##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 Form 10-K
  þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended December 31, 2007
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from                 to
 Commission File Number 0-24497
 AIMCO Properties, L.P.
  Delaware
    
    84-1275621(State or other jurisdiction of
    
    (I.R.S. Employerincorporation or organization)
    
    Identification No.)4582 South Ulster Street Parkway, Suite 1100Denver, Colorado
    
    80237(Address of principal executive offices)
    
    (Zip Code)
 (303) 757-8101
  Title of Each Class
    
    Name of Each Exchange on Which RegisteredNot Applicable
    
    Not Applicable
  Partnership Common Units
 þ o
 o þ
 þ o
 þ
  Large accelerated filer o
    
    Accelerated filer þ
    
    Non-accelerated filer o
    
    Smaller reporting company o(Do not check if a smaller reporting company)
 o þ
  
 Documents Incorporated by Reference




---



##### 



AIMCO PROPERTIES, L.P.
 TABLE OF CONTENTS
 ANNUAL REPORT ON FORM 10-K
For the Fiscal Year Ended December 31, 2007
 Item
    
    
    
    PagePART I1.
    
    Business
    
    
    21A.
    
    Risk Factors
    
    
    81B.
    
    Unresolved Staff Comments
    
    
    142.
    
    Properties
    
    
    153.
    
    Legal Proceedings
    
    
    164.
    
    Submission of Matters to a Vote of Security Holders
    
    
    16PART II5.
    
    Market for the Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
    
    
    176.
    
    Selected Financial Data
    
    
    197.
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    207A.
    
    Quantitative and Qualitative Disclosures About Market Risk
    
    
    378.
    
    Financial Statements and Supplementary Data
    
    
    379.
    
    Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
    
    
    379A.
    
    Controls and Procedures
    
    
    389B.
    
    Other Information
    
    
    40PART III10.
    
    Directors, Executive Officers and Corporate Governance
    
    
    4011.
    
    Executive Compensation
    
    
    4012.
    
    Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
    
    
    4013.
    
    Certain Relationships and Related Transactions, and Director Independence
    
    
    4114.
    
    Principal Accountant Fees and Services
    
    
    41PART IV15.
    
    Exhibits and Financial Statement Schedules
    
    
    42List of SubsidiariesConsent of Independent Registered Public Accounting FirmCertification of CEO Pursuant to Section 302Certification of CFO Pursuant to Section 302Certification Pursuant to Section 906Certification Pursuant to Section 906Agreement re: Disclosure of Long-Term Debt Instruments
  1




---



##### Table of Contents



FORWARD-LOOKING STATEMENTS
 The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking
statements in certain circumstances. Certain information included in this Report contains or may
contain information that is forward-looking, including, without limitation, statements regarding
the effect of acquisitions and redevelopments, our future financial performance, including our
ability to maintain current or meet projected occupancy, rent levels and same store results, and
the effect of government regulations. Actual results may differ materially from those described in
the forward-looking statements and, in addition, will be affected by a variety of risks and factors
that are beyond our control including, without limitation: natural disasters such as hurricanes;
national and local economic conditions; the general level of interest rates; energy costs; the
terms of governmental regulations that affect us and interpretations of those regulations; the
competitive environment in which we operate; financing risks, including the risk that our cash
flows from operations may be insufficient to meet required payments of principal and interest; real
estate risks, including fluctuations in real estate values and the general economic climate in
local markets and competition for residents in such markets; insurance risks; acquisition and
development risks, including failure of such acquisitions to perform in accordance with
projections; the timing of acquisitions and dispositions; litigation, including costs associated
with prosecuting or defending claims and any adverse outcomes; and possible environmental
liabilities, including costs, fines or penalties that may be incurred due to necessary remediation
of contamination of properties presently owned or previously owned by us. In addition, Aimcos
current and continuing qualification as a real estate investment trust involves the application of
highly technical and complex provisions of the Internal Revenue Code and depends on our ability to
meet the various requirements imposed by the Internal Revenue Code, through actual operating
results, distribution levels and diversity of stock ownership. Readers should carefully review our
financial statements and the notes thereto, as well as the section entitled Risk Factors
described in Item 1A of this Annual Report and the other documents we file from time to time with
the Securities and Exchange Commission.
 
