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Maryland | 6798 | 84-1259577 | ||
(State of other jurisdiction of incorporation or organization) | (Primary standard industrial classification code number) | (IRS Employer Identification Number) |
Delaware | 6513 | 84-1275621 | ||
(State of other jurisdiction of incorporation or organization) | (Primary standard industrial classification code number) | (IRS Employer Identification Number) |
Jonathan Friedman, Esq. | Joseph Coco, Esq. | |
Skadden, Arps, Slate, Meagher & Flom LLP | Skadden, Arps, Slate, Meagher & Flom LLP | |
300 South Grand Avenue, Suite 3400 | Four Times Square | |
Los Angeles, CA 90071 | New York, NY 10036 | |
Telephone:(213) 687-5396 | Telephone: (212) 735-3050 | |
Fax:(213) 621-5396 | Fax: (917) 777-3050 |
Large accelerated filer þ | Accelerated filer o | Non-accelerated filer o (Do not check if a smaller reporting company) | Smaller reporting company o |
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The information in this 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 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. |
• | $526.71 in cash, or | |
• | $526.71 in partnership common units of Aimco OP, or OP Units. |
YOU ARE REQUESTED NOT TO SEND US A PROXY
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P.O. Box 2347
Greenville, South Carolina 29602
(864) 239-1029
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• | The Merger: AP XII has entered into an agreement and plan of merger with the Aimco Subsidiary and Aimco OP. Under the merger agreement, at the effective time of the merger, the Aimco Subsidiary will be merged with and into AP XII, with AP XII as the surviving entity. A copy of the merger agreement is attached asAnnex A to this information statement/prospectus. You are encouraged to read the merger agreement carefully in its entirety because it is the legal agreement that governs the merger. |
• | Merger Consideration: In the merger, each AP XII Unit will be converted into the right to receive, at the election of the holder of such AP XII Unit, either $526.71 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 AP XII Unit will be calculated by dividing the $526.71 per unit cash merger consideration by the average closing price of Aimco common stock, as reported on the NYSE, over the ten consecutive trading days ending on the second trading day immediately prior to the consummation of the merger. For a full description of the determination of the merger consideration, see “The Merger — Determination of Merger Consideration” beginning on page 43. |
• | Fairness of the Merger: Although the Aimco Entities have interests that may conflict with those of AP XII’s unaffiliated limited partners, each of the Aimco Entities believe that the merger is fair to the unaffiliated limited partners of AP XII. See “Special Factors — Fairness of the Transaction” beginning on page 6. The merger consideration of $526.71 per AP XII Unit was based on independent third party appraisals of AP XII’s properties by independent valuation firms. | |
• | 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, the general partner of Aimco OP, the Managing General Partner and the general partner of the sole member of the Non-Managing General Partner to the effect that, as of July 28, 2011, the cash consideration offered in the merger is fair, from a financial point of view, to the unaffiliated limited partners of AP XII. The full text of Duff & Phelps’s written opinion, which sets forth the assumptions made, procedures followed, factors considered and qualifications and limitations on the review undertaken by Duff & Phelps in connection with its opinion, is attached to this information statement/prospectus asAnnex C. You are encouraged to read Duff & Phelps’s opinion, and the section entitled “Special Factors — Opinion of Financial Advisor” beginning on page 14, carefully and in their entirety. Duff & Phelps’s opinion was directed to the boards of directors of Aimco, the general partner of Aimco OP, the Managing General Partner and the general partner of the sole member of the Non-Managing General Partner, and addresses only the fairness to the unaffiliated limited partners of AP XII, from a financial point of view, of the cash consideration offered to them in the merger as of the date of the opinion. Duff & Phelps’s opinion did not address any other aspect of the merger and was not intended to and does not constitute a recommendation as to how any party should vote or act with respect to the merger or any matter relating thereto. | |
• | Effects of the Merger: After the merger, Aimco OP will be the sole limited partner in AP XII, and will own all of the outstanding AP XII Units. As a result, after the merger, you will cease to have any rights in AP XII as a limited partner. See “Special Factors — Effects of the Merger,” beginning on page 5. |
• | Appraisal Rights: Pursuant to the terms of the merger agreement, Aimco OP will provide each limited partner with contractual dissenters’ appraisal rights that are similar to the dissenters’ appraisal rights available to a stockholder of a constituent corporation in a merger under Delaware law, and which will enable a limited partner to obtain an appraisal of the value of the limited partner’s AP XII Units in connection with the merger. See “The Merger — Appraisal Rights,” beginning on page 45. A description of the |
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appraisal rights being provided, and the procedures that a limited partner must follow to seek such rights, is attached to this information statement/prospectus asAnnex B. |
• | List of Investors: Under AP XII’s partnership agreement and Delaware law, upon written request and at the cost of the limited partner, a limited partner who holds AP XII Units has the right to receive by mail a list of the names and addresses of the partners of AP XII and the number of units of partnership interest held by each of them. This list may be obtained by making written request to the General Partners, c/o Eagle Rock Proxy Advisors, LLC, 12 Commerce Drive, Cranford, New Jersey 07016, or by fax at(908) 497-2349. |
• | Parties Involved: |
• | Angeles Partners XII, LP, or AP XII, is a Delaware limited partnership formed on November 24, 2010, following a redomestication of the partnership from California to Delaware. AP XII owns and operates four investment properties: the Hunters Glen Apartments IV, which consists of a 264 unit apartment project located in Plainsboro, New Jersey, or the Hunters Glen IV Property; the Hunters Glen Apartments V, which consists of a 304 unit apartment project located in Plainsboro, New Jersey, or the Hunters Glen V Property; the Hunters Glen Apartments VI, which consists of a 328 unit apartment project located in Plainsboro, New Jersey, or the Hunters Glen VI Property; and the Twin Lake Towers Apartments, which consists of a 399 unit apartment project located in Westmont, Illinois, or the Twin Lake Towers Property. The Hunters Glen Apartments IV, the Hunters Glen Apartments V and the Hunters Glen Apartments VI are sometimes collectively referred to in this information statement/prospectus as the Hunters Glen Properties. See “Information About Angeles Partners XII, LP” beginning on page 34. AP XII’s principal address is 55 Beattie Place, P.O. Box 1089, Greenville, South Carolina 29602, and its telephone number is(864) 239-1000. |
• | 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 32. 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 32. 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 AP XII Merger Sub LLC, or the Aimco Subsidiary, is a Delaware limited liability company formed for the purpose of consummating the merger with AP XII. The Aimco Subsidiary is a direct wholly-owned subsidiary of Aimco OP. See “Information about the Aimco Entities,” beginning on page 32. |
• | Reasons for the Merger: Aimco and Aimco OP are in the business of acquiring, owning and managing apartment properties such as the ones owned by AP XII, and have decided to proceed with the merger as a means of acquiring the properties currently owned by AP XII 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 AP XII of the expenses associated with a sale of the property, including marketing and other transaction costs. The Aimco Entities decided to proceed with the merger at this time for the following reasons: |
• | In the absence of a transaction, limited partners of AP XII have only limited options to liquidate their investment in AP XII. The AP XII Units are not traded on an exchange or other reporting system, and transactions in the securities are limited and sporadic. | |
• | The value of the properties owned by AP XII is not sufficient to justify its continued operation as a public company. As a public company with a significant number of unaffiliated limited partners, AP XII incurs costs associated with preparing audited annual financial statements, unaudited quarterly financial statements, tax returns and partnerSchedule K-1s, periodic SEC reports and other expenses. The Aimco Entities estimate these costs to be approximately $97,000 per year. |
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• | AP XII has been operating at a loss for the past two years. Since late 2010 , Aimco OP has made loans of approximately $10,808,000 to AP XII to help fund operating expenses, pay off old mortgages and fund loan commitment fees for the new mortgage encumbering the Hunters Glen Properties. AP XII 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% ownership of AP XII, they will have greater flexibility in financing and operating its properties. |
• | Conflicts of Interest: The Managing General Partner is wholly-owned by AIMCO/IPT, Inc., which in turn is wholly-owned by Aimco. Therefore, the Managing General Partner has a conflict of interest with respect to the merger. The Managing General Partner has fiduciary duties to AIMCO/IPT, Inc., the Managing General Partner’s sole stockholder and an affiliate of Aimco, on the one hand, and to AP XII and its limited partners, on the other hand. The duties of the Managing General Partner to AP XII and its limited partners conflict with the duties of the Managing General Partner to AIMCO/IPT, Inc., which could result in the Managing General Partner approving a transaction that is more favorable to Aimco than might be the case absent such conflict of interest. See, “The Merger — Conflicts of Interest,” beginning on page 44. |
• | Risk Factors: In evaluating the merger agreement and the merger, AP XII limited partners should carefully read this information statement/prospectus and especially consider the factors discussed in the section entitled “Risk Factors” beginning on page 21. Some of the risk factors associated with the merger are summarized below: |
• | Aimco owns the Managing General Partner. As a result, the Managing General Partner 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 AP XII limited partners. | |
• | AP XII 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 AP XII 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 AP XII Units and Aimco OP Units,” beginning on page 66. |
• | AP XII limited partners may elect to receive OP Units as merger consideration, and there are risks related to an investment in OP Units, including the fact that there are restrictions on transferability of OP Units; there is no public market for OP Units; and there is no assurance as to the value that might be realized upon a future redemption of OP Units. |
• | Material United States Federal Income Tax Consequences of the Merger: The merger will generally be treated as a partnership merger for U.S. federal income tax purposes. In general, any payment of cash for AP XII Units will be treated as a sale of such AP XII Units by the holder thereof, and any exchange of AP XII Units for OP Units under the terms of the merger agreement will be treated as a tax-free transaction, except to the extent described in “Material United States Federal Income Tax Considerations — United States Federal Income Tax Consequences Relating to the Merger,” beginning on page 71. |
The foregoing is a general discussion of the material U.S. federal income tax consequences of the merger. This summary does not discuss all aspects of U.S. federal income taxation that may be relevant to you in light of your specific circumstances or if you are subject to special treatment under the U.S. federal income tax laws. The particular tax consequences of the merger to you will depend on a number of factors related to your tax situation. You should review “Material United States Federal Income Tax Considerations,” herein and consult your tax advisors for a full understanding of the tax consequences to you of the merger. |
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• | In the absence of a transaction, AP XII limited partners have only limited options to liquidate their investment in AP XII. The AP XII Units are not traded on an exchange or other reporting system, and transactions in the securities are limited and sporadic. | |
• | The value of the properties owned by AP XII is not sufficient to justify its continued operation as a public company. As a public company with a significant number of unaffiliated limited partners, AP XII incurs costs associated with preparing audited annual financial statements, unaudited quarterly financial statements, tax returns and partnerSchedule K-1s, periodic SEC reports and other expenses. The Aimco Entities estimate these costs to be approximately $97,000 per year. |
• | AP XII has been operating at a loss for the past two years. Since late 2010, Aimco OP has made loans of approximately $10,808,000 to AP XII to help fund operating expenses, pay off old mortgages and fund loan commitment fees for the new mortgage encumbering the Hunters Glen Properties. AP XII 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% ownership of AP XII, they will have greater flexibility in financing and operating its properties. |
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• | The merger consideration of $526.71 per AP XII Unit was based on independent third party appraisals of AP XII’s properties by either Cogent Realty Advisors, LLC, or CRA, or KTR Real Estate Advisors LLC, or KTR, each an independent valuation firm. | |
• | Duff & Phelps has delivered its written opinion to the boards of directors of Aimco, the general partner of Aimco OP, the Managing General Partner and the general partner of the sole member of the Non-Managing General Partner 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 AP XII. | |
• | The merger consideration is greater than the Aimco Entities’ estimate of liquidation value because there was no deduction for certain amounts that would be payable upon a sale of the properties, including transaction costs related to the sale and prepayment penalties on the mortgage debt that would apply (based on current interest rates) if the properties were sold after the expiration of the current lockout periods (during which a prepayment of the mortgage debt is prohibited) in June 2013 (for the Hunters Glen Properties) and September 2012 (for the Twin Lake Towers Property). | |
• | The merger consideration is equal to the Aimco Entities’ estimate of going concern value, calculated as the aggregate appraised value of all of AP XII’s properties, plus the amount of any other assets, less the amount of AP XII’s liabilities, including the market value of mortgage debt (but without deducting any prepayment penalties thereon). | |
• | Themark-to-market adjustment to the mortgage debt encumbering AP XII’s properties is less than the prepayment penalties that would be payable (based on current interest rates) upon a sale of the Hunters Glen Properties and the Twin Lake Towers Property after the expiration of the current lockout periods. |
• | The merger consideration exceeds the net book value per unit (a deficit of $1,742.21 per AP XII Unit at June 30, 2011). |
• | The appraised value of the Twin Lake Towers Property relied on to determine the merger consideration is higher than a December 2010 lender appraisal for the Twin Lake Towers Property, which indicated a market value of $37,000,000 as of December 4, 2010. |
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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 the 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 AP XII. | |
• | Although limited partners are not entitled to dissenters’ appraisal rights under Delaware law, the merger agreement provides them with contractual dissenters’ appraisal rights that are similar to the dissenters’ appraisal rights that are available to stockholders in a corporate merger under Delaware law. | |
• | Although the merger agreement may be terminated by either side at any time, Aimco OP and the Aimco Subsidiary are very likely to complete the merger on a timely basis. | |
• | Unlike a typical property sale agreement, the merger agreement contains no indemnification provisions, so there is no risk of subsequent reduction of the proceeds. | |
• | In contrast to a sale of the properties to a third party, which would involve marketing and other transaction costs, Aimco OP has agreed to pay all expenses associated with the merger. |
• | The merger consideration is greater than the prices at which AP XII Units have recently sold in the secondary market ($104.00 to $240.00 per AP XII Unit from January 1, 2010 through August 26, 2011). |
• | The merger consideration is greater than the prices at which AP XII Units have historically sold in the secondary market ($180.00 to $212.00 per AP XII Unit from January 1, 2009 through December 31, 2009). |
• | The Managing General Partner has substantial conflicts of interest with respect to the merger as a result of (i) the fiduciary duties they owe 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, an affiliate of Aimco, which has an interest in obtaining the AP XII properties for the lowest possible consideration. | |
• | The terms of the merger were not approved by any independent directors. | |
• | An unaffiliated representative was not retained to act solely on behalf of the unaffiliated limited partners for purposes of negotiating the merger agreement on an independent, arm’s-length basis, which might have resulted in better terms for the unaffiliated limited partners. | |
• | The merger agreement does not require the approval of any unaffiliated limited partners. | |
• | In calculating the merger consideration, the market value of the mortgage debt encumbering AP XII’s properties was deducted, which resulted in less merger consideration than would have been the case if the aggregate amount outstanding was deducted. | |
• | The appraised value of the Hunters Glen Properties relied on to determine the merger consideration is lower than a January 2011 lender appraisal for the Hunters Glen Properties, which indicated a market value of $102,000,000 as of November 19, 2010. | |
• | Limited partners who receive the cash consideration in the merger may recognize taxable gain that could exceed the merger consideration. | |
• | Limited partners who receive OP Units in the merger could recognize taxable gain if Aimco subsequently sells any of AP XII’s properties. |
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• | Limited partners who receive OP Units in the merger will be subject to the risks related to an investment in OP Units, as described in greater detail under the heading “Risk Factors — Risks Related to an Investment in OP Units.” | |
• | CRA and KTR, the valuation firms that appraised the AP XII properties, have performed work for Aimco OP and its affiliates in the past, and these pre-existing relationships could negatively impact CRA’s and 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; | |
• | Examined regional apartment, office and retail market conditions, with special emphasis on the property’s submarket; |
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• | Investigated lease and sale transactions involving comparable properties in the influencing market; | |
• | Reviewed the existing rent roll and discussed the leasing status with the building manager and leasing agent. In addition, CRA and 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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• | potential gross income from apartment unit rentals of $444,549 per month or $5,334,588 for the appraised year; | |
• | a 10.0% allowance attributable to loss to lease; | |
• | concession allowance of 2.0% of the gross rent potential; | |
• | a combined vacancy and collection loss factor of 4.0%; | |
• | estimated utility income of $329,175, or $825 per unit; | |
• | estimated other income of $269,325, or $675 per unit; | |
• | total estimated expenses of $2,217,383; | |
• | capitalization rate of 6.25%. |
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• | potential gross income from apartment unit rentals of $932,228 per month or $11,186,733 for the appraised year; | |
• | a 7.0% allowance attributable to loss to lease; | |
• | concession allowance of 1.5% of the gross rent potential; | |
• | a combined vacancy and credit loss factor of 5.0%; | |
• | estimated other income of $1,254,400, or $1,400 per unit; | |
• | estimated administrative unit rental loss associated with the operation of five administrative units of $57,510; | |
• | total estimated expenses of $4,921,261; | |
• | capitalization rate of 6.50%. |
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• | Duff & Phelps reviewed the valuation conclusions for each of the properties owned by AP XII 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 E — 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 appraisers 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 aggregate appraised value of the properties owned by AP XII the amount of AP XII’s other non-real estate assets that were not included in the appraisals, and subtracting the amount of AP XII’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 properties owned by AP XII 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 properties owned by AP XII, as described in greater detail under the heading “The Merger — 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. |
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Low Value | Proposed Value | High Value | % of Total | |||||||||||||
Property Value | ||||||||||||||||
Twin Lake Towers | $ | 43,800,000 | $ | 45,600,000 | $ | 47,500,000 | ||||||||||
The Hunters Glen | 88,200,000 | 92,000,000 | 95,200,000 | |||||||||||||
Total | $ | 132,000,000 | $ | 137,600,000 | $ | 142,700,000 | ||||||||||
Debt Summary | ||||||||||||||||
Book Value of Debt | $ | 93,438,913 | $ | 93,438,913 | $ | 93,438,913 | ||||||||||
Fair Value of Debt | 96,485,453 | 96,485,453 | 96,485,453 | |||||||||||||
Fair Value as a % of Book | 103% | 103% | 103% | |||||||||||||
LP Interest Summary | ||||||||||||||||
Proceeds Distributable to LPs | $ | 18,936,413 | $ | 23,553,613 | $ | 27,758,563 | ||||||||||
Affiliated LP Units | 33,750 | 33,750 | 33,750 | 75 | % | |||||||||||
Unaffiliated LP Units | 10,968 | 10,968 | 10,968 | 25 | % | |||||||||||
Total LP Units | 44,718 | 44,718 | 44,718 | |||||||||||||
Value Per LP Unit | $ | 423.46 | $ | 526.71 | $ | 620.75 |
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• | income was projected to grow in accordance with estimated rent growth projections provided by Property & Portfolio Research, Inc., Reis, Inc., and Axiometrics Inc. by market; |
• | expense growth was assumed to be 2.4% for budget year 2011; |
