Provision for impairment losses on real estate development assets | — | — | 91,138 | |||||||||
Provision for operating real estate impairment losses | 352 | 2,329 | — | |||||||||
Equity in losses of unconsolidated real estate partnerships | 23,112 | 11,401 | 4,736 | |||||||||
Gain on dispositions of unconsolidated real estate and other | (10,675 | ) | (21,570 | ) | (97,403 | ) | ||||||
Income tax benefit | (18,328 | ) | (17,487 | ) | (56,574 | ) | ||||||
Stock-based compensation expense | 7,331 | 6,666 | 13,833 | |||||||||
Amortization of deferred loan costs and other | 9,742 | 10,399 | 9,432 | |||||||||
Distributions of earnings from unconsolidated entities | 1,231 | 4,893 | 14,619 | |||||||||
Discontinued operations: | ||||||||||||
Depreciation and amortization | 15,008 | 70,655 | 141,686 | |||||||||
Gain on disposition of real estate | (94,901 | ) | (221,770 | ) | (800,270 | ) | ||||||
Other adjustments to income from discontinued operations | 20,105 | 52,531 | 70,585 | |||||||||
Changes in operating assets and operating liabilities: | ||||||||||||
Accounts receivable | 25,561 | 27,067 | 4,848 | |||||||||
Other assets | 15,708 | 18,134 | 74,425 | |||||||||
Accounts payable, accrued liabilities and other | (69,806 | ) | (90,369 | ) | (32,337 | ) | ||||||
Total adjustments | 346,265 | 277,792 | (187,420 | ) | ||||||||
Net cash provided by operating activities | 257,500 | 233,812 | 440,368 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
Purchases of real estate | — | — | (112,655 | ) | ||||||||
Capital expenditures | (178,929 | ) | (300,344 | ) | (665,233 | ) | ||||||
Proceeds from dispositions of real estate | 218,571 | 875,931 | 2,060,344 | |||||||||
Proceeds from sale of interests and distributions from real estate partnerships | 19,707 | 25,067 | 94,277 | |||||||||
Purchases of partnership interests and other assets | (9,399 | ) | (6,842 | ) | (28,121 | ) | ||||||
Originations of notes receivable | (1,190 | ) | (5,778 | ) | (6,911 | ) | ||||||
Proceeds from repayment of notes receivable | 5,699 | 5,264 | 8,929 | |||||||||
Net increase in cash from consolidation and deconsolidation of entities | 13,128 | 98 | 241 | |||||||||
Distributions received from Aimco | 224 | 488 | 1,042 | |||||||||
Other investing activities | 18,788 | 36,858 | (6,002 | ) | ||||||||
Net cash provided by investing activities | 86,599 | 630,742 | 1,345,911 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Proceeds from property loans | 449,384 | 772,443 | 949,549 | |||||||||
Principal repayments on property loans | (426,662 | ) | (1,076,318 | ) | (1,291,543 | ) | ||||||
Proceeds from tax-exempt bond financing | — | 15,727 | 50,100 | |||||||||
Principal repayments on tax-exempt bond financing | (66,466 | ) | (157,862 | ) | (217,361 | ) | ||||||
Payments on term loans | (90,000 | ) | (310,000 | ) | (75,000 | ) | ||||||
(Payments on) proceeds from other borrowings | (13,469 | ) | (40,085 | ) | 21,367 | |||||||
Proceeds from issuance of preferred units to Aimco | 96,110 | — | — | |||||||||
Proceeds from issuance of common units to Aimco | 14,350 | — | — | |||||||||
Repurchases and redemptions of preferred units from Aimco | (108,000 | ) | (4,200 | ) | (24,840 | ) | ||||||
Repurchase of common units from Aimco | — | — | (502,296 | ) | ||||||||
Proceeds from Aimco Class A Common Stock option exercises | 1,806 | — | 481 | |||||||||
Payment of distributions to preferred units | (60,165 | ) | (59,172 | ) | (62,733 | ) | ||||||
Payment of distributions to General Partner and Special Limited Partner | (46,953 | ) | (95,823 | ) | (213,328 | ) | ||||||
Payment of distributions to Limited Partners | (2,428 | ) | (15,403 | ) | (55,770 | ) | ||||||
Payment of distributions to High Performance Units | (936 | ) | (5,580 | ) | (18,757 | ) | ||||||
Payment of distributions to noncontrolling interests | (44,463 | ) | (92,421 | ) | (248,537 | ) | ||||||
Other financing activities | (16,142 | ) | (14,276 | ) | (8,396 | ) | ||||||
Net cash used in financing activities | (314,034 | ) | (1,082,970 | ) | (1,697,064 | ) | ||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 30,065 | (218,416 | ) | 89,215 | ||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 81,260 | 299,676 | 210,461 | |||||||||
CASH AND CASH EQUIVALENTS AT END OF YEAR | $ | 111,325 | $ | 81,260 | $ | 299,676 | ||||||
SUPPLEMENTAL CASH FLOW INFORMATION: | ||||||||||||
Interest paid | $ | 311,432 | $ | 348,341 | $ | 434,645 | ||||||
Cash paid for income taxes | 1,899 | 4,560 | 13,780 | |||||||||
Non-cash transactions associated with the disposition of real estate: | ||||||||||||
Secured debt assumed in connection with the disposition of real estate | 157,629 | 314,265 | 157,394 | |||||||||
Issuance of notes receivable in connection with the disposition of real estate | 4,544 | 3,605 | 10,372 | |||||||||
Non-cash transactions associated with consolidation and deconsolidation of real estate partnerships: | ||||||||||||
Real estate, net | 80,629 | 6,058 | 25,830 | |||||||||
Investments in and notes receivable primarily from affiliated entities | 41,903 | 4,326 | 4,497 | |||||||||
Restricted cash and other assets | 3,290 | (1,682 | ) | 5,483 | ||||||||
Non-recourse debt | 61,211 | 2,031 | 22,036 | |||||||||
Noncontrolling interests in consolidated real estate partnerships | 57,099 | 2,225 | 11,896 | |||||||||
Accounts payable, accrued and other liabilities | 20,640 | 4,544 | 2,124 | |||||||||
Other non-cash transactions: | ||||||||||||
Redemption of common OP Units for Aimco Class A Common Stock | — | 7,085 | 4,182 | |||||||||
Cancellation of notes receivable from officers of Aimco | (251 | ) | (1,452 | ) | (385 | ) | ||||||
Common OP Units issued to Aimco pursuant to special distributions (Note 11) | — | (148,746 | ) | (487,477 | ) | |||||||
Issuance of common OP Units for acquisition of noncontrolling interests in consolidated real estate partnerships (Note 3) | 6,854 | — | — |
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NOTE 1 — | Organization |
• | own and operate a broadly diversified portfolio of primarily class “B/B+” assets (defined below) with properties concentrated in the 20 largest markets in the United States (as measured by total apartment value, which is the estimated total market value of apartment properties in a particular market); | |
• | improve our portfolio by selling assets with lower projected returns and reinvesting those proceeds through the purchase of new assets or additional investment in existing assets in our portfolio, including increased ownership or redevelopment; and | |
• | provide financial leverage primarily by the use of non-recourse, long-dated, fixed-rate property debt and perpetual preferred equity. |
• | owned an equity interest in 219 conventional real estate properties with 68,972 units; | |
• | owned an equity interest in 228 affordable real estate properties with 26,540 units; and |
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• | provided services for or managed 27,182 units in 321 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 and Summary of Significant Accounting Policies |
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Consolidation | Deconsolidation | |||||||
Real estate, net | $ | 143,986 | $ | (86,151 | ) | |||
Cash and cash equivalents and restricted cash | 25,056 | (7,425 | ) | |||||
Accounts and notes receivable | (12,249 | ) | 6,002 | |||||
Investment in unconsolidated real estate partnerships | 31,579 | 11,302 | ||||||
Other assets | 3,870 | (1,084 | ) | |||||
Total assets | $ | 192,242 | $ | (77,356 | ) | |||
Total indebtedness | $ | 129,164 | $ | (56,938 | ) | |||
Accrued and other liabilities | 34,426 | (14,921 | ) | |||||
Total liabilities | 163,590 | (71,859 | ) | |||||
Cumulative effect of a change in accounting principle: | ||||||||
Noncontrolling interests | 59,276 | (8,501 | ) | |||||
The Partnership | (30,624 | ) | 3,004 | |||||
Total partners’ capital | 28,652 | (5,497 | ) | |||||
Total liabilities and partners’ capital | $ | 192,242 | $ | (77,356 | ) | |||
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2010 | ||||
Rental and other property revenues | $ | 32,216 | ||
Property operating expenses | (19,192 | ) | ||
Depreciation and amortization | (10,624 | ) | ||
Other expenses | (2,038 | ) | ||
Operating income | 362 | |||
Interest income | 33 | |||
Interest expense | (8,370 | ) | ||
Equity in losses of unconsolidated real estate partnerships | (17,895 | ) | ||
Gain on disposition of unconsolidated real estate and other | 7,360 | |||
Net loss | (18,510 | ) | ||
Net loss attributable to noncontrolling interests in consolidated real estate partnerships | 19,328 | |||
Net income attributable to the Partnership | $ | 818 | ||
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2011 | 2012 | 2013 | 2014 | 2015 | ||||||||||||||||
Estimated amortization | $ | 3.6 | $ | 3.2 | $ | 2.8 | $ | 2.5 | $ | 2.3 |
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Weighted | Year of | Weighted Average Swap | ||||||||||||||||||||
Year of Debt | Average Debt | Swap Notional | Swap | Variable Pay Rate at | ||||||||||||||||||
Debt Principal | Maturity | Interest Rate | Amount | Maturity | December 31, 2010 | |||||||||||||||||
$ | 29.2 | 2012 | 7.5 | % | $ | 29.2 | 2012 | 1.6 | % | |||||||||||||
24.0 | 2015 | 6.9 | % | 24.0 | 2012 | 1.1 | % | |||||||||||||||
93.0 | 2031 | 7.4 | % | 93.0 | 2012 | 1.1 | % | |||||||||||||||
106.1 | 2036 | 6.2 | % | 106.5 | 2012 | 2.2 | % | |||||||||||||||
12.1 | 2038 | 5.5 | % | 12.1 | 2012 | 1.0 | % | |||||||||||||||
12.5 | 2048 | 6.5 | % | 12.5 | 2012 | 1.0 | % | |||||||||||||||
$ | 276.9 | $ | 277.3 | |||||||||||||||||||
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Level 2 | Level 3 | |||||||||||||||
Changes in Fair | ||||||||||||||||
Value of Debt | ||||||||||||||||
Subject to Total | ||||||||||||||||
Interest Rate | Total Rate of | Rate of Return | ||||||||||||||
Swaps | Return Swaps | Swaps | Total | |||||||||||||
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 | ) | |||||
Unrealized gains (losses) included in earnings(1)(2) | (45 | ) | 4,765 | (4,765 | ) | (45 | ) | |||||||||
Realized gains (losses) included in earnings | — | — | — | — | ||||||||||||
Unrealized gains (losses) included in partners’ capital | (1,105 | ) | — | — | (1,105 | ) | ||||||||||
Fair value at December 31, 2010 | $ | (2,746 | ) | $ | (19,542 | ) | $ | 19,542 | $ | (2,746 | ) | |||||
(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 consolidated statements of operations. |
2010 | 2009 | |||||||||||||||
Fair Value | Fair Value | |||||||||||||||
Measurement | Gain (loss) | Measurement | Gain (loss) | |||||||||||||
Real estate (impairment losses)(1) | $ | 62,111 | $ | (12,043 | ) | $ | 425,345 | $ | (48,542 | ) | ||||||
Real estate (newly consolidated)(2) | 117,083 | 1,104 | 10,798 | — | ||||||||||||
Property debt (newly consolidated)(2) | 83,890 | — | 2,031 | — | ||||||||||||
Investment in Casden Properties LLC (Note 5) | — | — | 10,000 | (20,740 | ) |
(1) | During the year ended December 31, 2010 and 2009, we reduced the aggregate carrying amounts of $74.2 million and $473.9 million, respectively, 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 the then anticipated holding period. | |
(2) | In connection with our adoption of ASU2009-17 (see preceding discussion of Variable Interest Entities) and reconsideration events during the year ended December 31, 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 |
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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 year ended December 31, 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 year ended December 31, 2010. We recognized no similar gain as a result of our consolidation of partnerships during the year ended December 31, 2009. |
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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 |
2010 | 2009 | 2008 | ||||||||||
Real estate, net of accumulated depreciation | $ | 624,913 | $ | 95,226 | $ | 122,788 | ||||||
Total assets | 676,373 | 122,543 | 155,444 | |||||||||
Secured and other notes payable | 494,967 | 101,678 | 122,859 | |||||||||
Total liabilities | 726,480 | 145,637 | 175,681 | |||||||||
Partners’ deficit | (50,107 | ) | (23,094 | ) | (20,237 | ) | ||||||
Rental and other property revenues | 145,598 | 55,366 | 69,392 | |||||||||
Property operating expenses | (93,521 | ) | (34,497 | ) | (42,863 | ) | ||||||
Depreciation expense | (36,650 | ) | (10,302 | ) | (12,640 | ) | ||||||
Interest expense | (40,433 | ) | (11,103 | ) | (17,182 | ) | ||||||
(Impairment losses)/Gain on sale, net | (29,316 | ) | 8,482 | 5,391 | ||||||||
Net income (loss) | (58,274 | ) | 6,622 | 1,398 |
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NOTE 5 — | Notes Receivable |
2010 | 2009 | |||||||||||||||||||||||
Unconsolidated | Unconsolidated | |||||||||||||||||||||||
Real Estate | Non- | Real Estate | Non- | |||||||||||||||||||||
Partnerships | Affiliates | Total | Partnerships | Affiliates | Total | |||||||||||||||||||
Par value notes | $ | 10,821 | $ | 17,899 | $ | 28,720 | $ | 11,353 | $ | 20,862 | $ | 32,215 | ||||||||||||
Discounted notes | 980 | 145,888 | 146,868 | 5,095 | 141,468 | 146,563 | ||||||||||||||||||
Allowance for loan losses | (905 | ) | (37,061 | ) | (37,966 | ) | (2,153 | ) | (37,061 | ) | (39,214 | ) | ||||||||||||
Total notes receivable | $ | 10,896 | $ | 126,726 | $ | 137,622 | $ | 14,295 | $ | 125,269 | $ | 139,564 | ||||||||||||
Face value of discounted notes | $ | 31,755 | $ | 158,621 | $ | 190,376 | $ | 37,709 | $ | 155,848 | $ | 193,557 |
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Unconsolidated | ||||||||
Real Estate | ||||||||
Partnerships | Non-Affiliates | |||||||
Balance at December 31, 2008 | $ | (4,863 | ) | $ | (17,743 | ) | ||
Provisions for losses on notes receivable | (2,231 | ) | — | |||||
Recoveries of losses on notes receivable | — | 1,422 | ||||||
Provisions for impairment loss on investment in Casden Properties LLC | — | (20,740 | ) | |||||
Write offs charged against allowance | 4,367 | — | ||||||
Net reductions due to consolidation of real estate partnerships and property dispositions | 574 | — | ||||||
Balance at December 31, 2009 | $ | (2,153 | ) | $ | (37,061 | ) | ||
Provisions for losses on notes receivable | (304 | ) | (220 | ) | ||||
Recoveries of losses on notes receivable | 116 | — | ||||||
Write offs charged against allowance | 639 | 220 | ||||||
Net reductions due to consolidation of real estate partnerships and property dispositions | 797 | — | ||||||
Balance at December 31, 2010 | $ | (905 | ) | $ | (37,061 | ) | ||
2010 | 2009 | |||||||
Par value notes: | ||||||||
Allowance for losses recognized | $ | (796 | ) | $ | (1,158 | ) | ||
Carrying amounts of loans prior to impairments | 1,115 | 3,819 | ||||||
Average recorded investment in impaired loans | 1,255 | 7,589 | ||||||
Interest income recognized related to impaired loans | 75 | 84 | ||||||
Discounted notes: | ||||||||
Allowance for losses recognized | $ | (110 | ) | $ | (996 | ) | ||
Carrying amounts of loans prior to impairments | 110 | 1,580 | ||||||
Average recorded investment in impaired loans | 538 | 3,503 | ||||||
Interest income recognized related to impaired loans | — | — |
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NOTE 6 — | Non-Recourse Property Tax-Exempt Bond Financings, Non-Recourse Property Loans Payable and Other Borrowings |
Weighted Average | Principal | |||||||||||
Interest Rate | Outstanding | |||||||||||
2010 | 2010 | 2009 | ||||||||||
Fixed rate property tax-exempt bonds payable | 5.72 | % | $ | 140,111 | $ | 140,995 | ||||||
Variable rate property tax-exempt bonds payable | 1.29 | % | 374,395 | 433,931 | ||||||||
Total | $ | 514,506 | $ | 574,926 | ||||||||
Weighted Average | Principal | |||||||||||
Interest Rate | Outstanding | |||||||||||
2010 | 2010 | 2009 | ||||||||||
Fixed rate property notes payable | 5.90 | % | $ | 4,828,616 | $ | 4,648,003 | ||||||