 PART I
 
 Item 1. Business
 The Company
   2




---



##### Table of Contents



Total PortfolioProperties
    
    
    UnitsConsolidated properties
    
    
    657
    
    
    
    153,758Unconsolidated properties
    
    
    94
    
    
    
    10,878Property management
    
    
    36
    
    
    
    3,228Asset management
    
    
    382
    
    
    
    35,176Total
    
    
    1,169
    
    
    
    203,040
    Available Information
 www.aimco.com
 Financial Information About Industry Segments
  Business Overview
  3




---



##### Table of Contents




    
    property operations  using scale and technology to increase the effectiveness and
efficiency of attracting and retaining apartment residents;
    
    redevelopment of properties  making substantial upgrades to the physical plant and,
sometimes, to the services offered to residents;
    
    portfolio management  allocating capital among geographic markets and apartment
property types such as Class A, Class B, Class C with
redevelopment potential, and affordable;
    
    earning fee income from providing asset management services such as property
management, financial management, accounting, investor reporting,
property debt financings, tax credit syndication, redevelopment and
construction management;
    
    managing our cost of capital by using leverage that is
largely long-term, laddered in maturity, non-recourse
and property specific; and
    
    managing our general and administrative costs through increasing productivity.
  Property Operations
     
    
    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 our on-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 conventional 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 Increases.We seek to increase revenue by optimizing the balance between
rental and occupancy rates. We are also focused on the automation of on-site operations,
as we believe that timely and accurate collection of property performance and resident
profile data will enable us to maximize revenue through better property management and
leasing decisions. We have standardized policies for new and renewal
 4




---



##### Table of Contents



pricing with timely data and analyses by floor-plan, thereby enabling us to maximize our
ability to modify pricing, even in challenging sub-markets.
 
    
    Controlling Expenses.Cost controls are accomplished by local focus at the ROC level
and by taking advantage of economies of scale at the corporate level. As a result of the
size of our portfolio and our regional concentrations of properties, we have the ability to
spread over a large property base fixed costs for general and administrative expenditures
and certain operating functions, such as purchasing, insurance and information technology.
    
    Ancillary Services.We believe that our ownership and management of properties provide
us with unique access to a customer base that allows us to provide additional services and
thereby increase occupancy and rents, while also generating incremental revenue. We
currently provide cable television, telephone services, appliance rental, and carport,
garage and storage space rental at certain properties.
     Redevelopment
   RemainingEstimatedExpendituresProperties
    
    
    (millions)Conventional redevelopment projects
    
    
    48
    
    
    $
    357.5Affordable redevelopment projects
    
    
    11
    
    
    
    64.9Total active redevelopment projects
    
    
    59
    
    
    $
    422.4
  Asset Management
  5




---



##### Table of Contents




    
    the direct acquisition of a property or portfolio of properties, or of ownership
interests in such properties;
    
    a merger or business combination with an entity that owns or controls a property,
portfolio or other ownership interests in properties being acquired; and
    
    the purchase from third parties of additional interests in partnerships in which we own
a general partnership interest.
    6




---



##### Table of Contents



Financial Strategy
  Competition
  Taxation
  Taxation of Aimco
    7




---



##### Table of Contents



Regulation
 General
  Environmental
  Insurance
  Employees
  
 Item 1A. Risk Factors
  Failure to generate sufficient net operating income may limit our ability to pay distributions .
  
    
    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.
 8




---



##### Table of Contents



Redevelopment and construction risks could affect our profitability.
  
    
    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;
    
    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 project team could adversely affect our ability to deliver
redevelopment projects on time and within our budget.
 If we are not successful in our acquisition of properties, our results of operations could be
adversely affected.
  Our existing and future debt financing could render us unable to operate, result in foreclosure on
our properties or prevent us from making distributions on our equity.
  Increases in interest rates would increase our interest expense.
  9




---



##### Table of Contents



Covenant restrictions may limit our ability to make payments to our investors.
  Competition could limit our ability to lease apartments or increase or maintain rents.
  We depend on distributions and other payments from our subsidiaries that they may be prohibited from making to us.
  Because real estate investments are relatively illiquid, we may not be able to sell properties when appropriate.
  We may be subject to litigation associated with partnership acquisitions that could increase our expenses and prevent completion of beneficial transactions.
  We are self-insured for certain risks and the cost of insurance, increased claims activity or losses resulting from catastrophic events may affect our operating results and financial condition.
  10




---



##### Table of Contents



We depend on our senior management.
  Government housing regulations may limit the opportunities at some of our properties and failure to comply with resident qualification requirements may result in financial penalties and/or loss of
benefits.
  Laws benefiting disabled persons may result in our incurrence of unanticipated expenses.
  Potential liability or other expenditures associated with potential environmental contamination may be costly.
  11




---



##### Table of Contents






Moisture infiltration and resulting mold remediation may be costly.




As a REIT, Aimco is subject to substantial risks related to its compliance with tax laws.