• | vacancy rates were budgeted to remain at or above 96%; and |
• | turnover was budgeted in accordance with historic experience at each property. |
Hunters Glen | Hunters Glen | Hunters Glen | Twin Lake | |||||||||||||
Apartments IV | Apartments V | Apartments VI | Towers Apartments | |||||||||||||
Effective Gross Income | $ | 3,261,544 | $ | 3,742,008 | $ | 3,945,771 | $ | 5,106,699 | ||||||||
Total Expenses | 1,645,176 | 1,566,514 | 1,656,240 | 2,201,830 | ||||||||||||
Net Operating Income | $ | 1,616,368 | $ | 2,175,494 | $ | 2,289,531 | $ | 2,904,869 | ||||||||
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• | Decisions of the general partner with respect to the amount and timing of cash expenditures, borrowings, issuances of additional interests and reserves in any quarter will affect whether or the extent to which there is available cash to make distributions in a given quarter. | |
• | Under the terms of the Aimco OP partnership agreement, Aimco OP will reimburse the general partner and its affiliates for costs incurred in managing and operating Aimco OP, including compensation of officers and employees. | |
• | Whenever possible, the general partner seeks to limit Aimco OP’s liability under contractual arrangements to all or particular assets of Aimco OP, with the other party thereto having no recourse against the general partner or its assets. | |
• | Any agreements between Aimco OP and the general partner and its affiliates will not grant to the OP Unitholders, separate and apart from Aimco OP, the right to enforce the obligations of the general partner and such affiliates in favor of Aimco OP. Therefore, the general partner, in its capacity as the general partner of Aimco OP, will be primarily responsible for enforcing such obligations. | |
• | Under the terms of the Aimco OP partnership agreement, the general partner is not restricted from causing Aimco OP to pay the general partner or its affiliates for any services rendered on terms that are fair and reasonable to Aimco OP or entering into additional contractual arrangements with any of such entities on behalf of Aimco OP. Neither the Aimco OP partnership agreement nor any of the other agreements, contracts 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 Six Months | ||||||||||||||||||||||||||||
Ended June 30, | For The Years Ended December 31, | |||||||||||||||||||||||||||
2011 | 2010(1) | 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 | $ | 562,063 | $ | 547,829 | $ | 1,110,201 | $ | 1,099,702 | $ | 1,146,116 | $ | 1,081,932 | $ | 996,590 | ||||||||||||||
Total operating expenses(2) | (471,898 | ) | (489,499 | ) | (981,100 | ) | (1,009,730 | ) | (1,109,235 | ) | (914,539 | ) | (837,706 | ) | ||||||||||||||
Operating income(2) | 90,165 | 58,330 | 129,101 | 89,972 | 36,881 | 167,393 | 158,884 | |||||||||||||||||||||
Loss from continuing operations(2) | (73,851 | ) | (73,958 | ) | (160,942 | ) | (200,339 | ) | (116,893 | ) | (46,410 | ) | (41,759 | ) | ||||||||||||||
Income from discontinued operations, net(3) | 19,603 | 47,028 | 71,318 | 155,539 | 743,895 | 171,916 | 328,781 | |||||||||||||||||||||
Net (loss) income | (54,248 | ) | (26,930 | ) | (89,624 | ) | (44,800 | ) | 627,002 | 125,506 | 287,022 | |||||||||||||||||
Net loss (income) attributable to noncontrolling interests | 11,537 | (8,413 | ) | 17,896 | (19,474 | ) | (214,995 | ) | (95,595 | ) | (110,234 | ) | ||||||||||||||||
Net (income) attributable to Aimco’s preferred stockholders | (22,128 | ) | (23,050 | ) | (53,590 | ) | (50,566 | ) | (53,708 | ) | (66,016 | ) | (81,132 | ) | ||||||||||||||
Net (loss) income attributable to Aimco’s common stockholders | (64,950 | ) | (58,393 | ) | (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 | $ | (0.66 | ) | $ | (0.75 | ) | $ | (1.44 | ) | $ | (1.77 | ) | $ | (2.09 | ) | $ | (1.38 | ) | $ | (1.45 | ) | |||||||
Net (loss) income attributable to Aimco’s common stockholders | $ | (0.55 | ) | $ | (0.50 | ) | $ | (1.08 | ) | $ | (1.00 | ) | $ | 3.96 | $ | (0.43 | ) | $ | 0.98 | |||||||||
Consolidated Balance Sheets: | ||||||||||||||||||||||||||||
Real estate, net of accumulated depreciation | $ | 6,262,701 | — | $ | 6,386,426 | $ | 6,566,624 | $ | 6,722,737 | $ | 6,493,318 | $ | 6,036,656 | |||||||||||||||
Total assets | 7,164,972 | — | 7,378,566 | 7,906,468 | 9,441,870 | 10,617,681 | 10,292,587 | |||||||||||||||||||||
Total indebtedness | 5,369,624 | — | 5,392,767 | 5,371,285 | 5,746,949 | 5,371,112 | 4,702,542 | |||||||||||||||||||||
Total equity | 1,241,336 | — | 1,306,772 | 1,534,703 | 1,646,749 | 2,048,546 | 2,650,182 | |||||||||||||||||||||
Other Information: | ||||||||||||||||||||||||||||
Dividends declared per common share(4) | $ | 0.24 | $ | 0.10 | $ | 0.30 | $ | 0.40 | $ | 7.48 | $ | 4.31 | $ | 2.40 | ||||||||||||||
Total consolidated properties (end of period) | 372 | 427 | 399 | 426 | 514 | 657 | 703 | |||||||||||||||||||||
Total consolidated apartment units (end of period) | 85,838 | 94,506 | 89,875 | 95,202 | 117,719 | 153,758 | 162,432 | |||||||||||||||||||||
Total unconsolidated properties (end of period) | 48 | 59 | 48 | 77 | 85 | 94 | 102 | |||||||||||||||||||||
Total unconsolidated apartment units (end of period) | 5,617 | 6,943 | 5,637 | 8,478 | 9,613 | 10,878 | 11,791 |
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(1) | Certain reclassifications have been made to conform to the June 30, 2011 financial statement presentation, including retroactive adjustments to reflect additional properties sold or classified as held for sale as of June 30, 2011 as discontinued operations (see Note 3 to the condensed consolidated financial statements in “Item 1 —Financial Statements” in Aimco’s Quarterly Report onForm 10-Q for the quarter ended June 30, 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 September 2, 2011, which are incorporated by reference in this information statement/prospectus.). |
(2) | Total operating expenses, operating income and loss from continuing operations for the year ended December 31, 2008, include a $91.1 million pre-tax provision for impairment losses on real estate development assets, which is discussed further in “Item 7 —Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Aimco’s 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 informationstatement/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 September 2, 2011, which is incorporated by reference in this information statement/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 September 2, 2011, which is incorporated by reference in this information statement/prospectus). |
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For the Six Months | ||||||||||||||||||||||||||||
Ended June 30, | For The Years Ended December 31, | |||||||||||||||||||||||||||
2011 | 2010(1) | 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 | $ | 562,063 | $ | 547,829 | $ | 1,110,201 | $ | 1,099,702 | $ | 1,146,116 | $ | 1,081,932 | $ | 996,590 | ||||||||||||||
Total operating expenses(2) | (471,898 | ) | (489,499 | ) | (981,100 | ) | (1,009,730 | ) | (1,109,235 | ) | (914,539 | ) | (837,706 | ) | ||||||||||||||
Operating income(2) | 90,165 | 58,330 | 129,101 | 89,972 | 36,881 | 167,393 | 158,884 | |||||||||||||||||||||
Loss from continuing operations(2) | (73,415 | ) | (73,532 | ) | (160,083 | ) | (199,519 | ) | (116,107 | ) | (45,661 | ) | (38,799 | ) | ||||||||||||||
Income from discontinued operations, net(3) | 19,603 | 47,028 | 71,318 | 155,539 | 743,895 | 171,916 | 328,781 | |||||||||||||||||||||
Net (loss) income | (53,812 | ) | (26,504 | ) | (88,765 | ) | (43,980 | ) | 627,788 | 126,255 | 289,982 | |||||||||||||||||
Net loss (income) attributable to noncontrolling interests | 10,076 | (9,418 | ) | 13,301 | (22,442 | ) | (155,749 | ) | (92,138 | ) | (92,917 | ) | ||||||||||||||||
Net (income) attributable to Aimco OP’s preferred unitholders | (25,470 | ) | (26,426 | ) | (58,554 | ) | (56,854 | ) | (61,354 | ) | (73,144 | ) | (90,527 | ) | ||||||||||||||
Net (loss) income attributable to Aimco OP’s common unitholders | (69,317 | ) | (62,348 | ) | (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 | $ | (0.66 | ) | $ | (0.75 | ) | $ | (1.44 | ) | $ | (1.77 | ) | $ | (1.94 | ) | $ | (1.37 | ) | $ | (1.45 | ) | |||||||
Net (loss) income attributable to Aimco OP’s common unitholders | $ | (0.55 | ) | $ | (0.50 | ) | $ | (1.07 | ) | $ | (1.00 | ) | $ | 4.11 | $ | (0.42 | ) | $ | 0.99 | |||||||||
Consolidated Balance Sheets: | ||||||||||||||||||||||||||||
Real estate, net of accumulated depreciation | $ | 6,263,207 | — | $ | 6,386,931 | $ | 6,567,129 | $ | 6,723,242 | $ | 6,493,823 | $ | 6,037,161 | |||||||||||||||
Total assets | 7,181,937 | — | 7,395,096 | 7,922,139 | 9,456,721 | 10,631,746 | 10,305,903 | |||||||||||||||||||||
Total indebtedness | 5,369,624 | — | 5,392,767 | 5,371,285 | 5,746,949 | 5,371,112 | 4,702,542 | |||||||||||||||||||||
Total partners’ capital | 1,258,301 | — | 1,323,302 | 1,550,374 | 1,661,600 | 2,152,326 | 2,753,617 | |||||||||||||||||||||
Other Information: | ||||||||||||||||||||||||||||
Distributions declared per common unit(4) | $ | 0.24 | $ | 0.10 | $ | 0.30 | $ | 0.40 | $ | 7.48 | $ | 4.31 | $ | 2.40 | ||||||||||||||
Total consolidated properties (end of period) | 372 | 427 | 399 | 426 | 514 | 657 | 703 | |||||||||||||||||||||
Total consolidated apartment units (end of period) | 85,838 | 94,506 | 89,875 | 95,202 | 117,719 | 153,758 | 162,432 | |||||||||||||||||||||
Total unconsolidated properties (end of period) | 48 | 59 | 48 | 77 | 85 | 94 | 102 | |||||||||||||||||||||
Total unconsolidated apartment units (end of period) | 5,617 | 6,943 | 5,637 | 8,478 | 9,613 | 10,878 | 11,791 |
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(1) | Certain reclassifications have been made to conform to the June 30, 2011 financial statement presentation, including retroactive adjustments to reflect additional properties sold or classified as held for sale as of June 30, 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 June 30, 2011 included asAnnex I to this information statement/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, filed with the SEC on September 2, 2011 and included asAnnex J to this information statement/prospectus.). |
(2) | Total operating expenses, operating income and loss from continuing operations for the year ended December 31, 2008, include a $91.1 million pre-tax provision for impairment losses on real estate development assets, which is discussed further in “Item 7 —Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Aimco OP’s Annual Report onForm 10-K for the year ended December 31, 2010 included asAnnex H to this information statement/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 September 2, 2011 and included asAnnex J to this information statement/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 September 2, 2011 and included asAnnex J to this information statement/prospectus). |
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For the Six Months | For the Years Ended | |||||||||||||||
Ended June 30, | December 31, | |||||||||||||||
2011 | 2010 | 2010 | 2009 | |||||||||||||
(Unaudited) | ||||||||||||||||
(Dollar amounts in thousands, except per unit data) | ||||||||||||||||
Consolidated Statements of Operations: | ||||||||||||||||
Total revenues | $ | 7,942 | $ | 8,011 | $ | 15,938 | $ | 16,039 | ||||||||
Net loss | (7,411 | ) | (1,521 | ) | (2,855 | ) | (975 | ) | ||||||||
Net loss per limited partnership unit | (164.07 | ) | (33.68 | ) | (63.20 | ) | (21.58 | ) | ||||||||
Distributions per limited partnership unit | — | 100.88 | 103.98 | — | ||||||||||||
Deficit of earnings to fixed charges | (7,411 | ) | (1,521 | ) | (2,857 | ) | (1,061 | ) | ||||||||
Consolidated Balance Sheets: | ||||||||||||||||
Cash and cash equivalents | 1,153 | 287 | 526 | 301 | ||||||||||||
Real estate, net of accumulated depreciation | 21,530 | 24,687 | 22,897 | 26,792 | ||||||||||||
Total assets | 25,939 | 27,827 | 26,139 | 29,329 | ||||||||||||
Mortgage notes payable | 93,286 | 96,010 | 95,325 | 78,822 | ||||||||||||
Due to affiliates | 9,322 | — | 15 | 12,184 | ||||||||||||
General partners’ deficit | (885 | ) | (796 | ) | (811 | ) | (352 | ) | ||||||||
Limited partners’ deficit | (77,908 | ) | (69,112 | ) | (70,571 | ) | (63,095 | ) | ||||||||
Total partners’ deficit | (78,793 | ) | (69,908 | ) | (71,382 | ) | (63,447 | ) | ||||||||
Total distributions | — | 4,940 | 5,080 | — | ||||||||||||
Book value per limited partnership unit | (1,742.21 | ) | (1,545.51 | ) | (1,578.13 | ) | (1,410.95 | ) | ||||||||
Other Information: | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 627 | (14 | ) | 225 | (12 | ) | ||||||||||
Net cash provided by operating activities | 1,148 | 1,379 | 2,917 | 3,988 |
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Six Months | Fiscal Year Ended | |||||||||||||||
Ended June 30, | December 31, | |||||||||||||||
2011 | 2010 | 2009 | 2008 | |||||||||||||
Cash dividends declared per share/unit | ||||||||||||||||
Aimco Common Stock | $ | 0.24 | $ | 0.30 | $ | 0.40 | $ | 2.40 | ||||||||
Aimco OP Units | 0.24 | 0.30 | 0.40 | 2.40 | ||||||||||||
AP XII Units | — | 103.98 | — | — | ||||||||||||
(Loss) Income per common share/unit from continuing operations | ||||||||||||||||
Aimco Common Stock | $ | (0.66 | ) | $ | (1.44 | ) | $ | (1.77 | ) | $ | (2.09 | ) | ||||
Aimco OP Units | (0.66 | ) | (1.44 | ) | (1.77 | ) | (1.94 | ) | ||||||||
AP XII Units | (164.07 | ) | (63.20 | ) | (21.58 | ) | 17.76 |
June 30, 2011 | December 31, 2010 | |||||||
Book value per share/unit | ||||||||
Aimco Common Stock(1) | $ | 8.13 | $ | 8.89 | ||||
Aimco OP Units(2) | 7.51 | 8.18 | ||||||
AP XII Units(3) | (1,742.21 | ) | (1,578.13 | ) |
(1) | Based on 120.5 million and 117.6 million shares of Aimco common stock outstanding at June 30, 2011 and December 31, 2010, respectively. |
(2) | Based on 128.8 million and 126.1 million Aimco OP Units and equivalents outstanding at June 30, 2011 and December 31, 2010, respectively. |
(3) | Based on 44,718 AP XII Units outstanding at June 30, 2011 and December 31, 2010, respectively. |
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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 United States (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 215 conventional real estate properties with 67,049 units; |
• | owned an equity interest in 205 affordable real estate properties with 24,406 units; and |
• | provided services for, or managed, 13,921 units in 187 properties, primarily pursuant to long-term asset management agreements. In certain cases, Aimco may indirectly own generally less than one percent of the operations of such properties through a syndication or other fund. |
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• | the Hunters Glen IV Property, a 264 unit apartment project located in Plainsboro, New Jersey; | |
• | the Hunters Glen V Property, a 304 unit apartment project located in Plainsboro, New Jersey; | |
• | the Hunters Glen VI Property, a 328 unit apartment project located in Plainsboro, New Jersey; and | |
• | the Twin Lake Towers Property, a 399 unit apartment project located in Westmont, Illinois. |
Average Annual Rental Rates | ||||||||||||||||||||
Property | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||
(per unit) | ||||||||||||||||||||
Hunters Glen Apartments IV | $ | 11,913 | $ | 12,459 | $ | 12,963 | $ | 12,538 | $ | 11,986 | ||||||||||
Hunters Glen Apartments V | 11,837 | 12,432 | 12,941 | 12,487 | 11,809 | |||||||||||||||
Hunters Glen Apartments VI | 11,555 | 12,151 | 12,714 | 12,289 | 11,726 | |||||||||||||||
Twin Lake Towers Apartments | 11,376 | 11,503 | 10,959 | 10,026 | 9,451 |
Average Occupancy | ||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||
Property | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||
Hunters Glen Apartments IV | 96 | % | 95 | % | 97 | % | 98 | % | 95 | % | ||||||||||
Hunters Glen Apartments V | 95 | % | 93 | % | 96 | % | 97 | % | 96 | % | ||||||||||
Hunters Glen Apartments VI | 95 | % | 92 | % | 96 | % | 96 | % | 95 | % | ||||||||||
Twin Lake Towers Apartments | 97 | % | 92 | % | 87 | % | 97 | % | 98 | % |
Average Occupancy | ||||||||
For the | ||||||||
Six Months Ended June 30, | ||||||||
Property | 2011 | 2010 | ||||||
Hunters Glen Apartments IV | 95 | % | 96 | % | ||||
Hunters Glen Apartments V | 96 | % | 96 | % | ||||
Hunters Glen Apartments VI | 94 | % | 96 | % | ||||
Twin Lake Towers Apartments | 98 | % | 96 | % |
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Principal, | Principal | |||||||||||||||||||
Balance at | Balance | |||||||||||||||||||
June 30, | Interest | Period | Maturity | Due at | ||||||||||||||||
Property | 2011 | Rate(2) | Amortized | Date | Maturity(1) | |||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||
Hunters Glen Apartments IV, V and VI(3) | ||||||||||||||||||||
1st Mortgage | $ | 66,713 | 5.47 | % | 360 months | 6/21 | $ | 55,145 | ||||||||||||
Twin Lake Towers Apartments | ||||||||||||||||||||
1st Mortgage | 26,573 | 5.49 | % | 360 months | 04/20 | 22,331 | ||||||||||||||
$ | 93,286 | $ | 77,476 | |||||||||||||||||
(1) | See “Note B —Mortgage Notes Payable” to the consolidated financial statements included in “Item 8 —Financial Statements and Supplementary Data” in AP XII’s Annual Report onForm 10-K for the year ended December 31, 2010, included asAnnex F to this information statement/prospectus, for information with respect to AP XII’s ability to prepay these mortgages and other specific details about the mortgages. | |
(2) | Fixed rate mortgages. |
(3) | On May 2, 2011, AP XII refinanced the mortgage debt encumbering the Hunters Glen Properties. This refinancing replaced the existing mortgage loans, which at the time of refinancing had an aggregate principal balance of approximately $68,211,000, with a new mortgage loan in the principal amount of $66,713,000. The new loan bears interest at a rate of 5.47% per annum and requires monthly payments of principal and interest of approximately $378,000 beginning on July 1, 2011, through the June 1, 2021 maturity date. The new mortgage loan has a balloon payment of approximately $55,145,000 due at maturity. For more information regarding the new mortgage loan, see AP XII’s Quarterly Report onForm 10-Q for the quarter ended June 30, 2011, included asAnnex G to this information statement/prospectus. |
Year Ended December 31, 2010 | Year Ended December 31, 2009 | |||||||||||||||
Per Limited | Per Limited | |||||||||||||||
Partnership | Partnership | |||||||||||||||
Aggregate | Unit | Aggregate | Unit | |||||||||||||
Refinancing(1) | $ | 3,900 | $ | 77.87 | $ | — | $ | — | ||||||||
Operations | 1,180 | 26.11 | — | — | ||||||||||||
Total | $ | 5,080 | $ | 103.98 | $ | — | $ | — | ||||||||
(1) | Proceeds from the March 2010 refinancing of the mortgage encumbering Twin Lake Towers Apartments. |
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Six Months Ended | Six Months Ended | |||||||||||||||
June 30, 2011 | June 30, 2010 | |||||||||||||||
Per Limited | Per Limited | |||||||||||||||
Partnership | Partnership | |||||||||||||||
Aggregate | Unit | Aggregate | Unit | |||||||||||||
Refinancing(1) | $ | — | $ | — | $ | 3,900 | $ | 77.87 | ||||||||
Operations | — | — | 1,040 | 23.01 | ||||||||||||
Total | — | — | $ | 4,940 | $ | 100.88 | ||||||||||
(1) | Proceeds from the March 2010 refinancing of the mortgage encumbering Twin Lake Towers Apartments. |
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Approximate | Approximate | |||||||
Number of AP | Percent of | |||||||
Entity Name and Address | XII Units | Class | ||||||
Apartment Investment and Management Company (1) | 33,750 | (2) | 75.47 | % | ||||
4582 South Ulster Street Parkway, Suite 1100 Denver, CO 80237 | ||||||||
AIMCO-GP, Inc.(1) | 33,750 | (2) | 75.47 | % | ||||
4582 South Ulster Street Parkway, Suite 1100 Denver, CO 80237 | ||||||||
AIMCO Properties, L.P.(1) | 33,750 | (2) | 75.47 | % | ||||
4582 South Ulster Street Parkway, Suite 1100 Denver, CO 80237 | ||||||||
AIMCO IPLP, L.P.(3) | 14,433 | (4) | 32.28 | % | ||||
4582 South Ulster Street Parkway, Suite 1100 Denver, CO 80237 | ||||||||
AIMCO/IPT, Inc.(3) | 14,433 | (4) | 32.28 | % | ||||
4582 South Ulster Street Parkway, Suite 1100 Denver, CO 80237 | ||||||||
Cooper River Properties, L.L.C.(5) | 4,607 | 10.30 | % | |||||
4582 South Ulster Street Parkway, Suite 1100 Denver, CO 80237 | ||||||||
Broad River Properties, L.L.C. (5) | 8,002 | 17.89 | % | |||||
4582 South Ulster Street Parkway, Suite 1100 Denver, CO 80237 |
(1) | AIMCO-GP, Inc., a Delaware corporation, is the sole general partner of AIMCO Properties, L.P., and owns approximately a 1% general partner interest in AIMCO Properties, L.P. AIMCO-GP, Inc. is wholly-owned by Apartment Investment and Management Company. As of August 30, 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 33,750 AP XII Units, representing approximately 75.47% of the class. AIMCO-GP, Inc. holds its AP XII 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 AP XII Units held by AIMCO-GP, Inc. Apartment Investment and Management Company may be deemed the beneficial owner of the AP XII Units held by AIMCO Properties, L.P. and AIMCO-GP, Inc. by virtue of its indirect ownership or control of these entities. |
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(3) | AIMCO/IPT, Inc. is wholly-owned by Apartment Investment and Management Company and holds a 70.0% interest in AIMCO IPLP, L.P. as its general partner. AIMCO Properties, L.P. holds a 30% interest in AIMCO IPLP, L.P. as the limited partner. | |
(4) | AIMCO IPLP, L.P. and AIMCO/IPT, Inc. share voting and dispositive power over 14,433 AP XII Units, representing approximately 32.28% of the class. | |
(5) | AIMCO IPLP, L.P. owns 100% of Cooper River Properties, L.L.C. and Broad River Properties, L.L.C. |
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Appraised value of the Hunters Glen Properties | $ | 92,000,000 | ||
Plus: Appraised value of the Twin Lake Towers Property | 45,600,000 | |||
Plus: Cash and cash equivalents | 440,749 | |||
Plus: Other assets | 2,553,491 | |||
Less: Mortgage debt, including accrued interest | (93,438,913 | ) | ||
Less:Mark-to-market adjustment(1) | (3,046,540 | ) | ||
Less: Loans from affiliates of the general partners | (9,244,418 | ) | ||
Less: Other amounts payable to affiliates of the general partners | (52,930 | ) | ||
Less: Accounts payable and accrued expenses owed to third parties | (1,104,819 | ) | ||
Less: Other liabilities(2) | (547,455 | ) | ||
Less: Estimated trailing payables | (518,000 | ) | ||
Net partnership equity | $ | 32,641,165 | ||
Percentage of net partnership equity allocable to limited partners | 72.16 | % | ||
Net partnership equity allocable to limited partners | $ | 23,553,612 | ||
Total number of AP XII Units | 44,718 | |||
Cash consideration per unit | $ | 526.71 | ||
(1) | Themark-to-market adjustment reflects the difference between the outstanding amount of the mortgage debt and its market value as of May 31, 2011. The market value was calculated as the present value of the remaining required payments under the loan through maturity, discounted at 5.09% (in the case of the Hunters Glen Properties) and at 4.63% (in the case of the Twin Lake Towers Property), 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 properties. |
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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(1) | 3,450,000 | $ | 0.50 | $ | 25.00 | |||||||
Class Y Partnership Preferred Units | 3,450,000 | $ | 0.4925 | $ | 25.00 | |||||||
Class Z Partnership Preferred Units | 800,000 | $ | 0.4375 | $ | 25.00 | |||||||