Variable rate property notes payable | 2.86 | % | 73,852 | 75,685 | ||||||||
Secured notes credit facility | 1.04 | % | 13,554 | 13,554 | ||||||||
Total | $ | 4,916,022 | $ | 4,737,242 | ||||||||
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Amortization | Maturities | Total | ||||||||||
2011 | $ | 99,263 | $ | 188,829 | $ | 288,092 | ||||||
2012 | 100,903 | 447,878 | 548,781 | |||||||||
2013 | 99,968 | 329,310 | 429,278 | |||||||||
2014 | 86,284 | 375,505 | 461,789 | |||||||||
2015 | 82,815 | 394,649 | 477,464 | |||||||||
Thereafter | 3,272,142 | |||||||||||
$ | 5,477,546 | |||||||||||
NOTE 7 — | Credit Agreement and Term Loan |
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NOTE 8 — | Commitments and Contingencies |
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Operating | ||||||||
Lease | Sublease | |||||||
Obligations | Receivables | |||||||
2011 | $ | 6,334 | $ | 785 | ||||
2012 | 4,399 | 658 | ||||||
2013 | 1,381 | 205 | ||||||
2014 | 925 | — | ||||||
2015 | 511 | — | ||||||
Thereafter | 850 | — | ||||||
Total | $ | 14,400 | $ | 1,648 | ||||
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NOTE 9 — | Income Taxes |
2010 | 2009 | |||||||
Deferred tax liabilities: | ||||||||
Partnership differences | $ | 26,033 | $ | 32,565 | ||||
Depreciation | 1,212 | 2,474 | ||||||
Deferred revenue | 11,975 | 14,862 | ||||||
Total deferred tax liabilities | $ | 39,220 | $ | 49,901 | ||||
Deferred tax assets: | ||||||||
Net operating, capital and other loss carryforwards | $ | 41,511 | $ | 37,164 | ||||
Provision for impairments on real estate assets | 33,321 | 33,321 | ||||||
Receivables | 8,752 | 3,094 | ||||||
Accrued liabilities | 6,648 | 9,272 | ||||||
Accrued interest expense | 2,220 | — | ||||||
Intangibles — management contracts | 1,273 | 1,911 | ||||||
Tax credit carryforwards | 7,181 | 6,949 | ||||||
Equity compensation | 900 | 1,463 | ||||||
Other | 159 | 929 | ||||||
Total deferred tax assets | 101,965 | 94,103 | ||||||
Valuation allowance | (4,009 | ) | (2,187 | ) | ||||
Net deferred income tax assets | $ | 58,736 | $ | 42,015 | ||||
2010 | 2009 | 2008 | ||||||||||
Balance at January 1 | $ | 3,079 | $ | 3,080 | $ | 2,965 | ||||||
Additions based on tax positions related to prior years | 992 | — | 115 | |||||||||
Reductions based on tax positions related to prior years | — | (1 | ) | — | ||||||||
Balance at December 31 | $ | 4,071 | $ | 3,079 | $ | 3,080 | ||||||
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2010 | 2009 | 2008 | ||||||||||
Current: | ||||||||||||
Federal | $ | — | $ | (1,910 | ) | $ | 8,678 | |||||
State | 1,395 | 3,992 | 2,415 | |||||||||
Total current | 1,395 | 2,082 | 11,093 | |||||||||
Deferred: | ||||||||||||
Federal | (10,912 | ) | (17,320 | ) | (22,115 | ) | ||||||
State | (1,380 | ) | (3,988 | ) | (2,386 | ) | ||||||
Total deferred | (12,292 | ) | (21,308 | ) | (24,501 | ) | ||||||
Total benefit | $ | (10,897 | ) | $ | (19,226 | ) | $ | (13,408 | ) | |||
Classification: | ||||||||||||
Continuing operations | $ | (18,328 | ) | $ | (17,487 | ) | $ | (56,574 | ) | |||
Discontinued operations | $ | 7,431 | $ | (1,739 | ) | $ | 43,166 |
2010 | 2009 | 2008 | ||||||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||||||
Tax at U.S. statutory rates on consolidated loss subject to tax | $ | (17,622 | ) | 35.0 | % | $ | (14,221 | ) | 35.0 | % | $ | (28,632 | ) | 35.0 | % | |||||||||
State income tax, net of Federal tax benefit | 14 | — | (2,183 | ) | 5.4 | % | 29 | — | ||||||||||||||||
Effect of permanent differences | (673 | ) | 1.3 | % | 127 | (0.3 | )% | 215 | (0.3 | )% | ||||||||||||||
Tax effect of intercompany transfers of assets between the REIT and taxable subsidiaries(1) | 5,694 | (11.3 | )% | (4,759 | ) | 11.7 | % | 15,059 | (18.4 | )% | ||||||||||||||
Write-off of excess tax basis | (132 | ) | 0.3 | % | (377 | ) | 0.9 | % | (79 | ) | 0.1 | % | ||||||||||||
Increase in valuation allowance | 1,822 | (3.6 | )% | 2,187 | (5.4 | )% | — | — | ||||||||||||||||
$ | (10,897 | ) | 21.7 | % | $ | (19,226 | ) | 47.3 | % | $ | (13,408 | ) | 16.4 | % | ||||||||||
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(1) | Includes the effect of assets contributed by us to taxable subsidiaries, for which deferred tax expense or benefit was recognized upon the sale or impairment of the asset by the taxable subsidiary. |
NOTE 10 — | Notes Receivable from Aimco |
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NOTE 11 — | Partners’ Capital and Redeemable Preferred Units |
Annual | ||||||||||||||||
Distribution | ||||||||||||||||
Rate per Unit | Balance | |||||||||||||||
Redemption | (Paid | December 31, | ||||||||||||||
Perpetual: | Date(1) | Quarterly) | 2010 | 2009 | ||||||||||||
Class G Partnership Preferred Units, $0.01 par value, 4,050,000 units authorized, zero and 4,050,000 units issued and outstanding, respectively(2) | 07/15/2008 | 9.375 | % | $ | — | $ | 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, 12,000,000 and 8,000,000 units authorized, 12,000,000 and 8,000,000 units issued and outstanding, respectively | 03/24/2009 | 7.750 | % | 298,101 | 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 Unit, $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, 114 and 134 units issued and outstanding, respectively(3) | 06/30/2011 | (3 | ) | 57,000 | 67,000 | |||||||||||
Total | 677,601 | 690,500 | ||||||||||||||
Less preferred units subject to repurchase agreement(4) | (20,000 | ) | (30,000 | ) | ||||||||||||
Total | $ | 657,601 | $ | 660,500 | ||||||||||||
(1) | All classes of preferred units are redeemable by the Partnership only in connection with a concurrent redemption by Aimco of the corresponding Aimco preferred stock 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) | Outstanding units at December 31, 2009, included 10,000 units held by a consolidated subsidiary that were eliminated in consolidation. | |
(3) | The Series A Community Reinvestment Act Perpetual Partnership Preferred Units, or the CRA Preferred Units, have substantially the same terms as Aimco’s Series A Community Reinvestment Act Perpetual Preferred Stock, or 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, 2010 and 2009 was 1.54%. Upon liquidation, holders of the CRA Preferred Units are entitled to a preference of $500,000 per unit, plus an amount |
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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 unit 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 May 2010 and June 2009, Aimco repurchased 20 shares and 12 shares, or $10.0 million and $6.0 million in liquidation preference, respectively, of CRA Preferred Stock for $7.0 million and $4.2 million, respectively. Concurrent with Aimco’s repurchases, we repurchased from Aimco an equivalent number of our CRA Preferred Units. The holder of the CRA Preferred Stock may require Aimco to repurchase an additional 40 shares, or $20.0 million in liquidation preference, of CRA Preferred Stock over the next two years, for $14.0 million. If required, these additional repurchases will be for up to $10.0 million in liquidation preference in May 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 shares of CRA Preferred Stock pursuant to this agreement and our obligation to purchase from Aimco a corresponding number of our CRA Preferred Units, $20.0 million and $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 sheets at December 31, 2010 and 2009, respectively. |
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Redeemable Preferred OP Units: | 2010 | 2009 | ||||||
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 | $ | 8,229 | ||||
Class Two Partnership Preferred Units, 19,364 and 23,700 units issued and outstanding, redeemable at the holders option one year following issuance, holders to receive distributions at 1.84% ($.46 per annum per unit) | 484 | 593 | ||||||
Class Three Partnership Preferred Units, 1,366,771 and 1,371,451 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) | 34,169 | 34,286 | ||||||
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, zero and 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) | — | 2,747 | ||||||
Class Six Partnership Preferred Units, 796,668 and 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) | 19,917 | 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 7.87% ($1.968 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 | $ | 82,554 | $ | 85,671 | ||||
(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 2010 and 2009. | |
(2) | Purchased from the holder in exchange for cash and other consideration during 2010. |
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2010 | 2009 | 2008 | ||||||||||
Balance at January 1 | $ | 116,656 | $ | 88,148 | $ | — | ||||||
Net income attributable to redeemable preferred units | 4,964 | 6,288 | — | |||||||||
Distributions to preferred units | (6,730 | ) | (6,806 | ) | — | |||||||
Purchases of preferred units | (11,462 | ) | (1,725 | ) | — | |||||||
Reclassification of redeemable preferred units from partners’ capital | — | 30,000 | 88,148 | |||||||||
Other | — | 751 | — | |||||||||
Balance at December 31 | $ | 103,428 | $ | 116,656 | $ | 88,148 | ||||||
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2010 | 2009 | 2008 | ||||||||||||||||||||||
Amount | Total | Amount | Total | Amount | Total | |||||||||||||||||||
Class of Preferred | per | Amount | per | Amount | per | Amount | ||||||||||||||||||
OP Units | Unit(1) | Paid | Unit(1) | Paid | Unit(1) | Paid | ||||||||||||||||||
Class G | $ | 2.30 | $ | 9,334 | $ | 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 | 17,438 | (2) | 1.94 | 15,500 | 1.94 | 15,500 | |||||||||||||||||
Class V | 2.00 | 6,900 | 2.00 | 6,900 | 2.00 | 6,900 | ||||||||||||||||||
Class Y | 1.97 | 6,792 | 1.97 | 6,792 | 1.97 | 6,792 | ||||||||||||||||||
Series A CRA | 8,169.00 | (3) | 971 | 10,841.00 | (4) | 1,531 | 24,381.00 | (5) | 4,531 | |||||||||||||||
Class One | 8.00 | 720 | 8.00 | 720 | 8.00 | 720 | ||||||||||||||||||
Class Two | 0.99 | 19 | 1.80 | 43 | 1.52 | 67 | ||||||||||||||||||
Class Three | 1.97 | 2,693 | 1.99 | 2,733 | 2.01 | 2,856 | ||||||||||||||||||
Class Four | 2.00 | 1,512 | 2.00 | 1,512 | 2.00 | 1,512 | ||||||||||||||||||
Class Five | 0.30 | 21 | 2.38 | 163 | 7.91 | 543 | ||||||||||||||||||
Class Six | 2.13 | 1,696 | 2.13 | 1,705 | 2.12 | 1,705 | ||||||||||||||||||
Class Seven | 2.38 | 66 | 2.38 | 66 | 2.36 | 66 | ||||||||||||||||||
Class Eight | 0.40 | 3 | 2.38 | 15 | 7.91 | 49 | ||||||||||||||||||
Total | $ | 60,165 | $ | 59,172 | $ | 62,733 | ||||||||||||||||||
(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) | Amount paid includes $1.3 million related to the two months prior purchase of the 4,000,000 units sold in September 2010, which amount was prepaid by the purchaser in connection with the sale. | |
(3) | Amount per unit based on 114 units outstanding for the entire period. 20 units were repurchased in May 2010 and the holders of these units received $1,980 per unit in dividends through the date of purchase. | |
(4) | Amount per unit based on 134 units outstanding for the entire period. 12 units were repurchased in June 2009 and the holders of these units received $6,509 per unit in dividends through the date of purchase. | |
(5) | Amount per unit based on 146 units outstanding for the entire period. 54 units were repurchased in September 2008 and the holders of these units received $17,980 per unit in dividends through the date of purchase. |
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January 2009 | December 2008 | August 2008 | January 2008 | |||||||||||||
Special | Special | Special | Special | |||||||||||||
Aimco Operating Partnership 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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2010 | 2009 | 2008 | ||||||||||
Weighted average grant-date fair value | $ | 9.27 | $ | 2.47 | $ | 4.34 | ||||||
Assumptions: | ||||||||||||
Risk-free interest rate | 3.14 | % | 2.26 | % | 3.12 | % | ||||||
Expected dividend yield | 2.90 | % | 8.00 | % | 6.02 | % | ||||||
Expected volatility | 52.16 | % | 45.64 | % | 24.02 | % | ||||||
Weighted average expected life of options | 7.8 years | 6.9 years | 6.5 years |
2010 | 2009(1) | 2008(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 | 8,873 | $ | 28.22 | 10,344 | $ | 31.01 | 8,555 | $ | 39.57 | |||||||||||||||
Granted | 3 | 21.67 | 965 | 8.92 | 980 | 39.77 | ||||||||||||||||||
Exercised | (202 | ) | 8.92 | — | — | (14 | ) | 37.45 | ||||||||||||||||
Forfeited | (1,514 | ) | 28.73 | (2,436 | ) | 32.03 | (1,423 | ) | 38.75 | |||||||||||||||
Adjustment to outstanding options pursuant to special dividends | — | n/a | — | n/a | 2,246 | n/a | ||||||||||||||||||
Outstanding at end of year | 7,160 | $ | 28.65 | 8,873 | $ | 28.22 | 10,344 | $ | 31.01 | |||||||||||||||
Exercisable at end of year | 5,869 | $ | 30.18 | 6,840 | $ | 29.65 | 7,221 | $ | 29.51 |
(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, exercised 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 year reflect the adjustments 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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2010 | 2009 | 2008 | ||||||||||||||||||||||
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 | 458 | $ | 26.73 | 893 | $ | 40.33 | 960 | $ | 46.08 | |||||||||||||||
Granted | 381 | 16.72 | 378 | 8.92 | 248 | 39.85 | ||||||||||||||||||
Vested | (261 | ) | 27.56 | (418 | ) | 32.83 | (377 | ) | 43.45 | |||||||||||||||
Forfeited | (34 | ) | 26.11 | (533 | ) | 27.66 | (128 | ) | 46.85 | |||||||||||||||
Issued pursuant to special dividends(1) | — | — | 138 | 9.58 | 190 | 22.51 | ||||||||||||||||||
Unvested at end of year | 544 | $ | 19.36 | 458 | $ | 26.73 | 893 | $ | 40.33 | |||||||||||||||
(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’s 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. |
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NOTE 13 — | Discontinued Operations and Assets Held for Sale |
December 31, | December 31, | |||||||
2010 | 2009 | |||||||
Real estate, net | $ | 43,506 | $ | 324,020 | ||||
Other assets | 666 | 5,268 | ||||||
Assets held for sale | $ | 44,172 | $ | 329,288 | ||||
Property debt | $ | 27,255 | $ | 264,262 | ||||
Other liabilities | 466 | 6,967 | ||||||
Liabilities related to assets held for sale | $ | 27,721 | $ | 271,229 | ||||
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2010 | 2009 | 2008 | ||||||||||
Rental and other property revenues | $ | 54,851 | $ | 227,757 | $ | 538,149 | ||||||
Property operating and other expenses | (30,241 | ) | (126,829 | ) | (279,931 | ) | ||||||
Depreciation and amortization | (15,008 | ) | (70,655 | ) | (141,686 | ) | ||||||
Provision for operating real estate impairment losses | (12,674 | ) | (54,530 | ) | (27,420 | ) | ||||||
Operating (loss) income | (3,072 | ) | (24,257 | ) | 89,112 | |||||||
Interest income | 283 | 373 | 2,186 | |||||||||
Interest expense | (8,857 | ) | (43,204 | ) | (103,133 | ) | ||||||
Gain on extinguishment of debt | — | 259 | — | |||||||||
Loss before gain on dispositions of real estate and income taxes | (11,646 | ) | (66,829 | ) | (11,835 | ) | ||||||
Gain on dispositions of real estate | 94,901 | 221,770 | 800,270 | |||||||||
Income tax (expense) benefit | (7,431 | ) | 1,739 | (43,166 | ) | |||||||
Income from discontinued operations, net | $ | 75,824 | $ | 156,680 | $ | 745,269 | ||||||
Income from discontinued operation attributable to: | ||||||||||||
Noncontrolling interests in consolidated real estate partnerships | (26,969 | ) | $ | (61,374 | ) | $ | (150,086 | ) | ||||
The Partnership | $ | 48,855 | $ | 95,306 | $ | 595,183 | ||||||
NOTE 14 — | Earnings per Unit |
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2010 | 2009 | 2008 | ||||||||||
Numerator: | ||||||||||||
Loss from continuing operations | $ | (164,589 | ) | $ | (200,660 | ) | $ | (117,481 | ) | |||
Loss (income) from continuing operations attributable to noncontrolling interests | 40,270 | 38,932 | (5,663 | ) | ||||||||