Limits on ownership of Aimcos shares in Aimcos charter may result in the loss of economic and
voting rights by purchasers that violate those limits.
  
    
    the transfer will be considered null and void;
    
    Aimco will not reflect the transaction on its books;
    
    Aimco may institute legal action to enjoin the transaction;
    
    Aimco may demand repayment of any dividends received by the affected person on those shares;
    
    Aimco may redeem the shares;
 12




---



##### Table of Contents




    
    the affected person will not have any voting rights for those shares; and
    
    the shares (and all voting and dividend rights of the shares) will be held in trust for
the benefit of one or more charitable organizations designated by us.
  
    
    may lose control over the power to dispose of such shares;
    
    may not recognize profit from the sale of such shares if the market price of the shares
increases;
    
    may be required to recognize a loss from the sale of such shares if the market price
decreases; and
    
    may be required to repay to Aimco any dividends received from Aimco as a result of his
or her ownership of the shares.
 Aimcos charter and Maryland law may limit the ability of a third party to acquire control of Aimco.
   Maryland
business statutes may limit the ability of a third party to acquire
control of Aimco.
  
    
    have at least three directors who are not employees of the entity or related to an
acquiring person; and
    
    are subject to the reporting requirements of the Securities
Exchange Act of 1934, may elect in their charter or bylaws or by resolution of the board of directors to be subject to
all or part of a special subtitle that provides that:
 
    
    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
 13




---



##### Table of Contents




    
    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
  14




---



##### Table of Contents



Item 2. Properties
  2007
    
    
    2006Number of
    
    
    Number
    
    
    Number of
    
    
    NumberRegional Operating Center (1)
    
    Properties
    
    
    of Units
    
    
    Properties
    
    
    of UnitsConventional:Atlanta, GA
    
    
    
    (2)
    
    
    
    (2)
    
    
    32
    
    
    
    8,286Boston, MA
    
    
    16
    
    
    
    5,745
    
    
    
    16
    
    
    
    5,745Chicago, IL
    
    
    27
    
    
    
    7,835
    
    
    
    30
    
    
    
    8,339Columbus, OH
    
    
    28
    
    
    
    9,185
    
    
    
    34
    
    
    
    9,664Dallas, TX
    
    
    31
    
    
    
    6,934
    
    
    
    36
    
    
    
    8,026Denver, CO
    
    
    30
    
    
    
    7,616
    
    
    
    33
    
    
    
    7,487Houston, TX
    
    
    30
    
    
    
    8,008
    
    
    
    37
    
    
    
    9,776Indianapolis, IN
    
    
    28
    
    
    
    11,107
    
    
    
    33
    
    
    
    12,318Los Angeles, CA
    
    
    43
    
    
    
    11,370
    
    
    
    39
    
    
    
    10,867Mid-Atlantic
    
    
    43
    
    
    
    12,203
    
    
    
    
    
    
    
    New York, NY
    
    
    22
    
    
    
    957
    
    
    
    12
    
    
    
    589Orlando, FL
    
    
    31
    
    
    
    8,187
    
    
    
    29
    
    
    
    8,041Philadelphia, PA
    
    
    14
    
    
    
    5,216
    
    
    
    16
    
    
    
    7,493Phoenix, AZ
    
    
    23
    
    
    
    6,051
    
    
    
    28
    
    
    
    7,544Rockville, MD
    
    
    27
    
    
    
    10,758
    
    
    
    29
    
    
    
    12,157South Florida
    
    
    16
    
    
    
    5,857
    
    
    
    15
    
    
    
    5,300Tampa, FL
    
    
    20
    
    
    
    5,231
    
    
    
    21
    
    
    
    5,787Tidewater, VA
    
    
    
    (2)
    
    
    
    (2)
    
    
    28
    
    
    
    7,618East Redevelopment(3)
    
    
    9
    
    
    
    5,020
    
    
    
    
    
    
    
    Total conventional owned and managed
    
    
    438
    
    
    
    127,280
    
    
    
    468
    
    
    
    135,037Affordable:Central
    
    
    98
    
    
    
    9,834
    
    
    
    121
    
    
    
    12,726Northeast
    
    
    64
    
    
    
    9,348
    
    
    
    87
    
    
    
    12,551West
    
    
    83
    
    
    
    11,022
    
    
    
    63
    
    
    
    6,908Total affordable owned and managed
    
    
    245
    
    
    
    30,204
    
    
    
    271
    
    
    
    32,185Owned but not managed
    
    
    68
    
    
    
    7,152
    
    
    
    66
    
    
    
    7,001Property management
    
    
    36
    
    
    
    3,228
    
    
    
    41
    
    
    
    3,573Asset management
    
    
    382
    
    
    
    35,176
    
    
    
    410
    
    
    
    38,617Total
    
    
    1,169
    
    
    
    203,040
    
    
    
    1,256
    
    
    
    216,413
 
 (1)
    
    As our portfolio changes due to property acquisitions and dispositions, we periodically
evaluate the organization of our regional operating centers, or ROCs. During 2006, we
combined the Austin, TX and Dallas, TX ROCs and added a ROC in New York, NY.(2)
    
    During 2007, we combined the Atlanta, GA and Tidewater, VA ROCs to form the Mid-Atlantic
ROC.(3)
    