Series A Community Reinvestment Act Perpetual Partnership Preferred Units(2) | 94 | $ | 1,950.00 | $ | 500,000.00 | |||||||
Class One Partnership Preferred Units(3) | 90,000 | $ | 2.00 | $ | 91.43 | |||||||
Class Two Partnership Preferred Units(3) | 19,339 | $ | 0.12 | $ | 25.00 | |||||||
Class Three Partnership Preferred Units(3) | 1,365,284 | $ | 0.4925 | $ | 25.00 | |||||||
Class Four Partnership Preferred Units(3) | 755,999 | $ | 0.50 | $ | 25.00 | |||||||
Class Six Partnership Preferred Units(3) | 796,668 | $ | 0.5325 | $ | 25.00 | |||||||
Class Seven Partnership Preferred Units(3) | 27,960 | $ | 0.595 | $ | 25.00 | |||||||
Class Eight Partnership Preferred Units(4) | 6,250 | $ | — | N/A | ||||||||
Class I High Performance Partnership Units (HPUs)(4) | 2,339,950 | $ | — | N/A |
(1) | Aimco OP will redeem 862,500 Class V Partnership Preferred Units on September 6, 2011, at a redemption price of $25.00 per unit plus an amount equal to accumulated and unpaid dividends thereon to the redemption date of $0.2889 per unit. |
(2) | 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 June 30, 2011 was 1.56%. 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 were not redeemable prior to June 30, 2011, except in limited circumstances related to Aimco’s REIT qualification. On and after June 30, 2011, the CRA Preferred Units are redeemable for cash, in whole or from time to time in part, upon the redemption, at Aimco’s option, of its CRA Preferred Stock at a price per share equal to the liquidation preference, plus accumulated, accrued and unpaid distributions, if any, to the redemption date. |
(3) | The Class One, Class Two, Class Three, Class Four, Class Six and Class Seven preferred OP Units are redeemable, at the holders’ option. Aimco OP, at its sole discretion, may settle such redemption requests in cash or shares of Aimco 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. |
(4) | The holders of Class Eight preferred OP Units and HPUs receive the same amount of distributions that are paid to holders of an equivalent number of Aimco OP’s outstanding OP Units. |
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Quarter Ended | High | Low | Dividends | |||||||||
September 30, 2011 (through August 30, 2011) | $ | 28.12 | $ | 21.92 | $ | 0.12 | ||||||
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(1) | 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 | |||||||||||||
Class Z Cumulative Preferred Stock(2) | 800,000 | 800,000 | $ | 0.4375 | $ | 25.00 | N/A | |||||||||||||
Series A Community Reinvestment Act Perpetual Preferred Stock(3) | 240 | 94 | $ | 1,950.00 | $ | 500,000.00 | N/A |
(1) | As announced on August 5, 2011, Aimco will redeem 862,500 shares of its Class V Cumulative Preferred Stock on September 6, 2011, at a redemption price of $25.00 per share plus an amount equal to accumulated and unpaid dividends thereon to the redemption date of $0.2889 per share. |
(2) | On August 24, 2011, Aimco reclassified and designated an additional 4,000,000 shares of its authorized and unissued shares of common stock as additional shares of Class Z Cumulative Preferred Stock. The reclassification increased the number of authorized shares classified as Class Z Cumulative Preferred Stock from 800,000 shares immediately prior to the reclassification to 4,800,000 shares immediately after the reclassification. |
(3) | 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 June 30, 2011 was 1.56%. 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 was 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 | % | |||
Class Z Cumulative Preferred Stock | July 29, 2016 | 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 Aimco 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 Aimco 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 Aimco 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 Aimco 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 Aimco common stock are entitled to receive dividends when and as declared by the Aimco Board of Directors, out of funds legally available therefor. Under the REIT rules, Aimco is required to distribute dividends (other than capital gain dividends) to its stockholders in an amount at least equal to (A) the sum of (i) 90% of Aimco’s “REIT taxable income” (computed without regard to the dividends paid deduction and Aimco’s net capital gain) and (ii) 90% of the net income (after tax), if any, from foreclosure property, minus (B) the sum of certain items of noncash income. See “Material United States Federal Income Tax Matters.” |
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OP Units | Common Stock | |
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 Internal Revenue Code, and the Treasury Regulations and (ii) avoid any U.S. 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 Aimco common stock is transferable subject to the Ownership Limit set forth in the Aimco charter. The Aimco 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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AP XII Units | OP Units | |
Nature of Investment | ||
The AP XII Units constitute equity interests entitling each partner to its pro rata share of distributions to be made to the partners of AP XII. | 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, the AP XII partnership agreement may be amended upon the vote of limited partners holding more than fifty percent (50%) of each series of outstanding limited partnership units. Limited partners holding more than fifty percent (50%) of each series of units may remove a general partner;provided,however, that the removal of any non-managing general partner shall require the simultaneous removal of the managing general partner. If a general partner is removed, AP XII will be dissolved, unless(a) the remaining general partner, if any, elects to continue AP XII’s business, provided that counsel to AP XII is of the opinion that AP XII will meet the requirements for continued qualification as a partnership for Federal income tax purposes without the admission of a substitute general partner or(b) a substitute general partner is admitted in accordance with the AP XII partnership agreement. An affiliate of the General Partners currently owns a majority of the AP XII 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 Managing General Partner may serialize interests without the consent of the limited partners. | 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. | |
Distributions | ||
Net Cash from Operations (as such term is defined in the AP XII partnership agreement) of AP XII for each fiscal year will be distributed quarterly in the manner specified in the AP XII partnership agreement. Distributable Net Proceeds (as such term is defined in the AP XII | 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 |
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AP XII Units | OP Units | |
partnership agreement) of any Disposition (as such term is defined in the AP XII partnership agreement) will be distributed in the manner specified in the AP XII partnership agreement. 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 AP XII’s assets. | 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 Internal Revenue Code, and the Treasury Regulations and (ii) avoid any U.S. 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 AP XII Units, and the AP XII 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. | |
Under the AP XII partnership agreement, a limited partner may assign his or her entire interest in any of all of the AP XII Units owned by such limited partner, provided, however, that(a) such assignment is not with respect to any fractional unit and, if such assignment is of less than all of the AP XII Units held by such limited partner, such limited partner and his or her assignee shall each immediately thereafter hold at least five(5) AP XII Units and(b) such limited partner and his or her assignee executive, acknowledge and deliver to the managing general partner such instruments of assignment with respect to such transactions as are in form and substance satisfactory to the managing general partner. No transfer of AP XII Units shall be made to a resident of Illinois who does not comply with the suitability standards for investors imposed in connection with the offering of AP XII Units referred to in Section 6.2 of the AP XII partnership agreement. Notwithstanding the above, no AP XII Unit may be sold, assigned or exchanged if such AP XII Unit, when added to the total of all other AP XII Units sold or | 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 |
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AP XII Units | OP Units | |
exchanged within the period of twelve consecutive months prior to the proposed date of sale or exchange, would, in the opinion of counsel for AP XII, result in the termination of AP XII under section 708 of the Internal Revenue Code unless AP XII and the transferring holder shall have received a ruling from the Internal Revenue Service that the proposed sale or exchange will not cause such termination. No assignee of an AP XII Unit shall become a substituted limited partner in the place of his or her assignee unless the managing general partner consents in writing to the admission of such assignee as a substitute limited partner, and such assignee(a) elects to become a substitute limited partner by delivering to the managing general partner a written notice, executed and acknowledged by the assignor and assignee, of such election,(b) executes and acknowledges such other instruments as the managing general partner may deem necessary or advisable to effect the admission of such person as a substitute limited partner, including, without limitation, the written acceptance and adoption by such person of the provisions of the AP XII partnership agreement, and a specific grant to the managing general partner of the power of attorney contained in Article 16 of the AP XII partnership agreement and(c) pays to AP XII a substitution fee in the amount from time to time established by the managing general partner sufficient to pay all reasonable expenses of AP XII in connection with such substitution. The managing general partner, in its sole discretion, may grant or withhold consent to a substitution. The AP XII partnership agreement contains no redemption rights. | 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. | |
Fiduciary Duty | ||
Delaware law provides that, except as provided in a partnership agreement, a general partner owes the fiduciary duties of loyalty and care to the partnership and its limited partners. The AP XII partnership agreement provides that the Managing General Partner has a fiduciary responsibility for the safekeeping and use of all funds of the partnership, whether or not in the Managing General Partner’s immediate possession or control, and shall not employ or permit another to employ such funds or assets in any manner except for the exclusive benefit of the partnership. The general partners may purchase AP XII Units for their own account from AP XII or from limited partners or assignees or other holders of AP XII Units and become limited partners or assignees in respect of such units. The AP XII partnership agreement expressly limits the liability of the general partners by providing that the general partners will have not liability to AP XII or the limited partners for any loss suffered by AP XII that arises out of any action of inaction of the general partners if the general | 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. |
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AP XII Units | OP Units | |
partners, in good faith, determined that such course of conduct was in the best interests of AP XII and such course of conduct did not constitute negligence, misconduct or breach of fiduciary duties of the general partners. | ||
Investment Policy | ||
AP XII is engaged in the business of operating and holding real estate properties for investment. In general, the Managing General Partner regularly evaluates AP XII’s properties by considering various factors, such as AP XII’s financial position and real estate and capital markets conditions. The Managing General Partner 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 each property and evaluates the physical improvement requirements. In addition, the financing structure for each 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 the Managing General Partner 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 |
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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 — General.” | |
• | 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. |
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• | 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. |
• | 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. |
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• | 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. |
• | 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 | 188,400 | |||
Postage Fees | 7,800 | |||
Tax and Accounting Fees | 100,000 | |||
Appraisal Fees | 32,300 | |||
Financial Advisor Fees | 43,170 | |||
Legal Fees | 200,000 | |||
Total | $ | 579,170 | ||
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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 June 30, 2011 (filed August 1, 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), July 28, 2011 (filed July 28, 2011), August 24, 2011 (filed August 24, 2011) and September 2, 2011 (filed September 2, 2011). |
• | Annex A — Agreement and Plan of Merger; | |
• | Annex B — Appraisal Rights of Limited Partners; | |
• | Annex C — Opinion of Duff & Phelps, LLC; | |
• | Annex D — Officers and Directors; | |
• | Annex E — Summary of Appraisals Table; | |
• | Annex F — AP XII’s Annual Report onForm 10-K for the year ended December 31, 2010; |
• | Annex G — AP XII’s Quarterly Report onForm 10-Q for the quarter ended June 30, 2011; |
• | Annex H — Aimco OP’s Annual Report onForm 10-K for the year ended December 31, 2010 (excluding the report of the independent registered public accounting firm, the financial statements and the notes thereto); |
• | Annex I — Aimco OP’s Quarterly Report onForm 10-Q for the quarter ended June 30, 2011; and |
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• | Annex J — Aimco OP’s Current Report onForm 8-K, filed with the SEC on September 2, 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 June 30, 2011. |
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By: | Angeles Realty Corporation II, Its Managing General Partner | |
By: | /s/ Trent A. Johnson |
Title: | Vice President and |
By: | AIMCO Properties, L.P., Its Sole Member |
By: | AIMCO-GP, Inc., Its General Partner | |
By: | /s/ Trent A. Johnson |
Title: | Vice President and |
By: | AIMCO-GP, Inc., Its General Partner | |
By: | /s/ Trent A. Johnson |
Title: | Vice President and |
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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(64) | Chairman of the Board of Directors and Chief Executive Officer of Aimco; Director, Chief Executive Officer and President of AIMCO-GP and AIMCO/IPT. | |
John E. Bezzant(48) | Executive Vice President — Transactions of Aimco, AIMCO-GP, AIMCO/IPT and Angeles Realty Corporation II; Director of Angeles Realty Corporation II. | |
Lisa R. Cohn(42) | Executive Vice President, General Counsel and Secretary of Aimco, AIMCO-GP, AIMCO/IPT and Angeles Realty Corporation II. | |
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 Angeles Realty Corporation II. | |
Keith M. Kimmel(40) | Executive Vice President — Property Operations of Aimco, AIMCO-GP, AIMCO/IPT and Angeles Realty Corporation II. | |
Daniel S. Matula(45) | Executive Vice President — Redevelopment and Construction Services of Aimco, AIMCO-GP, AIMCO/IPT and Angeles Realty Corporation II. | |
Steven D. Cordes(40) | Director and Senior Vice President of Aimco, AIMCO-GP, AIMCO/IPT, and Angeles Realty Corporation II. | |
Patti K. Fielding(48) | Executive Vice President — Securities and Debt; Treasurer of Aimco, AIMCO-GP, AIMCO/IPT and Angeles Realty Corporation II. | |
Paul Beldin(37) | Senior Vice President and Chief Accounting Officer of Aimco, AIMCO-GP, AIMCO/IPT and Angeles Realty Corporation II. | |
Stephen B. Waters(50) | Senior Director of Partnership Accounting of Aimco, AIMCO-GP, AIMCO/IPT and Angeles Realty Corporation II. | |
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(65) | Director of Aimco | |
Kathleen M. Nelson(65) | Director of Aimco | |
Michael A. Stein(61) | Director of Aimco |
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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 since July 1994, and has been a director, Chief Executive Officer and President of AIMCO-GP since July 1994 and 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. | |
John E. Bezzant | Mr. Bezzant was appointed as a director of Angeles Realty Corporation II effective December 16, 2009. Mr. Bezzant currently serves as Executive Vice President — Transactions of Aimco, AIMCO-GP, AIMCO/IPT and Angeles Realty Corporation II and Aimco. Mr. Bezzant joined Aimco as Senior Vice President — Development in June 2006. Prior to joining Aimco, Mr. Bezzant spent over 20 years with Prologis, Inc. and Catellus Development Corporation in a variety of executive positions, including those with responsibility for transactions, fund management, asset management, leasing and operations. | |
Lisa R. Cohn | Ms. Cohn was appointed Executive Vice President, General Counsel and Secretary of Aimco, AIMCO-GP, AIMCO/IP and Angeles Realty Corporation II in December 2007. In addition to serving as general counsel, Ms. Cohn has responsibility for insurance and risk management, human resources, compliance and asset management. From January 2004 to December 2007, Ms. Cohn served as Senior Vice President and Assistant General Counsel. She joined Aimco in July 2002 as Vice President and Assistant General Counsel. Prior to joining the Company, Ms. Cohn was in private practice with the law firm of Hogan & Hartson LLP with a focus on public and private mergers and acquisitions, venture capital financing, securities and corporate governance. | |
Miles Cortez | Mr. Cortez was appointed Executive Vice President and Chief Administrative Officer of Aimco, AIMCO-GP and AIMCO/IPT in December 2007. He is responsible for administration, government relations, communications and special projects. Mr. Cortez joined Aimco in August 2001 as Executive Vice President, General Counsel and Secretary. Prior to joining the Company, Mr. Cortez was the senior partner of Cortez Macaulay Bernhardt & Schuetze LLC, a Denver, Colorado law firm, from December 1997 through September 2001. He served as president of the Colorado Bar Association from 1996 to 1997 and the Denver Bar Association from 1982 to 1983. | |
Ernest M. Freedman | Mr. Freedman was appointed Executive Vice President and Chief Financial Officer of Aimco, AIMCO-GP, AIMCO/IPT and Angeles Realty Corporation II in November 2009. Mr. Freedman joined Aimco in 2007 as Senior Vice President of Financial Planning and Analysis and served as Senior Vice President of Finance from February 2009 to November 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. |
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Name | Biographical Summary of Current Directors and Officers | |
Keith M. Kimmel | Mr. Kimmel was appointed Executive Vice President — Property Operations of Aimco, AIMCO-GP, AIMCO/IPT and Angeles Realty Corporation II in January 2011. 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 multifamily real estate business in 1992 as a leasing consultant and on-site manager. | |
Daniel S. Matula | Mr. Matula was appointed Executive Vice President — Redevelopment and Construction of Aimco, AIMCO-GP, AIMCO/IPT and Angeles Realty Corporation II in January 2011. 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. | |
Steven D. Cordes | Mr. Cordes was appointed as a director of Angeles Realty Corporation II effective March 2, 2009. Mr. Cordes has been a Senior Vice President of Aimco, AIMCO-GP, AIMCO/IPT and Angeles Realty Corporation II 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 AP XII. | |
Patti K. Fielding | Ms. Fielding was appointed Executive Vice President — Securities and Debt of Angeles Realty Corporation II in February 2004 and of Aimco, AIMCO-GP and AIMCO/IPT in February 2003. Ms. Fielding was appointed Treasurer of Aimco, AIMCO-GP, AIMCO/IPT and Angeles Realty Corporation II in January 2005. Ms. Fielding is responsible for debt financing and the treasury department. From January 2000 to February 2003, Ms. Fielding served as Senior Vice President — Securities and Debt of Aimco. Ms. Fielding joined Aimco as a Vice President in February 1997. | |
Paul Beldin | Mr. Beldin joined Aimco in May 2008 and has served as Senior Vice President and Chief Accounting Officer of Aimco, AIMCO-GP, AIMCO/IPT and Angeles Realty Corporation II since that time. Prior to joining Aimco, 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. |
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Name | Biographical Summary of Current Directors and Officers | |
Stephen B. Waters | Mr. Waters was appointed Senior Director of Partnership Accounting of Aimco, AIMCO-GP, AIMCO-IPT and Angeles Realty Corporation II in June 2009. Mr. Waters has responsibility for partnership accounting with Aimco and serves as the principal financial officer of Angeles Realty Corporation II. Mr. Waters joined Aimco as a Director of Real Estate Accounting in September 1999 and was appointed Vice President of 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 of directors of Aimco in the areas of investment and financial planning, capital markets, evaluation of institutional real estate markets and managers of all property types. | |
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. |
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Name | Biographical Summary of Current Directors and Officers | |
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 of directors of Aimco in the areas of property operations, marketing, branding, development and customer service. | |
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 of directors. 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 of directors of Aimco in the areas of operations, finance and governance. |
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Name | Biographical Summary of Current Directors and Officers | |
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 of directors of Aimco in the areas of operations, management, marketing, sales, and development, as well as finance and accounting. | |
Kathleen M. Nelson | Ms. Nelson was first elected as a director of Aimco in April 2010 and is currently a member of the Audit, Compensation and Human Resources, and Nominating and Corporate Governance Committees. Ms. Nelson has an extensive background in commercial real estate and financial services with over 40 years of experience including 36 years at TIAA-CREF. She held the position of Managing Director/Group Leader and Chief Administrative Officer for TIAA-CREF’s mortgage and real estate division. Ms. Nelson developed and staffed TIAA’s real estate research department. She retired from this position in December 2004 and founded and serves as president of KMN Associates LLC, a commercial real estate investment advisory and consulting firm. In 2009, Ms. Nelson co-founded and serves as Managing Principal of Bay Hollow Associates, LLC, a commercial real estate consulting firm, which provides counsel to institutional investors. Ms. Nelson served as the International Council of Shopping Centers’ chairman for the 2003-04 term and has been an ICSC Trustee since 1991. She also is the chairman of the ICSC Audit Committee and is a member of various other committees. Ms. Nelson serves on the Board of Directors of CBL & Associates Properties, Inc., which is a publicly held REIT that develops and manages retail shopping properties. She is a member of Castagna Realty Company Advisory Board and has served as an advisor to the Rand Institute Center for Terrorism Risk Management Policy and on the board of the Greater Jamaica Development Corporation. Ms. Nelson serves on the Advisory Board of the Beverly Willis Architectural Foundation and is a member of the Anglo American Real Property Institute. Ms. Nelson brings to the board of directors of Aimco particular expertise in the areas of real estate finance and investment. |