Income attributable to the Partnership’s preferred unitholders | (58,554 | ) | (56,854 | ) | (61,354 | ) | ||||||
Income attributable to participating securities | — | — | (6,985 | ) | ||||||||
Loss from continuing operations attributable to the Partnership’s common unitholders | $ | (182,873 | ) | $ | (218,582 | ) | $ | (191,483 | ) | |||
Income from discontinued operations | $ | 75,824 | $ | 156,680 | $ | 745,269 | ||||||
Income from discontinued operations attributable to noncontrolling interests | (26,969 | ) | (61,374 | ) | (150,086 | ) | ||||||
Income from discontinued operations attributable to the Partnership’s common unitholders | $ | 48,855 | $ | 95,306 | $ | 595,183 | ||||||
Net (loss) income | $ | (88,765 | ) | $ | (43,980 | ) | $ | 627,788 | ||||
Net loss (income) attributable to noncontrolling interests | 13,301 | (22,442 | ) | (155,749 | ) | |||||||
Income attributable to the Partnership’s preferred unitholders | (58,554 | ) | (56,854 | ) | (61,354 | ) | ||||||
Income attributable to participating securities | — | — | (6,985 | ) | ||||||||
Net (loss) income attributable to the Partnership’s common unitholders | $ | (134,018 | ) | $ | (123,276 | ) | $ | 403,700 | ||||
Denominator: | ||||||||||||
Denominator for basic earnings per unit — weighted average number of common units outstanding Common OP Units | 122,407 | 120,836 | 95,881 | |||||||||
High Performance Units | 2,340 | 2,344 | 2,368 | |||||||||
Total common units | 124,747 | 123,180 | 98,249 | |||||||||
Effect of dilutive securities: | ||||||||||||
Dilutive potential common units | — | — | — | |||||||||
Denominator for diluted earnings per unit | 124,747 | 123,180 | 98,249 | |||||||||
Earnings (loss) per common unit — basic and diluted: | ||||||||||||
Loss from continuing operations attributable to the Partnership’s common unitholders | $ | (1.46 | ) | $ | (1.77 | ) | $ | (1.95 | ) | |||
Income from discontinued operations attributable to the Partnership’s common unitholders | 0.39 | 0.77 | 6.06 | |||||||||
Net (loss) income attributable to the Partnership’s common unitholders | $ | (1.07 | ) | $ | (1.00 | ) | $ | 4.11 | ||||
Distributions declared per common unit | $ | 0.30 | $ | 0.40 | $ | 7.48 | ||||||
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NOTE 15 — | Unaudited Summarized Consolidated Quarterly Information |
Quarter(1) | ||||||||||||||||
2010 | First | Second | Third | Fourth | ||||||||||||
Total revenues | $ | 276,825 | $ | 282,068 | $ | 283,268 | $ | 290,317 | ||||||||
Total operating expenses | (253,071 | ) | (246,726 | ) | (246,657 | ) | (256,485 | ) | ||||||||
Operating income | 23,754 | 35,342 | 36,611 | 33,832 | ||||||||||||
Loss from continuing operations | (36,720 | ) | (38,648 | ) | (47,812 | ) | (41,409 | ) | ||||||||
Income from discontinued operations, net | 20,172 | 28,692 | 19,546 | 7,414 | ||||||||||||
Net loss | (16,548 | ) | (9,956 | ) | (28,266 | ) | (33,995 | ) | ||||||||
Loss attributable to the Partnership’s common unitholders | (43,297 | ) | (19,093 | ) | (30,547 | ) | (41,125 | ) | ||||||||
Loss per common unit — basic and diluted: | ||||||||||||||||
Loss from continuing operations attributable to the Partnership’s common unitholders | $ | (0.43 | ) | $ | (0.33 | ) | $ | (0.36 | ) | $ | (0.34 | ) | ||||
Net loss attributable to the Partnership’s common unitholders | $ | (0.35 | ) | $ | (0.15 | ) | $ | (0.25 | ) | $ | (0.32 | ) | ||||
Weighted average common units outstanding — basic and diluted | 124,400 | 124,663 | 124,739 | 125,183 |
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Quarter(1) | ||||||||||||||||
2009 | First | Second | Third | Fourth | ||||||||||||
Total revenues | $ | 278,613 | $ | 280,378 | $ | 277,658 | $ | 284,169 | ||||||||
Total operating expenses | (250,445 | ) | (252,285 | ) | (260,825 | ) | (262,379 | ) | ||||||||
Operating income | 28,168 | 28,093 | 16,833 | 21,790 | ||||||||||||
Loss from continuing operations | (34,606 | ) | (47,380 | ) | (55,395 | ) | (63,279 | ) | ||||||||
Income from discontinued operations, net | 2,238 | 39,957 | 46,044 | 68,441 | ||||||||||||
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 | ) | $ | (0.41 | ) | $ | (0.47 | ) | $ | (0.57 | ) | ||||
Net loss attributable to the Partnership’s common unitholders | $ | (0.34 | ) | $ | (0.26 | ) | $ | (0.35 | ) | $ | (0.05 | ) | ||||
Weighted average common units outstanding — basic and diluted | 119,661 | 124,333 | 124,376 | 124,351 |
(1) | Certain reclassifications have been made to 2010 and 2009 quarterly amounts related to treatment of discontinued operations for properties sold or classified as held for sale through March 31, 2011. |
NOTE 16 — | Transactions with Affiliates |
NOTE 17 — | Business Segments |
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Corporate and | ||||||||||||||||||||
Conventional | Affordable | Amounts Not | ||||||||||||||||||
Real Estate | Real Estate | Proportionate | Allocated to | |||||||||||||||||
Operations | Operations | Adjustments(1) | Segments | Consolidated | ||||||||||||||||
Year Ended December 31, 2010: | ||||||||||||||||||||
Rental and other property revenues(2) | $ | 822,596 | $ | 127,909 | $ | 143,561 | $ | 2,859 | $ | 1,096,925 | ||||||||||
Asset management and tax credit revenues | — | — | — | 35,553 | 35,553 | |||||||||||||||
Total revenues | 822,596 | 127,909 | 143,561 | 38,412 | 1,132,478 | |||||||||||||||
Property operating expenses(2) | 321,236 | 57,248 | 66,450 | 57,846 | 502,780 | |||||||||||||||
Asset management and tax credit expenses | — | — | — | 14,487 | 14,487 | |||||||||||||||
Depreciation and amortization(2) | — | — | — | 421,825 | 421,825 | |||||||||||||||
Provision for operating real estate impairment losses(2) | — | — | — | 352 | 352 | |||||||||||||||
General and administrative expenses | — | — | — | 53,365 | 53,365 | |||||||||||||||
Other expenses, net | — | — | — | 10,130 | 10,130 | |||||||||||||||
Total operating expenses | 321,236 | 57,248 | 66,450 | 558,005 | 1,002,939 | |||||||||||||||
Net operating income (loss) | 501,360 | 70,661 | 77,111 | (519,593 | ) | 129,539 | ||||||||||||||
Other items included in continuing operations | — | — | — | (294,128 | ) | (294,128 | ) | |||||||||||||
Income (loss) from continuing operations | $ | 501,360 | $ | 70,661 | $ | 77,111 | $ | (813,721 | ) | $ | (164,589 | ) | ||||||||
Year Ended December 31, 2009: | ||||||||||||||||||||
Rental and other property revenues(2) | $ | 816,736 | $ | 124,150 | $ | 124,997 | $ | 5,082 | $ | 1,070,965 | ||||||||||
Asset management and tax credit revenues | — | — | — | 49,853 | 49,853 | |||||||||||||||
Total revenues | 816,736 | 124,150 | 124,997 | 54,935 | 1,120,818 | |||||||||||||||
Property operating expenses(2) | 324,234 | 57,591 | 57,828 | 60,906 | 500,559 | |||||||||||||||
Asset management and tax credit expenses | — | — | — | 15,779 | 15,779 | |||||||||||||||
Depreciation and amortization(2) | — | — | — | 424,913 | 424,913 | |||||||||||||||
Provision for operating real estate impairment losses(2) | — | — | — | 2,329 | 2,329 | |||||||||||||||
General and administrative expenses | — | — | — | 56,640 | 56,640 | |||||||||||||||
Other expenses, net | — | — | — | 14,473 | 14,473 | |||||||||||||||
Restructuring costs | — | — | — | 11,241 | 11,241 | |||||||||||||||
Total operating expenses | 324,234 | 57,591 | 57,828 | 586,281 | 1,025,934 | |||||||||||||||
Net operating income (loss) | 492,502 | 66,559 | 67,169 | (531,346 | ) | 94,884 | ||||||||||||||
Other items included in continuing operations | — | — | — | (295,544 | ) | (295,544 | ) | |||||||||||||
Income (loss) from continuing operations | $ | 492,502 | $ | 66,559 | $ | 67,169 | $ | (826,890 | ) | $ | (200,660 | ) | ||||||||
Year Ended December 31, 2008: | ||||||||||||||||||||
Rental and other property revenues(2) | $ | 819,059 | $ | 119,273 | $ | 124,746 | $ | 6,345 | $ | 1,069,423 | ||||||||||
Asset management and tax credit revenues | — | — | — | 98,830 | 98,830 | |||||||||||||||
Total revenues | 819,059 | 119,273 | 124,746 | 105,175 | 1,168,253 | |||||||||||||||
Property operating expenses(2) | 320,217 | 57,515 | 57,625 | 77,740 | 513,097 | |||||||||||||||
Asset management and tax credit expenses | — | — | — | 24,784 | 24,784 | |||||||||||||||
Depreciation and amortization(2) | — | — | — | 373,862 | 373,862 | |||||||||||||||
Provision for impairment losses on real estate development assets | — | — | — | 91,138 | 91,138 | |||||||||||||||
General and administrative expenses | — | — | — | 80,376 | 80,376 | |||||||||||||||
Other expenses, net | — | — | — | 21,259 | 21,259 | |||||||||||||||
Restructuring costs | — | — | — | 22,802 | 22,802 | |||||||||||||||
Total operating expenses | 320,217 | 57,515 | 57,625 | 691,961 | 1,127,318 | |||||||||||||||
Net operating income (loss) | 498,842 | 61,758 | 67,121 | (586,786 | ) | 40,935 | ||||||||||||||
Other items included in continuing operations | — | — | — | (158,416 | ) | (158,416 | ) | |||||||||||||
Income (loss) from continuing operations | $ | 498,842 | $ | 61,758 | $ | 67,121 | $ | (745,202 | ) | $ | (117,481 | ) | ||||||||
(1) | Represents adjustments for the noncontrolling interests in consolidated real estate partnerships’ share of the results of our consolidated properties, which are excluded from our measurement of segment performance but |
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included in the related consolidated amounts, and our share of the results of operations of our unconsolidated real estate partnerships, which are included in our measurement of segment performance but excluded from the related consolidated amounts. | ||
(2) | Our chief operating decision maker assesses the performance of our conventional and affordable real estate operations using, among other measures, proportionate property net operating income, which excludes depreciation and amortization, provision for operating real estate impairment losses, property management revenues (which are included in rental and other property revenues) and property management expenses and casualty gains and losses (which are included in property operating expenses). Accordingly, we do not allocate these amounts to our segments. |
2010 | 2009 | |||||||
Conventional | $ | 5,492,942 | $ | 5,647,697 | ||||
Affordable | 886,874 | 966,703 | ||||||
Proportionate adjustments(1) | 555,079 | 463,767 | ||||||
Corporate and other assets | 460,201 | 843,972 | ||||||
Total consolidated assets | $ | 7,395,096 | $ | 7,922,139 | ||||
(1) | Proportionate adjustments for the noncontrolling interests in consolidated real estate partnerships’ share of the assets of our consolidated properties, which are excluded from our measurement of segment financial condition, and our share of the assets of our unconsolidated real estate partnerships, which are included in our measure of segment financial condition. |
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SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2010
(In Thousands Except Unit Data)
(2) | (3) | |||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Initial Cost | Cost Capitalized | December 31, 2010 | |||||||||||||||||||||||||||||||||||||||||||||||
Property | Date | Year | Number | Buildings and | Subsequent to | Buildings and | (4) | Accumulated | Total Cost | |||||||||||||||||||||||||||||||||||||||||
Property Name | Type | Consolidated | Location | Built | of Units | Land | Improvements | Consolidation | Land | Improvements | Total | Depreciation (AD) | Net of AD | Encumbrances | ||||||||||||||||||||||||||||||||||||
Conventional Properties: | ||||||||||||||||||||||||||||||||||||||||||||||||||
100 Forest Place | High Rise | Dec-97 | Oak Park, IL | 1987 | 234 | $ | 2,664 | $ | 18,815 | $ | 5,790 | $ | 2,664 | $ | 24,605 | $ | 27,269 | $ | (9,484 | ) | $ | 17,785 | $ | 27,347 | ||||||||||||||||||||||||||
1582 First Avenue | High Rise | Mar-05 | New York, NY | 1900 | 17 | 4,250 | 752 | 256 | 4,281 | 977 | 5,258 | (308 | ) | 4,950 | 2,639 | |||||||||||||||||||||||||||||||||||
173 E. 90th Street | High Rise | May-04 | New York, NY | 1910 | 72 | 11,773 | 4,535 | 2,369 | 12,067 | 6,610 | 18,677 | (1,598 | ) | 17,079 | 8,481 | |||||||||||||||||||||||||||||||||||
182-188 Columbus Avenue | Mid Rise | Feb-07 | New York, NY | 1910 | 32 | 17,187 | 3,300 | 4,066 | 19,123 | 5,430 | 24,553 | (1,266 | ) | 23,287 | 13,471 | |||||||||||||||||||||||||||||||||||
204-206 West 133rd Street | Mid Rise | Jun-07 | New York, NY | 1910 | 44 | 3,291 | 1,450 | 2,023 | 4,352 | 2,412 | 6,764 | (441 | ) | 6,323 | 3,132 | |||||||||||||||||||||||||||||||||||
2232-2240 Seventh Avenue | Mid Rise | Jun-07 | New York, NY | 1910 | 24 | 2,863 | 3,785 | 1,530 | 3,366 | 4,812 | 8,178 | (743 | ) | 7,435 | 2,973 | |||||||||||||||||||||||||||||||||||
2247-2253 Seventh Avenue | Mid Rise | Jun-07 | New York, NY | 1910 | 35 | 6,787 | 3,335 | 1,775 | 7,356 | 4,541 | 11,897 | (848 | ) | 11,049 | 5,483 | |||||||||||||||||||||||||||||||||||
2252-2258 Seventh Avenue | Mid Rise | Jun-07 | New York, NY | 1910 | 35 | 3,623 | 4,504 | 1,914 | 4,318 | 5,723 | 10,041 | (1,027 | ) | 9,014 | 5,125 | |||||||||||||||||||||||||||||||||||
2300-2310 Seventh Avenue | Mid Rise | Jun-07 | New York, NY | 1910 | 63 | 8,623 | 6,964 | 5,618 | 10,417 | 10,788 | 21,205 | (2,073 | ) | 19,132 | 9,896 | |||||||||||||||||||||||||||||||||||
236-238 East 88th Street | High Rise | Jan-04 | New York, NY | 1900 | 43 | 8,751 | 2,914 | 1,353 | 8,820 | 4,198 | 13,018 | (1,360 | ) | 11,658 | 6,736 | |||||||||||||||||||||||||||||||||||
237-239 Ninth Avenue | High Rise | Mar-05 | New York, NY | 1900 | 36 | 8,430 | 1,866 | 775 | 8,494 | 2,577 | 11,071 | (775 | ) | 10,296 | 5,165 | |||||||||||||||||||||||||||||||||||
240 West 73rd Street, LLC | High Rise | Sep-04 | New York, NY | 1900 | 200 | 68,006 | 12,140 | 4,131 | 68,109 | 16,168 | 84,277 | (3,626 | ) | 80,651 | 29,668 | |||||||||||||||||||||||||||||||||||
2484 Seventh Avenue | Mid Rise | Jun-07 | New York, NY | 1921 | 23 | 2,384 | 1,726 | 497 | 2,601 | 2,006 | 4,607 | (340 | ) | 4,267 | 2,472 | |||||||||||||||||||||||||||||||||||
2900 on First Apartments | Mid Rise | Oct-08 | Seattle, WA | 1989 | 135 | 19,015 | 17,518 | 613 | 19,071 | 18,075 | 37,146 | (1,546 | ) | 35,600 | 20,400 | |||||||||||||||||||||||||||||||||||
306 East 89th Street | High Rise | Jul-04 | New York, NY | 1930 | 20 | 2,659 | 1,006 | 168 | 2,681 | 1,152 | 3,833 | (405 | ) | 3,428 | 1,885 | |||||||||||||||||||||||||||||||||||
311 & 313 East 73rd Street | Mid Rise | Mar-03 | New York, NY | 1904 | 34 | 5,635 | 1,609 | 552 | 5,678 | 2,118 | 7,796 | (1,088 | ) | 6,708 | 2,703 | |||||||||||||||||||||||||||||||||||
322-324 East 61st Street | High Rise | Mar-05 | New York, NY | 1900 | 40 | 6,319 | 2,224 | 729 | 6,372 | 2,900 | 9,272 | (881 | ) | 8,391 | 3,627 | |||||||||||||||||||||||||||||||||||
3400 Avenue of the Arts | Mid Rise | Mar-02 | Costa Mesa, CA | 1987 | 770 | 55,223 | 65,506 | 73,569 | 57,240 | 137,058 | 194,298 | (43,291 | ) | 151,007 | 118,280 | |||||||||||||||||||||||||||||||||||
452 East 78th Street | High Rise | Jan-04 | New York, NY | 1900 | 12 | 1,966 | 608 | 285 | 1,982 | 877 | 2,859 | (289 | ) | 2,570 | 1,567 | |||||||||||||||||||||||||||||||||||
464-466 Amsterdam &200-210 W. 83rd Street | Mid Rise | Feb-07 | New York, NY | 1910 | 72 | 23,677 | 7,101 | 4,367 | 25,552 | 9,593 | 35,145 | (1,755 | ) | 33,390 | 19,679 | |||||||||||||||||||||||||||||||||||
510 East 88th Street | High Rise | Jan-04 | New York, NY | 1900 | 20 | 3,137 | 1,002 | 287 | 3,163 | 1,263 | 4,426 | (359 | ) | 4,067 | 2,579 | |||||||||||||||||||||||||||||||||||
514-516 East 88th Street | High Rise | Mar-05 | New York, NY | 1900 | 36 | 6,230 | 2,168 | 569 | 6,282 | 2,685 | 8,967 | (765 | ) | 8,202 | 4,553 | |||||||||||||||||||||||||||||||||||
656 St. Nicholas Avenue | Mid Rise | Jun-07 | New York, NY | 1920 | 31 | 2,731 | 1,636 | 2,823 | 3,576 | 3,614 | 7,190 | (739 | ) | 6,451 | 2,375 | |||||||||||||||||||||||||||||||||||