    This management team is dedicated to the operation of certain
properties being redeveloped.  15




---



##### Table of Contents



Item 3. Legal Proceedings
  
 Item 4. Submission of Matters to a Vote of Security Holders
  16




---



##### Table of Contents



PART II
 
 Item 5. Market for the Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
  Distributions
    

    DistributionsDeclared
    

    Declared(per unit,
    

    (per unit,adjusted)
    

    adjusted)Quarter Ended

    
    2007
    

    2006



2007
(3)

    

2006
(3)December 31
    $

    

    3.11
    (1)

$

    

    1.20
    (2)


$



    2.98
    


$



    1.16September 30
    
    
    0.60


    
    
    0.60
    


    
    0.57
    


    
    0.57June 30
    
    
    0.60
    

    
    
    0.60
    


    
    0.57
    


    
    0.57March 31
    
    
    0.00
    

    
    
    0.00
    


    
    0.00
    


    
    0.00
 
 (1)
    
    On December 21, 2007, a special distribution of $2.51 per common OP Unit was
declared and paid on January 30, 2008, to unitholders of record on December 31, 2007.
This special distribution totaling approximately $257.2 million was paid part in cash
(approximately $79.3 million, of which approximately $55.0 million related to units
held by Aimco) and part in common OP Units issued to Aimco (approximately $177.9
million, or 4,594,074 units). This distribution was in connection with a special
dividend declared by Aimcos board of directors during 2007 as a result of taxable
gains from 2007 joint venture and property sales. Aimcos board of directors
anticipates that quarterly dividend declarations for the remainder of 2008 will occur
on a schedule and in amounts consistent with 2007 (other than the special dividend).
Our distribution declarations are expected to be consistent with Aimcos dividend declarations.(2)
    
    On December 19, 2006, a quarterly cash distribution of $0.60 per common OP Unit
was declared for the quarter ended December 31, 2006, and was paid on January 31, 2007,
to unitholders of record on December 31, 2006. Aimcos board of directors declared the
dividend during 2006, as a result of taxable gains from 2006 property sales.(3)
    
    Distributions declared per unit have been retroactively
adjusted for the effect of additional common OP Units issued to Aimco
pursuant to the special distribution discussed in Note (1) above,
which amounted to an approximate 4.95% unit distribution based on the
outstanding common OP Units held by Aimco as of the record date.   17




---



##### Table of Contents



Total Number of
    
    
    Maximum NumberUnits Purchased
    
    
    of Units thatTotal Number
    
    
    Average
    
    
    as Part of Publicly
    
    
    May Yet Beof Units
    
    
    Price Paid
    
    
    Announced Plans
    
    
    Purchased UnderFiscal period (2)
    
    Purchased
    
    
    per Unit
    
    
    or Programs (1)
    
    
    Plans or Programs (1)October 1  October 31, 2007
    
    
    4,842
    
    $

    
    46.80
    
    
    
    N/A
    
    
    
    N/ANovember 1  November 30,
2007
    
    
    2,091,720
    
    
    
    37.89
    
    
    
    N/A
    
    
    
    N/ADecember 1  December 31,
2007
    
    
    1,951,905
    
    
    
    36.67
    
    
    
    N/A
    
    
    
    N/ATotal
    
    
    4,048,467
    
    $
    
    37.31
 
 (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)
    
    During the year ended December 31, 2007, we repurchased approximately 7.5 million
partnership common OP Units concurrent with Aimcos repurchase of an equal number of shares
of Aimco Class A Common stock for approximately
$325.8 million, or $43.70 per unit. The
number of units repurchased from Aimco during 2007 totaled 7.8 million, resulting in an
average price of $41.86 per unit, after giving effect to the units issued pursuant to the
special distribution discussed in Note 1 to the consolidated
financial statements in Item 8. Also during the year ended
December 31, 2007, we redeemed approximately 39,000 common OP
Units for approximately $2.0 million in transactions with common
OP unitholders other than Aimco. Distribution Payments
  18




---



##### Table of Contents



Item 6. Selected Financial Data
  For the Years Ended December 31,2007
    
    2006 (1)
    
    2005 (1)
    
    2004 (1)
    
    2003 (1)(dollar amounts in thousands, except per unit data)OPERATING DATA:Total revenues
    $
    
    1,721,184
    
    $
    
    1,601,705
    
    $
    
    1,345,692
    
    $
    
    1,218,067
    
    $
    
    1,149,762Total
operating expenses
    
    
    (1,373,926
    )
    
    
    (1,282,440
    )
    
    
    (1,078,550
    )
    
    
    (946,796
    )
    
    
    (808,200
    )Operating income
    
    
    347,258
    
    
    
    319,265
    
    
    
    267,142
    
    
    
    271,271
    
    
    
    341,562Income (loss) from continuing
operations
    
    
    (51,832
    )
    