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Name | Biographical Summary of Current Directors and Officers | |
Michael A. Stein | Mr. Stein was first elected as a director of Aimco in October 2004 and is currently the Chairman of the Audit Committee. Mr. Stein is also a member of the Compensation and Human Resources and Nominating and Corporate Governance Committees. From January 2001 until its acquisition by Eli Lilly in January 2007, Mr. Stein served as Senior Vice President and Chief Financial Officer of ICOS Corporation, a biotechnology company based in Bothell, Washington. From October 1998 to September 2000, Mr. Stein was Executive Vice President and Chief Financial Officer of Nordstrom, Inc. From 1989 to September 1998, Mr. Stein served in various capacities with Marriott International, Inc., including Executive Vice President and Chief Financial Officer from 1993 to 1998. Mr. Stein serves on the Board of Directors of Nautilus, Inc., which is a publicly held fitness company, and the Board of Directors of Providence Health & Services, a not-for-profit health system operating hospitals and other health care facilities across Alaska, Washington, Montana, Oregon and California. As the former chief financial officer of two NYSE-listed companies and a former partner at Arthur Andersen, Mr. Stein brings particular expertise to the board of directors of Aimco in the areas of corporate and real estate finance, and accounting and auditing for large and complex business operations. |
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Appraised Value | ||||||||
(as of May 31, | ||||||||
Valuation Methodology | 2011) | Material Assumptions | ||||||
Income Capitalization Approach — Direct Capitalization Analysis | $ | 45,600,000 | • | potential gross income from apartment unit rentals of $444,549 per month or $5,334,588 for the appraised year; | ||||
• | a 10.0% allowance attributable to loss to lease; | |||||||
• | concession allowance of 2.0% of the gross rent potential; | |||||||
• | a combined vacancy and collection loss factor of 4.0%; | |||||||
• | estimated utility income of $329,175, or $825 per unit; | |||||||
• | estimated other income of $269,325, or $675 per unit; | |||||||
• | total estimated expenses of $2,217,383; | |||||||
• | capitalization rate of 6.25%. | |||||||
Sales Comparison Approach | $ | 41,900,000 | • | CRA examined and analyzed comparable sales of five properties in the influencing market. | ||||
• | The sales reflected unadjusted sales prices ranging from $71,429 to $122,222 per unit. After adjustment, the comparable sales illustrated a value range of $97,778 to $114,792 per unit, with mean and median adjusted sale prices of $104,961 and $103,714 per unit, respectively. | |||||||
• | CRA estimated a value of $105,000 per unit for the Twin Lake Towers Apartments. | |||||||
• | Applied to the Twin Lake Towers Apartments’ 399 units, this resulted in CRA’s total value estimate for the Twin Lake Towers Apartments of approximately $41,900,000. |
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Appraised Value | ||||||||
(as of June 1, | ||||||||
Valuation Methodology | 2011) | Material Assumptions | ||||||
Income Capitalization Approach — Direct Capitalization Analysis | $ | 91,600,000 | • | potential gross income from apartment unit rentals of $932,228 per month or $11,186,733 for the appraised year; | ||||
• | a 7.0% allowance attributable to loss to lease; | |||||||
• | concession allowance of 1.5% of the gross rent potential; | |||||||
• | a combined vacancy and credit loss factor of 5.0%; | |||||||
• | estimated other income of $1,254,400, or $1,400 per unit; | |||||||
• | estimated administrative unit rental loss associated with the operation of five administrative units of $57,510; | |||||||
• | total estimated expenses of $4,921,261; | |||||||
• | capitalization rate of 6.50%. | |||||||
Sales Comparison Approach | $ | 94,000,000 | • | KTR examined and analyzed comparable sales of three properties in the influencing market. | ||||
• | The sales reflected unadjusted sales prices ranging from $93,487 to $129,870 per unit. After adjustment, the comparable sales illustrated a value range of $105,896 to $125,974 per unit. | |||||||
• | KTR estimated a value of $105,000 per unit for the Hunters Glen Apartments IV, Hunters Glen Apartments V and Hunters Glen Apartments VI. | |||||||
• | Applied to the 896 units of the Hunters Glen Apartments IV, Hunters Glen Apartments V and Hunters Glen Apartments VI, this resulted in KTR’s total value estimate of approximately $94,000,000. |
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(Mark One) | ||
þ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the fiscal year ended December 31, 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 (State or other jurisdiction of incorporation or organization) | 95-3903623 (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 |
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Item 2. | Property |
Date of | ||||||||
Property | Purchase | Type of Ownership | Use | |||||
Hunters Glen Apts-IV Plainsboro, New Jersey | 01/31/85 | Fee ownership subject to first, second, and third mortgages(1) | Apartment 264 units | |||||
Hunters Glen Apts-V Plainsboro, New Jersey | 01/31/85 | Fee ownership subject to first, second, and third mortgages(1) | Apartment 304 units | |||||
Hunters Glen Apts-VI Plainsboro, New Jersey | 01/31/85 | Fee ownership subject to first, second, and third mortgages(1) | Apartment 328 units | |||||
Twin Lake Towers Apartments Westmont, Illinois | 03/30/84 | Fee ownership subject to first mortgage(1) | Apartments 399 units |
(1) | Property is held by a limited partnership or limited liability corporation in which the Partnership ultimately owns a 100% interest. |
Gross | ||||||||||||||||||||
Carrying | Accumulated | Depreciable | Method of | Federal | ||||||||||||||||
Property | Value | Depreciation | Life | Depreciation | Tax Basis | |||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||
Hunters Glen Apts-IV | $ | 16,568 | $ | 13,706 | 5-30 yrs | Straight line | $ | 3,439 | ||||||||||||
Hunters Glen Apts-V | 18,749 | 15,566 | 5-40 yrs | Straight line | 3,782 | |||||||||||||||
Hunters Glen Apts-VI | 20,661 | 17,137 | 5-40 yrs | Straight line | 3,737 | |||||||||||||||
Twin Lake Towers Apts | 38,886 | 25,558 | 5-30 yrs | Straight line | 13,578 | |||||||||||||||
$ | 94,864 | $ | 71,967 | $ | 24,536 | |||||||||||||||
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Principal | Principal | |||||||||||||||||||
Balance at | Balance | |||||||||||||||||||
December 31, | Interest | Period | Maturity | Due at | ||||||||||||||||
Property | 2010 | Rate(1) | Amortized | Date | Maturity(2) | |||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||
Hunters Glen Apts IV | ||||||||||||||||||||
1st mortgage | $ | 10,401 | 5.51 | % | 30 yrs | 12/2015 | $ | 9,374 | ||||||||||||
2nd mortgage | 5,119 | 5.63 | % | 30 yrs | 12/2015 | 4,622 | ||||||||||||||
3rd mortgage | 4,344 | 5.84 | % | 30 yrs | 12/2015 | 3,959 | ||||||||||||||
Hunters Glen Apts V | ||||||||||||||||||||
1st mortgage | 12,246 | 7.39 | % | 30 yrs | 12/2015 | 11,357 | ||||||||||||||
2nd mortgage | 6,385 | 5.63 | % | 30 yrs | 12/2015 | 5,765 | ||||||||||||||
3rd mortgage | 5,233 | 5.84 | % | 30 yrs | 12/2015 | 4,771 | ||||||||||||||
Hunters Glen Apts VI | ||||||||||||||||||||
1st mortgage | 12,746 | 7.39 | % | 30 yrs | 12/2015 | 11,821 | ||||||||||||||
2nd mortgage | 6,645 | 5.63 | % | 30 yrs | 12/2015 | 6,001 | ||||||||||||||
3rd mortgage | 5,447 | 5.84 | % | 30 yrs | 12/2015 | 4,965 | ||||||||||||||
Twin Lake Towers Apts | ||||||||||||||||||||
1st mortgage | 26,759 | 5.49 | % | 30 yrs | 04/2020 | 22,331 | ||||||||||||||
$ | 95,325 | $ | 84,966 | |||||||||||||||||
(1) | Fixed rate mortgages. | |
(2) | See “Note B — Mortgage Notes Payable” to the consolidated financial statements included in “Item 8. Financial Statements and Supplementary Data” for information with respect to the Partnership’s ability to prepay these loans and more specific details as to the terms of the loans. |
Average Annual | ||||||||||||||||
Rental Rates | Average Annual | |||||||||||||||
(per unit) | Occupancy | |||||||||||||||
Property | 2010 | 2009 | 2010 | 2009 | ||||||||||||
Hunters Glen Apartments-IV | $ | 11,913 | $ | 12,459 | 96 | % | 95 | % | ||||||||
Hunters Glen Apartments-V | 11,837 | 12,432 | 95 | % | 93 | % | ||||||||||
Hunters Glen Apartments-VI(1) | 11,555 | 12,151 | 95 | % | 92 | % | ||||||||||
Twin Lake Towers Apartments(2) | 11,376 | 11,503 | 97 | % | 92 | % |
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Table of Contents
(1) | The Managing General Partner attributes the increase in occupancy at Hunters Glen Apartments VI to reduced competition in the local area and competitive pricing efforts. | |
(2) | The Managing General Partner attributes the increase in occupancy at Twin Lake Towers Apartments to units available for rent as a result of the completion of a redevelopment at the property and improved economic conditions in the local area. |
2010 | 2010 | |||||||
Billing | Rate | |||||||
(In thousands) | ||||||||
Hunters Glen Apartments-IV | $ | 370 | 2.27 | % | ||||
Hunters Glen Apartments-V | 427 | 2.27 | % | |||||
Hunters Glen Apartments-VI | 460 | 2.27 | % | |||||
Twin Lake Towers Apartments | 393 | 5.27 | % |
F-5
Table of Contents
Item 3. | Legal Proceedings |
F-6
Table of Contents
Item 5. | Market for the Registrant’s Common Equity, Related Security Holder Matters and Issuer Purchases of Equity Securities |
Year Ended | Per Limited | Year Ended | Per Limited | |||||||||||||
December 31, | Partnership | December 31, | Partnership | |||||||||||||
2010 | Unit | 2009 | Unit | |||||||||||||
Refinancing(1) | $ | 3,900 | $ | 77.87 | $ | — | $ | — | ||||||||
Operations | 1,180 | 26.11 | — | — | ||||||||||||
Total | $ | 5,080 | $ | 103.98 | $ | — | $ | — | ||||||||
(1) | Proceeds from the March 2010 refinancing of the mortgage encumbering Twin Lake Towers Apartments. |
Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
F-7
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F-8
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F-9
Table of Contents
Year Ended | Per Limited | Year Ended | Per Limited | |||||||||||||
December 31, | Partnership | December 31, | Partnership | |||||||||||||
2010 | Unit | 2009 | Unit | |||||||||||||
Refinancing(1) | $ | 3,900 | $ | 77.87 | $ | — | $ | — | ||||||||
Operations | 1,180 | 26.11 | — | — | ||||||||||||
Total | $ | 5,080 | $ | 103.98 | $ | — | $ | — | ||||||||
(1) | Proceeds from the March 2010 refinancing of the mortgage encumbering Twin Lake Towers Apartments. |
F-10
Table of Contents
F-11
Item 8. | Financial Statements and Supplementary Data |
F-13 | ||||
F-14 | ||||
F-15 | ||||
F-16 | ||||
F-17 | ||||
F-18 |
F-12
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F-13
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CONSOLIDATED BALANCE SHEETS
December 31, | ||||||||
2010 | 2009 | |||||||
(In thousands, except unit data) | ||||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 526 | $ | 301 | ||||
Receivables and deposits | 626 | 805 | ||||||
Restricted escrows (Note A) | 726 | — | ||||||
Other assets | 1,364 | 1,431 | ||||||
Investment properties (Notes B and E): | ||||||||
Land | 6,468 | 6,468 | ||||||
Buildings and related personal property | 88,396 | 87,551 | ||||||
94,864 | 94,019 | |||||||
Less accumulated depreciation | (71,967 | ) | (67,227 | ) | ||||
22,897 | 26,792 | |||||||
$ | 26,139 | $ | 29,329 | |||||
LIABILITIES AND PARTNERS’ DEFICIT | ||||||||
Liabilities | ||||||||
Accounts payable | $ | 376 | $ | 209 | ||||
Tenant security deposit liabilities | 356 | 377 | ||||||
Accrued property taxes | 424 | 437 | ||||||
Other liabilities | 1,025 | 747 | ||||||
Due to affiliates (Note D) | 15 | 12,184 | ||||||
Mortgage notes payable (Note B) | 95,325 | 78,822 | ||||||
97,521 | 92,776 | |||||||
Partners’ Deficit | ||||||||
General partners | (811 | ) | (352 | ) | ||||
Limited partners | (70,571 | ) | (63,095 | ) | ||||
(71,382 | ) | (63,447 | ) | |||||
$ | 26,139 | $ | 29,329 | |||||
F-14
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CONSOLIDATED STATEMENTS OF OPERATIONS
Years Ended | ||||||||
December 31, | ||||||||
2010 | 2009 | |||||||
(In thousands, except per unit data) | ||||||||
Revenues: | ||||||||
Rental income | $ | 14,276 | $ | 14,372 | ||||
Other income | 1,662 | 1,667 | ||||||
Total revenues | 15,938 | 16,039 | ||||||
Expenses: | ||||||||
Operating | 5,287 | 5,121 | ||||||
General and administrative | 325 | 316 | ||||||
Depreciation | 4,740 | 4,568 | ||||||
Interest | 5,937 | 5,414 | ||||||
Property taxes | 1,638 | 1,595 | ||||||
Loss on early extinguishment of debt (Note B) | 866 | — | ||||||
Total expenses | 18,793 | 17,014 | ||||||
Net loss (Note C) | $ | (2,855 | ) | $ | (975 | ) | ||
Net loss allocated to general partners (1)% | $ | (29 | ) | $ | (10 | ) | ||
Net loss allocated to limited partners (99)% | (2,826 | ) | (965 | ) | ||||
$ | (2,855 | ) | $ | (975 | ) | |||
Net loss per limited partnership unit | $ | (63.20 | ) | $ | (21.58 | ) | ||
Distributions per limited partnership unit | $ | 103.98 | $ | — | ||||
F-15
Table of Contents
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS’ DEFICIT
Limited | ||||||||||||||||
Partnership | General | Limited | ||||||||||||||
Units | Partners | Partners | Total | |||||||||||||
(In thousands, except unit data) | ||||||||||||||||
Original capital contributions | 44,773 | $ | 1 | $ | 44,773 | $ | 44,774 | |||||||||
Partners’ deficit at December 31, 2008 | 44,718 | $ | (342 | ) | $ | (62,130 | ) | $ | (62,472 | ) | ||||||
Net loss for the year ended December 31, 2009 | — | (10 | ) | (965 | ) | (975 | ) | |||||||||
Partners’ deficit at December 31, 2009 | 44,718 | (352 | ) | (63,095 | ) | (63,447 | ) | |||||||||
Distributions to partners | — | (430 | ) | (4,650 | ) | (5,080 | ) | |||||||||
Net loss for the year ended December 31, 2010 | — | (29 | ) | (2,826 | ) | (2,855 | ) | |||||||||
Partners’ deficit at December 31, 2010 | 44,718 | $ | (811 | ) | $ | (70,571 | ) | $ | (71,382 | ) | ||||||
F-16
Table of Contents
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years Ended | ||||||||
December 31, | ||||||||
2010 | 2009 | |||||||
(In thousands) | ||||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (2,855 | ) | $ | (975 | ) | ||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
Depreciation | 4,740 | 4,568 | ||||||
Amortization of loan costs | 215 | 222 | ||||||
Loss on early extinguishment of debt | 866 | — | ||||||
Change in accounts: | ||||||||
Receivables and deposits | 179 | (108 | ) | |||||
Other assets | (22 | ) | 50 | |||||
Accounts payable | 123 | 23 | ||||||
Tenant security deposit liabilities | (21 | ) | (93 | ) | ||||
Accrued property taxes | (13 | ) | 17 | |||||
Other liabilities | 278 | 77 | ||||||
Due to affiliates | (573 | ) | 207 | |||||
Net cash provided by operating activities | 2,917 | 3,988 | ||||||
Cash flows from investing activities: | ||||||||
Net deposits to restricted escrows | (726 | ) | — | |||||
Property improvements and replacements | (801 | ) | (4,840 | ) | ||||
Net cash used in investing activities | (1,527 | ) | (4,840 | ) | ||||
Cash flows from financing activities: | ||||||||
Payments on mortgage notes payable | (1,366 | ) | (1,377 | ) | ||||
Repayment of mortgage note payable | (9,131 | ) | — | |||||
Proceeds from mortgage note payable | 27,000 | — | ||||||
Prepayment penalty paid | (766 | ) | — | |||||
Loan costs paid | (226 | ) | — | |||||
Advances from affiliate | 687 | 2,825 | ||||||
Repayment of advances from affiliate | (12,283 | ) | (608 | ) | ||||
Distributions to partners | (5,080 | ) | — | |||||
Net cash (used in) provided by financing activities | (1,165 | ) | 840 | |||||
Net increase (decrease) in cash and cash equivalents | 225 | (12 | ) | |||||
Cash and cash equivalents at beginning of year | 301 | 313 | ||||||
Cash and cash equivalents at end of year | $ | 526 | $ | 301 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Cash paid for interest, net of capitalized interest | $ | 6,213 | $ | 4,570 | ||||
Supplemental disclosure of non-cash activity: | ||||||||
Property improvements and replacements included in accounts payable | $ | 93 | $ | 49 | ||||
F-17
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Note A — | Organization and Summary of Significant Accounting Policies |
F-18
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F-19
Table of Contents
Note B — | Mortgage Notes Payable |
Principal | Monthly | Principal | ||||||||||||||||||||||
Balance at | Payment | Stated | Balance | |||||||||||||||||||||
December 31, | Including | Interest | Maturity | Due at | ||||||||||||||||||||
Property | 2010 | 2009 | Interest | Rate | Date | Maturity | ||||||||||||||||||
(In thousands) | (In thousands) | (In thousands) | ||||||||||||||||||||||
Hunters Glen Apts IV | ||||||||||||||||||||||||
1st mortgage | $ | 10,401 | $ | 10,578 | $ | 64 | 5.51 | % | 12/2015 | $ | 9,374 | |||||||||||||
2nd mortgage | 5,119 | 5,204 | 32 | 5.63 | % | 12/2015 | 4,622 | |||||||||||||||||
3rd mortgage | 4,344 | 4,409 | 27 | 5.84 | % | 12/2015 | 3,959 | |||||||||||||||||
Hunters Glen Apts V | ||||||||||||||||||||||||
1st mortgage | 12,246 | 12,391 | 89 | 7.39 | % | 12/2015 | 11,357 | |||||||||||||||||
2nd mortgage | 6,385 | 6,491 | 39 | 5.63 | % | 12/2015 | 5,765 | |||||||||||||||||
3rd mortgage | 5,233 | 5,312 | 32 | 5.84 | % | 12/2015 | 4,771 | |||||||||||||||||
Hunters Glen Apts VI | ||||||||||||||||||||||||
1st mortgage | 12,746 | 12,897 | 93 | 7.39 | % | 12/2015 | 11,821 | |||||||||||||||||
2nd mortgage | 6,645 | 6,756 | 41 | 5.63 | % | 12/2015 | 6,001 | |||||||||||||||||
3rd mortgage | 5,447 | 5,529 | 34 | 5.84 | % | 12/2015 | 4,965 | |||||||||||||||||
Twin Lake Towers Apts | ||||||||||||||||||||||||
1st mortgage | 26,759 | 9,255 | 153 | 5.49 | % | 04/2020 | 22,331 | |||||||||||||||||
$ | 95,325 | $ | 78,822 | $ | 604 | $ | 84,966 | |||||||||||||||||
F-20
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2011 | $ | 1,444 | ||
2012 | 1,524 | |||
2013 | 1,629 | |||
2014 | 1,730 | |||
2015 | 64,353 | |||
Thereafter | 24,645 | |||
$ | 95,325 | |||
Note C — | Income Taxes |
2010 | 2009 | |||||||
Net loss as reported | $ | (2,855 | ) | $ | (975 | ) | ||
Add (deduct): | ||||||||
Depreciation differences | 341 | (217 | ) | |||||
Unearned income | 15 | (44 | ) | |||||
Other | 23 | (11 | ) | |||||
Federal taxable loss | $ | (2,476 | ) | $ | (1,247 | ) | ||
Federal taxable income per limited partnership unit | $ | (54.81 | ) | $ | 13.20 | (1) | ||
(1) | For 2009 allocations under the Internal Revenue Code section 704(b) result in the limited partners being allocated a non-pro rata amount of taxable income. |
F-21
Table of Contents
2010 | 2009 | |||||||
Net liabilities | $ | (71,382 | ) | $ | (63,447 | ) | ||
Land and buildings | 4,412 | 4,259 | ||||||
Accumulated depreciation | (2,773 | ) | (3,114 | ) | ||||
Syndication and distribution costs | 6,093 | 6,093 | ||||||
Other | 209 | 323 | ||||||
Net liabilities — Federal tax basis | $ | (63,441 | ) | $ | (55,886 | ) | ||
Note D — | Transactions with Affiliated Parties |
F-22
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F-23
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Note E — | Investment Properties and Accumulated Depreciation |
Initial Cost to Partnership | ||||||||||||||||
Buildings | Cost | |||||||||||||||
and Related | Capitalized | |||||||||||||||
Personal | Subsequent to | |||||||||||||||
Description | Encumbrances | Land | Property | Acquisition | ||||||||||||
(In thousands) | ||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||
Investment Properties | ||||||||||||||||
Hunters Glen Apts IV | $ | 19,864 | $ | 1,552 | $ | 8,324 | $ | 6,692 | ||||||||
Hunters Glen Apts V | 23,864 | 1,820 | 9,759 | 7,170 | ||||||||||||
Hunters Glen Apts VI | 24,838 | 1,981 | 10,620 | 8,060 | ||||||||||||
Twin Lake Towers Apts | 26,759 | 1,115 | 12,806 | 24,965 | ||||||||||||
Totals | $ | 95,325 | $ | 6,468 | $ | 41,509 | $ | 46,887 | ||||||||
At December 31, 2010
(In thousands)
Buildings | ||||||||||||||||||||||||
and Related | ||||||||||||||||||||||||
Personal | Accumulated | Date | Depreciable | |||||||||||||||||||||
Description | Land | Property | Total | Depreciation | Acquired | Life | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Hunters Glen Apts IV | $ | 1,552 | $ | 15,016 | $ | 16,568 | $ | 13,706 | 01/31/85 | 5-30 yrs | ||||||||||||||
Hunters Glen Apts V | 1,820 | 16,929 | 18,749 | 15,566 | 01/31/85 | 5-40 yrs | ||||||||||||||||||
Hunters Glen Apts VI | 1,981 | 18,680 | 20,661 | 17,137 | 01/31/85 | 5-40 yrs | ||||||||||||||||||
Twin Lake Towers Apts | 1,115 | 37,771 | 38,886 | 25,558 | 03/30/84 | 5-30 yrs | ||||||||||||||||||
Totals | $ | 6,468 | $ | 88,396 | $ | 94,864 | $ | 71,967 | ||||||||||||||||
Years Ended December 31, | ||||||||
2010 | 2009 | |||||||
(In thousands) | ||||||||
Investment Properties | ||||||||
Balance at beginning of year | $ | 94,019 | $ | 90,899 | ||||
Property improvements | 879 | 3,120 | ||||||
Disposal of assets | (34 | ) | — | |||||
Balance at end of year | $ | 94,864 | $ | 94,019 | ||||
Accumulated Depreciation | ||||||||
Balance at beginning of year | $ | 67,227 | $ | 62,659 | ||||
Additions charged to expense | 4,740 | 4,568 | ||||||
Balance at end of year | $ | 71,967 | $ | 67,227 | ||||
F-24
Table of Contents
Note F — | Distributions |
Year Ended | Per Limited | Year Ended | Per Limited | |||||||||||||
December 31, | Partnership | December 31, | Partnership | |||||||||||||
2010 | Unit | 2009 | Unit | |||||||||||||
Refinancing(1) | $ | 3,900 | $ | 77.87 | $ | — | $ | — | ||||||||
Operations | 1,180 | 26.11 | — | — | ||||||||||||
Total | $ | 5,080 | $ | 103.98 | $ | — | $ | — | ||||||||
(1) | Proceeds from the March 2010 refinancing of the mortgage encumbering Twin Lake Towers Apartments. |
Note G — | Contingencies |
F-25
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F-26
Table of Contents
ITEM 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure |
Item 9A. | Controls and Procedures |
(a) | Disclosure Controls and Procedures |
• | pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of assets; | |
• | provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorizations of the Partnership’s management; and | |
• | provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets that could have a material effect on the consolidated financial statements. |
F-27
Table of Contents
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 |
F-28
Table of Contents
Item 11. | Executive Compensation |
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |
Entity | Number of Units | Percentages | ||||||
Cooper River Properties, LLC (an affiliate of AIMCO) | 4,607 | 10.30 | % | |||||