707 Leahy | Garden | Apr-07 | Redwood City, CA | 1973 | 111 | 15,352 | 7,909 | 4,407 | 15,444 | 12,224 | 27,668 | (2,269 | ) | 25,399 | 14,983 | |||||||||||||||||||||||||||||||||||
759 St. Nicholas Avenue | Mid Rise | Oct-07 | New York, NY | 1920 | 9 | 682 | 535 | 683 | 1,013 | 887 | 1,900 | (138 | ) | 1,762 | 545 | |||||||||||||||||||||||||||||||||||
865 Bellevue | Garden | Jul-00 | Nashville, TN | 1972 | 326 | 3,558 | 12,037 | 27,236 | 3,558 | 39,273 | 42,831 | (15,414 | ) | 27,417 | 18,951 | |||||||||||||||||||||||||||||||||||
Arbors, The | Garden | Oct-97 | Tempe, AZ | 1967 | 200 | 1,092 | 6,208 | 3,378 | 1,092 | 9,586 | 10,678 | (4,505 | ) | 6,173 | 6,655 | |||||||||||||||||||||||||||||||||||
Arbours Of Hermitage, The | Garden | Jul-00 | Hermitage, TN | 1972 | 350 | 3,217 | 12,023 | 7,326 | 3,217 | 19,349 | 22,566 | (8,540 | ) | 14,026 | 10,059 | |||||||||||||||||||||||||||||||||||
Auburn Glen | Garden | Dec-06 | Jacksonville, FL | 1974 | 251 | 7,483 | 8,191 | 3,441 | 7,670 | 11,445 | 19,115 | (2,767 | ) | 16,348 | 9,765 | |||||||||||||||||||||||||||||||||||
BaLaye | Garden | Apr-06 | Tampa, FL | 2002 | 324 | 10,329 | 28,800 | 1,261 | 10,608 | 29,782 | 40,390 | (5,202 | ) | 35,188 | 22,658 | |||||||||||||||||||||||||||||||||||
Bank Lofts | High Rise | Apr-01 | Denver, CO | 1920 | 117 | 3,525 | 9,045 | 1,786 | 3,525 | 10,831 | 14,356 | (5,080 | ) | 9,276 | 7,138 | |||||||||||||||||||||||||||||||||||
Bay Parc Plaza | High Rise | Sep-04 | Miami, FL | 2000 | 471 | 22,680 | 41,847 | 4,346 | 22,680 | 46,193 | 68,873 | (8,063 | ) | 60,810 | 45,835 | |||||||||||||||||||||||||||||||||||
Bay Ridge at Nashua | Garden | Jan-03 | Nashua, NH | 1984 | 412 | 3,352 | 40,713 | 7,031 | 3,262 | 47,834 | 51,096 | (12,617 | ) | 38,479 | 40,337 | |||||||||||||||||||||||||||||||||||
Bayberry Hill Estates | Garden | Aug-02 | Framingham, MA | 1971 | 424 | 18,915 | 35,945 | 11,382 | 18,916 | 47,326 | 66,242 | (16,011 | ) | 50,231 | 34,820 | |||||||||||||||||||||||||||||||||||
Boston Lofts | High Rise | Apr-01 | Denver, CO | 1890 | 158 | 3,447 | 20,589 | 3,304 | 3,447 | 23,893 | 27,340 | (10,686 | ) | 16,654 | 14,582 | |||||||||||||||||||||||||||||||||||
Boulder Creek | Garden | Jul-94 | Boulder, CO | 1973 | 221 | 755 | 7,730 | 17,237 | 755 | 24,967 | 25,722 | (12,807 | ) | 12,915 | 11,311 | |||||||||||||||||||||||||||||||||||
Brandywine | Garden | Jul-94 | St. Petersburg, FL | 1972 | 477 | 1,437 | 12,725 | 9,193 | 1,437 | 21,918 | 23,355 | (14,848 | ) | 8,507 | 20,838 | |||||||||||||||||||||||||||||||||||
Breakers, The | Garden | Oct-98 | Daytona Beach, FL | 1985 | 208 | 1,008 | 5,507 | 3,349 | 1,008 | 8,856 | 9,864 | (4,261 | ) | 5,603 | 6,207 | |||||||||||||||||||||||||||||||||||
Broadcast Center | Garden | Mar-02 | Los Angeles, CA | 1990 | 279 | 27,603 | 41,244 | 29,464 | 29,407 | 68,904 | 98,311 | (20,934 | ) | 77,377 | 55,875 | |||||||||||||||||||||||||||||||||||
Buena Vista | Mid Rise | Jan-06 | Pasadena, CA | 1973 | 92 | 9,693 | 6,818 | 1,178 | 9,693 | 7,996 | 17,689 | (1,207 | ) | 16,482 | 10,476 | |||||||||||||||||||||||||||||||||||
Burke Shire Commons | Garden | Mar-01 | Burke, VA | 1986 | 360 | 4,867 | 23,617 | 4,216 | 4,867 | 27,833 | 32,700 | (11,376 | ) | 21,324 | 31,607 | |||||||||||||||||||||||||||||||||||
Calhoun Beach Club | High Rise | Dec-98 | Minneapolis, MN | 1928 | 332 | 11,708 | 73,334 | 47,028 | 11,708 | 120,362 | 132,070 | (45,129 | ) | 86,941 | 48,548 |
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(2) | (3) | |||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Initial Cost | Cost Capitalized | December 31, 2010 | |||||||||||||||||||||||||||||||||||||||||||||||
Property | Date | Year | Number | Buildings and | Subsequent to | Buildings and | (4) | Accumulated | Total Cost | |||||||||||||||||||||||||||||||||||||||||
Property Name | Type | Consolidated | Location | Built | of Units | Land | Improvements | Consolidation | Land | Improvements | Total | Depreciation (AD) | Net of AD | Encumbrances | ||||||||||||||||||||||||||||||||||||
Canterbury Green | Garden | Dec-99 | Fort Wayne, IN | 1970 | 1,988 | 13,659 | 73,115 | 27,161 | 13,659 | 100,276 | 113,935 | (50,369 | ) | 63,566 | 52,666 | |||||||||||||||||||||||||||||||||||
Canyon Terrace | Garden | Mar-02 | Saugus, CA | 1984 | 130 | 7,300 | 6,602 | 6,192 | 7,508 | 12,586 | 20,094 | (4,449 | ) | 15,645 | 10,598 | |||||||||||||||||||||||||||||||||||
Casa del Mar at Baymeadows | Garden | Oct-06 | Jacksonville, FL | 1984 | 144 | 4,902 | 10,562 | 1,570 | 5,039 | 11,995 | 17,034 | (2,302 | ) | 14,732 | 9,294 | |||||||||||||||||||||||||||||||||||
Cedar Rim | Garden | Apr-00 | Newcastle, WA | 1980 | 104 | 761 | 5,218 | 17,275 | 761 | 22,493 | 23,254 | (12,073 | ) | 11,181 | 7,772 | |||||||||||||||||||||||||||||||||||
Center Square | High Rise | Oct-99 | Doylestown, PA | 1975 | 350 | 582 | 4,190 | 3,648 | 582 | 7,838 | 8,420 | (3,479 | ) | 4,941 | 14,644 | |||||||||||||||||||||||||||||||||||
Charleston Landing | Garden | Sep-00 | Brandon, FL | 1985 | 300 | 7,488 | 8,656 | 7,971 | 7,488 | 16,627 | 24,115 | (7,051 | ) | 17,064 | 13,057 | |||||||||||||||||||||||||||||||||||
Chesapeake Landing I | Garden | Sep-00 | Aurora, IL | 1986 | 416 | 15,800 | 16,875 | 5,621 | 15,800 | 22,496 | 38,296 | (8,693 | ) | 29,603 | 24,331 | |||||||||||||||||||||||||||||||||||
Chesapeake Landing II | Garden | Mar-01 | Aurora, IL | 1987 | 184 | 1,969 | 7,980 | 3,745 | 1,969 | 11,725 | 13,694 | (5,276 | ) | 8,418 | 10,099 | |||||||||||||||||||||||||||||||||||
Chestnut Hall | High Rise | Oct-06 | Philadelphia, PA | 1923 | 315 | 12,047 | 14,299 | 5,256 | 12,338 | 19,264 | 31,602 | (5,490 | ) | 26,112 | 18,356 | |||||||||||||||||||||||||||||||||||
Chestnut Hill | Garden | Apr-00 | Philadelphia, PA | 1963 | 821 | 6,463 | 49,315 | 49,521 | 6,463 | 98,836 | 105,299 | (43,941 | ) | 61,358 | 58,962 | |||||||||||||||||||||||||||||||||||
Chimneys of Cradle Rock | Garden | Jun-04 | Columbia, MD | 1979 | 198 | 2,234 | 8,107 | 911 | 2,040 | 9,212 | 11,252 | (2,702 | ) | 8,550 | 16,494 | |||||||||||||||||||||||||||||||||||
Colonnade Gardens | Garden | Oct-97 | Phoenix, AZ | 1973 | 196 | 766 | 4,346 | 3,011 | 766 | 7,357 | 8,123 | (4,004 | ) | 4,119 | 1,464 | |||||||||||||||||||||||||||||||||||
Colony at Kenilworth | Garden | Oct-99 | Towson, MD | 1966 | 383 | 2,403 | 18,798 | 14,392 | 2,403 | 33,190 | 35,593 | (16,540 | ) | 19,053 | 24,128 | |||||||||||||||||||||||||||||||||||
Columbus Avenue | Mid Rise | Sep-03 | New York, NY | 1880 | 59 | 35,472 | 9,450 | 3,763 | 35,527 | 13,158 | 48,685 | (5,818 | ) | 42,867 | 25,324 | |||||||||||||||||||||||||||||||||||
Country Lakes I | Garden | Apr-01 | Naperville, IL | 1982 | 240 | 8,512 | 10,832 | 3,422 | 8,512 | 14,254 | 22,766 | (5,882 | ) | 16,884 | 14,367 | |||||||||||||||||||||||||||||||||||
Country Lakes II | Garden | May-97 | Naperville, IL | 1986 | 400 | 5,165 | 29,430 | 6,072 | 5,165 | 35,502 | 40,667 | (15,568 | ) | 25,099 | 24,539 | |||||||||||||||||||||||||||||||||||
Creekside | Garden | Jan-00 | Denver, CO | 1974 | 328 | 2,953 | 12,697 | 5,668 | 3,189 | 18,129 | 21,318 | (8,709 | ) | 12,609 | 14,157 | |||||||||||||||||||||||||||||||||||
Creekside | Garden | Mar-02 | Simi Valley, CA | 1985 | 397 | 24,595 | 18,818 | 7,149 | 25,245 | 25,317 | 50,562 | (9,342 | ) | 41,220 | 40,670 | |||||||||||||||||||||||||||||||||||
Crescent at West Hollywood, The | Mid Rise | Mar-02 | West Hollywood, CA | 1985 | 130 | 15,382 | 10,215 | 15,245 | 15,765 | 25,077 | 40,842 | (11,723 | ) | 29,119 | 24,195 | |||||||||||||||||||||||||||||||||||
Douglaston Villas and Townhomes | Garden | Aug-99 | Altamonte Springs, FL | 1979 | 234 | 1,666 | 9,353 | 7,941 | 1,666 | 17,294 | 18,960 | (7,378 | ) | 11,582 | 10,384 | |||||||||||||||||||||||||||||||||||
Elm Creek | Mid Rise | Dec-97 | Elmhurst, IL | 1987 | 372 | 5,534 | 30,830 | 17,543 | 5,635 | 48,272 | 53,907 | (21,197 | ) | 32,710 | 34,695 | |||||||||||||||||||||||||||||||||||
Evanston Place | High Rise | Dec-97 | Evanston, IL | 1990 | 189 | 3,232 | 25,546 | 4,453 | 3,232 | 29,999 | 33,231 | (11,529 | ) | 21,702 | 21,417 | |||||||||||||||||||||||||||||||||||
Farmingdale | Mid Rise | Oct-00 | Darien, IL | 1975 | 240 | 11,763 | 15,174 | 9,317 | 11,763 | 24,491 | 36,254 | (11,145 | ) | 25,109 | 17,349 | |||||||||||||||||||||||||||||||||||
Ferntree | Garden | Mar-01 | Phoenix, AZ | 1968 | 219 | 2,078 | 13,752 | 3,462 | 2,079 | 17,213 | 19,292 | (7,186 | ) | 12,106 | 6,977 | |||||||||||||||||||||||||||||||||||
Fishermans Wharf | Garden | Nov-96 | Clute, TX | 1981 | 360 | 1,257 | 7,584 | 5,757 | 1,257 | 13,341 | 14,598 | (6,252 | ) | 8,346 | 6,852 | |||||||||||||||||||||||||||||||||||
Flamingo Towers | High Rise | Sep-97 | Miami Beach, FL | 1960 | 1,127 | 32,191 | 38,399 | 220,608 | 32,239 | 258,959 | 291,198 | (105,723 | ) | 185,475 | 117,541 | |||||||||||||||||||||||||||||||||||
Forestlake Apartments | Garden | Mar-07 | Daytona Beach, FL | 1982 | 120 | 3,691 | 4,320 | 610 | 3,860 | 4,761 | 8,621 | (838 | ) | 7,783 | 4,658 | |||||||||||||||||||||||||||||||||||
Four Quarters Habitat | Garden | Jan-06 | Miami, FL | 1976 | 336 | 2,383 | 17,199 | 16,848 | 2,379 | 34,051 | 36,430 | (13,301 | ) | 23,129 | 10,974 | |||||||||||||||||||||||||||||||||||
Foxchase | Garden | Dec-97 | Alexandria, VA | 1940 | 2,113 | 15,419 | 96,062 | 34,962 | 15,496 | 130,947 | 146,443 | (61,112 | ) | 85,331 | 218,590 | |||||||||||||||||||||||||||||||||||
Georgetown | Garden | Aug-02 | Framingham, MA | 1964 | 207 | 12,351 | 13,168 | 2,216 | 12,351 | 15,384 | 27,735 | (5,123 | ) | 22,612 | 12,070 | |||||||||||||||||||||||||||||||||||
Glen at Forestlake, The | Garden | Mar-07 | Daytona Beach, FL | 1982 | 26 | 897 | 862 | 209 | 933 | 1,035 | 1,968 | (174 | ) | 1,794 | 1,022 | |||||||||||||||||||||||||||||||||||
Granada | Mid Rise | Aug-02 | Framingham, MA | 1958 | 72 | 4,577 | 4,058 | 881 | 4,577 | 4,939 | 9,516 | (2,292 | ) | 7,224 | 4,040 | |||||||||||||||||||||||||||||||||||
Grand Pointe | Garden | Dec-99 | Columbia, MD | 1972 | 325 | 2,715 | 16,771 | 5,613 | 2,715 | 22,384 | 25,099 | (9,121 | ) | 15,978 | 16,690 | |||||||||||||||||||||||||||||||||||
Greens | Garden | Jul-94 | Chandler, AZ | 2000 | 324 | 2,303 | 713 | 27,389 | 2,303 | 28,102 | 30,405 | (14,494 | ) | 15,911 | 12,087 | |||||||||||||||||||||||||||||||||||
Greenspoint at Paradise Valley | Garden | Jan-00 | Phoenix, AZ | 1985 | 336 | 3,042 | 13,223 | 12,552 | 3,042 | 25,775 | 28,817 | (13,733 | ) | 15,084 | 15,884 | |||||||||||||||||||||||||||||||||||
Hampden Heights | Garden | Jan-00 | Denver, CO | 1973 | 376 | 3,224 | 12,905 | 6,885 | 3,453 | 19,561 | 23,014 | (9,518 | ) | 13,496 | 13,639 | |||||||||||||||||||||||||||||||||||
Harbour, The | Garden | Mar-01 | Melbourne, FL | 1987 | 162 | 4,108 | 3,563 | 6,360 | 4,108 | 9,923 | 14,031 | (3,661 | ) | 10,370 | — | |||||||||||||||||||||||||||||||||||
Heritage Park at Alta Loma | Garden | Jan-01 | Alta Loma, CA | 1986 | 232 | 1,200 | 6,428 | 3,621 | 1,200 | 10,049 | 11,249 | (4,108 | ) | 7,141 | 7,264 | |||||||||||||||||||||||||||||||||||
Heritage Park Escondido | Garden | Oct-00 | Escondido, CA | 1986 | 196 | 1,055 | 7,565 | 1,454 | 1,055 | 9,019 | 10,074 | (4,474 | ) | 5,600 | 7,299 | |||||||||||||||||||||||||||||||||||
Heritage Park Livermore | Garden | Oct-00 | Livermore, CA | 1988 | 167 | 1,039 | 9,170 | 1,434 | 1,039 | 10,604 | 11,643 | (5,029 | ) | 6,614 | 7,532 | |||||||||||||||||||||||||||||||||||
Heritage Park Montclair | Garden | Mar-01 | Montclair, CA | 1985 | 144 | 690 | 4,149 | 1,279 | 690 | 5,428 | 6,118 | (2,149 | ) | 3,969 | 4,620 | |||||||||||||||||||||||||||||||||||
Heritage Village Anaheim | Garden | Oct-00 | Anaheim, CA | 1986 | 196 | 1,832 | 8,541 | 1,821 | 1,832 | 10,362 | 12,194 | (5,210 | ) | 6,984 | 8,858 | |||||||||||||||||||||||||||||||||||
Hidden Cove | Garden | Jul-98 | Escondido, CA | 1983 | 334 | 3,043 | 17,615 | 7,524 | 3,043 | 25,139 | 28,182 | (11,328 | ) | 16,854 | 30,561 | |||||||||||||||||||||||||||||||||||
Hidden Cove II | Garden | Jul-07 | Escondido, CA | 1986 | 117 | 12,730 | 6,530 | 5,614 | 12,849 | 12,025 | 24,874 | (2,919 | ) | 21,955 | 11,420 | |||||||||||||||||||||||||||||||||||
Hidden Harbour | Garden | Oct-02 | Melbourne, FL | 1985 | 216 | 1,444 | 7,590 | 5,500 | 1,444 | 13,090 | 14,534 | (4,211 | ) | 10,323 | — | |||||||||||||||||||||||||||||||||||
Highcrest Townhomes | Town Home | Jan-03 | Woodridge, IL | 1968 | 176 | 3,045 | 13,452 | 1,727 | 3,045 | 15,179 | 18,224 | (6,713 | ) | 11,511 | 10,724 | |||||||||||||||||||||||||||||||||||
Hillcreste | Garden | Mar-02 | Century City, CA | 1989 | 315 | 33,755 | 47,216 | 26,126 | 35,862 | 71,235 | 107,097 | (25,749 | ) | 81,348 | 56,594 | |||||||||||||||||||||||||||||||||||
Hillmeade | Garden | Nov-94 | Nashville, TN | 1986 | 288 | 2,872 | 16,069 | 14,093 | 2,872 | 30,162 | 33,034 | (18,098 | ) | 14,936 | 18,076 | |||||||||||||||||||||||||||||||||||
Horizons West Apartments | Mid Rise | Dec-06 | Pacifica, CA | 1970 | 78 | 8,763 | 6,376 | 1,634 | 8,887 | 7,886 | 16,773 | (1,548 | ) | 15,225 | 5,250 |
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(1) | Initial Cost | Cost Capitalized | December 31, 2010 | |||||||||||||||||||||||||||||||||||||||||||||||
Property | Date | Year | Number | Buildings and | Subsequent to | Buildings and | (4) | Accumulated | Total Cost | |||||||||||||||||||||||||||||||||||||||||
Property Name | Type | Consolidated | Location | Built | of Units | Land | Improvements | Consolidation | Land | Improvements | Total | Depreciation (AD) | Net of AD | Encumbrances | ||||||||||||||||||||||||||||||||||||
Hunt Club | Garden | Mar-01 | Austin, TX | 1987 | 384 | 10,342 | 11,920 | 8,707 | 10,342 | 20,627 | 30,969 | (11,288 | ) | 19,681 | 17,143 | |||||||||||||||||||||||||||||||||||
Hunt Club | Garden | Sep-00 | Gaithersburg, MD | 1986 | 336 | 17,859 | 13,149 | 4,272 | 17,859 | 17,421 | 35,280 | (7,126 | ) | 28,154 | 31,787 | |||||||||||||||||||||||||||||||||||
Hunter’s Chase | Garden | Jan-01 | Midlothian, VA | 1985 | 320 | 7,935 | 7,915 | 3,534 | 7,935 | 11,449 | 19,384 | (4,080 | ) | 15,304 | 16,169 | |||||||||||||||||||||||||||||||||||
Hunter’s Crossing | Garden | Apr-01 | Leesburg, VA | 1967 | 164 | 2,244 | 7,763 | 4,360 | 2,244 | 12,123 | 14,367 | (7,363 | ) | 7,004 | 6,845 | |||||||||||||||||||||||||||||||||||
Hunters Glen IV | Garden | Oct-99 | Plainsboro, NJ | 1976 | 264 | 2,709 | 14,420 | 5,028 | 2,709 | 19,448 | 22,157 | (10,380 | ) | 11,777 | 19,864 | |||||||||||||||||||||||||||||||||||
Hunters Glen V | Garden | Oct-99 | Plainsboro, NJ | 1976 | 304 | 3,283 | 17,337 | 5,410 | 3,283 | 22,747 | 26,030 | (12,046 | ) | 13,984 | 23,864 | |||||||||||||||||||||||||||||||||||
Hunters Glen VI | Garden | Oct-99 | Plainsboro, NJ | 1976 | 328 | 2,787 | 15,501 | 6,279 | 2,787 | 21,780 | 24,567 | (12,372 | ) | 12,195 | 24,838 | |||||||||||||||||||||||||||||||||||
Hyde Park Tower | High Rise | Oct-04 | Chicago, IL | 1990 | 155 | 4,683 | 14,928 | 2,901 | 4,731 | 17,781 | 22,512 | (3,462 | ) | 19,050 | 13,842 | |||||||||||||||||||||||||||||||||||
Independence Green | Garden | Jan-06 | Farmington Hills, MI | 1960 | 981 | 10,293 | 24,586 | 21,221 | 10,156 | 45,944 | 56,100 | (15,476 | ) | 40,624 | 27,372 | |||||||||||||||||||||||||||||||||||
Indian Oaks | Garden | Mar-02 | Simi Valley, CA | 1986 | 254 | 23,927 | 15,801 | 4,086 | 24,523 | 19,291 | 43,814 | (6,778 | ) | 37,036 | 32,716 | |||||||||||||||||||||||||||||||||||
Island Club | Garden | Oct-00 | Daytona Beach, FL | 1986 | 204 | 6,086 | 8,571 | 2,330 | 6,087 | 10,900 | 16,987 | (4,927 | ) | 12,060 | 8,440 | |||||||||||||||||||||||||||||||||||
Island Club | Garden | Oct-00 | Oceanside, CA | 1986 | 592 | 18,027 | 28,654 | 12,050 | 18,027 | 40,704 | 58,731 | (18,241 | ) | 40,490 | 64,102 | |||||||||||||||||||||||||||||||||||
Key Towers | High Rise | Apr-01 | Alexandria, VA | 1964 | 140 | 1,526 | 7,050 | 5,031 | 1,526 | 12,081 | 13,607 | (5,674 | ) | 7,933 | 10,736 | |||||||||||||||||||||||||||||||||||
Lakeside | Garden | Oct-99 | Lisle, IL | 1972 | 568 | 5,840 | 27,937 | 28,990 | 5,840 | 56,927 | 62,767 | (26,920 | ) | 35,847 | 29,050 | |||||||||||||||||||||||||||||||||||