    
    (45,558
    )
    
    
    (25,063
    )
    
    
    61,617
    
    
    
    62,513Income from discontinued
operations, net
    
    
    85,949
    
    
    
    242,622
    
    
    
    105,807
    
    
    
    235,461
    
    
    
    115,355Cumulative effect of change in
accounting principle
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (3,957
    )
    
    
    Net income
    
    
    34,117
    
    
    
    197,064
    
    
    
    80,744
    
    
    
    293,121
    
    
    
    177,868Net income attributable to
preferred unitholders
    
    
    73,144
    
    
    
    90,527
    
    
    
    98,946
    
    
    
    96,922
    
    
    
    103,626Net income (loss) attributable to
common unitholders
    
    
    (39,027
    )
    
    
    106,537
    
    
    
    (18,202
    )
    
    
    196,199
    
    
    
    74,242OTHER INFORMATION:Total consolidated properties
(end of period)
    
    
    657
    
    
    
    703
    
    
    
    619
    
    
    
    676
    
    
    
    679Total consolidated apartment
units (end of period)
    
    
    153,758
    
    
    
    162,432
    
    
    
    158,548
    
    
    
    169,932
    
    
    
    174,172Total unconsolidated properties
(end of period)
    
    
    94
    
    
    
    102
    
    
    
    264
    
    
    
    330
    
    
    
    441Total unconsolidated apartment
units (end of period)
    
    
    10,878
    
    
    
    11,791
    
    
    
    35,269
    
    
    
    44,728
    
    
    
    62,823Units managed (end of period) (2)
    
    
    38,404
    
    
    
    42,190
    
    
    
    46,667
    
    
    
    49,074
    
    
    
    50,565Earnings (loss) per common unit 
basic (3):Income (loss) from continuing
operations
(net of income attributable
to preferred
unitholders)
    $

    
    (1.14
    )
    $

    
    (1.23
    )
    $

    
    (1.14
    )
    $

    
    (0.33
    )
    $

    
    (0.35
    )Net income (loss)
attributable to common
unitholders
    $

    
    (0.36
    )
    $
    
    0.96
    
    $

    
    (0.17
    )
    $
    
    1.80
    
    $
    
    0.68Earnings (loss) per common unit 
diluted (3):Income (loss) from continuing
operations
(net of income attributable
to preferred
unitholders)
    $

    
    (1.14
    )
    $

    
    (1.23
    )
    $

    
    (1.14
    )
    $

    
    (0.33
    )
    $

    
    (0.35
    )Net income (loss)
attributable to common
unitholders
    $

    
    (0.36
    )
    $
    
    0.96
    
    $

    
    (0.17
    )
    $
    
    1.80
    
    $
    
    0.68Distributions declared per common
unit (3)
    $
    
    4.12
    
    $
    
    2.30
    
    $
    
    2.87
    
    $
    
    2.30
    
    $
    
    2.72BALANCE SHEET INFORMATION:Real estate, net of accumulated
depreciation
    $
    
    9,349,197
    
    $
    
    8,759,194
    
    $
    
    7,917,313
    
    $
    
    7,391,891
    
    $
    
    6,804,462Total assets
    
    
    10,620,597
    
    
    
    10,303,091
    
    
    
    10,031,759
    
    
    
    10,086,229
    
    
    
    10,098,649Total indebtedness
    
    
    7,531,782
    
    
    
    6,633,528
    
    
    
    5,829,625
    
    
    
    5,170,676
    
    
    
    5,040,912Partners capital
    
    
    1,876,006
    
    
    
    2,537,602
    
    
    
    2,945,402
    
    
    
    3,291,087
    
    
    
    3,174,815
 
 (1)
    
    Certain reclassifications have been made to conform to the 2007 presentation. These
reclassifications primarily represent presentation changes related to discontinued
operations in accordance with Statement of Financial Accounting Standards No. 144.(2)
    
    The years ended 2007, 2006, 2005, 2004 and 2003 include 35,176, 38,617, 41,421, 41,233
and 39,428 units, respectively, for which we provide asset management services only,
although in certain cases we may indirectly own generally less than one percent of the
operations of such properties through a partnership syndication or other fund.(3)
    
    Per unit amounts for each of the periods presented have been retroactively adjusted for
the effect of 4,573,735 common OP Units issued to Aimco on January 30, 2008, pursuant to
the special distribution declared in connection with the special dividend declared by
Aimcos board of directors on December 21, 2007 and paid to holders of record as of
December 31, 2007 (see Note 1 to the consolidated financial statements in Item 8 for
further discussion of the special dividend). 19




---



##### Table of Contents



Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations
 Executive Overview
       20