Broad River Properties (an affiliate of AIMCO) | 8,002 | 17.89 | % | |||||
AIMCO IPLP (an affiliate of AIMCO) | 1,824 | 4.08 | % | |||||
AIMCO Properties, LP (an affiliate of AIMCO) | 19,317 | 43.20 | % |
F-29
Table of Contents
Item 13. | Certain Relationships and Related Transactions and Director Independence |
F-30
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F-31
Table of Contents
Item 14. | Principal Accounting Fees and Services |
Item 15. | Exhibits, Financial Statement Schedules |
Consolidated Balance Sheets at December 31, 2010 and 2009 | F-14 | |||
Consolidated Statements of Operations for the years ended December 31, 2010 and 2009 | F-15 | |||
Consolidated Statements of Changes in Partners’ Deficit for the years ended December 31, 2010 and 2009 | F-16 | |||
Consolidated Statements of Cash Flows for the years ended December 31, 2010 and 2009 | F-17 | |||
Notes to Consolidated Financial Statements | F-18 | |||
Schedules are omitted for the reason that they are inapplicable or equivalent information has been included elsewhere herein. |
• | 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. |
F-32
Table of Contents
By: | Angeles Realty Corporation II |
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 |
F-33
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Exhibit | ||||
Number | Description of Exhibit | |||
3 | .1 | Amended Certificate and Agreement of Limited Partnership dated May 26, 1983 filed in Form S-11 dated June 2, 1983 and is incorporated herein by reference. | ||
3 | .2 | Amendment to the Amended Certificate and Agreement of Limited Partnership Agreement, dated October 22, 2007. (Incorporated by reference to the Registrant’s Current Report on Form 10-QSB for the quarterly period ended September 30, 2007) | ||
10 | .36 | Multifamily Note dated December 1, 2005 between Hunters Glen AP XII L.P., a South Carolina limited partnership and GMAC Commercial Mortgage Bank in reference to Hunters Glen IV and filed December 7, 2005 with the Registrant’s Current Report on Form 8-K dated December 1, 2005 and incorporated herein by reference. | ||
10 | .37 | Amended and Restated Multifamily Note dated December 1, 2005 between Hunters Glen AP XII L.P., a South Carolina limited partnership and GMAC Commercial Mortgage Bank in reference to Hunters Glen IV and filed December 7, 2005 with the Registrant’s Current Report on Form 8-K dated December 1, 2005 and incorporated herein by reference. | ||
10 | .38 | Multifamily Note dated December 1, 2005 between Hunters Glen AP XII L.P., a South Carolina limited partnership and GMAC Commercial Mortgage Bank in reference to Hunters Glen V and VI and filed December 7, 2005 with the Registrant’s Current Report on Form 8-K dated December 1, 2005 and incorporated herein by reference. | ||
10 | .39 | Amended and Restated Multifamily Note dated December 1, 2005 between Hunters Glen AP XII L.P., a South Carolina limited partnership and GMAC Commercial Mortgage Bank in reference to Hunters Glen V and VI and filed December 7, 2005 with the Registrant’s Current Report on Form 8-K dated December 1, 2005 and incorporated herein by reference. | ||
10 | .40 | Form of Multifamily Note between Capmark Bank and Hunters Glen AP XII L.P, a South Carolina limited partnership in reference to Hunters Glen IV Apartments. Incorporated by reference to the Registrant’s Current Report on Form 8-K dated August 31, 2007. | ||
10 | .41 | Form of Multifamily Note between Capmark Bank and Hunters Glen AP XII L.P, a South Carolina limited partnership in reference to Hunters Glen V and VI Apartments. Incorporated by reference to the Registrant’s Current Report on Form 8-K dated August 31, 2007. | ||
10 | .42 | Multifamily Note between AP XII Twin Lake Towers, LLC, a Delaware limited liability company, and Keycorp Real Estate Capital Markets, Inc., an Ohio corporation, related to Twin Lake Towers Apartments. Incorporated by reference to the Registrant’s Current Report on Form 8-K dated March 25, 2010. | ||
31 | .1 | Certification of equivalent of Chief Executive Officer pursuant to Securities Exchange ActRules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
31 | .2 | Certification of equivalent of Chief Financial Officer pursuant to Securities Exchange ActRules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
32 | .1 | Certification of the equivalent of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
F-34
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F-35
Table of Contents
F-36
Table of Contents
Pursuant to 18 U.S.C. Section 1350,
As Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
F-37
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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 June 30, 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) | 95-3903623 (I.R.S. Employer Identification No.) |
Large accelerated filer o | Accelerated filer o | Non-accelerated filer o | Smaller reporting company þ |
G-1
Table of Contents
Item 1. | Financial Statements |
June 30, | December 31, | |||||||
2011 | 2010 | |||||||
(Unaudited) | ||||||||
(In thousands) | ||||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 1,153 | $ | 526 | ||||
Receivables and deposits | 634 | 626 | ||||||
Restricted escrows | 1,568 | 726 | ||||||
Other assets | 1,054 | 1,364 | ||||||
Investment properties: | ||||||||
Land | 6,468 | 6,468 | ||||||
Buildings and related personal property | 75,906 | 88,396 | ||||||
Total investment property | 82,374 | 94,864 | ||||||
Less accumulated depreciation | (60,844 | ) | (71,967 | ) | ||||
Investment property, net | 21,530 | 22,897 | ||||||
Total assets | $ | 25,939 | $ | 26,139 | ||||
LIABILITIES AND PARTNERS’ DEFICIT | ||||||||
Liabilities | ||||||||
Accounts payable | $ | 515 | $ | 376 | ||||
Tenant security deposit liabilities | 377 | 356 | ||||||
Accrued property taxes | 390 | 424 | ||||||
Other liabilities | 842 | 1,025 | ||||||
Due to affiliates | 9,322 | 15 | ||||||
Mortgage notes payable | 93,286 | 95,325 | ||||||
Total liabilities | 104,732 | 97,521 | ||||||
Partners’ Deficit | ||||||||
General partners | (885 | ) | (811 | ) | ||||
Limited partners | (77,908 | ) | (70,571 | ) | ||||
Total partners’ deficit | (78,793 | ) | (71,382 | ) | ||||
Total liabilities and partners’ deficit | $ | 25,939 | $ | 26,139 | ||||
G-2
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Three | Three | Six | Six | |||||||||||||
Months | Months | Months | Months | |||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
(Unaudited) | ||||||||||||||||
(In thousands, except per unit data) | ||||||||||||||||
Revenues: | ||||||||||||||||
Rental income | $ | 3,521 | $ | 3,611 | $ | 7,052 | $ | 7,184 | ||||||||
Other income | 464 | 410 | 890 | 827 | ||||||||||||
Total revenues | 3,985 | 4,021 | 7,942 | 8,011 | ||||||||||||
Expenses: | ||||||||||||||||
Operating | 1,317 | 1,105 | 2,726 | 2,379 | ||||||||||||
General and administrative | 83 | 88 | 169 | 165 | ||||||||||||
Depreciation | 1,116 | 1,205 | 2,243 | 2,424 | ||||||||||||
Interest | 1,424 | 1,530 | 2,928 | 2,897 | ||||||||||||
Property taxes | 415 | 379 | 798 | 801 | ||||||||||||
Loss on early extinguishment of debt | 6,489 | — | 6,489 | 866 | ||||||||||||
Total expenses | 10,844 | 4,307 | 15,353 | 9,532 | ||||||||||||
Net loss | $ | (6,859 | ) | $ | (286 | ) | $ | (7,411 | ) | $ | (1,521 | ) | ||||
Net loss allocated to general partners (1)% | $ | (69 | ) | $ | (3 | ) | $ | (74 | ) | $ | (15 | ) | ||||
Net loss allocated to limited partners (99)% | $ | (6,790 | ) | $ | (283 | ) | $ | (7,337 | ) | $ | (1,506 | ) | ||||
Net loss per limited partnership unit | $ | (151.84 | ) | $ | (6.33 | ) | $ | (164.07 | ) | $ | (33.68 | ) | ||||
Distributions per limited partnership unit | $ | — | $ | 23.01 | $ | — | $ | 100.88 | ||||||||
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General | Limited | |||||||||||
Partners | Partners | Total | ||||||||||
(Unaudited) | ||||||||||||
(In thousands) | ||||||||||||
Partners’ deficit at December 31, 2010 | $ | (811 | ) | $ | (70,571 | ) | $ | (71,382 | ) | |||
Net loss for the six months ended June 30, 2011 | (74 | ) | (7,337 | ) | (7,411 | ) | ||||||
Partners’ deficit at June 30, 2011 | $ | (885 | ) | $ | (77,908 | ) | $ | (78,793 | ) | |||
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Six Months | Six Months | |||||||
Ended | Ended | |||||||
June 30, | June 30, | |||||||
2011 | 2010 | |||||||
(Unaudited) | ||||||||
(In thousands) | ||||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (7,411 | ) | $ | (1,521 | ) | ||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
Depreciation | 2,243 | 2,424 | ||||||
Amortization of loan costs | 80 | 108 | ||||||
Loss on early extinguishment of debt | 6,489 | 866 | ||||||
Change in accounts: | ||||||||
Receivables and deposits | (8 | ) | 150 | |||||
Other assets | (106 | ) | (79 | ) | ||||
Accounts payable | (55 | ) | (55 | ) | ||||
Tenant security deposit liabilities | 21 | (8 | ) | |||||
Accrued property taxes | (34 | ) | (20 | ) | ||||
Other liabilities | (183 | ) | 87 | |||||
Due to affiliates | 112 | (573 | ) | |||||
Net cash provided by operating activities | 1,148 | 1,379 | ||||||
Cash flows from investing activities: | ||||||||
Net deposits to restricted escrows | (842 | ) | (671 | ) | ||||
Property improvements and replacements | (682 | ) | (368 | ) | ||||
Net cash used in investing activities | (1,524 | ) | (1,039 | ) | ||||
Cash flows from financing activities: | ||||||||
Payments on mortgage notes payable | (541 | ) | (681 | ) | ||||
Repayment of mortgage notes payable | (68,211 | ) | (9,131 | ) | ||||
Proceeds from mortgage notes payable | 66,713 | 27,000 | ||||||
Prepayment penalties paid | (5,606 | ) | (766 | ) | ||||
Loan costs paid | (547 | ) | (225 | ) | ||||
Advances from affiliate | 10,792 | 540 | ||||||
Repayment of advances from affiliate | (1,597 | ) | (12,151 | ) | ||||
Distributions to partners | — | (4,940 | ) | |||||
Net cash provided by (used in) financing activities | 1,003 | (354 | ) | |||||
Net increase (decrease) in cash and cash equivalents | 627 | (14 | ) | |||||
Cash and cash equivalents at beginning of period | 526 | 301 | ||||||
Cash and cash equivalents at end of period | $ | 1,153 | $ | 287 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Cash paid for interest | $ | 2,854 | $ | 3,279 | ||||
Supplemental disclosure of non-cash activity: | ||||||||
Property improvements and replacements included in accounts payable | $ | 287 | $ | — | ||||
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Note A — | Basis of Presentation |
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Note B — | Transactions with Affiliated Parties |
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Note C — | Mortgage Financing |
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Note D — | Fair Value of Financial Instruments |
Note E — | Distributions |
Six Months | Six Months | |||||||||||||||
Ended | Per Limited | Ended | Per Limited | |||||||||||||
June 30, | Partnership | June 30, | Partnership | |||||||||||||
2011 | Unit | 2010 | Unit | |||||||||||||
Refinancing(1) | $ | — | $ | — | $ | 3,900 | $ | 77.87 | ||||||||
Operations | — | — | 1,040 | 23.01 | ||||||||||||
Total | $ | — | $ | — | $ | 4,940 | $ | 100.88 | ||||||||
(1) | Proceeds from the March 2010 refinancing of the mortgage encumbering Twin Lake Towers Apartments. |
Note F — | Contingencies |
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Note G — | Investment Property |
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Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Average Occupancy | ||||||||
Property | 2011 | 2010 | ||||||
Hunters Glen Apartments — IV Plainsboro, New Jersey | 95 | % | 96 | % | ||||
Hunters Glen Apartments — V Plainsboro, New Jersey | 96 | % | 96 | % | ||||
Hunters Glen Apartments — VI Plainsboro, New Jersey | 94 | % | 96 | % | ||||
Twin Lake Towers Apartments Westmont, Illinois | 98 | % | 96 | % |
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Six Months | Six Months | |||||||||||||||
Ended | Per Limited | Ended | Per Limited | |||||||||||||
June 30, | Partnership | June 30, | Partnership | |||||||||||||
2011 | Unit | 2010 | Unit | |||||||||||||
Refinancing(1) | $ | — | $ | — | $ | 3,900 | $ | 77.87 | ||||||||
Operations | — | — | 1,040 | 23.01 | ||||||||||||
Total | $ | — | $ | — | $ | 4,940 | $ | 100.88 | ||||||||
(1) | Proceeds from the March 2010 refinancing of the mortgage encumbering Twin Lake Towers Apartments. |
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Item 4. | Controls and Procedures |
(a) | Disclosure Controls and Procedures |
(b) | Changes in Internal Control Over Financial Reporting |
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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 |
• | 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: | Angeles Realty Corporation II |
By: | /s/ Steven D. Cordes |
By: | /s/ Stephen B. Waters |
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Exhibit | Description of Exhibit | |||
3 | .1 | Amended Certificate and Agreement of Limited Partnership dated May 26, 1983 filed in Form S-11 dated June 2, 1983 and is incorporated herein by reference. | ||
3 | .2 | Amendment to the Amended Certificate and Agreement of Limited Partnership Agreement, dated October 22, 2007. (Incorporated by reference to the Registrant’s Quarterly Report on Form 10-QSB for the quarterly period ended September 30, 2007) | ||
3 | .3 | Second Amendment to the Amended Certificate and Agreement of Limited Partnership of Angeles Partners XII, dated November 24, 2010. Incorporated by reference to the Registrant’s Current Report on Form 8-K dated November 24, 2010. | ||
3 | .4 | Third Amendment to the Amended Certificate and Agreement of Limited Partnership of Angeles Partners XII, LP, dated November 24, 2010. Incorporated by reference to the Registrant’s Current Report on Form 8-K dated November 24, 2010. | ||
10 | .1 | Agreement and Plan of Merger, dated July 28, 2011, by and among Angeles Partners XII, LP, AIMCO Properties, L.P. and AIMCO AP XII Merger Sub LLC, incorporated by reference to the Registrant’s Current Report on Form 8-K dated July 28, 2011. | ||
10 | .42 | Multifamily Note between AP XII Twin Lake Towers, LLC, a Delaware limited liability company, and Keycorp Real Estate Capital Markets, Inc., an Ohio corporation, related to Twin Lake Towers Apartments. Incorporated by reference to the Registrant’s Current Report on Form 8-K dated March 25, 2010. | ||
10 | .43 | Multifamily Note -- CME, dated May 2, 2011, between Hunters Glen AP XII Limited Partnership, a South Carolina limited partnership, and Keycorp Real Estate Capital Markets, Inc., an Ohio Corporation. Incorporated by reference to the Registrant’s Current Report on Form 8-K dated May 2, 2011. | ||
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 the equivalent of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
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Pursuant to 18 U.S.C. Section 1350,
As Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
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(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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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: | ||||
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Financial Statement Schedule: | ||||
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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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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 |
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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 | ||||||||||||||||||||||||||||||||||||
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 |
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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 | ||||||||||||||||||||||||||||||||||||
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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(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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(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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(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 | ||||||||||||||||||||||||||||||||||||
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 |
H-109
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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 | ||||||||||||||||||||||||||||||||||||
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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(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 | ||||||||||||||||||||||||||||||||||||
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 |
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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) | ||
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) |
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Exhibit | ||||
No. | Description | |||
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)* | ||
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 |
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Exhibit | ||||
No. | Description | |||
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 |
H-117
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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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201010-K SUBSIDIARY LIST
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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201010-K SUBSIDIARY LIST
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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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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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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H-147
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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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SECURITIES AND EXCHANGE COMMISSION
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 June 30, 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 | 84-1275621 | |
(State or other jurisdiction of incorporation or organization) | (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 |
June 30, | December 31, | |||||||
2011 | 2010 | |||||||
(Unaudited) | ||||||||
(In thousands) | ||||||||
ASSETS | ||||||||
Buildings and improvements | $ | 6,993,515 | $ | 7,100,012 | ||||
Land | 2,107,082 | 2,108,349 | ||||||
Total real estate | 9,100,597 | 9,208,361 | ||||||
Less accumulated depreciation | (2,837,390 | ) | (2,821,430 | ) | ||||
Net real estate ($817,297 and $846,081 related to VIEs) | 6,263,207 | 6,386,931 | ||||||
Cash and cash equivalents ($35,430 and $34,808 related to VIEs) | 85,324 | 111,325 | ||||||
Restricted cash ($50,373 and $55,076 related to VIEs) | 196,426 | 200,503 | ||||||
Accounts receivable, net ($10,238 and $8,393 related to VIEs) | 41,293 | 49,855 | ||||||
Accounts receivable from affiliates, net | 5,179 | 8,392 | ||||||
Deferred financing costs, net | 46,984 | 46,953 | ||||||
Notes receivable from unconsolidated real estate partnerships, net | 10,209 | 10,896 | ||||||
Notes receivable from non-affiliates, net | 117,078 | 116,726 | ||||||
Notes receivable from Aimco | 17,666 | 17,230 | ||||||
Investment in unconsolidated real estate partnerships ($48,478 and $54,374 related to VIEs) | 73,218 | 58,151 | ||||||
Other assets | 239,721 | 180,522 | ||||||
Deferred income tax assets, net | 61,919 | 58,736 | ||||||
Assets held for sale | 23,713 | 148,876 | ||||||
Total assets | $ | 7,181,937 | $ | 7,395,096 | ||||
LIABILITIES AND PARTNERS’ CAPITAL | ||||||||
Non-recourse property tax-exempt bond financing ($225,837 and $209,550 related to VIEs) | $ | 434,536 | $ | 511,811 | ||||
Non-recourse property loans payable ($417,669 and $428,417 related to VIEs) | 4,872,614 | 4,833,938 | ||||||
Revolving credit facility borrowings | 21,500 | — | ||||||
Other borrowings ($13,294 and $15,486 related to VIEs) | 40,974 | 47,018 | ||||||
Total indebtedness | 5,369,624 | 5,392,767 | ||||||
Accounts payable | 25,988 | 27,322 | ||||||
Accrued liabilities and other ($66,162 and $79,170 related to VIEs) | 228,396 | 250,103 | ||||||
Deferred income | 147,082 | 150,577 | ||||||
Security deposits | 34,982 | 34,308 | ||||||
Liabilities related to assets held for sale | 24,177 | 113,289 | ||||||
Total liabilities | 5,830,249 | 5,968,366 | ||||||
Redeemable preferred units | 93,387 | 103,428 | ||||||
Commitments and contingencies (Note 5) | — | — | ||||||
Partners’ Capital: | ||||||||
Preferred units | 657,601 | 657,601 | ||||||
General Partner and Special Limited | ||||||||
Partner | 208,022 | 264,182 | ||||||
Limited Partners | 153,355 | 158,401 | ||||||
High Performance Units | (47,228 | ) | (44,892 | ) | ||||
Investment in Aimco Class A Common Stock | (4,263 | ) | (4,397 | ) | ||||
Partners’ capital attributable to the Partnership | 967,487 | 1,030,895 | ||||||
Noncontrolling interests in consolidated real estate partnerships | 290,814 | 292,407 | ||||||
Total partners’ capital | 1,258,301 | 1,323,302 | ||||||
Total liabilities and partners’ capital | $ | 7,181,937 | $ | 7,395,096 | ||||
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Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
(Unaudited) | ||||||||||||||||
(In thousands, except per unit data) | ||||||||||||||||
REVENUES: | ||||||||||||||||
Rental and other property revenues | $ | 273,384 | $ | 266,728 | $ | 545,176 | $ | 533,332 | ||||||||
Asset management and tax credit revenues | 7,651 | 9,796 | 16,887 | 14,497 | ||||||||||||
Total revenues | 281,035 | 276,524 | 562,063 | 547,829 | ||||||||||||
OPERATING EXPENSES: | ||||||||||||||||
Property operating expenses | 117,379 | 123,126 | 240,908 | 250,266 | ||||||||||||
Investment management expenses | 2,187 | 5,141 | 5,219 | 8,370 | ||||||||||||
Depreciation and amortization | 94,084 | 102,809 | 193,117 | 206,092 | ||||||||||||
General and administrative expenses | 12,372 | 15,184 | 23,498 | 26,919 | ||||||||||||
Other expenses (income), net | 5,222 | (4,485 | ) | 9,156 | (2,148 | ) | ||||||||||
Total operating expenses | 231,244 | 241,775 | 471,898 | 489,499 | ||||||||||||
Operating income | 49,791 | 34,749 | 90,165 | 58,330 | ||||||||||||
Interest income | 2,478 | 2,123 | 4,938 | 5,506 | ||||||||||||
(Provision for) recovery of losses on notes receivable, net | (36 | ) | 148 | (53 | ) | (278 | ) | |||||||||
Interest expense | (96,716 | ) | (76,203 | ) | (171,805 | ) | (152,579 | ) | ||||||||
Equity in (losses) earnings of unconsolidated real estate partnerships | (1,798 | ) | (5,295 | ) | (3,446 | ) | 3,853 | |||||||||
Gain on dispositions of unconsolidated real estate and other | 808 | 3,041 | 2,021 | 4,485 | ||||||||||||
Loss before income taxes and discontinued operations | (45,473 | ) | (41,437 | ) | (78,180 | ) | (80,683 | ) | ||||||||
Income tax benefit | 2,257 | 3,385 | 4,765 | 7,151 | ||||||||||||
Loss from continuing operations | (43,216 | ) | (38,052 | ) | (73,415 | ) | (73,532 | ) | ||||||||
Income from discontinued operations, net | 16,469 | 28,096 | 19,603 | 47,028 | ||||||||||||
Net loss | (26,747 | ) | (9,956 | ) | (53,812 | ) | (26,504 | ) | ||||||||
Net loss (income) attributable to noncontrolling interests in consolidated real estate partnerships | 2,771 | 2,716 | 10,076 | (9,418 | ) | |||||||||||
Net loss attributable to the Partnership | (23,976 | ) | (7,240 | ) | (43,736 | ) | (35,922 | ) | ||||||||