Lakeside at Vinings Mountain | Garden | Jan-00 | Atlanta, GA | 1983 | 220 | 2,109 | 11,863 | 15,288 | 2,109 | 27,151 | 29,260 | (13,281 | ) | 15,979 | 9,297 | |||||||||||||||||||||||||||||||||||
Lakeside Place | Garden | Oct-99 | Houston, TX | 1976 | 734 | 6,160 | 34,151 | 15,829 | 6,160 | 49,980 | 56,140 | (21,691 | ) | 34,449 | 26,670 | |||||||||||||||||||||||||||||||||||
Lamplighter Park | Garden | Apr-00 | Bellevue, WA | 1967 | 174 | 2,225 | 9,272 | 4,513 | 2,225 | 13,785 | 16,010 | (7,046 | ) | 8,964 | 10,444 | |||||||||||||||||||||||||||||||||||
Latrobe | High Rise | Jan-03 | Washington, DC | 1980 | 175 | 3,459 | 9,103 | 15,756 | 3,459 | 24,859 | 28,318 | (12,479 | ) | 15,839 | 21,960 | |||||||||||||||||||||||||||||||||||
Lazy Hollow | Garden | Apr-05 | Columbia, MD | 1979 | 178 | 2,424 | 12,181 | 1,075 | 2,424 | 13,256 | 15,680 | (5,985 | ) | 9,695 | 13,896 | |||||||||||||||||||||||||||||||||||
Lewis Park | Garden | Jan-06 | Carbondale, IL | 1972 | 269 | 1,407 | 12,193 | 3,403 | 1,404 | 15,599 | 17,003 | (9,351 | ) | 7,652 | 3,739 | |||||||||||||||||||||||||||||||||||
Lincoln Place Garden | Garden | Oct-04 | Venice, CA | 1951 | 696 | 43,979 | 10,439 | 99,532 | 42,894 | 111,056 | 153,950 | (1,943 | ) | 152,007 | 63,000 | |||||||||||||||||||||||||||||||||||
Lodge at Chattahoochee, The | Garden | Oct-99 | Sandy Springs, GA | 1970 | 312 | 2,320 | 16,370 | 22,232 | 2,320 | 38,602 | 40,922 | (18,613 | ) | 22,309 | 10,974 | |||||||||||||||||||||||||||||||||||
Los Arboles | Garden | Sep-97 | Chandler, AZ | 1986 | 232 | 1,662 | 9,504 | 3,522 | 1,662 | 13,026 | 14,688 | (6,226 | ) | 8,462 | 7,996 | |||||||||||||||||||||||||||||||||||
Malibu Canyon | Garden | Mar-02 | Calabasas, CA | 1986 | 698 | 66,257 | 53,438 | 35,821 | 69,834 | 85,682 | 155,516 | (35,048 | ) | 120,468 | 96,233 | |||||||||||||||||||||||||||||||||||
Maple Bay | Garden | Dec-99 | Virginia Beach, VA | 1971 | 414 | 2,598 | 16,141 | 30,168 | 2,598 | 46,309 | 48,907 | (20,430 | ) | 28,477 | 32,994 | |||||||||||||||||||||||||||||||||||
Mariners Cove | Garden | Mar-02 | San Diego, CA | 1984 | 500 | — | 66,861 | 7,555 | — | 74,416 | 74,416 | (21,635 | ) | 52,781 | 4,915 | |||||||||||||||||||||||||||||||||||
Meadow Creek | Garden | Jul-94 | Boulder, CO | 1968 | 332 | 1,435 | 24,532 | 6,526 | 1,435 | 31,058 | 32,493 | (14,418 | ) | 18,075 | 23,746 | |||||||||||||||||||||||||||||||||||
Merrill House | High Rise | Jan-00 | Falls Church, VA | 1964 | 159 | 1,836 | 10,831 | 6,423 | 1,836 | 17,254 | 19,090 | (5,336 | ) | 13,754 | 15,600 | |||||||||||||||||||||||||||||||||||
Mesa Royale | Garden | Jul-94 | Mesa, AZ | 1985 | 153 | 832 | 4,569 | 9,675 | 832 | 14,244 | 15,076 | (6,590 | ) | 8,486 | 5,093 | |||||||||||||||||||||||||||||||||||
Monterey Grove | Garden | Jun-08 | San Jose, CA | 1999 | 224 | 34,175 | 21,939 | 2,424 | 34,325 | 24,213 | 58,538 | (2,999 | ) | 55,539 | 34,826 | |||||||||||||||||||||||||||||||||||
Oak Park Village | Garden | Oct-00 | Lansing, MI | 1973 | 618 | 10,048 | 16,771 | 8,035 | 10,048 | 24,806 | 34,854 | (14,010 | ) | 20,844 | 23,487 | |||||||||||||||||||||||||||||||||||
Ocean Oaks | Garden | May-98 | Port Orange, FL | 1987 | 296 | 2,132 | 12,855 | 3,424 | 2,132 | 16,279 | 18,411 | (7,139 | ) | 11,272 | 10,295 | |||||||||||||||||||||||||||||||||||
One Lytle Place | High Rise | Jan-00 | Cincinnati, OH | 1980 | 231 | 2,662 | 21,800 | 12,916 | 2,662 | 34,716 | 37,378 | (14,193 | ) | 23,185 | 15,450 | |||||||||||||||||||||||||||||||||||
Pacific Bay Vistas | Garden | Mar-01 | San Bruno, CA | 1987 | 308 | 3,703 | 62,460 | 25,945 | 22,994 | 69,114 | 92,108 | (55,442 | ) | 36,666 | — | |||||||||||||||||||||||||||||||||||
Pacifica Park | Garden | Jul-06 | Pacifica, CA | 1977 | 104 | 12,770 | 6,579 | 3,234 | 12,970 | 9,613 | 22,583 | (2,801 | ) | 19,782 | 11,049 | |||||||||||||||||||||||||||||||||||
Palazzo at Park La Brea, The | Mid Rise | Feb-04 | Los Angeles, CA | 2002 | 521 | 47,822 | 125,464 | 11,001 | 48,362 | 135,925 | 184,287 | (35,703 | ) | 148,584 | 123,809 | |||||||||||||||||||||||||||||||||||
Palazzo East at Park La Brea, The | Mid Rise | Mar-05 | Los Angeles, CA | 2005 | 611 | 61,004 | 136,503 | 22,826 | 72,578 | 147,755 | 220,333 | (33,073 | ) | 187,260 | 150,000 | |||||||||||||||||||||||||||||||||||
Paradise Palms | Garden | Jul-94 | Phoenix, AZ | 1985 | 130 | 647 | 3,515 | 7,074 | 647 | 10,589 | 11,236 | (6,439 | ) | 4,797 | 6,315 | |||||||||||||||||||||||||||||||||||
Park Towne Place | High Rise | Apr-00 | Philadelphia, PA | 1959 | 959 | 10,451 | 47,301 | 55,507 | 10,451 | 102,808 | 113,259 | (29,724 | ) | 83,535 | 85,165 | |||||||||||||||||||||||||||||||||||
Parktown Townhouses | Garden | Oct-99 | Deer Park, TX | 1968 | 309 | 2,570 | 12,052 | 10,497 | 2,570 | 22,549 | 25,119 | (8,886 | ) | 16,233 | 10,554 | |||||||||||||||||||||||||||||||||||
Parkway | Garden | Mar-00 | Willamsburg, VA | 1971 | 148 | 386 | 2,834 | 3,326 | 386 | 6,160 | 6,546 | (3,583 | ) | 2,963 | 9,128 | |||||||||||||||||||||||||||||||||||
Pathfinder Village | Garden | Jan-06 | Fremont, CA | 1973 | 246 | 19,595 | 14,838 | 8,400 | 19,595 | 23,238 | 42,833 | (4,555 | ) | 38,278 | 19,121 | |||||||||||||||||||||||||||||||||||
Peachtree Park | Garden | Jan-96 | Atlanta, GA | 1969 | 303 | 4,683 | 11,713 | 11,744 | 4,683 | 23,457 | 28,140 | (10,572 | ) | 17,568 | 9,231 | |||||||||||||||||||||||||||||||||||
Peak at Vinings Mountain, The | Garden | Jan-00 | Atlanta, GA | 1980 | 280 | 2,651 | 13,660 | 17,806 | 2,651 | 31,466 | 34,117 | (15,234 | ) | 18,883 | 10,002 | |||||||||||||||||||||||||||||||||||
Peakview Place | Garden | Jan-00 | Englewood, CO | 1975 | 296 | 3,440 | 18,734 | 4,695 | 3,440 | 23,429 | 26,869 | (16,129 | ) | 10,740 | 12,567 | |||||||||||||||||||||||||||||||||||
Peppertree | Garden | Mar-02 | Cypress, CA | 1971 | 136 | 7,835 | 5,224 | 2,868 | 8,030 | 7,897 | 15,927 | (3,151 | ) | 12,776 | 15,617 | |||||||||||||||||||||||||||||||||||
Pine Lake Terrace | Garden | Mar-02 | Garden Grove, CA | 1971 | 111 | 3,975 | 6,035 | 2,209 | 4,125 | 8,094 | 12,219 | (2,929 | ) | 9,290 | 11,898 | |||||||||||||||||||||||||||||||||||
Pine Shadows | Garden | May-98 | Tempe, AZ | 1983 | 272 | 2,095 | 11,899 | 3,888 | 2,095 | 15,787 | 17,882 | (8,163 | ) | 9,719 | 7,500 | |||||||||||||||||||||||||||||||||||
Pines, The | Garden | Oct-98 | Palm Bay, FL | 1984 | 216 | 603 | 3,318 | 2,830 | 603 | 6,148 | 6,751 | (2,701 | ) | 4,050 | 1,896 |
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(1) | Initial Cost | Cost Capitalized | December 31, 2010 | |||||||||||||||||||||||||||||||||||||||||||||||
Property | Date | Year | Number | Buildings and | Subsequent to | Buildings and | (4) | Accumulated | Total Cost | |||||||||||||||||||||||||||||||||||||||||
Property Name | Type | Consolidated | Location | Built | of Units | Land | Improvements | Consolidation | Land | Improvements | Total | Depreciation (AD) | Net of AD | Encumbrances | ||||||||||||||||||||||||||||||||||||
Plantation Gardens | Garden | Oct-99 | Plantation, FL | 1971 | 372 | 3,773 | 19,443 | 9,324 | 3,773 | 28,767 | 32,540 | (12,033 | ) | 20,507 | 23,798 | |||||||||||||||||||||||||||||||||||
Post Ridge | Garden | Jul-00 | Nashville, TN | 1972 | 150 | 1,883 | 6,712 | 4,321 | 1,883 | 11,033 | 12,916 | (5,084 | ) | 7,832 | 5,961 | |||||||||||||||||||||||||||||||||||
Ramblewood | Garden | Dec-99 | Wyoming, MI | 1973 | 1,704 | 8,607 | 61,082 | 3,863 | 8,661 | 64,891 | 73,552 | (15,065 | ) | 58,487 | 34,388 | |||||||||||||||||||||||||||||||||||
Ravensworth Towers | High Rise | Jun-04 | Annandale, VA | 1974 | 219 | 3,455 | 17,157 | 3,018 | 3,455 | 20,175 | 23,630 | (10,249 | ) | 13,381 | 20,172 | |||||||||||||||||||||||||||||||||||
Reflections | Garden | Oct-02 | Casselberry, FL | 1984 | 336 | 3,906 | 10,491 | 4,538 | 3,906 | 15,029 | 18,935 | (5,493 | ) | 13,442 | 10,700 | |||||||||||||||||||||||||||||||||||
Reflections | Garden | Sep-00 | Virginia Beach, VA | 1987 | 480 | 15,988 | 13,684 | 5,591 | 15,988 | 19,275 | 35,263 | (8,531 | ) | 26,732 | 39,832 | |||||||||||||||||||||||||||||||||||
Reflections | Garden | Oct-00 | West Palm Beach, FL | 1986 | 300 | 5,504 | 9,984 | 4,677 | 5,504 | 14,661 | 20,165 | (5,777 | ) | 14,388 | 9,101 | |||||||||||||||||||||||||||||||||||
Regency Oaks | Garden | Oct-99 | Fern Park, FL | 1961 | 343 | 1,832 | 9,905 | 10,415 | 1,832 | 20,320 | 22,152 | (11,054 | ) | 11,098 | 10,978 | |||||||||||||||||||||||||||||||||||
Remington at Ponte Vedra Lakes | Garden | Dec-06 | Ponte Vedra Beach, FL | 1986 | 344 | 18,576 | 18,650 | 2,468 | 18,795 | 20,899 | 39,694 | (4,581 | ) | 35,113 | 24,345 | |||||||||||||||||||||||||||||||||||
River Club | Garden | Apr-05 | Edgewater, NJ | 1998 | 266 | 30,578 | 30,638 | 2,155 | 30,579 | 32,792 | 63,371 | (7,544 | ) | 55,827 | 37,920 | |||||||||||||||||||||||||||||||||||
River Reach | Garden | Sep-00 | Naples, FL | 1986 | 556 | 17,728 | 18,337 | 7,378 | 17,728 | 25,715 | 43,443 | (11,353 | ) | 32,090 | 23,354 | |||||||||||||||||||||||||||||||||||
Riverbend Village | Garden | Jul-01 | Arlington, TX | 1983 | 201 | 893 | 4,128 | 5,054 | 893 | 9,182 | 10,075 | (4,704 | ) | 5,371 | — | |||||||||||||||||||||||||||||||||||
Riverloft | High Rise | Oct-99 | Philadelphia, PA | 1910 | 184 | 2,120 | 11,287 | 31,208 | 2,120 | 42,495 | 44,615 | (16,738 | ) | 27,877 | 18,881 | |||||||||||||||||||||||||||||||||||
Riverside | High Rise | Apr-00 | Alexandria, VA | 1973 | 1,222 | 10,433 | 65,474 | 80,363 | 10,409 | 145,861 | 156,270 | (72,434 | ) | 83,836 | 105,508 | |||||||||||||||||||||||||||||||||||
Rosewood | Garden | Mar-02 | Camarillo, CA | 1976 | 152 | 12,128 | 8,060 | 2,532 | 12,430 | 10,290 | 22,720 | (3,749 | ) | 18,971 | 17,900 | |||||||||||||||||||||||||||||||||||
Royal Crest Estates | Garden | Aug-02 | Fall River, MA | 1974 | 216 | 5,832 | 12,044 | 2,082 | 5,832 | 14,126 | 19,958 | (6,329 | ) | 13,629 | 11,686 | |||||||||||||||||||||||||||||||||||
Royal Crest Estates | Garden | Aug-02 | Marlborough, MA | 1970 | 473 | 25,178 | 28,786 | 4,117 | 25,178 | 32,903 | 58,081 | (15,197 | ) | 42,884 | 34,969 | |||||||||||||||||||||||||||||||||||
Royal Crest Estates | Garden | Aug-02 | Nashua, NH | 1970 | 902 | 68,231 | 45,562 | 11,730 | 68,231 | 57,292 | 125,523 | (28,323 | ) | 97,200 | 48,117 | |||||||||||||||||||||||||||||||||||
Royal Crest Estates | Garden | Aug-02 | North Andover, MA | 1970 | 588 | 51,292 | 36,808 | 10,653 | 51,292 | 47,461 | 98,753 | (21,029 | ) | 77,724 | 59,507 | |||||||||||||||||||||||||||||||||||
Royal Crest Estates | Garden | Aug-02 | Warwick, RI | 1972 | 492 | 22,433 | 24,095 | 5,605 | 22,433 | 29,700 | 52,133 | (13,883 | ) | 38,250 | 37,433 | |||||||||||||||||||||||||||||||||||
Runaway Bay | Garden | Oct-00 | Lantana, FL | 1987 | 404 | 5,934 | 16,052 | 8,111 | 5,934 | 24,163 | 30,097 | (9,195 | ) | 20,902 | 21,521 | |||||||||||||||||||||||||||||||||||
Runaway Bay | Garden | Jul-02 | Pinellas Park, FL | 1986 | 192 | 1,884 | 7,045 | 3,843 | 1,884 | 10,888 | 12,772 | (2,988 | ) | 9,784 | 8,848 | |||||||||||||||||||||||||||||||||||
Savannah Trace | Garden | Mar-01 | Shaumburg, IL | 1986 | 368 | 13,960 | 20,731 | 4,369 | 13,960 | 25,100 | 39,060 | (9,545 | ) | 29,515 | 22,015 | |||||||||||||||||||||||||||||||||||
Scotchollow | Garden | Jan-06 | San Mateo, CA | 1971 | 418 | 49,474 | 17,756 | 8,864 | 49,474 | 26,620 | 76,094 | (5,014 | ) | 71,080 | 48,982 | |||||||||||||||||||||||||||||||||||
Scottsdale Gateway I | Garden | Oct-97 | Tempe, AZ | 1965 | 124 | 591 | 3,359 | 8,042 | 591 | 11,401 | 11,992 | (5,172 | ) | 6,820 | 5,800 | |||||||||||||||||||||||||||||||||||
Scottsdale Gateway II | Garden | Oct-97 | Tempe, AZ | 1972 | 487 | 2,458 | 13,927 | 23,595 | 2,458 | 37,522 | 39,980 | (18,369 | ) | 21,611 | 16,699 | |||||||||||||||||||||||||||||||||||
Shadow Creek | Garden | May-98 | Mesa, AZ | 1984 | 266 | 2,016 | 11,886 | 4,017 | 2,016 | 15,903 | 17,919 | (8,416 | ) | 9,503 | — | |||||||||||||||||||||||||||||||||||
Shenandoah Crossing | Garden | Sep-00 | Fairfax, VA | 1984 | 640 | 18,492 | 57,197 | 8,058 | 18,492 | 65,255 | 83,747 | (30,696 | ) | 53,051 | 68,604 | |||||||||||||||||||||||||||||||||||
Signal Pointe | Garden | Oct-99 | Winter Park, FL | 1969 | 368 | 2,382 | 11,359 | 22,094 | 2,382 | 33,453 | 35,835 | (13,652 | ) | 22,183 | 18,596 | |||||||||||||||||||||||||||||||||||
Signature Point | Garden | Nov-96 | League City, TX | 1994 | 304 | 2,810 | 17,579 | 2,983 | 2,810 | 20,562 | 23,372 | (7,452 | ) | 15,920 | 10,269 | |||||||||||||||||||||||||||||||||||
Springwoods at Lake Ridge | Garden | Jul-02 | Woodbridge, VA | 1984 | 180 | 5,587 | 7,284 | 1,450 | 5,587 | 8,734 | 14,321 | (2,349 | ) | 11,972 | 14,250 | |||||||||||||||||||||||||||||||||||
Spyglass at Cedar Cove | Garden | Sep-00 | Lexington Park, MD | 1985 | 152 | 3,241 | 5,094 | 2,735 | 3,241 | 7,829 | 11,070 | (3,595 | ) | 7,475 | 10,300 | |||||||||||||||||||||||||||||||||||
Stafford | High Rise | Oct-02 | Baltimore, MD | 1889 | 96 | 706 | 4,032 | 3,454 | 562 | 7,630 | 8,192 | (4,261 | ) | 3,931 | 4,255 | |||||||||||||||||||||||||||||||||||
Steeplechase | Garden | Sep-00 | Largo, MD | 1986 | 240 | 3,675 | 16,111 | 3,755 | 3,675 | 19,866 | 23,541 | (8,054 | ) | 15,487 | 23,326 | |||||||||||||||||||||||||||||||||||
Steeplechase | Garden | Jul-02 | Plano, TX | 1985 | 368 | 7,056 | 10,510 | 7,183 | 7,056 | 17,693 | 24,749 | (6,390 | ) | 18,359 | 16,575 | |||||||||||||||||||||||||||||||||||
Sterling Apartment Homes, The | Garden | Oct-99 | Philadelphia, PA | 1961 | 537 | 8,871 | 55,364 | 21,600 | 8,871 | 76,964 | 85,835 | (34,388 | ) | 51,447 | 76,778 | |||||||||||||||||||||||||||||||||||
Stone Creek Club | Garden | Sep-00 | Germantown, MD | 1984 | 240 | 13,593 | 9,347 | 3,381 | 13,593 | 12,728 | 26,321 | (7,386 | ) | 18,935 | 24,611 | |||||||||||||||||||||||||||||||||||
Sun Lake | Garden | May-98 | Lake Mary, FL | 1986 | 600 | 4,551 | 25,543 | 32,151 | 4,551 | 57,694 | 62,245 | (24,911 | ) | 37,334 | 35,128 | |||||||||||||||||||||||||||||||||||
Sun River Village | Garden | Oct-99 | Tempe, AZ | 1981 | 334 | 2,367 | 13,303 | 4,157 | 2,367 | 17,460 | 19,827 | (9,273 | ) | 10,554 | 10,467 | |||||||||||||||||||||||||||||||||||
Tamarac Village | Garden | Apr-00 | Denver, CO | 1979 | 564 | 3,928 | 23,491 | 8,715 | 4,223 | 31,911 | 36,134 | (17,565 | ) | 18,569 | 18,212 | |||||||||||||||||||||||||||||||||||
Tamarind Bay | Garden | Jan-00 | St. Petersburg, FL | 1980 | 200 | 1,091 | 6,310 | 5,193 | 1,091 | 11,503 | 12,594 | (6,110 | ) | 6,484 | 6,838 | |||||||||||||||||||||||||||||||||||
Tatum Gardens | Garden | May-98 | Phoenix, AZ | 1985 | 128 | 1,323 | 7,155 | 2,035 | 1,323 | 9,190 | 10,513 | (5,152 | ) | 5,361 | 7,334 | |||||||||||||||||||||||||||||||||||
Bluffs at Pacifica, The | Garden | Oct-06 | Pacifica, CA | 1963 | 64 | 7,975 | 4,131 | 10,549 | 8,108 | 14,547 | 22,655 | (2,601 | ) | 20,054 | 6,323 | |||||||||||||||||||||||||||||||||||
Towers Of Westchester Park, The | High Rise | Jan-06 | College Park, MD | 1972 | 303 | 15,198 | 22,029 | 4,763 | 15,198 | 26,792 | 41,990 | (5,219 | ) | 36,771 | 27,272 | |||||||||||||||||||||||||||||||||||
Township At Highlands | Town Home | Nov-96 | Centennial, CO | 1985 | 161 | 1,615 | 9,773 | 6,227 | 1,536 | 16,079 | 17,615 | (7,771 | ) | 9,844 | 16,365 | |||||||||||||||||||||||||||||||||||
Twin Lake Towers | High Rise | Oct-99 | Westmont, IL | 1969 | 399 | 3,268 | 18,763 | 23,912 | 3,268 | 42,675 | 45,943 | (19,292 | ) | 26,651 | 26,759 | |||||||||||||||||||||||||||||||||||
Twin Lakes | Garden | Apr-00 | Palm Harbor, FL | 1986 | 262 | 2,062 | 12,850 | 4,809 | 2,062 | 17,659 | 19,721 | (8,622 | ) | 11,099 | 10,471 | |||||||||||||||||||||||||||||||||||
Vantage Pointe | Mid Rise | Aug-02 | Swampscott, MA | 1987 | 96 | 4,749 | 10,089 | 1,432 | 4,749 | 11,521 | 16,270 | (3,847 | ) | 12,423 | 6,978 | |||||||||||||||||||||||||||||||||||
Verandahs at Hunt Club | Garden | Jul-02 | Apopka, FL | 1985 | 210 | 2,271 | 7,724 | 3,346 | 2,271 | 11,070 | 13,341 | (3,268 | ) | 10,073 | 10,891 |