---



##### Table of Contents



Results of Operations
 Overview
 2007 compared to 2006
  
    
    a decrease in income from discontinued operations, due primarily to decreases in net
gains on dispositions of real estate;
    
    an increase in interest expense, reflecting higher loan principal balances resulting
from refinancings, share repurchases and acquisitions; and
    
    an increase in depreciation and amortization expense.
  2006 compared to 2005
  
    
    an increase in net operating income associated with property operations, reflecting
improved operations of our same store properties and other properties, and a large number
of newly consolidated properties;
    
    an increase in income from discontinued operations, primarily related to higher net
gains on dispositions of real estate; and
    
    an increase in gain on disposition of unconsolidated real estate and other, including
higher gains on sale of land parcels.
  
    
    an increase in depreciation and amortization expense;
    
    an increase in interest expense; and
    
    unfavorable changes in the effects of minority interests in our consolidated real estate
partnerships.
   Business Segment Operating Results
  21




---



##### Table of Contents



Real Estate Segment
   Year Ended December 31,2007
    
    
    2006
    
    
    2005Real estate segment revenues:Rental and other property revenues
    $
    
    1,640,506
    
    $
    
    1,540,500
    
    $
    
    1,283,815Property management revenues, primarily
from affiliates
    
    
    6,923
    
    
    
    12,312
    
    
    
    24,5281,647,429
    
    
    
    1,552,812
    
    
    
    1,308,343Real estate segment expenses:Property operating expenses
    
    
    768,457
    
    
    
    709,694
    
    
    
    599,208Property management expenses
    
    
    5,506
    
    
    
    5,111
    
    
    
    7,499773,963
    
    
    
    714,805
    
    
    
    606,707Real estate segment net operating income
    $
    
    873,466
    
    $
    
    838,007
    
    $
    
    701,636
 Conventional Same Store Property Operating Results
  Year Ended December 31,2007
    
    
    2006
    
    
    ChangeConsolidated same store revenues
    $
    
    1,110,079
    
    $
    
    1,060,897
    
    
    
    4.6
    %Consolidated same store expenses
    
    
    467,373
    
    
    
    447,803
    
    
    
    4.4
    %Same store net operating income
    
    
    642,706
    
    
    
    613,094
    
    
    
    4.8
    %Reconciling items (1)
    
    
    230,760
    
    
    
    224,913
    
    
    
    2.6
    %Real estate segment net operating income
    $
    
    873,466
    
    $
    
    838,007
    
    
    
    4.2
    %Same store operating statistics:Properties
    
    
    347
    
    
    
    347Apartment units
    
    
    103,629
    
    
    
    103,629Average physical occupancy
    
    
    94.7
    %
    
    
    94.5
    %
    
    
    0.2
    %Average rent/unit/month
    $
    
    863
    
    $
    
    833
    
    
    
    3.6
    %
 
 (1)
    
    Reflects property revenues and property operating expenses related to consolidated
properties other than same store properties (e.g., affordable, acquisition,
redevelopment and newly consolidated properties) and casualty gains and losses. 22




---



##### Table of Contents



Year Ended December 31,2006
    
    
    2005
    
    
    ChangeConsolidated same store revenues
    $
    
    960,887
    
    $
    
    901,121
    
    
    
    6.6
    %Consolidated same store expenses
    
    
    407,248
    
    
    
    387,635
    
    
    
    5.1
    %Same store net operating income
    
    
    553,639
    
    
    
    513,486
    
    
    
    7.8
    %Reconciling items (1)
    
    
    284,368
    
    
    
    188,150
    
    
    
    51.1
    %Real estate segment net operating income
    $
    
    838,007
    
    $
    
    701,636
    
    
    
    19.4
    %Same store operating statistics:Properties
    
    
    315
    
    
    
    315Apartment units
    
    
    95,227
    
    
    
    95,227Average physical occupancy
    
    
    94.5
    %
    
    
    92.5
    %
    
    
    2.0
    %Average rent/unit/month
    $
    
    820
    
    $
    
    790
    
    
    
    3.8
    %
 
 (1)
    
    Reflects property revenues and property operating expenses related to consolidated
properties other than same store properties (e.g., affordable, acquisition,
redevelopment and newly consolidated properties, including those properties
consolidated as a result of the adoption of EITF 04-5) and casualty gains and losses.  Asset Management Segment
   23




---



##### Table of Contents



Year Ended December 31,2007
    
    
    2006
    
    
    2005Activity fees and asset management revenues
    $
    
    73,755
    
    $
    
    48,893
    
    $
    
    37,349Activity and asset management expenses
    
    
    23,102
    
    
    
    17,342
    
    
    
    19,316Asset management segment net operating
income
    $
    
    50,653
    
    $
    
    31,551
    
    $
    
    18,033
   Other Operating Expenses (Income)
 Depreciation and Amortization
 Capital Expenditures and Related Depreciation
 Adoption of EITF 04-5 Capital Expenditures and Related Depreciation
 General and Administrative Expenses
   24