Net income attributable to the Partnership’s preferred unitholders | (11,343 | ) | (11,811 | ) | (25,470 | ) | (26,426 | ) | ||||||||
Net income attributable to participating securities | (54 | ) | (42 | ) | (111 | ) | — | |||||||||
Net loss attributable to the Partnership’s common unitholders | $ | (35,373 | ) | $ | (19,093 | ) | $ | (69,317 | ) | $ | (62,348 | ) | ||||
Earnings (loss) per common unit — basic and diluted (Note 6): | ||||||||||||||||
Loss from continuing operations attributable to the Partnership’s common unitholders | $ | (0.35 | ) | $ | (0.33 | ) | $ | (0.66 | ) | $ | (0.75 | ) | ||||
Income from discontinued operations attributable to the Partnership’s common unitholders | 0.07 | 0.18 | 0.11 | 0.25 | ||||||||||||
Net loss attributable to the Partnership’s common unitholders | $ | (0.28 | ) | $ | (0.15 | ) | $ | (0.55 | ) | $ | (0.50 | ) | ||||
Weighted average common units outstanding, basic and diluted | 127,577 | 124,663 | 126,675 | 124,521 | ||||||||||||
Distributions declared per common unit | $ | 0.12 | $ | 0.10 | $ | 0.24 | $ | 0.10 | ||||||||
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Six Months Ended | ||||||||
June 30, | ||||||||
2011 | 2010 | |||||||
(Unaudited) | ||||||||
(In thousands) | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net loss | $ | (53,812 | ) | $ | (26,504 | ) | ||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 193,117 | 206,092 | ||||||
Equity in losses (earnings) of unconsolidated real estate partnerships | 3,446 | (3,853 | ) | |||||
Gain on dispositions of unconsolidated real estate and other | (2,021 | ) | (4,485 | ) | ||||
Discontinued operations | (16,641 | ) | (33,424 | ) | ||||
Other adjustments | 9,063 | 2,090 | ||||||
Net changes in operating assets and operating liabilities | (37,944 | ) | (28,953 | ) | ||||
Net cash provided by operating activities | 95,208 | 110,963 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Capital expenditures | (61,849 | ) | (79,023 | ) | ||||
Proceeds from dispositions of real estate | 87,313 | 107,163 | ||||||
Purchases of interests in unconsolidated real estate and corporate assets | (28,714 | ) | (3,291 | ) | ||||
Purchase of investment in debt securities (Note 4) | (51,534 | ) | — | |||||
Originations of notes receivable from unconsolidated real estate partnerships | (411 | ) | (733 | ) | ||||
Proceeds from repayment of notes receivable | 6,264 | 1,650 | ||||||
Proceeds from sale of interests in and distributions from real estate partnerships | 3,303 | 9,132 | ||||||
Net increase in cash from consolidation and deconsolidation of entities | — | 13,118 | ||||||
Distributions received from Aimco | 134 | 112 | ||||||
Other investing activities | 12,090 | 8,341 | ||||||
Net cash (used in) provided by investing activities | (33,404 | ) | 56,469 | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Proceeds from property loans | 662,601 | 125,491 | ||||||
Principal repayments on property loans | (647,719 | ) | (124,794 | ) | ||||
Principal repayments on tax-exempt bond financing | (98,447 | ) | (31,061 | ) | ||||
Payments on term loans | — | (65,000 | ) | |||||
Net borrowings on revolving credit facility | 21,500 | — | ||||||
Repurchases of preferred units from Aimco | (7,000 | ) | (7,000 | ) | ||||
Proceeds from issuance of common OP Units to Aimco | 60,973 | — | ||||||
Proceeds from Aimco Class A Common Stock option exercises | 1,806 | 1,806 | ||||||
Payment of distributions to preferred units | (28,219 | ) | (29,204 | ) | ||||
Payment of distributions to General Partner and Special Limited Partner | (28,711 | ) | (23,446 | ) | ||||
Payment of distributions to Limited Partners | (1,461 | ) | (1,212 | ) | ||||
Payment of distributions to High Performance Units | (564 | ) | (468 | ) | ||||
Payment of distributions to noncontrolling interests | (16,606 | ) | (23,568 | ) | ||||
Other financing activities | (5,958 | ) | 8,082 | |||||
Net cash used in financing activities | (87,805 | ) | (170,374 | ) | ||||
NET DECREASE IN CASH AND CASH EQUIVALENTS | (26,001 | ) | (2,942 | ) | ||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 111,325 | 81,260 | ||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 85,324 | $ | 78,318 | ||||
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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 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 215 conventional real estate properties with 67,049 units; | |
• | owned an equity interest in 205 affordable real estate properties with 24,406 units; and | |
• | provided services for, or managed, 13,921 units in 187 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. |
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June 30, 2011 | December 31, 2010 | |||||||||||||||||||||||
Unconsolidated | Unconsolidated | |||||||||||||||||||||||
Real Estate | Non- | Real Estate | Non- | |||||||||||||||||||||
Partnerships | Affiliates | Total | Partnerships | Affiliates | Total | |||||||||||||||||||
Par value notes | $ | 10,081 | $ | 19,572 | $ | 29,653 | $ | 10,821 | $ | 17,899 | $ | 28,720 | ||||||||||||
Discounted notes | 1,011 | 97,506 | 98,517 | 980 | 98,827 | 99,807 | ||||||||||||||||||
Allowance for loan losses | (883 | ) | — | (883 | ) | (905 | ) | — | (905 | ) | ||||||||||||||
Total notes receivable | $ | 10,209 | $ | 117,078 | $ | 127,287 | $ | 10,896 | $ | 116,726 | $ | 127,622 | ||||||||||||
Face value of discounted notes | $ | 31,448 | $ | 106,466 | $ | 137,914 | $ | 31,755 | $ | 108,621 | $ | 140,376 |
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Redeemable | ||||
Preferred Units | ||||
Balance, December 31, 2010 | $ | 103,428 | ||
Preferred distributions | (3,342 | ) | ||
Redemption of preferred units | (41 | ) | ||
Repurchase of preferred units | (10,000 | ) | ||
Net income | 3,342 | |||
Balance, June 30, 2011 | $ | 93,387 | ||
Noncontrolling | ||||||||||||
Interests in | ||||||||||||
Partners’ Capital | Consolidated | Total | ||||||||||
Attributable to | Real Estate | Partners’ | ||||||||||
the Partnership | 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 | 60,973 | — | 60,973 | |||||||||
Preferred unit distributions | (24,877 | ) | — | (24,877 | ) | |||||||
Common distributions | (30,599 | ) | (16,606 | ) | (47,205 | ) | ||||||
Discount on repurchase of preferred units | 3,000 | — | 3,000 | |||||||||
Repurchases of common units | (3,351 | ) | — | (3,351 | ) | |||||||
Amortization of Aimco stock based compensation cost | 3,557 | — | 3,557 | |||||||||
Common OP Units issued to Aimco in connection with Aimco stock option exercises | 1,806 | — | 1,806 | |||||||||
Effect of changes in ownership for consolidated entities (Note 4) | (27,958 | ) | 14,124 | (13,834 | ) | |||||||
Change in accumulated other comprehensive loss | 849 | (103 | ) | 746 | ||||||||
Other | 270 | (53 | ) | 217 | ||||||||
Net loss | (47,078 | ) | (10,076 | ) | (57,154 | ) | ||||||
Balance, June 30, 2011 | $ | 967,487 | $ | 290,814 | $ | 1,258,301 | ||||||
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Level 2 | Level 3 | |||||||||||||||||||
IR | TRR | TRR | ||||||||||||||||||
AFS(1) | Swaps(2) | Swaps(3) | Debt(4) | Total | ||||||||||||||||
Fair value at December 31, 2009 | $ | — | $ | (1,596 | ) | $ | (24,307 | ) | $ | 24,307 | $ | (1,596 | ) | |||||||
Unrealized gains (losses) included in earnings(5) | — | (23 | ) | 907 | (907 | ) | (23 | ) | ||||||||||||
Realized gains (losses) included in earnings | — | — | — | — | — | |||||||||||||||
Unrealized gains (losses) included in partners’ capital | — | (2,006 | ) | — | — | (2,006 | ) | |||||||||||||
Fair value at June 30, 2010 | $ | — | $ | (3,625 | ) | $ | (23,400 | ) | $ | 23,400 | $ | (3,625 | ) | |||||||
Fair value at December 31, 2010 | $ | — | $ | (2,746 | ) | $ | (19,542 | ) | $ | 19,542 | $ | (2,746 | ) | |||||||
Purchases | 51,534 | — | — | — | 51,534 | |||||||||||||||
Investment accretion (see Note 4) | 269 | — | — | — | 269 | |||||||||||||||
Unrealized gains (losses) included in earnings(5) | — | (24 | ) | 8,547 | (8,547 | ) | (24 | ) | ||||||||||||
Realized gains (losses) included in earnings | — | — | — | — | — | |||||||||||||||
Unrealized gains (losses) included in partners’ capital | 1,573 | (827 | ) | — | — | 746 | ||||||||||||||
Fair value at June 30, 2011 | $ | 53,376 | $ | (3,597 | ) | $ | (10,995 | ) | $ | 10,995 | $ | 49,779 | ||||||||
(1) | The fair value of investments classified as available for sale is estimated using an income and market approach with primarily observable inputs, including information yields and other information regarding similar types of investments, and adjusted for certain unobservable inputs specific to these investments. The discount to the face value of the investments is accreted into interest income over the expected term of the investments. The amortized cost of these investments was $51.8 million at June 30, 2011. Refer to Note 4 for further discussion of these investments. | |
(2) | 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. | |
(3) | 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. | |
(4) | 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. | |
(5) | 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 |
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historically incurred any termination payments upon settlement. These unrealized gains (losses) are included in interest expense in the accompanying condensed consolidated statements of operations. |
Six Months Ended | Six Months Ended | |||||||||||||||
June 30, 2011 | June 30, 2010 | |||||||||||||||
Fair Value | Total | Fair Value | Total | |||||||||||||
Measurement | Gain (Loss) | Measurement | Gain (Loss) | |||||||||||||
Real estate (impairment losses)(1)(3) | $ | 49,114 | $ | (7,390 | ) | $ | 29,050 | $ | (6,883 | ) | ||||||
Real estate (newly consolidated)(2)(3) | — | — | 117,083 | 236 | ||||||||||||
Property debt (newly consolidated)(2)(4) | — | — | 83,890 | — |
(1) | During the six months ended June 30, 2011 and 2010, we reduced the aggregate carrying amounts of $56.5 million and $35.9 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 anticipated expected holding period. | |
(2) | In connection with our adoption of revised accounting guidance regarding consolidation of VIEs and reconsideration events during the six months ended June 30, 2010, we consolidated 17 partnerships at fair value. With the exception of such partnerships’ investments in real estate properties and related non-recourse property debt obligations, we determined the carrying amounts of the related assets and liabilities approximated their fair values. The difference between our recorded investments in such partnerships and the fair value of the assets and liabilities recognized in consolidation resulted in an adjustment of consolidated partners’ capital (allocated between the Partnership and noncontrolling interests) for those partnerships consolidated in connection with our adoption of the revised accounting guidance for VIEs. For the partnerships we consolidated at fair value due to reconsideration events during the six months ended June 30, 2010, the difference between our recorded investments in such partnerships and the fair value of the assets, liabilities and noncontrolling interests recognized upon consolidation resulted in our recognition of a gain, which is included in gain on disposition of unconsolidated real estate and other in our condensed consolidated statement of operations for the six months ended June 30, 2010. | |
(3) | We estimate the fair value of real estate using income and market valuation techniques using information such as broker estimates, purchase prices for recent transactions on comparable assets and net operating income capitalization analyses using observable and unobservable inputs such as capitalization rates, asset quality grading, geographic location analysis, and local supply and demand observations. | |
(4) | Refer to the recurring fair value measurements table for an explanation of the valuation techniques we use to estimate the fair value of debt. |
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June 30, | December 31, | |||||||
2011 | 2010 | |||||||
Real estate, net | $ | 23,137 | $ | 146,805 | ||||
Other assets | 576 | 2,071 | ||||||
Assets held for sale | $ | 23,713 | $ | 148,876 | ||||
Property debt | $ | 23,951 | $ | 112,034 | ||||
Other liabilities | 226 | 1,255 | ||||||
Liabilities related to assets held for sale | $ | 24,177 | $ | 113,289 | ||||
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Three Months | Six Months | |||||||||||||||
Ended June 30, | Ended June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Rental and other property revenues | $ | 4,019 | $ | 21,695 | $ | 11,538 | $ | 47,639 | ||||||||
Property operating expenses | (2,169 | ) | (9,590 | ) | (6,288 | ) | (25,910 | ) | ||||||||
Depreciation and amortization | (1,647 | ) | (6,311 | ) | (4,065 | ) | (12,839 | ) | ||||||||
Provision for operating real estate impairment losses | (2,452 | ) | (895 | ) | (6,307 | ) | (8,121 | ) | ||||||||
Operating (loss) income | (2,249 | ) | 4,899 | (5,122 | ) | 769 | ||||||||||
Interest income | 262 | 101 | 314 | 183 | ||||||||||||
Interest expense | (1,009 | ) | (3,881 | ) | (2,602 | ) | (8,308 | ) | ||||||||
(Loss) income before gain on dispositions of real estate and income tax | (2,996 | ) | 1,119 | (7,410 | ) | (7,356 | ) | |||||||||
Gain on dispositions of real estate | 19,716 | 26,982 | 27,434 | 53,321 | ||||||||||||
Income tax (expense) benefit | (251 | ) | (5 | ) | (421 | ) | 1,063 | |||||||||
Income from discontinued operations, net | $ | 16,469 | $ | 28,096 | $ | 19,603 | $ | 47,028 | ||||||||
Income from discontinued operations attributable to noncontrolling interests in consolidated real estate partnerships | $ | (7,196 | ) | $ | (6,383 | ) | $ | (5,943 | ) | $ | (16,241 | ) | ||||
Income from discontinued operations attributable to the Partnership | $ | 9,273 | $ | 21,713 | $ | 13,660 | $ | 30,787 | ||||||||
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Three Months | Six Months | |||||||||||||||
Ended June 30, | Ended June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Numerator: | ||||||||||||||||
Loss from continuing operations | $ | (43,216 | ) | $ | (38,052 | ) | $ | (73,415 | ) | $ | (73,532 | ) | ||||
Loss from continuing operations attributable to noncontrolling interests | 9,967 | 9,099 | 16,019 | 6,823 | ||||||||||||
Income attributable to the Partnership’s preferred unitholders | (11,343 | ) | (11,811 | ) | (25,470 | ) | (26,426 | ) | ||||||||
Income attributable to participating securities | (54 | ) | (42 | ) | (111 | ) | — | |||||||||
Loss from continuing operations attributable to the Partnership’s common unitholders | $ | (44,646 | ) | $ | (40,806 | ) | $ | (82,977 | ) | $ | (93,135 | ) | ||||
Income from discontinued operations | $ | 16,469 | $ | 28,096 | $ | 19,603 | $ | 47,028 | ||||||||
Income from discontinued operations attributable to noncontrolling interests | (7,196 | ) | (6,383 | ) | (5,943 | ) | (16,241 | ) | ||||||||
Income from discontinued operations attributable to the Partnership’s common unitholders | $ | 9,273 | $ | 21,713 | $ | 13,660 | $ | 30,787 | ||||||||
Net loss | $ | (26,747 | ) | $ | (9,956 | ) | $ | (53,812 | ) | $ | (26,504 | ) | ||||
Loss (income) attributable to noncontrolling interests | 2,771 | 2,716 | 10,076 | (9,418 | ) | |||||||||||
Income attributable to the Partnership’s preferred unitholders | (11,343 | ) | (11,811 | ) | (25,470 | ) | (26,426 | ) | ||||||||
Income attributable to participating securities | (54 | ) | (42 | ) | (111 | ) | — | |||||||||
Net loss attributable to the Partnership’s common unitholders | $ | (35,373 | ) | $ | (19,093 | ) | $ | (69,317 | ) | $ | (62,348 | ) | ||||
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Three Months | Six Months | |||||||||||||||
Ended June 30, | Ended June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Denominator: | ||||||||||||||||
Denominator for basic earnings per unit — weighted average number of common units outstanding | ||||||||||||||||
Common OP Units | 125,237 | 122,323 | 124,335 | 122,181 | ||||||||||||
High Performance Units | 2,340 | 2,340 | 2,340 | 2,340 | ||||||||||||
Total common units | 127,577 | 124,663 | 126,675 | 124,521 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Dilutive potential common units | — | — | — | — | ||||||||||||
Denominator for diluted earnings per unit | 127,577 | 124,663 | 126,675 | 124,521 | ||||||||||||
Earnings (loss) per common unit — basic and diluted: | ||||||||||||||||
Loss from continuing operations attributable to the Partnership’s common unitholders | $ | (0.35 | ) | $ | (0.33 | ) | $ | (0.66 | ) | $ | (0.75 | ) | ||||
Income from discontinued operations attributable to the Partnership’s common unitholders | 0.07 | 0.18 | 0.11 | 0.25 | ||||||||||||
Net loss attributable to the Partnership’s common unitholders | $ | (0.28 | ) | $ | (0.15 | ) | $ | (0.55 | ) | $ | (0.50 | ) | ||||
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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 June 30, 2011: | ||||||||||||||||||||
Rental and other property revenues(2) | $ | 208,253 | $ | 32,826 | $ | 32,029 | $ | 276 | $ | 273,384 | ||||||||||
Asset management and tax credit revenues | — | — | — | 7,651 | 7,651 | |||||||||||||||
Total revenues | 208,253 | 32,826 | 32,029 | 7,927 | 281,035 | |||||||||||||||
Property operating expenses(2) | 77,323 | 13,599 | 13,912 | 12,545 | 117,379 | |||||||||||||||
Investment management expenses | — | — | — | 2,187 | 2,187 | |||||||||||||||
Depreciation and amortization(2) | — | — | — | 94,084 | 94,084 | |||||||||||||||
General and administrative expenses | — | — | — | 12,372 | 12,372 | |||||||||||||||
Other expenses, net | — | — | — | 5,222 | 5,222 | |||||||||||||||
Total operating expenses | 77,323 | 13,599 | 13,912 | 126,410 | 231,244 | |||||||||||||||
Net operating income (loss) | 130,930 | 19,227 | 18,117 | (118,483 | ) | 49,791 | ||||||||||||||
Other items included in continuing operations | — | — | — | (93,007 | ) | (93,007 | ) | |||||||||||||
Income (loss) from continuing operations | $ | 130,930 | $ | 19,227 | $ | 18,117 | $ | (211,490 | ) | $ | (43,216 | ) | ||||||||
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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 June 30, 2010: | ||||||||||||||||||||
Rental and other property revenues(2) | $ | 203,251 | $ | 31,661 | $ | 31,159 | $ | 657 | $ | 266,728 | ||||||||||
Asset management and tax credit revenues | — | — | — | 9,796 | 9,796 | |||||||||||||||
Total revenues | 203,251 | 31,661 | 31,159 | 10,453 | 276,524 | |||||||||||||||
Property operating expenses(2) | 78,396 | 13,924 | 13,978 | 16,828 | 123,126 | |||||||||||||||
Investment management expenses | — | — | — | 5,141 | 5,141 | |||||||||||||||
Depreciation and amortization(2) | — | — | — | 102,809 | 102,809 | |||||||||||||||
General and administrative expenses | — | — | — | 15,184 | 15,184 | |||||||||||||||
Other income, net | — | — | — | (4,485 | ) | (4,485 | ) | |||||||||||||
Total operating expenses | 78,396 | 13,924 | 13,978 | 135,477 | 241,775 | |||||||||||||||
Net operating income (loss) | 124,855 | 17,737 | 17,181 | (125,024 | ) | 34,749 | ||||||||||||||
Other items included in continuing operations | — | — | — | (72,801 | ) | (72,801 | ) | |||||||||||||
Income (loss) from continuing operations | $ | 124,855 | $ | 17,737 | $ | 17,181 | $ | (197,825 | ) | $ | (38,052 | ) | ||||||||
Six Months Ended June 30, 2011: | ||||||||||||||||||||
Rental and other property revenues(2) | $ | 414,800 | $ | 65,704 | $ | 63,816 | $ | 856 | $ | 545,176 | ||||||||||
Asset management and tax credit revenues | — | — | — | 16,887 | 16,887 | |||||||||||||||
Total revenues | 414,800 | 65,704 | 63,816 | 17,743 | 562,063 | |||||||||||||||
Property operating expenses(2) | 156,752 | 27,346 | 28,332 | 28,478 | 240,908 | |||||||||||||||
Investment management expenses | — | — | — | 5,219 | 5,219 | |||||||||||||||
Depreciation and amortization(2) | — | — | — | 193,117 | 193,117 | |||||||||||||||
General and administrative expenses | — | — | — | 23,498 | 23,498 | |||||||||||||||
Other expenses, net | — | — | — | 9,156 | 9,156 | |||||||||||||||
Total operating expenses | 156,752 | 27,346 | 28,332 | 259,468 | 471,898 | |||||||||||||||
Net operating income (loss) | 258,048 | 38,358 | 35,484 | (241,725 | ) | 90,165 | ||||||||||||||
Other items included in continuing operations | — | — | — | (163,580 | ) | (163,580 | ) | |||||||||||||
Income (loss) from continuing operations | $ | 258,048 | $ | 38,358 | $ | 35,484 | $ | (405,305 | ) | $ | (73,415 | ) | ||||||||
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Corporate and | ||||||||||||||||||||
Conventional | Affordable | Amounts Not | ||||||||||||||||||
Real Estate | Real Estate | Proportionate | Allocated to | |||||||||||||||||
Operations | Operations | Adjustments(1) | Segments | Consolidated | ||||||||||||||||
Six Months Ended June 30, 2010: | ||||||||||||||||||||
Rental and other property revenues(2) | $ | 407,082 | $ | 62,723 | $ | 62,137 | $ | 1,390 | $ | 533,332 | ||||||||||
Asset management and tax credit revenues | — | — | — | 14,497 | 14,497 | |||||||||||||||
Total revenues | 407,082 | 62,723 | 62,137 | 15,887 | 547,829 | |||||||||||||||
Property operating expenses(2) | 162,300 | 28,805 | 29,025 | 30,136 | 250,266 | |||||||||||||||
Investment management expenses | — | — | — | 8,370 | 8,370 | |||||||||||||||
Depreciation and amortization(2) | — | — | — | 206,092 | 206,092 | |||||||||||||||
General and administrative expenses | — | — | — | 26,919 | 26,919 | |||||||||||||||
Other income, net | — | — | — | (2,148 | ) | (2,148 | ) | |||||||||||||
Total operating expenses | 162,300 | 28,805 | 29,025 | 269,369 | 489,499 | |||||||||||||||
Net operating income (loss) | 244,782 | 33,918 | 33,112 | (253,482 | ) | 58,330 | ||||||||||||||
Other items included in continuing operations | — | — | — | (131,862 | ) | (131,862 | ) | |||||||||||||
Income (loss) from continuing operations | $ | 244,782 | $ | 33,918 | $ | 33,112 | $ | (385,344 | ) | $ | (73,532 | ) | ||||||||
(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 June 30, 2011, increased by 2.6% and decreased by 1.4%, respectively, as compared to the three months ended June 30, 2010, resulting in a 5.1% increase in net operating income. | |
• | Average daily occupancy for our Conventional Same Store properties remained high at 95.9% for the three months ended June 30, 2011. | |
• | Conventional Same Store revenues and expenses for the three months ended June 30, 2011, increased by 2.4% and decreased by 1.3%, respectively, as compared to the three months ended June 30, 2010, resulting in a 4.6% increase in net operating income. | |
• | General and administrative expenses decreased by 18.5% during the three months ended June 30, 2011, as compared to the three months ended June 30, 2010. |
• | 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 2011 as compared to 2010; and | |
• | an increase in interest expense, primarily due to prepayment penalties incurred in connection with a series of financing transactions that extended maturities and reduced the effective interest rate on a group of non-recourse property loans. |
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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 2011 as compared to 2010; and | |
• | an increase in interest expense, primarily due to prepayment penalties incurred in connection with a series of financing transactions that extended maturities and reduced the effective interest rate on a group of non-recourse property loans. |
• | an increase in net operating income of our properties included in continuing operations, reflecting improved operations; and | |