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(2) | (3) | |||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Initial Cost | Cost Capitalized | December 31, 2010 | |||||||||||||||||||||||||||||||||||||||||||||||
Property | Date | Year | Number | Buildings and | Subsequent to | Buildings and | (4) | Accumulated | Total Cost | |||||||||||||||||||||||||||||||||||||||||
Property Name | Type | Consolidated | Location | Built | of Units | Land | Improvements | Consolidation | Land | Improvements | Total | Depreciation (AD) | Net of AD | Encumbrances | ||||||||||||||||||||||||||||||||||||
Views at Vinings Mountain, The | Garden | Jan-06 | Atlanta, GA | 1983 | 180 | 610 | 5,026 | 12,158 | 610 | 17,184 | 17,794 | (9,692 | ) | 8,102 | 13,577 | |||||||||||||||||||||||||||||||||||
Villa Del Sol | Garden | Mar-02 | Norwalk, CA | 1972 | 120 | 7,294 | 4,861 | 2,666 | 7,476 | 7,345 | 14,821 | (3,122 | ) | 11,699 | 13,386 | |||||||||||||||||||||||||||||||||||
Village Crossing | Garden | May-98 | West Palm Beach, FL | 1985 | 189 | 1,618 | 8,188 | 3,040 | 1,618 | 11,228 | 12,846 | (5,947 | ) | 6,899 | 7,000 | |||||||||||||||||||||||||||||||||||
Village in the Woods | Garden | Jan-00 | Cypress, TX | 1983 | 530 | 3,457 | 15,787 | 10,605 | 3,457 | 26,392 | 29,849 | (14,251 | ) | 15,598 | 19,250 | |||||||||||||||||||||||||||||||||||
Village of Pennbrook | Garden | Oct-98 | Levittown, PA | 1969 | 722 | 10,229 | 38,222 | 14,189 | 10,229 | 52,411 | 62,640 | (24,021 | ) | 38,619 | 47,804 | |||||||||||||||||||||||||||||||||||
Villages of Baymeadows | Garden | Oct-99 | Jacksonville, FL | 1972 | 904 | 4,859 | 33,957 | 55,352 | 4,859 | 89,309 | 94,168 | (47,875 | ) | 46,293 | 37,113 | |||||||||||||||||||||||||||||||||||
Villas at Park La Brea, The | Garden | Mar-02 | Los Angeles, CA | 2002 | 250 | 8,621 | 48,871 | 3,886 | 8,630 | 52,748 | 61,378 | (14,930 | ) | 46,448 | 28,949 | |||||||||||||||||||||||||||||||||||
Vista Del Lagos | Garden | Dec-97 | Chandler, AZ | 1986 | 200 | 804 | 4,952 | 3,646 | 804 | 8,598 | 9,402 | (3,740 | ) | 5,662 | 11,618 | |||||||||||||||||||||||||||||||||||
Waterford Village | Garden | Aug-02 | Bridgewater, MA | 1971 | 588 | 28,585 | 28,102 | 5,896 | 29,110 | 33,473 | 62,583 | (17,747 | ) | 44,836 | 40,130 | |||||||||||||||||||||||||||||||||||
Waterways Village | Garden | Jun-97 | Aventura, FL | 1994 | 180 | 4,504 | 11,064 | 4,062 | 4,504 | 15,126 | 19,630 | (7,089 | ) | 12,541 | 6,443 | |||||||||||||||||||||||||||||||||||
Waverly Apartments | Garden | Aug-08 | Brighton, MA | 1970 | 103 | 7,696 | 11,347 | 1,275 | 7,920 | 12,398 | 20,318 | (1,302 | ) | 19,016 | 12,000 | |||||||||||||||||||||||||||||||||||
West Winds | Garden | Oct-02 | Orlando, FL | 1985 | 272 | 2,324 | 11,481 | 3,319 | 2,324 | 14,800 | 17,124 | (5,545 | ) | 11,579 | 12,570 | |||||||||||||||||||||||||||||||||||
Westway Village | Garden | May-98 | Houston, TX | 1977 | 326 | 2,921 | 11,384 | 3,503 | 2,921 | 14,887 | 17,808 | (7,395 | ) | 10,413 | 7,677 | |||||||||||||||||||||||||||||||||||
Wexford Village | Garden | Aug-02 | Worcester, MA | 1974 | 264 | 6,339 | 17,939 | 2,203 | 6,339 | 20,142 | 26,481 | (8,167 | ) | 18,314 | 13,269 | |||||||||||||||||||||||||||||||||||
Willow Bend | Garden | May-98 | Rolling Meadows, IL | 1969 | 328 | 2,717 | 15,437 | 26,536 | 2,717 | 41,973 | 44,690 | (18,148 | ) | 26,542 | 19,595 | |||||||||||||||||||||||||||||||||||
Willow Park on Lake Adelaide | Garden | Oct-99 | Altamonte Springs, FL | 1972 | 185 | 1,225 | 7,357 | 3,519 | 1,224 | 10,877 | 12,101 | (6,063 | ) | 6,038 | 6,716 | |||||||||||||||||||||||||||||||||||
Windrift | Garden | Mar-01 | Oceanside, CA | 1987 | 404 | 24,960 | 17,590 | 19,325 | 24,960 | 36,915 | 61,875 | (18,841 | ) | 43,034 | 44,601 | |||||||||||||||||||||||||||||||||||
Windrift | Garden | Oct-00 | Orlando, FL | 1987 | 288 | 3,696 | 10,029 | 5,834 | 3,696 | 15,863 | 19,559 | (6,451 | ) | 13,108 | 16,841 | |||||||||||||||||||||||||||||||||||
Windsor Crossing | Garden | Mar-00 | Newport News, VA | 1978 | 156 | 307 | 2,110 | 2,528 | 131 | 4,814 | 4,945 | (2,358 | ) | 2,587 | 1,885 | |||||||||||||||||||||||||||||||||||
Windsor Park | Garden | Mar-01 | Woodbridge, VA | 1987 | 220 | 4,279 | 15,970 | 2,329 | 4,279 | 18,299 | 22,578 | (7,179 | ) | 15,399 | 19,325 | |||||||||||||||||||||||||||||||||||
Woodcreek | Garden | Oct-02 | Mesa, AZ | 1985 | 432 | 2,426 | 15,886 | 4,767 | 2,426 | 20,653 | 23,079 | (11,433 | ) | 11,646 | 19,165 | |||||||||||||||||||||||||||||||||||
Woods of Burnsville | Garden | Nov-04 | Burnsville, MN | 1984 | 400 | 3,954 | 18,125 | 2,890 | 3,954 | 21,015 | 24,969 | (8,248 | ) | 16,721 | 16,580 | |||||||||||||||||||||||||||||||||||
Woods of Inverness | Garden | Oct-99 | Houston, TX | 1983 | 272 | 2,146 | 10,978 | 4,115 | 2,146 | 15,093 | 17,239 | (7,424 | ) | 9,815 | 5,878 | |||||||||||||||||||||||||||||||||||
Woods Of Williamsburg | Garden | Jan-06 | Williamsburg, VA | 1976 | 125 | 798 | 3,657 | 1,102 | 798 | 4,759 | 5,557 | (3,546 | ) | 2,011 | 1,090 | |||||||||||||||||||||||||||||||||||
Yacht Club at Brickell | High Rise | Dec-03 | Miami, FL | 1998 | 357 | 31,363 | 32,214 | 5,418 | 31,363 | 37,632 | 68,995 | (7,188 | ) | 61,807 | 37,289 | |||||||||||||||||||||||||||||||||||
Yorktown Apartments | High Rise | Dec-99 | Lombard, IL | 1971 | 364 | 2,971 | 18,163 | 17,222 | 3,055 | 35,301 | 38,356 | (13,149 | ) | 25,207 | 25,469 | |||||||||||||||||||||||||||||||||||
Total Conventional Properties | 66,953 | 1,941,971 | 3,744,261 | 2,235,797 | 1,998,390 | 5,923,639 | 7,922,029 | (2,369,770 | ) | 5,552,259 | 4,685,082 | |||||||||||||||||||||||||||||||||||||||
Affordable Properties: | ||||||||||||||||||||||||||||||||||||||||||||||||||
All Hallows | Garden | Jan-06 | San Francisco, CA | 1976 | 157 | 1,348 | 29,770 | 20,594 | 1,338 | 50,374 | 51,712 | (18,274 | ) | 33,438 | 21,207 | |||||||||||||||||||||||||||||||||||
Alliance Towers | High Rise | Mar-02 | Alliance, OH | 1979 | 101 | 530 | 1,934 | 773 | 530 | 2,707 | 3,237 | (838 | ) | 2,399 | 2,219 | |||||||||||||||||||||||||||||||||||
Antioch Towers | High Rise | Jan-10 | Cleveland, OH | 1976 | 171 | 720 | 8,802 | 88 | 720 | 8,890 | 9,610 | (2,359 | ) | 7,251 | 5,717 | |||||||||||||||||||||||||||||||||||
Anton Square | Garden | Jan-10 | Whistler, AL | 1984 | 48 | 152 | 1,846 | 53 | 152 | 1,899 | 2,051 | (393 | ) | 1,658 | 1,499 | |||||||||||||||||||||||||||||||||||
Arvada House | High Rise | Nov-04 | Arvada, CO | 1977 | 88 | 641 | 3,314 | 1,800 | 405 | 5,350 | 5,755 | (1,520 | ) | 4,235 | 4,118 | |||||||||||||||||||||||||||||||||||
Bayview | Garden | Jun-05 | San Francisco, CA | 1976 | 146 | 1,023 | 15,265 | 16,581 | 582 | 32,287 | 32,869 | (12,021 | ) | 20,848 | 10,934 | |||||||||||||||||||||||||||||||||||
Beacon Hill | High Rise | Mar-02 | Hillsdale, MI | 1980 | 198 | 1,380 | 7,044 | 6,650 | 1,093 | 13,981 | 15,074 | (4,080 | ) | 10,994 | 4,338 | |||||||||||||||||||||||||||||||||||
Bedford House | Mid Rise | Mar-02 | Falmouth, KY | 1979 | 48 | 230 | 919 | 335 | 230 | 1,254 | 1,484 | (494 | ) | 990 | 1,079 | |||||||||||||||||||||||||||||||||||
Benjamin Banneker Plaza | Mid Rise | Jan-06 | Chester, PA | 1976 | 70 | 79 | 3,862 | 810 | 79 | 4,672 | 4,751 | (3,118 | ) | 1,633 | 1,497 | |||||||||||||||||||||||||||||||||||
Berger Apartments | Mid Rise | Mar-02 | New Haven, CT | 1981 | 144 | 1,152 | 4,657 | 2,609 | 1,152 | 7,266 | 8,418 | (2,332 | ) | 6,086 | 595 | |||||||||||||||||||||||||||||||||||
Biltmore Towers | High Rise | Mar-02 | Dayton, OH | 1980 | 230 | 1,813 | 6,411 | 13,229 | 1,813 | 19,640 | 21,453 | (10,325 | ) | 11,128 | 10,591 | |||||||||||||||||||||||||||||||||||
Birchwood | Garden | Jan-10 | Dallas, TX | 1963 | 276 | 975 | 5,525 | — | 975 | 5,525 | 6,500 | (380 | ) | 6,120 | 4,240 | |||||||||||||||||||||||||||||||||||
Blakewood | Garden | Oct-05 | Statesboro, GA | 1973 | 42 | 316 | 882 | 402 | 316 | 1,284 | 1,600 | (1,167 | ) | 433 | 676 | |||||||||||||||||||||||||||||||||||
Bolton North | High Rise | Jan-06 | Baltimore, MD | 1977 | 209 | 1,450 | 6,569 | 806 | 1,429 | 7,396 | 8,825 | (2,579 | ) | 6,246 | 2,223 | |||||||||||||||||||||||||||||||||||
Bridge Street | Garden | Jan-10 | East Stroudsburg, PA | 1999 | 52 | 398 | 2,255 | 47 | 398 | 2,302 | 2,700 | (169 | ) | 2,531 | 2,016 | |||||||||||||||||||||||||||||||||||
Burchwood | Garden | Oct-07 | Berea, KY | 1999 | 24 | 147 | 247 | 494 | 147 | 741 | 888 | (274 | ) | 614 | 949 | |||||||||||||||||||||||||||||||||||
Butternut Creek | Mid Rise | Jan-06 | Charlotte, MI | 1980 | 100 | 505 | 3,617 | 3,785 | 505 | 7,402 | 7,907 | (3,124 | ) | 4,783 | — | |||||||||||||||||||||||||||||||||||
California Square I | High Rise | Jan-06 | Louisville, KY | 1982 | 101 | 154 | 5,704 | 560 | 154 | 6,264 | 6,418 | (3,813 | ) | 2,605 | 3,465 | |||||||||||||||||||||||||||||||||||
Canterbury Towers | High Rise | Jan-06 | Worcester, MA | 1976 | 156 | 567 | 4,557 | 1,012 | 567 | 5,569 | 6,136 | (3,984 | ) | 2,152 | 3,005 | |||||||||||||||||||||||||||||||||||
Canyon Shadows | Garden | Jan-10 | Riverside, CA | 1971 | 120 | 488 | 2,763 | — | 488 | 2,763 | 3,251 | (205 | ) | 3,046 | 2,547 | |||||||||||||||||||||||||||||||||||
Carriage House | Mid Rise | Dec-06 | Petersburg, VA | 1885 | 118 | 847 | 2,886 | 3,454 | 716 | 6,471 | 7,187 | (1,951 | ) | 5,236 | 2,041 |
K-88
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(2) | (3) | |||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Initial Cost | Cost Capitalized | December 31, 2010 | |||||||||||||||||||||||||||||||||||||||||||||||
Property | Date | Year | Number | Buildings and | Subsequent to | Buildings and | (4) | Accumulated | Total Cost | |||||||||||||||||||||||||||||||||||||||||
Property Name | Type | Consolidated | Location | Built | of Units | Land | Improvements | Consolidation | Land | Improvements | Total | Depreciation (AD) | Net of AD | Encumbrances | ||||||||||||||||||||||||||||||||||||
Castlewood | Garden | Mar-02 | Davenport, IA | 1980 | 96 | 585 | 2,351 | 1,544 | 585 | 3,895 | 4,480 | (1,753 | ) | 2,727 | 3,486 | |||||||||||||||||||||||||||||||||||
City Line | Garden | Mar-02 | Newport News, VA | 1976 | 200 | 500 | 2,014 | 7,329 | 500 | 9,343 | 9,843 | (1,598 | ) | 8,245 | 4,786 | |||||||||||||||||||||||||||||||||||
Clisby Towers | Mid Rise | Jan-06 | Macon, GA | 1980 | 52 | 524 | 1,970 | 272 | 524 | 2,242 | 2,766 | (1,736 | ) | 1,030 | 881 | |||||||||||||||||||||||||||||||||||
Cold Spring Homes | Garden | Oct-07 | Cold Springs, KY | 2000 | 30 | 118 | (433 | ) | 1,129 | 118 | 696 | 814 | (383 | ) | 431 | 719 | ||||||||||||||||||||||||||||||||||
Community Circle II | Garden | Jan-06 | Cleveland, OH | 1975 | 129 | 263 | 4,699 | 962 | 263 | 5,661 | 5,924 | (3,517 | ) | 2,407 | 3,275 | |||||||||||||||||||||||||||||||||||
Copperwood I Apartments | Garden | Apr-06 | The Woodlands, TX | 1980 | 150 | 390 | 8,373 | 4,879 | 363 | 13,279 | 13,642 | (9,980 | ) | 3,662 | 5,529 | |||||||||||||||||||||||||||||||||||
Copperwood II Apartments | Garden | Oct-05 | The Woodlands, TX | 1981 | 150 | 452 | 5,552 | 3,442 | 459 | 8,987 | 9,446 | (3,917 | ) | 5,529 | 5,704 | |||||||||||||||||||||||||||||||||||
Country Club Heights | Garden | Mar-04 | Quincy, IL | 1976 | 200 | 676 | 5,715 | 4,872 | 675 | 10,588 | 11,263 | (4,294 | ) | 6,969 | 7,027 | |||||||||||||||||||||||||||||||||||
Country Commons | Garden | Jan-06 | Bensalem, PA | 1972 | 352 | 1,853 | 17,657 | 4,493 | 1,853 | 22,150 | 24,003 | (11,635 | ) | 12,368 | 12,633 | |||||||||||||||||||||||||||||||||||
Courtyard | Mid Rise | Jan-06 | Cincinnati, OH | 1980 | 137 | 1,362 | 4,876 | 548 | 1,362 | 5,424 | 6,786 | (3,324 | ) | 3,462 | 3,787 | |||||||||||||||||||||||||||||||||||
Courtyards at Kirnwood | Garden | Jan-10 | DeSoto, TX | 1997 | 198 | 861 | 4,881 | — | 861 | 4,881 | 5,742 | (516 | ) | 5,226 | 4,397 | |||||||||||||||||||||||||||||||||||
Courtyards of Arlington | Garden | Jan-10 | Arlington, TX | 1996 | 140 | 758 | 4,293 | — | 758 | 4,293 | 5,051 | (286 | ) | 4,765 | 2,943 | |||||||||||||||||||||||||||||||||||
Crevenna Oaks | Town Home | Jan-06 | Burke, VA | 1979 | 50 | 355 | 4,849 | 247 | 355 | 5,096 | 5,451 | (1,436 | ) | 4,015 | 3,197 | |||||||||||||||||||||||||||||||||||
Crockett Manor | Garden | Mar-04 | Trenton, TN | 1982 | 38 | 42 | 1,395 | 73 | 130 | 1,380 | 1,510 | (115 | ) | 1,395 | 978 | |||||||||||||||||||||||||||||||||||
Cumberland Court | Garden | Jan-06 | Harrisburg, PA | 1975 | 108 | 379 | 4,040 | 863 | 379 | 4,903 | 5,282 | (3,490 | ) | 1,792 | 1,228 | |||||||||||||||||||||||||||||||||||
Darby Townhouses | Town Home | Jan-10 | Sharon Hill, PA | 1970 | 172 | 1,298 | 11,115 | 218 | 1,298 | 11,333 | 12,631 | (4,241 | ) | 8,390 | 5,504 | |||||||||||||||||||||||||||||||||||
Daugette Tower | High Rise | Mar-02 | Gadsden, AL | 1979 | 100 | 540 | 2,178 | 1,841 | 540 | 4,019 | 4,559 | (1,462 | ) | 3,097 | — | |||||||||||||||||||||||||||||||||||
Day Meadows | Garden | Jan-10 | Mountain Home, ID | 1978 | 44 | 270 | 1,530 | 11 | 270 | 1,541 | 1,811 | (81 | ) | 1,730 | 956 | |||||||||||||||||||||||||||||||||||
Denny Place | Garden | Mar-02 | North Hollywood, CA | 1984 | 17 | 394 | 1,579 | 146 | 394 | 1,725 | 2,119 | (542 | ) | 1,577 | 1,111 | |||||||||||||||||||||||||||||||||||
Douglas Landing | Garden | Oct-07 | Austin, TX | 1999 | 96 | 750 | 4,250 | 95 | 750 | 4,345 | 5,095 | (502 | ) | 4,593 | 3,902 | |||||||||||||||||||||||||||||||||||
Elmwood | Garden | Jan-06 | Athens, AL | 1981 | 80 | 346 | 2,643 | 426 | 346 | 3,069 | 3,415 | (1,793 | ) | 1,622 | 1,860 | |||||||||||||||||||||||||||||||||||
Fairburn and Gordon I | Garden | Jan-10 | Atlanta, GA | 1969 | 102 | 143 | 1,941 | 292 | 143 | 2,233 | 2,376 | (1,509 | ) | 867 | — | |||||||||||||||||||||||||||||||||||
Fairburn and Gordon II | Garden | Jan-06 | Atlanta, GA | 1969 | 58 | 439 | 1,360 | 484 | 439 | 1,844 | 2,283 | (1,568 | ) | 715 | — | |||||||||||||||||||||||||||||||||||
Fairwood | Garden | Jan-06 | Carmichael, CA | 1979 | 86 | 176 | 5,264 | 460 | 176 | 5,724 | 5,900 | (3,729 | ) | 2,171 | 2,364 | |||||||||||||||||||||||||||||||||||
Fountain Place | Mid Rise | Jan-06 | Connersville, IN | 1980 | 102 | 440 | 2,091 | 2,914 | 378 | 5,067 | 5,445 | (751 | ) | 4,694 | 1,121 | |||||||||||||||||||||||||||||||||||
Fox Run | Garden | Mar-02 | Orange, TX | 1983 | 70 | 420 | 1,992 | 1,050 | 420 | 3,042 | 3,462 | (1,166 | ) | 2,296 | 2,549 | |||||||||||||||||||||||||||||||||||
Foxfire | Garden | Jan-06 | Jackson, MI | 1975 | 160 | 856 | 6,853 | 2,505 | 856 | 9,358 | 10,214 | (5,660 | ) | 4,554 | 1,611 | |||||||||||||||||||||||||||||||||||
Franklin Square School Apts | Mid Rise | Jan-06 | Baltimore, MD | 1888 | 65 | 566 | 3,581 | 259 | 566 | 3,840 | 4,406 | (2,271 | ) | 2,135 | 3,898 | |||||||||||||||||||||||||||||||||||
Friendset Apartments | High Rise | Jan-06 | Brooklyn, NY | 1979 | 259 | 550 | 16,825 | 1,873 | 550 | 18,698 | 19,248 | (11,001 | ) | 8,247 | 14,095 | |||||||||||||||||||||||||||||||||||
Frio | Garden | Jan-06 | Pearsall, TX | 1980 | 63 | 327 | 2,207 | 419 | 327 | 2,626 | 2,953 | (1,855 | ) | 1,098 | 1,109 | |||||||||||||||||||||||||||||||||||
Gates Manor | Garden | Mar-04 | Clinton, TN | 1981 | 80 | 266 | 2,225 | 927 | 264 | 3,154 | 3,418 | (1,355 | ) | 2,063 | 2,381 | |||||||||||||||||||||||||||||||||||
Georgetown Woods | Garden | Jan-10 | Indianapolis, IN | 1993 | 90 | 375 | 2,125 | — | 375 | 2,125 | 2,500 | (175 | ) | 2,325 | 2,118 | |||||||||||||||||||||||||||||||||||
Glens, The | Garden | Jan-06 | Rock Hill, SC | 1982 | 88 | 839 | 4,135 | 1,187 | 839 | 5,322 | 6,161 | (3,939 | ) | 2,222 | 3,723 | |||||||||||||||||||||||||||||||||||
Gotham Apts | Garden | Jan-10 | Kansas City, MO | 1930 | 105 | 471 | 5,419 | 79 | 471 | 5,498 | 5,969 | (3,334 | ) | 2,635 | 3,408 | |||||||||||||||||||||||||||||||||||
Greenbriar | Garden | Jan-06 | Indianapolis, IN | 1980 | 121 | 812 | 3,272 | 396 | 812 | 3,668 | 4,480 | (2,583 | ) | 1,897 | 3,266 | |||||||||||||||||||||||||||||||||||
Hamlin Estates | Garden | Mar-02 | North Hollywood, CA | 1983 | 30 | 1,010 | 1,691 | 262 | 1,010 | 1,953 | 2,963 | (754 | ) | 2,209 | 1,349 | |||||||||||||||||||||||||||||||||||