---



##### Table of Contents



Other Expenses (Income), Net
    Interest Income
   Adoption of EITF 04-5
 Interest Expense
   25




---



##### Table of Contents



Adoption of EITF 04-5
 Deficit Distributions to Minority Partners
    Gain on Dispositions of Unconsolidated Real Estate and Other
    Minority Interest in Consolidated Real Estate Partnerships
  Tax
Credit Arrangements
 26




---



##### Table of Contents



Adoption of EITF 04-5 Tax Credit Arrangements
 Income from Discontinued Operations, Net
     Critical Accounting Policies and Estimates
  27




---



##### Table of Contents



Impairment of Long-Lived Assets
     
    
    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;
    
    changes in market capitalization rates; and
    
    the relative illiquidity of such investments.
  Notes Receivable and Interest Income Recognition
    28




---



##### Table of Contents



Allowance for Losses on Notes Receivable
   Capitalized Costs
 Capital Expenditures and Related Depreciation
  Funds From Operations
  29




---



##### Table of Contents



2007
    
    
    2006
    
    
    2005Net income (loss) attributable to common unitholders (1)
    $

    

    (39,027
    )
    $
    
    106,537
    
    $

    

    (18,202
    )Adjustments:Depreciation and amortization (2)
    
    
    487,822
    
    
    
    452,741
    
    
    
    372,526Depreciation and amortization related to non-real estate assets
    
    
    (21,258
    )
    
    
    (25,511
    )
    
    
    (29,496
    )Depreciation of rental property related to minority partners and
unconsolidated entities (3) (4)
    
    
    (32,150
    )
    
    
    (7,314
    )
    
    
    (8,131
    )Depreciation of rental property related to minority partners
interest  adjustment (5)
    
    
    
    
    
    
    7,377
    
    
    
    Gain on dispositions of unconsolidated real estate and other
    
    
    (31,777
    )
    
    
    (26,845
    )
    
    
    (17,152
    )Gain on dispositions of non-depreciable assets and debt extinguishment
gain
    
    
    26,702
    
    
    
    11,526
    
    
    
    2,480Deficit distributions to minority partners (6)
    
    
    39,150
    
    
    
    20,802
    
    
    
    11,505Discontinued operations:Gain on dispositions of real estate, net of minority partners
interest (3)
    
    
    (65,378
    )
    
    
    (259,855
    )
    
    
    (104,807
    )Depreciation of rental property, net of minority partners
interest (3) (4)
    
    
    (8,385
    )
    
    
    35,487
    
    
    
    63,083Recovery of deficit distributions to minority partners, net (6)
    
    
    (390
    )
    
    
    (15,724
    )
    
    
    (14,495
    )Income tax arising from disposals
    
    
    2,135
    
    
    
    32,918
    
    
    
    4,481Preferred OP Unit distributions
    
    
    70,509
    
    
    
    83,679
    
    
    
    97,823Preferred OP Unit redemption related costs
    
    
    2,635
    
    
    
    6,848
    
    
    
    1,123Funds From Operations
    $
    
    430,588
    
    $
    
    422,666
    
    $
    
    360,738Preferred OP Unit distributions
    
    
    (70,509
    )
    
    
    (83,679
    )
    
    
    (97,823
    )Preferred OP Unit redemption related costs
    
    
    (2,635
    )
    
    
    (6,848
    )
    
    
    (1,123
    )Distributions on dilutive preferred securities
    
    
    1,875
    
    
    
    2,444
    
    
    
    3,962Funds From Operations attributable to common unitholders  diluted
    $
    
    359,319
    
    $
    
    334,583
    
    $
    
    265,754Weighted average number of common units, common unit
equivalents and dilutive preferred securities outstanding (8):Common units and equivalents (7)
    
    
    111,763
    
    
    
    113,885
    
    
    
    109,612Dilutive preferred securities
    
    
    609
    
    
    
    1,868
    
    
    
    3,092Total
    
    
    112,372
    
    
    
    115,753
    
    
    
    112,704
 
 Notes:(1)
    
    Represents the numerator for earnings per common unit, calculated in accordance with
GAAP.(2)
    
    Includes amortization of management contracts where we are the general partner. Such
management contracts were established in certain instances where we acquired a general
partner interest in either a consolidated or an unconsolidated partnership. Because the
recoverability of these management contracts depends primarily on the operations of the
real estate owned by the limited partnerships, we believe it is consistent with the White
Paper to add back such amortization, as the White Paper directs the add-back of
amortization of assets uniquely significant to the real estate industry.(3)
    
    Minority partners interest, means minority interest in our consolidated real estate
partnerships.(4)
    