• | a decrease in income from discontinued operations allocated to noncontrolling interests, primarily due to their share of the decrease in gains on dispositions of consolidated real estate properties as discussed above. |
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• | the removal of ten properties, with 2,779 units that were sold or classified as held for sale through June 30, 2011 and for which the results have been reclassified into discontinued operations; | |
• | the inclusion of two properties with 551 units that were previously classified as redevelopment properties; and | |
• | the removal of two properties with 1,060 units that experienced significant casualty losses and were moved from the same store classification into the other conventional classification, offset by the reintroduction of one property with 350 units into the same store classification. |
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Three Months Ended June 30, | ||||||||||||||||
2011 | 2010 | $ Change | % Change | |||||||||||||
Rental and other property revenues: | ||||||||||||||||
Conventional same store | $ | 187,017 | $ | 182,637 | $ | 4,380 | 2.4 | % | ||||||||
Other Conventional | 21,236 | 20,614 | 622 | 3.0 | % | |||||||||||
Total | 208,253 | 203,251 | 5,002 | 2.5 | % | |||||||||||
Property operating expenses: | ||||||||||||||||
Conventional same store | 68,010 | 68,884 | (874 | ) | (1.3 | )% | ||||||||||
Other Conventional | 9,313 | 9,512 | (199 | ) | (2.1 | )% | ||||||||||
Total | 77,323 | 78,396 | (1,073 | ) | (1.4 | )% | ||||||||||
Property net operating income: | ||||||||||||||||
Conventional same store | 119,007 | 113,753 | 5,254 | 4.6 | % | |||||||||||
Other Conventional | 11,923 | 11,102 | 821 | 7.4 | % | |||||||||||
Total | $ | 130,930 | $ | 124,855 | $ | 6,075 | 4.9 | % | ||||||||
Six Months Ended June 30, | ||||||||||||||||
2011 | 2010 | $ Change | % Change | |||||||||||||
Rental and other property revenues: | ||||||||||||||||
Conventional same store | $ | 371,773 | $ | 364,461 | $ | 7,312 | 2.0 | % | ||||||||
Other Conventional | 43,027 | 42,621 | 406 | 1.0 | % | |||||||||||
Total | 414,800 | 407,082 | 7,718 | 1.9 | % | |||||||||||
Property operating expenses: | ||||||||||||||||
Conventional same store | 136,617 | 142,134 | (5,517 | ) | (3.9 | )% | ||||||||||
Other Conventional | 20,135 | 20,166 | (31 | ) | (0.2 | )% | ||||||||||
Total | 156,752 | 162,300 | (5,548 | ) | (3.4 | )% | ||||||||||
Property net operating income: | ||||||||||||||||
Conventional same store | 235,156 | 222,327 | 12,829 | 5.8 | % | |||||||||||
Other Conventional | 22,892 | 22,455 | 437 | 1.9 | % | |||||||||||
Total | $ | 258,048 | $ | 244,782 | $ | 13,266 | 5.4 | % | ||||||||
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• | the removal of 13 properties, with 1,276 units that were sold or classified as held for sale through June 30, 2011 and for which the results have been reclassified into discontinued operations; and | |
• | the inclusion during the three months ended June 30, 2011 of seven properties with 1,395 units that were previously classified as redevelopment properties. |
Three Months Ended June 30, | ||||||||||||||||
2011 | 2010 | $ Change | % Change | |||||||||||||
Affordable same store: | ||||||||||||||||
Rental and other property revenues | $ | 32,826 | $ | 31,661 | $ | 1,165 | 3.7 | % | ||||||||
Property operating expenses | 13,599 | 13,924 | (325 | ) | (2.3 | )% | ||||||||||
Property net operating income | $ | 19,227 | $ | 17,737 | $ | 1,490 | 8.4 | % | ||||||||
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Six Months Ended June 30, | ||||||||||||||||
2011 | 2010 | $ Change | % Change | |||||||||||||
Rental and other property revenues: | ||||||||||||||||
Affordable same store | $ | 58,511 | $ | 55,980 | $ | 2,531 | 4.5 | % | ||||||||
Other Affordable | 7,193 | 6,743 | 450 | 6.7 | % | |||||||||||
Total | 65,704 | 62,723 | 2,981 | 4.8 | % | |||||||||||
Property operating expenses: | ||||||||||||||||
Affordable same store | 24,300 | 26,033 | (1,733 | ) | (6.7 | )% | ||||||||||
Other Affordable | 3,046 | 2,772 | 274 | 9.9 | % | |||||||||||
Total | 27,346 | 28,805 | (1,459 | ) | (5.1 | )% | ||||||||||
Property net operating income: | ||||||||||||||||
Affordable same store | 34,211 | 29,947 | 4,264 | 14.2 | % | |||||||||||
Other Affordable | 4,147 | 3,971 | 176 | 4.4 | % | |||||||||||
Total | $ | 38,358 | $ | 33,918 | $ | 4,440 | 13.1 | % | ||||||||
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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; |
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• | changes in governmental regulations and the related cost of compliance; | |
• | increases in operating costs (including real estate taxes) due to inflation and other factors, which may not be offset by increased rents; | |
• | changes in tax laws and housing laws, including the enactment of rent control laws or other laws regulating multifamily housing; and | |
• | changes in interest rates and the availability of financing. |
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ITEM 3. | Quantitative and Qualitative Disclosures About Market Risk |
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ITEM 4. | Controls and Procedures |
ITEM 1A. | Risk Factors |
ITEM 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
Maximum | ||||||||||||||||
Number of | ||||||||||||||||
Total Number of | Units that | |||||||||||||||
Units Purchased | May Yet Be | |||||||||||||||
Average | as Part of | Purchased | ||||||||||||||
Total Number of | Price | Publicly | Under the | |||||||||||||
Units | Paid | Announced Plans | Plans or | |||||||||||||
Period | Purchased | per Unit | or Programs(1) | Programs(2) | ||||||||||||
April 1 — April 30, 2011 | 11,368 | $ | 25.15 | N/A | N/A | |||||||||||
May 1 — May 31, 2011 | 44,358 | 26.26 | N/A | N/A | ||||||||||||
June 1 — June 30, 2011 | 43,088 | 25.79 | N/A | N/A | ||||||||||||
Total | 98,814 | $ | 25.93 | |||||||||||||
(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 |
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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 June 30, 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. |
ITEM 6. | Exhibits |
Exhibit | ||||
No.(1) | ||||
10 | .1 | Eleventh Amendment to Senior Secured Credit Agreement, dated as of May 20, 2011, 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 Quarterly Report onForm 10-Q for the quarterly period ended June 30, 2011, is incorporated herein by this reference) | ||
31 | .1 | Certification of Chief Executive Officer pursuant to Securities Exchange ActRules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||
31 | .2 | Certification of Chief Financial Officer pursuant to Securities Exchange ActRules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||
32 | .1 | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||
32 | .2 | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||
99 | .1 | Agreement Regarding Disclosure of Long-Term Debt Instruments | ||
101 | XBRL (Extensible Business Reporting Language). The following materials from AIMCO Properties, L.P.’s Quarterly Report onForm 10-Q for the quarterly period ended June 30, 2011, formatted in XBRL: (i) condensed consolidated balance sheets, (ii) condensed consolidated statements of operations, (iii) condensed consolidated statements of cash flows, and (iv) notes to condensed consolidated financial statements (tagged as blocks of text)(2) |
(1) | Schedules and supplemental materials to the exhibits have been omitted but will be provided to the Securities and Exchange Commission upon request. |
(2) | As provided in Rule 406T ofRegulation S-T, this information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934. |
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By: | /s/ ERNEST M. FREEDMAN |
(duly authorized officer and
By: | /s/ PAUL BELDIN |
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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
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 | 80237 | |
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant toRule 14a-12 under the Exchange Act (17 CFR240.14a-12) |
o | Pre-commencement communications pursuant toRule 14d-2(b) under the Exchange Act (17 CFR240.14d-2(b)) |
o | Pre-commencement communications pursuant toRule 13e-4(c) under the Exchange Act (17 CFR240.13e-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 | ||
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 |
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Senior Vice President and Chief Accounting Officer
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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 | $ | 1,110,201 | $ | 1,099,702 | $ | 1,146,116 | $ | 1,081,932 | $ | 996,590 | ||||||||||
Total operating expenses(2) | (981,100 | ) | (1,009,730 | ) | (1,109,235 | ) | (914,539 | ) | (837,706 | ) | ||||||||||
Operating income(2) | 129,101 | 89,972 | 36,881 | 167,393 | 158,884 | |||||||||||||||
Loss from continuing operations(2) | (160,083 | ) | (199,519 | ) | (116,107 | ) | (45,661 | ) | (38,799 | ) | ||||||||||
Income from discontinued operations, net(3) | 71,318 | 155,539 | 743,895 | 171,916 | 328,781 | |||||||||||||||
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 | $ | (1.44 | ) | $ | (1.77 | ) | $ | (1.94 | ) | $ | (1.37 | ) | $ | (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 | $ | 6,386,931 | $ | 6,567,129 | $ | 6,723,242 | $ | 6,493,823 | $ | 6,037,161 | ||||||||||
Total assets | 7,395,096 | 7,922,139 | 9,456,721 | 10,631,746 | 10,305,903 | |||||||||||||||
Total indebtedness | 5,392,767 | 5,371,285 | 5,746,949 | 5,371,112 | 4,702,542 | |||||||||||||||
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 June 30, 2011 financial statement presentation, including retroactive adjustments to reflect additional properties sold or classified as held for sale as of June 30, 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 195 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 1.3%, respectively, as compared to 2009, resulting in a 0.5% increase in net operating income. | |
• | Total Same Store revenues and expenses for 2010 increased by 0.2% and decreased by 1.0%, respectively, as compared to 2009, resulting in a 1.0% increase in net operating income. | |
• | Net operating income for our real estate portfolio (continuing operations) increased 2.5% 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 24 properties, with 5,617 units that were sold or classified as held for sale through June 30, 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 | $ | 624,278 | $ | 625,476 | $ | (1,198 | ) | (0.2 | )% | |||||||
Conventional redevelopment | 113,273 | 107,461 | 5,812 | 5.4 | % | |||||||||||
Other Conventional | 69,240 | 67,935 | 1,305 | 1.9 | % | |||||||||||
Total | 806,791 | 800,872 | 5,919 | 0.7 | % | |||||||||||
Property operating expenses: | ||||||||||||||||
Conventional same store | 238,305 | 241,497 | (3,192 | ) | (1.3 | )% | ||||||||||
Conventional redevelopment | 40,880 | 42,173 | (1,293 | ) | (3.1 | )% | ||||||||||
Other Conventional | 33,415 | 32,909 | 506 | 1.5 | % | |||||||||||
Total | 312,600 | 316,579 | (3,979 | ) | (1.3 | )% | ||||||||||
Property net operating income: | ||||||||||||||||
Conventional same store | 385,973 | 383,979 | 1,994 | 0.5 | % | |||||||||||
Conventional redevelopment | 72,393 | 65,288 | 7,105 | 10.9 | % | |||||||||||
Other Conventional | 35,825 | 35,026 | 799 | 2.3 | % | |||||||||||
Total | $ | 494,191 | $ | 484,293 | $ | 9,898 | 2.0 | % | ||||||||
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Year Ended December 31, | ||||||||||||||||
2009 | 2008 | $ Change | % Change | |||||||||||||
Rental and other property revenues: | ||||||||||||||||
Conventional same store | $ | 568,203 | $ | 582,511 | $ | (14,308 | ) | (2.5 | )% | |||||||
Conventional redevelopment | 165,487 | 154,005 | 11,482 | 7.5 | % | |||||||||||
Other Conventional | 67,182 | 65,922 | 1,260 | 1.9 | % | |||||||||||
Total | 800,872 | 802,438 | (1,566 | ) | (0.2 | )% | ||||||||||
Property operating expenses: | ||||||||||||||||
Conventional same store | 217,973 | 217,651 | 322 | 0.1 | % | |||||||||||
Conventional redevelopment | 66,008 | 65,072 | 936 | 1.4 | % | |||||||||||
Other Conventional | 32,598 | 30,406 | 2,192 | 7.2 | % | |||||||||||
Total | 316,579 | 313,129 | 3,450 | 1.1 | % | |||||||||||
Property net operating income: | ||||||||||||||||
Conventional same store | 350,230 | 364,860 | (14,630 | ) | (4.0 | )% | ||||||||||
Conventional redevelopment | 99,479 | 88,933 | 10,546 | 11.9 | % | |||||||||||
Other Conventional | 34,584 | 35,516 | (932 | ) | (2.6 | )% | ||||||||||
Total | $ | 484,293 | $ | 489,309 | $ | (5,016 | ) | (1.0 | )% | |||||||
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Year Ended December 31, | ||||||||||||||||
2010 | 2009 | $ Change | % Change | |||||||||||||
Rental and other property revenues: | ||||||||||||||||
Affordable same store | $ | 113,178 | $ | 110,492 | $ | 2,686 | 2.4 | % | ||||||||
Other Affordable | 13,710 | 12,695 | 1,015 | 8.0 | % | |||||||||||
Total | 126,888 | 123,187 | 3,701 | 3.0 | % | |||||||||||
Property operating expenses: | ||||||||||||||||
Affordable same store | 51,148 | 50,931 | 217 | 0.4 | % | |||||||||||
Other Affordable | 5,509 | 5,989 | (480 | ) | (8.0 | )% | ||||||||||
Total | 56,657 | 56,920 | (263 | ) | (0.5 | )% | ||||||||||
Property net operating income: | ||||||||||||||||
Affordable same store | 62,030 | 59,561 | 2,469 | 4.1 | % | |||||||||||
Other Affordable | 8,201 | 6,706 | 1,495 | 22.3 | % | |||||||||||
Total | $ | 70,231 | $ | 66,267 | $ | 3,964 | 6.0 | % | ||||||||
Year Ended December 31, | ||||||||||||||||
2009 | 2008 | $ Change | % Change | |||||||||||||
Rental and other property revenues: | ||||||||||||||||
Affordable same store | $ | 110,492 | $ | 106,125 | $ | 4,367 | 4.1 | % | ||||||||
Other Affordable | 12,695 | 12,209 | 486 | 4.0 | % | |||||||||||
Total | 123,187 | 118,334 | 4,853 | 4.1 | % | |||||||||||
Property operating expenses: | ||||||||||||||||
Affordable same store | 50,931 | 50,832 | 99 | 0.2 | % | |||||||||||
Other Affordable | 5,989 | 6,040 | (51 | ) | (0.8 | )% | ||||||||||
Total | 56,920 | 56,872 | 48 | 0.1 | % | |||||||||||
Property net operating income: | ||||||||||||||||
Affordable same store | 59,561 | 55,293 | 4,268 | 7.7 | % | |||||||||||
Other Affordable | 6,706 | 6,169 | 537 | 8.7 | % | |||||||||||
Total | $ | 66,267 | $ | 61,462 | $ | 4,805 | 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) | $ | 5,392,767 | $ | 286,884 | $ | 965,408 | $ | 918,248 | $ | 3,222,227 | ||||||||||
Interest related to long-term debt(2) | 2,190,767 | 303,589 | 543,523 | 441,153 | 902,502 | |||||||||||||||
Long-term debt on assets held for sale(1) | 112,034 | 2,106 | 20,988 | 23,091 | 65,849 | |||||||||||||||
Interest related to long-term debt on assets held for sale(2) | 32,813 | 4,631 | 7,435 | 6,042 | 14,705 | |||||||||||||||
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 8. | Financial Statements and Supplementary Data |
Page | ||||
Financial Statements: | ||||
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Financial Statement Schedule: | ||||
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2010 | 2009 | |||||||
(In thousands) | ||||||||
ASSETS | ||||||||
Real estate: | ||||||||
Buildings and improvements | $ | 7,100,337 | $ | 6,911,105 | ||||
Land | 2,108,024 | 2,091,868 | ||||||
Total real estate | 9,208,361 | 9,002,973 | ||||||
Less accumulated depreciation | (2,821,430 | ) | (2,435,844 | ) | ||||
Net real estate ($846,081 and $835,769 related to VIEs) | 6,386,931 | 6,567,129 | ||||||
Cash and cash equivalents ($34,808 and $23,366 related to VIEs) | 111,325 | 81,260 | ||||||
Restricted cash ($55,076 and $56,116 related to VIEs) | 200,503 | 217,821 | ||||||
Accounts receivable, net ($13,576 and $18,997 related to VIEs) | 49,855 | 59,822 | ||||||
Accounts receivable from affiliates, net | 8,392 | 23,744 | ||||||
Deferred financing costs, net | 46,953 | 49,153 | ||||||
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 | 170,522 | 185,816 | ||||||
Deferred income tax assets, net | 58,736 | 42,015 | ||||||
Assets held for sale | 148,876 | 435,251 | ||||||
Total assets | $ | 7,395,096 | $ | 7,922,139 | ||||
LIABILITIES AND PARTNERS’ CAPITAL | ||||||||
Non-recourse property tax-exempt bond financing ($209,550 and $208,921 related to VIEs) | $ | 511,811 | $ | 572,156 | ||||
Non-recourse property loans payable ($428,417 and $377,265 related to VIEs) | 4,833,938 | 4,656,072 | ||||||
Term loan | — | 90,000 | ||||||
Other borrowings ($15,486 and $15,665 related to VIEs) | 47,018 | 53,057 | ||||||
Total indebtedness | 5,392,767 | 5,371,285 | ||||||
Accounts payable | 27,322 | 29,819 | ||||||
Accrued liabilities and other ($79,170 and $63,456 related to VIEs) | 250,103 | 286,328 | ||||||
Deferred income | 150,577 | 178,616 | ||||||
Security deposits | 34,308 | 33,161 | ||||||
Liabilities related to assets held for sale | 113,289 | 355,900 | ||||||
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 | $ | 1,074,648 | $ | 1,049,849 | $ | 1,047,286 | ||||||
Asset management and tax credit revenues | 35,553 | 49,853 | 98,830 | |||||||||
Total revenues | 1,110,201 | 1,099,702 | 1,146,116 | |||||||||
OPERATING EXPENSES: | ||||||||||||
Property operating expenses | 489,075 | 491,285 | 501,707 | |||||||||
Investment management expenses | 14,487 | 15,779 | 24,784 | |||||||||
Depreciation and amortization | 413,688 | 417,558 | 366,645 | |||||||||
Provision for operating real estate impairment losses | 65 | 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 | 10,420 | 14,898 | 21,783 | |||||||||
Restructuring costs | — | 11,241 | 22,802 | |||||||||
Total operating expenses | 981,100 | 1,009,730 | 1,109,235 | |||||||||
Operating income | 129,101 | 89,972 | 36,881 | |||||||||
Interest income | 11,911 | 9,878 | 20,430 | |||||||||
Provision for losses on notes receivable, net | (949 | ) | (21,549 | ) | (17,577 | ) | ||||||
Interest expense | (305,928 | ) | (306,636 | ) | (305,559 | ) | ||||||
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 | (178,302 | ) | (218,166 | ) | (173,158 | ) | ||||||
Income tax benefit | 18,219 | 18,647 | 57,051 | |||||||||
Loss from continuing operations | (160,083 | ) | (199,519 | ) | (116,107 | ) | ||||||
Income from discontinued operations, net | 71,318 | 155,539 | 743,895 | |||||||||
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 | $ | (1.44 | ) | $ | (1.77 | ) | $ | (1.94 | ) | |||
Income from discontinued operations attributable to the Partnership’s common unitholders | 0.37 | 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 | |||||||||
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General | Partners’ | |||||||||||||||||||||||||||||||
Partner and | Investment | Capital | ||||||||||||||||||||||||||||||
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 | — | — | — | — | — | |||||||||||||||||||||||
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General | Partners’ | |||||||||||||||||||||||||||||||
Partner and | Investment | Capital | ||||||||||||||||||||||||||||||
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, 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 | ) | ||||||||||||||||||||||
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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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 | 413,688 | 417,558 | 366,645 | |||||||||
Provision for impairment losses on real estate development assets | — | — | 91,138 | |||||||||
Provision for operating real estate impairment losses | 65 | 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 | (18,219 | ) | (18,647 | ) | (57,051 | ) | ||||||
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 | 23,145 | 78,010 | 148,903 | |||||||||
Gain on disposition of real estate | (94,901 | ) | (221,770 | ) | (800,270 | ) | ||||||
Other adjustments to income from discontinued operations | 20,283 | 53,691 | 71,062 | |||||||||
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 | ||||||
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2010 | 2009 | 2008 | ||||||||||
(In thousands) | ||||||||||||
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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• | 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 | |
• | 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. |
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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 | Average | Year of | Weighted Average Swap | |||||||||||||||||||
Debt | Debt Interest | Swap Notional | Swap | Variable Pay Rate at | ||||||||||||||||||
Debt Principal | Maturity | 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 values. The difference between our recorded investments in such partnerships and the fair value of the assets |
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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 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 | 5.67 | % | $ | 137,416 | $ | 138,225 | ||||||
Variable rate property tax-exempt bonds payable | 1.29 | % | 374,395 | 433,931 | ||||||||
Total | $ | 511,811 | $ | 572,156 | ||||||||
Weighted Average | Principal | |||||||||||
Interest Rate | Outstanding | |||||||||||
2010 | 2010 | 2009 | ||||||||||
Fixed rate property notes payable | 5.90 | % | $ | 4,754,208 | $ | 4,574,509 | ||||||
Variable rate property notes payable | 2.86 | % | 73,852 | 75,685 | ||||||||
Secured notes credit facility | 1.03 | % | 5,878 | 5,878 | ||||||||
Total | $ | 4,833,938 | $ | 4,656,072 | ||||||||
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Amortization | Maturities | Total | ||||||||||
2011 | $ | 98,055 | $ | 188,829 | $ | 286,884 | ||||||
2012 | 99,522 | 440,203 | 539,725 | |||||||||
2013 | 98,493 | 327,190 | 425,683 | |||||||||
2014 | 84,810 | 362,632 | 447,442 | |||||||||
2015 | 81,425 | 389,381 | 470,806 | |||||||||
Thereafter | 3,222,227 | |||||||||||
$ | 5,392,767 | |||||||||||
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 | $ | (18,219 | ) | $ | (18,647 | ) | $ | (57,051 | ) | |||
Discontinued operations | $ | 7,322 | $ | (579 | ) | $ | 43,643 |
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 | Balance | |||||||||||||||
Redemption | Rate Per Unit | December 31, | ||||||||||||||
Perpetual: | Date(1) | (paid 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 | |||||||||||||
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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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 | ||||||||||||||||||||||
Average | Average | Average | ||||||||||||||||||||||
Number | Grant- | Number | Grant- | Number | Grant- | |||||||||||||||||||
of | Date | of | Date | of | 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 | $ | 146,827 | $ | 428,510 | ||||
Other assets | 2,049 | 6,741 | ||||||
Assets held for sale | $ | 148,876 | $ | 435,251 | ||||
Property debt | $ | 112,034 | $ | 348,202 | ||||
Other liabilities | 1,255 | 7,698 | ||||||
Liabilities related to assets held for sale | $ | 113,289 | $ | 355,900 | ||||
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2010 | 2009 | 2008 | ||||||||||
Rental and other property revenues | $ | 77,335 | $ | 248,989 | $ | 560,561 | ||||||
Property operating and other expenses | (43,873 | ) | (135,823 | ) | (291,115 | ) | ||||||
Depreciation and amortization | (23,145 | ) | (78,010 | ) | (148,903 | ) | ||||||
Provision for operating real estate impairment losses | (12,961 | ) | (54,530 | ) | (27,420 | ) | ||||||
Operating (loss) income | (2,644 | ) | (19,374 | ) | 93,123 | |||||||
Interest income | 359 | 423 | 2,059 | |||||||||
Interest expense | (13,976 | ) | (48,118 | ) | (107,914 | ) | ||||||