Hanover Square | High Rise | Jan-06 | Baltimore, MD | 1980 | 199 | 1,656 | 9,575 | 510 | 1,656 | 10,085 | 11,741 | (6,567 | ) | 5,174 | 10,500 | |||||||||||||||||||||||||||||||||||
Harris Park Apartments | Garden | Dec-97 | Rochester, NY | 1968 | 114 | 475 | 2,786 | 1,321 | 475 | 4,107 | 4,582 | (1,959 | ) | 2,623 | 42 | |||||||||||||||||||||||||||||||||||
Hatillo Housing | Mid Rise | Jan-06 | Hatillo, PR | 1982 | 64 | 202 | 2,875 | 515 | 202 | 3,390 | 3,592 | (1,939 | ) | 1,653 | 1,358 | |||||||||||||||||||||||||||||||||||
Henna Townhomes | Garden | Oct-07 | Round Rock, TX | 1999 | 160 | 1,716 | 9,197 | 270 | 1,736 | 9,447 | 11,183 | (1,132 | ) | 10,051 | 5,874 | |||||||||||||||||||||||||||||||||||
Hopkins Village | Mid Rise | Sep-03 | Baltimore, MD | 1979 | 165 | 438 | 5,973 | 3,593 | 549 | 9,455 | 10,004 | (1,808 | ) | 8,196 | 9,100 | |||||||||||||||||||||||||||||||||||
Hudson Gardens | Garden | Mar-02 | Pasadena, CA | 1983 | 41 | 914 | 1,548 | 607 | 914 | 2,155 | 3,069 | (732 | ) | 2,337 | 408 | |||||||||||||||||||||||||||||||||||
Ingram Square | Garden | Jan-06 | San Antonio, TX | 1980 | 120 | 630 | 3,137 | 5,863 | 630 | 9,000 | 9,630 | (2,228 | ) | 7,402 | 3,825 | |||||||||||||||||||||||||||||||||||
James Court | Garden | Jan-10 | Meridian, ID | 1978 | 50 | 345 | 1,955 | 9 | 345 | 1,964 | 2,309 | (101 | ) | 2,208 | 1,925 | |||||||||||||||||||||||||||||||||||
JFK Towers | Mid Rise | Jan-06 | Durham, NC | 1983 | 177 | 750 | 7,970 | 872 | 750 | 8,842 | 9,592 | (5,001 | ) | 4,591 | 5,736 | |||||||||||||||||||||||||||||||||||
Kephart Plaza | High Rise | Jan-06 | Lock Haven, PA | 1978 | 101 | 609 | 3,796 | 569 | 609 | 4,365 | 4,974 | (3,131 | ) | 1,843 | 1,650 | |||||||||||||||||||||||||||||||||||
King Bell Apartments | Garden | Jan-06 | Milwaukie, OR | 1982 | 62 | 204 | 2,497 | 205 | 204 | 2,702 | 2,906 | (1,535 | ) | 1,371 | 1,599 | |||||||||||||||||||||||||||||||||||
Kirkwood House | High Rise | Sep-04 | Baltimore, MD | 1979 | 261 | 1,281 | 9,358 | 8,143 | 1,338 | 17,444 | 18,782 | (3,162 | ) | 15,620 | 16,000 | |||||||||||||||||||||||||||||||||||
Kubasek Trinity Manor | High Rise | Jan-06 | Yonkers, NY | 1981 | 130 | 54 | 8,308 | 1,864 | 54 | 10,172 | 10,226 | (5,341 | ) | 4,885 | 4,671 |
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(2) | (3) | |||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Initial Cost | Cost Capitalized | December 31, 2010 | |||||||||||||||||||||||||||||||||||||||||||||||
Property | Date | Year | Number | Buildings and | Subsequent to | Buildings and | (4) | Accumulated | Total Cost | |||||||||||||||||||||||||||||||||||||||||
Property Name | Type | Consolidated | Location | Built | of Units | Land | Improvements | Consolidation | Land | Improvements | Total | Depreciation (AD) | Net of AD | Encumbrances | ||||||||||||||||||||||||||||||||||||
La Salle | Garden | Oct-00 | San Francisco, CA | 1976 | 145 | 1,841 | 19,568 | 17,382 | 1,866 | 36,925 | 38,791 | (15,711 | ) | 23,080 | 16,093 | |||||||||||||||||||||||||||||||||||
La Vista | Garden | Jan-06 | Concord, CA | 1981 | 75 | 565 | 4,448 | 4,230 | 581 | 8,662 | 9,243 | (1,438 | ) | 7,805 | 5,418 | |||||||||||||||||||||||||||||||||||
Lafayette Square | Garden | Jan-06 | Camden, SC | 1978 | 72 | 142 | 1,875 | 98 | 142 | 1,973 | 2,115 | (1,664 | ) | 451 | 236 | |||||||||||||||||||||||||||||||||||
Lake Avenue Commons | Garden | Jan-10 | Cleveland, OH | 1982 | 79 | 488 | 2,763 | — | 488 | 2,763 | 3,251 | (158 | ) | 3,093 | 3,070 | |||||||||||||||||||||||||||||||||||
Landau | Garden | Oct-05 | Clinton, SC | 1970 | 80 | 1,293 | 1,429 | 320 | 1,293 | 1,749 | 3,042 | (1,770 | ) | 1,272 | 228 | |||||||||||||||||||||||||||||||||||
Laurelwood | Garden | Jan-06 | Morristown, TN | 1981 | 65 | 75 | 1,870 | 224 | 75 | 2,094 | 2,169 | (1,350 | ) | 819 | 1,320 | |||||||||||||||||||||||||||||||||||
Lock Haven Gardens | Garden | Jan-06 | Lock Haven, PA | 1979 | 150 | 1,163 | 6,045 | 666 | 1,163 | 6,711 | 7,874 | (4,894 | ) | 2,980 | 2,359 | |||||||||||||||||||||||||||||||||||
Locust House | High Rise | Mar-02 | Westminster, MD | 1979 | 99 | 650 | 2,604 | 851 | 650 | 3,455 | 4,105 | (1,228 | ) | 2,877 | 2,084 | |||||||||||||||||||||||||||||||||||
Long Meadow | Garden | Jan-06 | Cheraw, SC | 1973 | 56 | 158 | 1,342 | 214 | 158 | 1,556 | 1,714 | (1,232 | ) | 482 | 165 | |||||||||||||||||||||||||||||||||||
Loring Towers | High Rise | Oct-02 | Minneapolis, MN | 1975 | 230 | 1,297 | 7,445 | 7,643 | 886 | 15,499 | 16,385 | (4,787 | ) | 11,598 | 10,501 | |||||||||||||||||||||||||||||||||||
Loring Towers Apartments | High Rise | Sep-03 | Salem, MA | 1973 | 250 | 129 | 14,050 | 6,599 | 187 | 20,591 | 20,778 | (4,763 | ) | 16,015 | 15,786 | |||||||||||||||||||||||||||||||||||
Maunakea Tower | High Rise | Jan-10 | Honolulu, HI | 1976 | 380 | 7,995 | 45,305 | 3,702 | 7,995 | 49,007 | 57,002 | (2,074 | ) | 54,928 | 34,957 | |||||||||||||||||||||||||||||||||||
Michigan Beach | Garden | Oct-07 | Chicago, IL | 1958 | 239 | 2,225 | 10,797 | 978 | 2,225 | 11,775 | 14,000 | (4,011 | ) | 9,989 | 5,576 | |||||||||||||||||||||||||||||||||||
Mill Pond | Mid Rise | Jan-06 | Taunton, MA | 1982 | 49 | 80 | 2,704 | 319 | 80 | 3,023 | 3,103 | (1,768 | ) | 1,335 | 983 | |||||||||||||||||||||||||||||||||||
Mill Run | Garden | Jan-10 | Mobile, AL | 1983 | 50 | 293 | 2,569 | 42 | 293 | 2,611 | 2,904 | (818 | ) | 2,086 | 1,466 | |||||||||||||||||||||||||||||||||||
Miramar Housing | High Rise | Jan-06 | Ponce, PR | 1983 | 96 | 367 | 5,085 | 425 | 367 | 5,510 | 5,877 | (3,099 | ) | 2,778 | 2,769 | |||||||||||||||||||||||||||||||||||
Montblanc Gardens | Town Home | Dec-03 | Yauco, PR | 1982 | 128 | 391 | 3,859 | 1,010 | 391 | 4,869 | 5,260 | (2,645 | ) | 2,615 | 3,252 | |||||||||||||||||||||||||||||||||||
Monticello Manor | Garden | Jan-10 | San Antonio, TX | 1998 | 154 | 647 | 3,665 | — | 647 | 3,665 | 4,312 | (250 | ) | 4,062 | 3,935 | |||||||||||||||||||||||||||||||||||
Moss Gardens | Mid Rise | Jan-06 | Lafayette, LA | 1980 | 114 | 524 | 3,818 | 824 | 524 | 4,642 | 5,166 | (3,174 | ) | 1,992 | 1,946 | |||||||||||||||||||||||||||||||||||
New Baltimore | Mid Rise | Mar-02 | New Baltimore, MI | 1980 | 101 | 888 | 2,360 | 5,157 | 896 | 7,509 | 8,405 | (1,905 | ) | 6,500 | 2,179 | |||||||||||||||||||||||||||||||||||
Newberry Park | Garden | Dec-97 | Chicago, IL | 1995 | 84 | 1,380 | 7,632 | 486 | 1,380 | 8,118 | 9,498 | (2,972 | ) | 6,526 | 7,299 | |||||||||||||||||||||||||||||||||||
Nintey Five Vine Street | Garden | Jan-10 | Hartford, CT | 1800 | 31 | 188 | 1,062 | 626 | 188 | 1,688 | 1,876 | (104 | ) | 1,772 | 1,055 | |||||||||||||||||||||||||||||||||||
Northpoint | Garden | Jan-00 | Chicago, IL | 1921 | 305 | 2,280 | 14,334 | 16,706 | 2,510 | 30,810 | 33,320 | (16,997 | ) | 16,323 | 19,101 | |||||||||||||||||||||||||||||||||||
Northwinds, The | Garden | Mar-02 | Wytheville, VA | 1978 | 144 | 500 | 2,012 | 575 | 500 | 2,587 | 3,087 | (1,466 | ) | 1,621 | 1,466 | |||||||||||||||||||||||||||||||||||
Oakbrook | Garden | Jan-08 | Topeka, KS | 1979 | 170 | 550 | 2,915 | 885 | 550 | 3,800 | 4,350 | (773 | ) | 3,577 | 2,636 | |||||||||||||||||||||||||||||||||||
Oakwood Manor | Garden | Mar-04 | Milan, TN | 1984 | 34 | 95 | 498 | 18 | 103 | 508 | 611 | (140 | ) | 471 | 316 | |||||||||||||||||||||||||||||||||||
O’Neil | High Rise | Jan-06 | Troy, NY | 1978 | 115 | 88 | 4,067 | 864 | 88 | 4,931 | 5,019 | (3,452 | ) | 1,567 | 2,595 | |||||||||||||||||||||||||||||||||||
Overbrook Park | Garden | Jan-06 | Chillicothe, OH | 1981 | 50 | 136 | 2,282 | 311 | 136 | 2,593 | 2,729 | (1,458 | ) | 1,271 | 1,432 | |||||||||||||||||||||||||||||||||||
Oxford House | Mid Rise | Mar-02 | Deactur, IL | 1979 | 156 | 993 | 4,164 | 928 | 993 | 5,092 | 6,085 | (2,109 | ) | 3,976 | 2,627 | |||||||||||||||||||||||||||||||||||
Panorama Park | Garden | Mar-02 | Bakersfield, CA | 1982 | 66 | 621 | 5,520 | 884 | 619 | 6,406 | 7,025 | (1,687 | ) | 5,338 | 2,255 | |||||||||||||||||||||||||||||||||||
Parc Chateau I | Garden | Jan-06 | Lithonia, GA | 1973 | 86 | 592 | 1,442 | 521 | 592 | 1,963 | 2,555 | (1,861 | ) | 694 | 359 | |||||||||||||||||||||||||||||||||||
Parc Chateau II | Garden | Jan-06 | Lithonia, GA | 1974 | 88 | 596 | 2,965 | 497 | 596 | 3,462 | 4,058 | (2,626 | ) | 1,432 | 361 | |||||||||||||||||||||||||||||||||||
Park Place | Mid Rise | Jun-05 | St Louis, MO | 1977 | 242 | 742 | 6,327 | 9,798 | 705 | 16,162 | 16,867 | (10,003 | ) | 6,864 | 9,423 | |||||||||||||||||||||||||||||||||||
Park Vista | Garden | Oct-05 | Anaheim, CA | 1958 | 392 | 6,155 | 25,929 | 4,822 | 6,155 | 30,751 | 36,906 | (7,763 | ) | 29,143 | 37,656 | |||||||||||||||||||||||||||||||||||
Parkways, The | Garden | Jun-04 | Chicago, IL | 1925 | 446 | 3,684 | 23,257 | 18,115 | 3,427 | 41,629 | 45,056 | (14,959 | ) | 30,097 | 21,209 | |||||||||||||||||||||||||||||||||||
Patman Switch | Garden | Jan-06 | Hughes Springs, TX | 1978 | 82 | 727 | 1,382 | 616 | 727 | 1,998 | 2,725 | (1,589 | ) | 1,136 | 1,229 | |||||||||||||||||||||||||||||||||||
Pavilion | High Rise | Mar-04 | Philadelphia, PA | 1976 | 296 | — | 15,416 | 1,471 | — | 16,887 | 16,887 | (4,984 | ) | 11,903 | 8,680 | |||||||||||||||||||||||||||||||||||
Peachwood Place | Garden | Oct-07 | Waycross, GA | 1999 | 72 | 390 | 748 | 82 | 390 | 830 | 1,220 | (159 | ) | 1,061 | 737 | |||||||||||||||||||||||||||||||||||
Pinebluff Village | Mid Rise | Jan-06 | Salisbury, MD | 1980 | 151 | 1,112 | 7,177 | 758 | 1,112 | 7,935 | 9,047 | (5,801 | ) | 3,246 | 1,893 | |||||||||||||||||||||||||||||||||||
Pinewood Place | Garden | Mar-02 | Toledo, OH | 1979 | 99 | 420 | 1,698 | 1,276 | 420 | 2,974 | 3,394 | (1,408 | ) | 1,986 | 1,992 | |||||||||||||||||||||||||||||||||||
Pleasant Hills | Garden | Apr-05 | Austin, TX | 1982 | 100 | 1,188 | 2,631 | 3,529 | 1,229 | 6,119 | 7,348 | (2,237 | ) | 5,111 | 3,171 | |||||||||||||||||||||||||||||||||||
Plummer Village | Mid Rise | Mar-02 | North Hills, CA | 1983 | 75 | 624 | 2,647 | 1,637 | 667 | 4,241 | 4,908 | (1,968 | ) | 2,940 | 2,560 | |||||||||||||||||||||||||||||||||||
Portner Place | Town Home | Jan-06 | Washington, DC | 1980 | 48 | 697 | 3,753 | 142 | 697 | 3,895 | 4,592 | (431 | ) | 4,161 | 6,348 | |||||||||||||||||||||||||||||||||||
Post Street Apartments | High Rise | Jan-06 | Yonkers, NY | 1930 | 56 | 148 | 3,315 | 461 | 148 | 3,776 | 3,924 | (2,407 | ) | 1,517 | 1,518 | |||||||||||||||||||||||||||||||||||
Pride Gardens | Garden | Dec-97 | Flora, MS | 1975 | 76 | 102 | 1,071 | 1,753 | 102 | 2,824 | 2,926 | (1,586 | ) | 1,340 | 1,062 | |||||||||||||||||||||||||||||||||||
Rancho California | Garden | Jan-06 | Temecula, CA | 1984 | 55 | 488 | 5,462 | 307 | 488 | 5,769 | 6,257 | (3,035 | ) | 3,222 | 4,480 | |||||||||||||||||||||||||||||||||||
Ridgewood Towers | High Rise | Mar-02 | East Moline, IL | 1977 | 140 | 698 | 2,803 | 818 | 698 | 3,621 | 4,319 | (1,418 | ) | 2,901 | 1,418 | |||||||||||||||||||||||||||||||||||
River Village | High Rise | Jan-06 | Flint, MI | 1980 | 340 | 1,756 | 13,877 | 3,599 | 1,756 | 17,476 | 19,232 | (11,075 | ) | 8,157 | 6,929 | |||||||||||||||||||||||||||||||||||
River’s Edge | Town Home | Jan-06 | Greenville, MI | 1983 | 49 | 311 | 2,097 | 391 | 311 | 2,488 | 2,799 | (1,731 | ) | 1,068 | 521 |
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(2) | (3) | |||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Initial Cost | Cost Capitalized | December 31, 2010 | |||||||||||||||||||||||||||||||||||||||||||||||
Property | Date | Year | Number | Buildings and | Subsequent to | Buildings and | (4) | Accumulated | Total Cost | |||||||||||||||||||||||||||||||||||||||||
Property Name | Type | Consolidated | Location | Built | of Units | Land | Improvements | Consolidation | Land | Improvements | Total | Depreciation (AD) | Net of AD | Encumbrances | ||||||||||||||||||||||||||||||||||||
Riverwoods | High Rise | Jan-06 | Kankakee, IL | 1983 | 125 | 590 | 4,932 | 3,475 | 598 | 8,399 | 8,997 | (1,678 | ) | 7,319 | 4,702 | |||||||||||||||||||||||||||||||||||
Round Barn | Garden | Mar-02 | Champaign, IL | 1979 | 156 | 947 | 5,134 | 5,764 | 810 | 11,035 | 11,845 | (2,565 | ) | 9,280 | 5,078 | |||||||||||||||||||||||||||||||||||
San Jose Apartments | Garden | Sep-05 | San Antonio, TX | 1970 | 220 | 404 | 5,770 | 11,459 | 234 | 17,399 | 17,633 | (4,471 | ) | 13,162 | 5,069 | |||||||||||||||||||||||||||||||||||
San Juan Del Centro | Mid Rise | Sep-05 | Boulder, CO | 1971 | 150 | 243 | 7,110 | 12,574 | 438 | 19,489 | 19,927 | (5,060 | ) | 14,867 | 11,259 | |||||||||||||||||||||||||||||||||||
Sandy Hill Terrace | High Rise | Mar-02 | Norristown, PA | 1980 | 175 | 1,650 | 6,599 | 2,874 | 1,650 | 9,473 | 11,123 | (3,341 | ) | 7,782 | 3,351 | |||||||||||||||||||||||||||||||||||
Sandy Springs | Garden | Mar-05 | Macon, GA | 1979 | 74 | 366 | 1,522 | 1,451 | 366 | 2,973 | 3,339 | (1,876 | ) | 1,463 | 1,894 | |||||||||||||||||||||||||||||||||||
Santa Maria | Garden | Jan-10 | San German, PR | 1983 | 86 | 368 | 2,087 | — | 368 | 2,087 | 2,455 | (390 | ) | 2,065 | 2,343 | |||||||||||||||||||||||||||||||||||
School Street | Mid Rise | Jan-06 | Taunton, MA | 1920 | 75 | 219 | 4,335 | 670 | 219 | 5,005 | 5,224 | (2,890 | ) | 2,334 | 2,116 | |||||||||||||||||||||||||||||||||||
Shoreview | Garden | Oct-99 | San Francisco, CA | 1976 | 156 | 1,498 | 19,071 | 18,772 | 1,476 | 37,865 | 39,341 | (16,745 | ) | 22,596 | 17,391 | |||||||||||||||||||||||||||||||||||
South Bay Villa | Garden | Mar-02 | Los Angeles, CA | 1981 | 80 | 663 | 2,770 | 4,383 | 1,352 | 6,464 | 7,816 | (4,055 | ) | 3,761 | 3,018 | |||||||||||||||||||||||||||||||||||
Springfield Villas | Garden | Oct-07 | Lockhart, TX | 1999 | 32 | — | 1,153 | 86 | — | 1,239 | 1,239 | (44 | ) | 1,195 | 828 | |||||||||||||||||||||||||||||||||||
St. George Villas | Garden | Jan-06 | St. George, SC | 1984 | 40 | 86 | 1,025 | 147 | 86 | 1,172 | 1,258 | (822 | ) | 436 | 483 | |||||||||||||||||||||||||||||||||||
Stonegate Apts | Mid Rise | Jul-09 | Indianapolis, IN | 1920 | 52 | 255 | 3,610 | 353 | 255 | 3,963 | 4,218 | (920 | ) | 3,298 | 1,931 | |||||||||||||||||||||||||||||||||||
Sumler Terrace | Garden | Jan-06 | Norfolk, VA | 1976 | 126 | 215 | 4,400 | 671 | 215 | 5,071 | 5,286 | (3,836 | ) | 1,450 | 1,191 | |||||||||||||||||||||||||||||||||||
Summit Oaks | Town Home | Jan-06 | Burke, VA | 1980 | 50 | 382 | 4,930 | 311 | 382 | 5,241 | 5,623 | (1,513 | ) | 4,110 | 3,189 | |||||||||||||||||||||||||||||||||||
Suntree | Garden | Jan-06 | St. Johns, MI | 1980 | 121 | 403 | 6,488 | 2,012 | 403 | 8,500 | 8,903 | (4,744 | ) | 4,159 | 530 | |||||||||||||||||||||||||||||||||||
Tabor Towers | Mid Rise | Jan-06 | Lewisburg, WV | 1979 | 84 | 163 | 3,360 | 384 | 163 | 3,744 | 3,907 | (2,263 | ) | 1,644 | 1,906 | |||||||||||||||||||||||||||||||||||
Tamarac Apartments I | Garden | Nov-04 | Woodlands, TX | 1980 | 144 | 140 | 2,775 | 3,650 | 363 | 6,202 | 6,565 | (2,451 | ) | 4,114 | 4,117 | |||||||||||||||||||||||||||||||||||
Tamarac Apartments II | Garden | Nov-04 | Woodlands, TX | 1980 | 156 | 142 | 3,195 | 4,064 | 266 | 7,135 | 7,401 | (2,786 | ) | 4,615 | 4,460 | |||||||||||||||||||||||||||||||||||
Terraces | Mid Rise | Jan-06 | Kettering, OH | 1979 | 102 | 1,561 | 2,815 | 1,126 | 1,561 | 3,941 | 5,502 | (2,652 | ) | 2,850 | 2,472 | |||||||||||||||||||||||||||||||||||
Terry Manor | Mid Rise | Oct-05 | Los Angeles, CA | 1977 | 170 | 1,775 | 5,848 | 6,674 | 1,997 | 12,300 | 14,297 | (5,810 | ) | 8,487 | 6,859 | |||||||||||||||||||||||||||||||||||
Tompkins Terrace | Garden | Oct-02 | Beacon, NY | 1974 | 193 | 872 | 6,827 | 13,333 | 872 | 20,160 | 21,032 | (4,632 | ) | 16,400 | 8,211 | |||||||||||||||||||||||||||||||||||
Trestletree Village | Garden | Mar-02 | Atlanta, GA | 1981 | 188 | 1,150 | 4,655 | 1,838 | 1,150 | 6,493 | 7,643 | (2,355 | ) | 5,288 | 2,793 | |||||||||||||||||||||||||||||||||||
Underwood Elderly | High Rise | Jan-10 | Hartford, CT | 1982 | 136 | 2,274 | 7,238 | 580 | 2,274 | 7,818 | 10,092 | (3,380 | ) | 6,712 | 6,203 | |||||||||||||||||||||||||||||||||||
Underwood Family | Town Home | Jan-10 | Hartford, CT | 1982 | 25 | 830 | 1,505 | 44 | 830 | 1,549 | 2,379 | (729 | ) | 1,650 | 1,582 | |||||||||||||||||||||||||||||||||||
University Square | High Rise | Mar-05 | Philadelphia, PA | 1978 | 442 | 702 | 12,201 | 12,809 | 702 | 25,010 | 25,712 | (9,800 | ) | 15,912 | 18,405 | |||||||||||||||||||||||||||||||||||
Van Nuys Apartments | High Rise | Mar-02 | Los Angeles, CA | 1981 | 299 | 4,253 | 21,226 | 20,286 | 3,575 | 42,190 | 45,765 | (7,748 | ) | 38,017 | 22,224 | |||||||||||||||||||||||||||||||||||
Verdes Del Oriente | Garden | Jan-10 | San Pedro, CA | 1976 | 113 | 1,100 | 7,044 | 105 | 1,100 | 7,149 | 8,249 | (2,841 | ) | 5,408 | 5,471 | |||||||||||||||||||||||||||||||||||
Vicente Geigel Polanco | Garden | Jan-10 | Isabela, PR | 1983 | 80 | 361 | 2,044 | — | 361 | 2,044 | 2,405 | (203 | ) | 2,202 | 2,277 | |||||||||||||||||||||||||||||||||||
Victory Square | Garden | Mar-02 | Canton, OH | 1975 | 81 | 215 | 889 | 719 | 215 | 1,608 | 1,823 | (728 | ) | 1,095 | 833 | |||||||||||||||||||||||||||||||||||
Villa de Guadalupe | Garden | Jan-10 | San Jose, CA | 1982 | 101 | 1,770 | 8,456 | 31 | 1,770 | 8,487 | 10,257 | (3,517 | ) | 6,740 | 6,980 | |||||||||||||||||||||||||||||||||||
Village Oaks | Mid Rise | Jan-06 | Catonsville, MD | 1980 | 181 | 2,127 | 5,188 | 1,895 | 2,127 | 7,083 | 9,210 | (4,997 | ) | 4,213 | 4,252 | |||||||||||||||||||||||||||||||||||
Village of Kaufman | Garden | Mar-05 | Kaufman, TX | 1981 | 68 | 370 | 1,606 | 689 | 370 | 2,295 | 2,665 | (846 | ) | 1,819 | 1,843 | |||||||||||||||||||||||||||||||||||
Villas of Mount Dora | Garden | Jan-10 | Mt. Dora, FL | 1979 | 70 | 323 | 1,828 | — | 323 | 1,828 | 2,151 | (156 | ) | 1,995 | 1,704 | |||||||||||||||||||||||||||||||||||
Vintage Crossing | Town Home | Mar-04 | Cuthbert, GA | 1985 | 50 | 188 | 1,058 | 571 | 188 | 1,629 | 1,817 | (1,051 | ) | 766 | 1,614 | |||||||||||||||||||||||||||||||||||
Vista Park Chino | Garden | Mar-02 | Chino, CA | 1983 | 40 | 380 | 1,521 | 440 | 380 | 1,961 | 2,341 | (776 | ) | 1,565 | 3,120 | |||||||||||||||||||||||||||||||||||
Wah Luck House | High Rise | Jan-06 | Washington, DC | 1982 | 153 | — | 8,690 | 553 | — | 9,243 | 9,243 | (2,723 | ) | 6,520 | 8,613 | |||||||||||||||||||||||||||||||||||
Walnut Hills | High Rise | Jan-06 | Cincinnati, OH | 1983 | 198 | 888 | 5,608 | 5,176 | 826 | 10,846 | 11,672 | (2,599 | ) | 9,073 | 5,600 | |||||||||||||||||||||||||||||||||||
Wasco Arms | Garden | Mar-02 | Wasco, CA | 1982 | 78 | 625 | 2,519 | 1,050 | 625 | 3,569 | 4,194 | (1,564 | ) | 2,630 | 3,103 | |||||||||||||||||||||||||||||||||||
Washington Square West | Mid Rise | Sep-04 | Philadelphia, PA | 1982 | 132 | 555 | 11,169 | 6,078 | 582 | 17,220 | 17,802 | (9,279 | ) | 8,523 | 3,824 | |||||||||||||||||||||||||||||||||||
Westwood Terrace | Mid Rise | Mar-02 | Moline, IL | 1976 | 97 | 720 | 3,242 | 664 | 720 | 3,906 | 4,626 | (1,356 | ) | 3,270 | 1,488 | |||||||||||||||||||||||||||||||||||
White Cliff | Garden | Mar-02 | Lincoln Heights, OH | 1977 | 72 | 215 | 938 | 446 | 215 | 1,384 | 1,599 | (639 | ) | 960 | 996 | |||||||||||||||||||||||||||||||||||
Whitefield Place | Garden | Apr-05 | San Antonio, TX | 1980 | 80 | 223 | 3,151 | 2,570 | 219 | 5,725 | 5,944 | (2,387 | ) | 3,557 | 2,226 | |||||||||||||||||||||||||||||||||||
Wilderness Trail | High Rise | Mar-02 | Pineville, KY | 1983 | 124 | 1,010 | 4,048 | 739 | 1,010 | 4,787 | 5,797 | (1,391 | ) | 4,406 | 4,379 | |||||||||||||||||||||||||||||||||||
Wilkes Towers | High Rise | Mar-02 | North Wilkesboro, NC | 1981 | 72 | 410 | 1,680 | 514 | 410 | 2,194 | 2,604 | (845 | ) | 1,759 | 1,870 | |||||||||||||||||||||||||||||||||||
Willow Wood | Garden | Mar-02 | North Hollywood, CA | 1984 | 19 | 1,051 | 840 | 208 | 1,051 | 1,048 | 2,099 | (350 | ) | 1,749 | 1,057 | |||||||||||||||||||||||||||||||||||
Winnsboro Arms | Garden | Jan-06 | Winnsboro, SC | 1978 | 60 | 272 | 1,697 | 298 | 272 | 1,995 | 2,267 | (1,572 | ) | 695 | 112 | |||||||||||||||||||||||||||||||||||
Winter Gardens | High Rise | Mar-04 | St Louis, MO | 1920 | 112 | 300 | 3,072 | 4,489 | 300 | 7,561 | 7,861 | (1,531 | ) | 6,330 | 3,732 | |||||||||||||||||||||||||||||||||||
Woodcrest | Garden | Dec-97 | Odessa, TX | 1972 | 80 | 41 | 229 | 718 | 41 | 947 | 988 | (788 | ) | 200 | 430 |
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(2) | (3) | |||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Initial Cost | Cost Capitalized | December 31, 2010 | |||||||||||||||||||||||||||||||||||||||||||||||
Property | Date | Year | Number | Buildings and | Subsequent to | Buildings and | (4) | Accumulated | Total Cost | |||||||||||||||||||||||||||||||||||||||||
Property Name | Type | Consolidated | Location | Built | of Units | Land | Improvements | Consolidation | Land | Improvements | Total | Depreciation (AD) | Net of AD | Encumbrances | ||||||||||||||||||||||||||||||||||||
Woodland | Garden | Jan-06 | Spartanburg, SC | 1972 | 100 | 182 | 663 | 1,438 | 182 | 2,101 | 2,283 | (590 | ) | 1,693 | — | |||||||||||||||||||||||||||||||||||
Woodland Hills | Garden | Oct-05 | Jackson, MI | 1980 | 125 | 541 | 3,875 | 4,275 | 321 | 8,370 | 8,691 | (3,584 | ) | 5,107 | 3,589 | |||||||||||||||||||||||||||||||||||
Woodlands | Garden | Jan-10 | Whistler, AL | 1983 | 50 | 213 | 2,277 | 29 | 213 | 2,306 | 2,519 | (765 | ) | 1,754 | 1,538 | |||||||||||||||||||||||||||||||||||
Total Affordable Properties | 20,914 | 129,298 | 892,309 | 431,965 | 128,280 | 1,325,292 | 1,453,572 | (519,859 | ) | 933,713 | 745,446 | |||||||||||||||||||||||||||||||||||||||
Other(5) | — | 1,038 | 2,470 | 3,693 | 2,064 | 5,138 | 7,202 | (2,922 | ) | 4,280 | — | |||||||||||||||||||||||||||||||||||||||
Total Continuing Operations | 87,867 | 2,072,307 | 4,639,040 | 2,671,455 | 2,128,734 | 7,254,069 | 9,382,803 | (2,892,551 | ) | 6,490,252 | 5,430,528 | |||||||||||||||||||||||||||||||||||||||
Discontinued Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Conventional Properties: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fisherman’s Village | Garden | Jan-06 | Indianapolis, IN | 1982 | 328 | 2,156 | 9,936 | 3,023 | 2,156 | 12,959 | 15,115 | (7,618 | ) | 7,497 | 6,350 | |||||||||||||||||||||||||||||||||||
Timbertree | Garden | Oct-97 | Phoenix, AZ | 1979 | 387 | 2,292 | 13,000 | 6,728 | 2,292 | 19,728 | 22,020 | (10,752 | ) | 11,268 | 4,062 | |||||||||||||||||||||||||||||||||||
Total Conventional Properties: | 715 | 4,448 | 22,936 | 9,751 | 4,448 | 32,687 | 37,135 | (18,370 | ) | 18,765 | 10,412 | |||||||||||||||||||||||||||||||||||||||
Affordable Properties: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Brittany Apartments | Garden | Jan-10 | Raytown, MO | 1971 | 144 | 465 | 2,635 | — | 465 | 2,635 | 3,100 | (194 | ) | 2,906 | 2,138 | |||||||||||||||||||||||||||||||||||
Calvert City | Garden | Jan-10 | Calvert City, KY | 1980 | 60 | 128 | 694 | 11 | 128 | 705 | 833 | (663 | ) | 170 | 711 | |||||||||||||||||||||||||||||||||||
Club, The | Garden | Jan-06 | Lexington, NC | 1972 | 87 | 498 | 2,128 | 688 | 498 | 2,816 | 3,314 | (2,142 | ) | 1,172 | 235 | |||||||||||||||||||||||||||||||||||
Delhaven Manor | Mid Rise | Mar-02 | Jackson, MS | 1983 | 104 | 575 | 2,304 | 2,046 | 575 | 4,350 | 4,925 | (1,923 | ) | 3,002 | 3,625 | |||||||||||||||||||||||||||||||||||
Madisonville | Garden | Jan-10 | Madisonville, KY | 1981 | 60 | 73 | 367 | 86 | 73 | 453 | 526 | (498 | ) | 28 | 589 | |||||||||||||||||||||||||||||||||||
Northlake Village | Garden | Oct-00 | Lima, OH | 1971 | 150 | 487 | 1,317 | 1,886 | 487 | 3,203 | 3,690 | (1,987 | ) | 1,703 | — | |||||||||||||||||||||||||||||||||||
Oswego Village | Garden | Jan-10 | Columbia, PA | 1979 | 68 | 392 | 2,221 | — | 392 | 2,221 | 2,613 | (140 | ) | 2,473 | 1,395 | |||||||||||||||||||||||||||||||||||
Park — Joplin Apartments | Garden | Oct-07 | Joplin, MO | 1974 | 192 | 1,154 | 5,539 | 402 | 1,154 | 5,941 | 7,095 | (924 | ) | 6,171 | 3,165 | |||||||||||||||||||||||||||||||||||
Rosedale Court Apartments | Garden | Mar-04 | Dawson Springs, KY | 1981 | 40 | 194 | 1,177 | 222 | 194 | 1,399 | 1,593 | (612 | ) | 981 | 858 | |||||||||||||||||||||||||||||||||||
Sherman Hills | High Rise | Jan-06 | Wilkes-Barre, PA | 1976 | 344 | 2,039 | 15,549 | 1,560 | 2,036 | 17,111 | 19,147 | (13,910 | ) | 5,237 | 2,686 | |||||||||||||||||||||||||||||||||||
Wickford | Garden | Mar-04 | Henderson, NC | 1983 | 44 | 247 | 946 | 198 | 247 | 1,144 | 1,391 | (493 | ) | 898 | 1,441 | |||||||||||||||||||||||||||||||||||
Total Affordable Properties | 1,293 | 6,252 | 34,877 | 7,099 | 6,249 | 41,978 | 48,227 | (23,486 | ) | 24,741 | 16,843 | |||||||||||||||||||||||||||||||||||||||
Total Discontinued Operations | 2,008 | 10,700 | 57,813 | 16,850 | 10,697 | 74,665 | 85,362 | (41,856 | ) | 43,506 | 27,255 | |||||||||||||||||||||||||||||||||||||||
Total | 89,875 | $ | 2,083,007 | $ | 4,696,853 | $ | 2,688,305 | $ | 2,139,431 | $ | 7,328,734 | $ | 9,468,165 | $ | (2,934,407 | ) | $ | 6,533,758 | $ | 5,457,783 | ||||||||||||||||||||||||||||||
(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 minority 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) | The aggregate cost of land and depreciable property for federal income tax purposes was approximately $3.8 billion at December 31, 2010. | |
(5) | Other includes land parcels, commercial properties and other related costs. We exclude such properties from our residential unit counts. |
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2010 | 2009 | 2008 | ||||||||||
(In thousands) | ||||||||||||
Real Estate | ||||||||||||
Balance at beginning of year | $ | 9,718,978 | $ | 11,000,496 | $ | 12,420,200 | ||||||
Additions during the year: | ||||||||||||
Newly consolidated assets and acquisition of limited partnership interests(1) | 69,410 | 19,683 | 31,447 | |||||||||
Acquisitions | — | — | 107,445 | |||||||||
Capital additions | 175,329 | 275,444 | 665,233 | |||||||||
Deductions during the year: | ||||||||||||
Casualty and other write-offs(2) | (15,865 | ) | (43,134 | ) | (130,595 | ) | ||||||
Sales | (479,687 | ) | (1,533,511 | ) | (2,093,234 | ) | ||||||
Balance at end of year | $ | 9,468,165 | $ | 9,718,978 | $ | 11,000,496 | ||||||
Accumulated Depreciation | ||||||||||||
Balance at beginning of year | $ | 2,723,339 | $ | 2,814,992 | $ | 3,047,211 | ||||||
Additions during the year: | ||||||||||||
Depreciation | 422,099 | 478,550 | 497,395 | |||||||||
Newly consolidated assets and acquisition of limited partnership interests(1) | (12,348 | ) | (2,763 | ) | (22,256 | ) | ||||||
Deductions during the year: | ||||||||||||
Casualty and other write-offs | (4,831 | ) | (5,200 | ) | (1,838 | ) | ||||||
Sales | (193,852 | ) | (562,240 | ) | (705,520 | ) | ||||||
Balance at end of year | $ | 2,934,407 | $ | 2,723,339 | $ | 2,814,992 | ||||||
(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 | ||||
/s/ Terry Considine Terry Considine | Chairman of the Board and Chief Executive Officer (principal executive officer) | July 28, 2011 | ||||
/s/ Ernest M. Freedman Ernest M. Freedman | Executive Vice President and Chief Financial Officer (principal financial officer) | July 28, 2011 | ||||
/s/ Paul Beldin Paul Beldin | Senior Vice President and Chief Accounting Officer (principal accounting officer) | July 28, 2011 | ||||
/s/ James N. Bailey James N. Bailey | Director | July 28, 2011 | ||||
/s/ Richard S. Ellwood Richard S. Ellwood | Director | July 28, 2011 | ||||
/s/ Thomas L. Keltner Thomas L. Keltner | Director | July 28, 2011 |
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Signature | Title | Date | ||||
/s/ J. Landis Martin J. Landis Martin | Director | July 28, 2011 | ||||
/s/ Robert A. Miller Robert A. Miller | Director | July 28, 2011 | ||||
/s/ Michael A. Stein Michael A. Stein | Director | July 28, 2011 | ||||
/s/ Kathleen M. Nelson Kathleen M. Nelson | Director | July 28, 2011 |
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By: AIMCO-GP, Inc., its General Partner
By: | /s/ Ernest M. Freedman |
Title: | Executive Vice President, Chief Financial Officer |
Signature | Title | Date | ||||
/s/ Terry Considine Terry Considine | Chairman of the Board and Chief Executive Officer of the registrant’s managing general partner (principal executive officer) | July 28, 2011 | ||||
/s/ Miles Cortez Miles Cortez | Director, Executive Vice President and Chief Administrative Officer of the registrant’s managing general partner | July 28, 2011 | ||||
/s/ Ernest M. Freedman Ernest M. Freedman | Executive Vice President and Chief Financial Officer of the registrant’s managing general partner (principal financial officer) | July 28, 2011 | ||||
/s/ Paul Beldin Paul Beldin | Senior Vice President and Chief Accounting Officer of the registrant’s managing general partner (principal accounting officer) | July 28, 2011 |
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Exhibit | ||||
Number | Description | |||
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 March 31, 2011, is incorporated herein by this reference) | ||
3 | .2 | Articles Supplementary of Apartment Investment and Management Company (Exhibit 3.3 to Aimco’s Registration Statement on Form 8-A, dated July 27, 2011, is incorporated herein by this reference) | ||
3 | .3 | Amended and Restated Bylaws of Apartment Investment and Management Company (Exhibit 3.2 to Aimco’s Current Report onForm 8-K dated February 2, 2010, is incorporated herein by this reference) | ||
3 | .4 | 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 | .5 | 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 | .6 | 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 | .7 | Third Amendment to Fourth Amended and Restated Agreement of Limited Partnership of AIMCO Properties, L.P., dated as of September 2, 2010 (Exhibit 10.1 to Aimco’s Current Report onForm 8-K, dated September 1, 2010, is incorporated herein by this reference) | ||
3 | .8 | Fourth Amendment to Fourth Amended and Restated Agreement of Limited Partnership of AIMCO Properties, L.P., dated as of July 26, 2011 (Exhibit 10.01 to Aimco’s and Aimco OP’s Current Report on Form 8-K, dated July 26, 2011, is incorporated herein by this reference) | ||
5 | .1 | Opinion of Alston & Bird 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 the status of Aimco as a real estate investment trust (Exhibit 8.1 to Aimco’s and Aimco OP’s Current Report on Form8-K, dated July 26, 2011, is incorporated herein by this reference) | ||
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) |
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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, 2010, 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 this 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 | 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 | .15 | 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 | .16 | 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 | .17 | 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 | .18 | 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 | .19 | 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 | .20 | 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 | .21 | 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)* |
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Exhibit | ||||
Number | Description | |||
21 | .1 | List of Subsidiaries (Exhibit 21.1 to Aimco’s Annual Report ofForm 10-K for the year ended December 31, 2010 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 Alston & Bird 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 | ||
23 | .7 | Consent of KTR Real Estate Advisors LLC | ||
23 | .8 | Consent of Duff & Phelps, LLC | ||
24 | .1 | Power of Attorney (included in the signature pages to the Registration Statement) | ||
99 | .1 | Form of Consent Form | ||
99 | .2 | Appraisal Report, dated as of June 3, 2011, by KTR Real Estate Advisors LLC |
(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. |