Gain on extinguishment of debt | — | 259 | — | |||||||||
Loss before gain on dispositions of real estate and income taxes | (16,261 | ) | (66,810 | ) | (12,732 | ) | ||||||
Gain on dispositions of real estate | 94,901 | 221,770 | 800,270 | |||||||||
Income tax (expense) benefit | (7,322 | ) | 579 | (43,643 | ) | |||||||
Income from discontinued operations, net | $ | 71,318 | $ | 155,539 | $ | 743,895 | ||||||
Income from discontinued operation attributable to: | ||||||||||||
Noncontrolling interests in consolidated real estate partnerships | (25,898 | ) | $ | (60,848 | ) | $ | (149,492 | ) | ||||
The Partnership | $ | 45,420 | $ | 94,691 | $ | 594,403 | ||||||
NOTE 14 — | Earnings per Unit |
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2010 | 2009 | 2008 | ||||||||||
Numerator: | ||||||||||||
Loss from continuing operations | $ | (160,083 | ) | $ | (199,519 | ) | $ | (116,107 | ) | |||
Loss (income) from continuing operations attributable to noncontrolling interests | 39,199 | 38,406 | (6,257 | ) | ||||||||
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 | $ | (179,438 | ) | $ | (217,967 | ) | $ | (190,703 | ) | |||
Income from discontinued operations | $ | 71,318 | $ | 155,539 | $ | 743,895 | ||||||
Income from discontinued operations attributable to noncontrolling interests | (25,898 | ) | (60,848 | ) | (149,492 | ) | ||||||
Income from discontinued operations attributable to the Partnership’s common unitholders | $ | 45,420 | $ | 94,691 | $ | 594,403 | ||||||
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 | $ | (1.44 | ) | $ | (1.77 | ) | $ | (1.94 | ) | |||
Income from discontinued operations attributable to the Partnership’s common unitholders | 0.37 | 0.77 | 6.05 | |||||||||
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 | $ | 271,305 | $ | 276,524 | $ | 277,612 | $ | 284,760 | ||||||||
Total operating expenses | (247,723 | ) | (241,777 | ) | (241,034 | ) | (250,566 | ) | ||||||||
Operating income | 23,582 | 34,747 | 36,578 | 34,194 | ||||||||||||
Loss from continuing operations | (35,479 | ) | (38,053 | ) | (46,569 | ) | (39,982 | ) | ||||||||
Income from discontinued operations, net | 18,931 | 28,097 | 18,303 | 5,987 | ||||||||||||
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 | $ | (0.42 | ) | $ | (0.33 | ) | $ | (0.35 | ) | $ | (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 | $ | 273,263 | $ | 275,181 | $ | 272,394 | $ | 278,864 | ||||||||
Total operating expenses | (245,632 | ) | (249,497 | ) | (255,706 | ) | (258,895 | ) | ||||||||
Operating income | 27,631 | 25,684 | 16,688 | 19,969 | ||||||||||||
Loss from continuing operations | (33,692 | ) | (47,787 | ) | (54,247 | ) | (63,793 | ) | ||||||||
Income from discontinued operations, net | 1,324 | 40,364 | 44,896 | 68,955 | ||||||||||||
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 | $ | (0.31 | ) | $ | (0.42 | ) | $ | (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 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 | Proportionate | Amounts Not | |||||||||||||||||
Real Estate | Real Estate | Adjustments | Allocated to | |||||||||||||||||
Operations | Operations | (1) | Segments | Consolidated | ||||||||||||||||
Year Ended December 31, 2010: | ||||||||||||||||||||
Rental and other property revenues(2) | $ | 806,791 | $ | 126,888 | $ | 138,214 | $ | 2,755 | $ | 1,074,648 | ||||||||||
Asset management and tax credit revenues | — | — | — | 35,553 | 35,553 | |||||||||||||||
Total revenues | 806,791 | 126,888 | 138,214 | 38,308 | 1,110,201 | |||||||||||||||
Property operating expenses(2) | 312,600 | 56,657 | 63,129 | 56,689 | 489,075 | |||||||||||||||
Asset management and tax credit expenses | — | — | — | 14,487 | 14,487 | |||||||||||||||
Depreciation and amortization(2) | — | — | — | 413,688 | 413,688 | |||||||||||||||
Provision for operating real estate impairment losses(2) | — | — | — | 65 | 65 | |||||||||||||||
General and administrative expenses | — | — | — | 53,365 | 53,365 | |||||||||||||||
Other expenses, net | — | — | — | 10,420 | 10,420 | |||||||||||||||
Total operating expenses | 312,600 | 56,657 | 63,129 | 548,714 | 981,100 | |||||||||||||||
Net operating income (loss) | 494,191 | 70,231 | 75,085 | (510,406 | ) | 129,101 | ||||||||||||||
Other items included in continuing operations | — | — | — | (289,184 | ) | (289,184 | ) | |||||||||||||
Income (loss) from continuing operations | $ | 494,191 | $ | 70,231 | $ | 75,085 | $ | (799,590 | ) | $ | (160,083 | ) | ||||||||
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Corporate and | ||||||||||||||||||||
Conventional | Affordable | Proportionate | Amounts Not | |||||||||||||||||
Real Estate | Real Estate | Adjustments | Allocated to | |||||||||||||||||
Operations | Operations | (1) | Segments | Consolidated | ||||||||||||||||
Year Ended December 31, 2009: | ||||||||||||||||||||
Rental and other property revenues(2) | $ | 800,872 | $ | 123,187 | $ | 120,737 | $ | 5,053 | $ | 1,049,849 | ||||||||||
Asset management and tax credit revenues | — | — | — | 49,853 | 49,853 | |||||||||||||||
Total revenues | 800,872 | 123,187 | 120,737 | 54,906 | 1,099,702 | |||||||||||||||
Property operating expenses(2) | 316,579 | 56,920 | 55,097 | 62,689 | 491,285 | |||||||||||||||
Asset management and tax credit expenses | — | — | — | 15,779 | 15,779 | |||||||||||||||
Depreciation and amortization(2) | — | — | — | 417,558 | 417,558 | |||||||||||||||
Provision for operating real estate impairment losses(2) | — | — | — | 2,329 | 2,329 | |||||||||||||||
General and administrative expenses | — | — | — | 56,640 | 56,640 | |||||||||||||||
Other expenses, net | — | — | — | 14,898 | 14,898 | |||||||||||||||
Restructuring costs | — | — | — | 11,241 | 11,241 | |||||||||||||||
Total operating expenses | 316,579 | 56,920 | 55,097 | 581,134 | 1,009,730 | |||||||||||||||
Net operating income (loss) | 484,293 | 66,267 | 65,640 | (526,228 | ) | 89,972 | ||||||||||||||
Other items included in continuing operations | — | — | — | (289,491 | ) | (289,491 | ) | |||||||||||||
Income (loss) from continuing operations | $ | 484,293 | $ | 66,267 | $ | 65,640 | $ | (815,719 | ) | $ | (199,519 | ) | ||||||||
Year Ended December 31, 2008: | ||||||||||||||||||||
Rental and other property revenues(2) | $ | 802,438 | $ | 118,334 | $ | 120,211 | $ | 6,303 | $ | 1,047,286 | ||||||||||
Asset management and tax credit revenues | — | — | — | 98,830 | 98,830 | |||||||||||||||
Total revenues | 802,438 | 118,334 | 120,211 | 105,133 | 1,146,116 | |||||||||||||||
Property operating expenses(2) | 313,129 | 56,872 | 54,647 | 77,059 | 501,707 | |||||||||||||||
Asset management and tax credit expenses | — | — | — | 24,784 | 24,784 | |||||||||||||||
Depreciation and amortization(2) | — | — | — | 366,645 | 366,645 | |||||||||||||||
Provision for impairment losses on real estate development assets | — | — | — | 91,138 | 91,138 | |||||||||||||||
General and administrative expenses | — | — | — | 80,376 | 80,376 | |||||||||||||||
Other expenses, net | — | — | — | 21,783 | 21,783 | |||||||||||||||
Restructuring costs | — | — | — | 22,802 | 22,802 | |||||||||||||||
Total operating expenses | 313,129 | 56,872 | 54,647 | 684,587 | 1,109,235 | |||||||||||||||
Net operating income (loss) | 489,309 | 61,462 | 65,564 | (579,454 | ) | 36,881 | ||||||||||||||
Other items included in continuing operations | — | — | — | (152,988 | ) | (152,988 | ) | |||||||||||||
Income (loss) from continuing operations | $ | 489,309 | $ | 61,462 | $ | 65,564 | $ | (732,442 | ) | $ | (116,107 | ) | ||||||||
(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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December 31, 2010
(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 | ||||||||||||||||||||||||||||||||||||
(In thousands except unit data) | ||||||||||||||||||||||||||||||||||||||||||||||||||
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 |
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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 | ||||||||||||||||||||||||||||||||||||
(In thousands except unit data) | ||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
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 |
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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 | ||||||||||||||||||||||||||||||||||||
(In thousands except unit data) | ||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
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 |
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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 | ||||||||||||||||||||||||||||||||||||
(In thousands except unit data) | ||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
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 |
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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 | ||||||||||||||||||||||||||||||||||||
(In thousands except unit data) | ||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
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 |
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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 | ||||||||||||||||||||||||||||||||||||
(In thousands except unit data) | ||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
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 | 64,889 | 1,924,720 | 3,651,992 | 2,194,001 | 1,980,909 | 5,789,804 | 7,770,713 | (2,306,894 | ) | 5,463,819 | 4,612,757 |
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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 | ||||||||||||||||||||||||||||||||||||
(In thousands except unit data) | ||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
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 |
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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 | ||||||||||||||||||||||||||||||||||||
(In thousands except unit data) | ||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
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 |
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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 | ||||||||||||||||||||||||||||||||||||
(In thousands except unit data) | ||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
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 |
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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 | ||||||||||||||||||||||||||||||||||||
(In thousands except unit data) | ||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
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 |
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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 | ||||||||||||||||||||||||||||||||||||
(In thousands except unit data) | ||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
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 | 1,540 | |||||||||||||||||||||||||||||||||||
Total Affordable Properties | 20,236 | 126,069 | 875,739 | 428,636 | 125,051 | 1,305,393 | 1,430,444 | (511,612 | ) | 918,832 | 732,992 | |||||||||||||||||||||||||||||||||||||||
Other(5) | — | 1,038 | 2,470 | 3,693 | 2,064 | 5,138 | 7,202 | (2,924 | ) | 4,278 | — | |||||||||||||||||||||||||||||||||||||||
Total Continuing Operations | 85,125 | 2,051,827 | 4,530,201 | 2,626,330 | 2,108,024 | 7,100,335 | 9,208,359 | (2,821,430 | ) | 6,386,929 | 5,345,749 | |||||||||||||||||||||||||||||||||||||||
Discontinued Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Conventional Properties: | ||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
Total Conventional Properties: | 2,779 | 21,699 | 115,205 | 51,547 | 21,929 | 166,522 | 188,451 | (81,246 | ) | 107,205 | 82,737 | |||||||||||||||||||||||||||||||||||||||
Affordable Properties: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Brittany Apartments | Garden | Jan-10 | Raytown, MO | 1971 | 144 | 465 | 2,635 | — | 465 | 2,635 | 3,100 | (194 | ) | 2,906 | 2,138 |
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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 | ||||||||||||||||||||||||||||||||||||
(In thousands except unit data) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Calvert City | Garden | Jan-10 | Calvert City, KY | 1980 | 60 | 128 | 694 | 11 | 128 | 705 | 833 | (663 | ) | 170 | 711 | |||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
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 | — | |||||||||||||||||||||||||||||||||||
Georgetown Woods | Garden | Jan-10 | Indianapolis, IN | 1993 | 90 | 375 | 2,125 | — | 375 | 2,125 | 2,500 | (175 | ) | 2,325 | 2,118 | |||||||||||||||||||||||||||||||||||
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 | — | |||||||||||||||||||||||||||||||||||
Oakbrook | Garden | Jan-08 | Topeka, KS | 1979 | 170 | 550 | 2,915 | 885 | 550 | 3,800 | 4,350 | (773 | ) | 3,577 | 2,636 | |||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
Springfield Villas | Garden | Oct-07 | Lockhart, TX | 1999 | 32 | — | 1,153 | 86 | — | 1,239 | 1,239 | (44 | ) | 1,195 | 828 | |||||||||||||||||||||||||||||||||||
Vintage Crossing | Town Home | Mar-04 | Cuthbert, GA | 1985 | 50 | 188 | 1,058 | 571 | 188 | 1,629 | 1,817 | (1,051 | ) | 766 | 1,614 | |||||||||||||||||||||||||||||||||||
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 | 4,377 | |||||||||||||||||||||||||||||||||||
Total Affordable Properties | 1,971 | 9,481 | 51,447 | 10,428 | 9,478 | 61,877 | 71,355 | (31,733 | ) | 39,622 | 29,297 | |||||||||||||||||||||||||||||||||||||||
Total Discontinued Operations | 4,750 | 31,180 | 166,652 | 61,975 | 31,407 | 228,399 | 259,806 | (112,979 | ) | 146,827 | 112,034 | |||||||||||||||||||||||||||||||||||||||
Total | 89,875 | $ | 2,083,007 | $ | 4,696,853 | $ | 2,688,305 | $ | 2,139,431 | $ | 7,328,734 | $ | 9,468,165 | $ | (2,934,409 | ) | $ | 6,533,756 | $ | 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 | ||||
* Terry Considine | Chairman of the Board and Chief Executive Officer (principal executive officer) | September 2, 2011 | ||||
/s/ Ernest M. Freedman Ernest M. Freedman | Executive Vice President and Chief Financial Officer (principal financial officer) | September 2, 2011 | ||||
* Paul Beldin | Senior Vice President and Chief Accounting Officer (principal accounting officer) | September 2, 2011 | ||||
* James N. Bailey | Director | September 2, 2011 | ||||
* Richard S. Ellwood | Director | September 2, 2011 | ||||
* Thomas L. Keltner | Director | September 2, 2011 | ||||
* J. Landis Martin | Director | September 2, 2011 | ||||
* Robert A. Miller | Director | September 2, 2011 |
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Signature | Title | Date | ||||
* Michael A. Stein | Director | September 2, 2011 | ||||
* Kathleen M. Nelson | Director | September 2, 2011 | ||||
*By: | /s/ Ernest M. Freedman Attorney-in-Fact | September 2, 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 | ||||
* Terry Considine | Chairman of the Board and Chief Executive Officer of the registrant’s general partner (principal executive officer) | September 2, 2011 | ||||
* Miles Cortez | Director, Executive Vice President and Chief Administrative Officer of the registrant’s general partner | September 2, 2011 | ||||
/s/ Ernest M. Freedman Ernest M. Freedman | Executive Vice President and Chief Financial Officer of the registrant’s general partner (principal financial officer) | September 2, 2011 | ||||
* Paul Beldin | Senior Vice President and Chief Accounting Officer of the registrant’s general partner (principal accounting officer) | September 2, 2011 | ||||
*By: | /s/ Ernest M. Freedman Attorney-in-Fact | September 2, 2011 |
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Exhibit | ||||
Number | Description | |||
2 | .1 | Agreement and Plan of Merger, dated as of July 28, 2011 by and among Angeles Partners XII, LP, AIMCO AP XII Merger Sub LLC and AIMCO Properties, L.P. (Annex A to the Information Statement/Prospectus filed hereto) | ||
3 | .1 | Charter of Apartment Investment and Management Company (Exhibit 3.1 to Aimco’s Quarterly Report onForm 10-Q for the quarterly period ended 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 onForm 8-A, dated July 27, 2011, is incorporated herein by this reference) | ||
3 | .3 | Articles Supplementary of Apartment Investment and Management Company (Exhibit 3.1 to Aimco’s and Aimco OP’s Current Report on Form 8-K, dated August 24, 2011, is incorporated herein by this reference) | ||
3 | .4 | 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 | .5 | 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 | .6 | 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 | .7 | Second Amendment to 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 | .8 | 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 | .9 | Fourth Amendment to Fourth Amended and Restated Agreement of Limited Partnership of AIMCO Properties, L.P., dated as of July 26, 2011 (Exhibit 10.1 to Aimco’s and Aimco OP’s Current Report onForm 8-K, dated July 26, 2011, is incorporated herein by this reference) | ||
3 | .10 | Fifth Amendment to Fourth Amended and Restated Agreement of Limited Partnership of AIMCO Properties, L.P., dated as of August 24, 2011 (Exhibit 10.1 to Aimco’s and Aimco OP’s Current Report on Form 8-K, dated August 24, 2011, is incorporated herein by this reference) | ||
5 | .1 | Opinion of Skadden, Arps, Slate, Meagher & Flom LLP regarding the validity of the Common OP Units being registered† | ||
5 | .2 | Opinion of DLA Piper regarding the validity of the Class A Common Stock issuable upon redemption of the Common OP Units† | ||
8 | .1 | Opinion of Skadden, Arps, Slate, Meagher & Flom LLP regarding the status of Aimco as a real estate investment trust (Exhibit 8.1 to Aimco’s and Aimco OP’s Current Report onForm 8-K, dated July 26, 2011, is incorporated herein by this reference) | ||
8 | .2 | Opinion of Skadden, Arps, Slate, Meagher & Flom LLP regarding certain tax matters | ||
10 | .1 | Amended and Restated Secured Credit Agreement, dated as of November 2, 2004, by and among Aimco, AIMCO Properties, L.P., AIMCO/Bethesda Holdings, Inc., and NHP Management Company as the borrowers and Bank of America, N.A., Keybank National Association, and the Lenders listed therein (Exhibit 4.1 to Aimco’s Quarterly Report onForm 10-Q for the quarterly period ended September 30, 2004, is incorporated herein by this reference) | ||
10 | .2 | First Amendment to Amended and Restated Secured Credit Agreement, dated as of June 16, 2005, by and among Aimco, AIMCO Properties, L.P., AIMCO/Bethesda Holdings, Inc., and NHP Management Company as the borrowers and Bank of America, N.A., Keybank National Association, and the Lenders listed therein (Exhibit 10.1 to Aimco’s Current Report onForm 8-K, dated June 16, 2005, is incorporated herein by this reference) | ||
10 | .3 | Second Amendment to Amended and Restated Senior Secured Credit Agreement, dated as of March 22, 2006, by and among Aimco, AIMCO Properties, L.P., and AIMCO/Bethesda Holdings, Inc., as the borrowers, and Bank of America, N.A., Keybank National Association, and the lenders listed therein (Exhibit 10.1 to Aimco’s Current Report onForm 8-K, dated March 22, 2006, is incorporated herein by this reference) |
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Exhibit | ||||
Number | Description | |||
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) | ||
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 | Eleventh Amendment to Senior Secured Credit Agreement, dated as of May 20, 2011, 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 Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2011, is incorporated herein by this reference) | ||
10 | .13 | Master Indemnification Agreement, dated December 3, 2001, by and among Apartment Investment and Management Company, AIMCO Properties, L.P., XYZ Holdings LLC, and the other parties signatory thereto (Exhibit 2.3 to Aimco’s Current Report onForm 8-K, dated December 6, 2001, is incorporated herein by this reference) | ||
10 | .14 | Tax Indemnification and Contest Agreement, dated December 3, 2001, by and among Apartment Investment and Management Company, National Partnership Investments, Corp., and XYZ Holdings LLC and the other parties signatory thereto (Exhibit 2.4 to Aimco’s Current Report onForm 8-K, dated December 6, 2001, is incorporated herein by this reference) | ||
10 | .15 | 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)* |
Table of Contents
Exhibit | ||||
Number | Description | |||
10 | .16 | Apartment Investment and Management Company 1997 Stock Award and Incentive Plan (October 1999) (Exhibit 10.26 to Aimco’s Annual Report onForm 10-K for the year ended December 31, 1999, is incorporated herein by this reference)* | ||
10 | .17 | Form of Restricted Stock Agreement (1997 Stock Award and Incentive Plan) (Exhibit 10.11 to Aimco’s Quarterly Report onForm 10-Q for the quarterly period ended September 30, 1997, is incorporated herein by this reference)* | ||
10 | .18 | Form of Incentive Stock Option Agreement (1997 Stock Award and Incentive Plan) (Exhibit 10.42 to Aimco’s Annual Report onForm 10-K for the year ended December 31, 1998, is incorporated herein by this reference)* | ||
10 | .19 | 2007 Stock Award and Incentive Plan (incorporated by reference to Appendix A to Aimco’s Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on March 20, 2007)* | ||
10 | .20 | Form of Restricted Stock Agreement (Exhibit 10.2 to Aimco’s Current Report onForm 8-K, dated April 30, 2007, is incorporated herein by this reference)* | ||
10 | .21 | Form of Non-Qualified Stock Option Agreement (Exhibit 10.3 to Aimco’s Current Report onForm 8-K, dated April 30, 2007, is incorporated herein by this reference)* | ||
10 | .22 | 2007 Employee Stock Purchase Plan (incorporated by reference to Appendix B to Aimco’s Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on March 20, 2007)* | ||
21 | .1 | List of Subsidiaries (Exhibit 21.1 to Aimco’s Annual Report ofForm 10-K for the year ended December 31, 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 Skadden, Arps, Slate, Meagher & Flom LLP (included in Exhibit 5.1) | ||
23 | .5 | Consent of DLA Piper (included in Exhibit 5.2) | ||
23 | .6 | Consent of Skadden, Arps, Slate, Meagher & Flom LLP† | ||
23 | .7 | Consent of Cogent Realty Advisors, LLC† | ||
23 | .8 | Consent of KTR Real Estate Advisors LLC† | ||
23 | .9 | Consent of Duff & Phelps, LLC† | ||
23 | .10 | Consent of Skadden, Arps, Slate, Meagher & Flom LLP (included in Exhibit 8.2) | ||
24 | .1 | Power of Attorney† | ||
99 | .1 | Appraisal Report, dated as of May 19, 2010, by Cogent Realty Advisors, LLC, related to Twin Lake Towers Apartments† | ||
99 | .2 | Supplemental Letter, dated as of January 3, 2011, by Cogent Realty Advisors, LLC, related to Twin Lake Towers Apartments† | ||
99 | .3 | Supplemental Letter, dated as of June 9, 2011, by Cogent Realty Advisors, LLC, related to Twin Lake Towers Apartments† | ||
99 | .4 | Appraisal Report, dated as of June 1, 2011, by KTR Real Estate Advisors LLC, related to Hunters Glen Apartments IV, Hunters Glen Apartments V and Hunters Glen Apartments VI† |
(1) | Schedules and supplemental materials to the exhibits have been omitted but will be provided to the Securities and Exchange Commission upon request. | |
(2) | The file reference number for all exhibits is001-13232, and all such exhibits remain available pursuant to the Records Control Schedule of the Securities and Exchange Commission. |
* | Indicates a management contract or compensatory plan or arrangement. |
† | Previously filed with the Registration Statement on Form S-4 filed by Aimco and Aimco OP on July 28, 2011. |