    Adjustments related to minority partners share of depreciation of rental property for
the year ended December 31, 2007, include the subtraction of $15.1 million and $17.8
million for continuing operations and discontinued operations, respectively, related to the
VMS debt extinguishment gains (see Note 3 to the consolidated financial statements in Item
8). These subtractions are required because we added back the minority partners share of
depreciation related to rental property in determining FFO in prior periods. Accordingly,
the net effect of the VMS debt extinguishment gains on our FFO for the year ended December
31, 2007, was an increase of $9.3 million.(5)
    
    Represents prior period depreciation of certain tax credit redevelopment properties
that Aimco included in an adjustment to minority interest in real estate partnerships for
the year ended December 31, 2006 (see Tax Credit Arrangementsin Note 2 to the consolidated
financial statements in Item 8). This prior period depreciation is added back to determine
FFO in accordance with the NAREIT White Paper.(6)
    
    In accordance with GAAP, deficit distributions to minority partners are charges
recognized in our income statement when cash is distributed to a non-controlling partner in
a consolidated real estate partnership in excess of the positive balance in such partners
capital account, which is classified as minority interest on our balance sheet. We record
these charges for GAAP purposes even though there is no economic effect or cost. Deficit
distributions to minority partners occur when the fair value of the underlying real estate
exceeds its depreciated net book value because the underlying real estate has appreciated
or maintained its value. As a result, the recognition of expense for deficit distributions
to minority partners represents, in substance, either (a) our recognition of depreciation
previously allocated to the non-controlling partner or (b) a payment related to the
non-controlling partners share of real estate appreciation. Based on 30




---



##### Table of Contents



White Paper guidance that requires real estate depreciation and gains to be excluded from
FFO, we add back deficit distributions and subtract related recoveries in our reconciliation
of net income to FFO.(7)
    
    Represents the denominator for earnings per common unit  diluted, calculated in
accordance with GAAP, plus additional common unit equivalents that are dilutive for FFO.(8)
    
    Weighted average common units, common unit equivalents and dilutive preferred
securities amounts for the periods presented have been retroactively adjusted for the
effect of 4,573,735 common OP Units issued to Aimco pursuant to the special distribution
discussed in Note 1 to the consolidated financial statements in Item 8. Liquidity and Capital Resources
    Operating Activities
  Investing Activities
    31




---



##### Table of Contents



32




---



##### Table of Contents



Aimcos
    
    
    PerShare of
    
    
    EffectiveExpenditures
    
    
    UnitCapital Replacements Detail:Building and grounds
    $
    
    43,579
    
    $
    
    328Turnover related
    
    
    45,635
    
    
    
    343Capitalized site payroll and indirect costs
    
    
    13,398
    
    
    
    101Our share of Capital Replacements
    $
    
    102,612
    
    $
    
    772Capital Replacements:Conventional
    $
    
    95,329
    
    $
    
    829Affordable
    
    
    7,283
    
    $
    
    409Our share of Capital Replacements
    
    
    102,612
    
    $
    
    772Capital Improvements:Conventional
    
    
    113,977
    
    $
    
    991Affordable
    
    
    9,684
    
    $
    
    544Our share of Capital Improvements
    
    
    123,661
    
    $
    
    931Casualties:Conventional
    
    
    11,404Affordable
    
    
    1,313Our share of casualties
    
    
    12,717Redevelopment:Conventional projects
    
    
    290,898Tax credit projects
    
    
    61,919Our share of redevelopment
    
    
    352,817Entitlement
    
    
    26,304Our share of capital expenditures
    
    
    618,111Plus minority partners share of consolidated spending
    
    
    72,358Less our share of unconsolidated spending
    
    
    (750
    )Total capital expenditures per consolidated statement of cash flows
    $
    
    689,719
   Financing Activities
    33




---



##### Table of Contents



pari passu
      34




---



##### Table of Contents



Preferred Stock
   Contractual Obligations
  Less than
    
    
    
    
    
    
    
    
    
    
    More thanTotal
    
    
    One Year
    
    
    1-3 Years
    
    
    3-5 Years
    
    
    5 YearsScheduled long-term debt maturities
    
    $
    7,056,782
    
    
    $
    455,776
    
    
    $
    1,170,581
    
    
    $
    983,860
    
    
    $
    4,446,565Term loans
    
    
    475,000
    
    
    
    
    
    
    
    75,000
    
    
    
    400,000
    
    
    
    Redevelopment and other construction
commitments
    
    
    151,953
    
    
    
    145,552
    
    
    
    6,401
    
    
    
    
    
    
    
    Leases for space occupied
    
    
    39,668
    
    
    
    9,001
    
    
    
    13,766
    
    
    
    10,214
    
    
    
    6,687Other obligations (1)
    
    
    6,200
    
    
    
    6,200
    
    
    
    
    
    
    
    
    
    
    
    Total
    
    $
    7,729,603
    
    
    $
    616,529
    
    
    $
    1,265,748
    
    
    $
    1,394,074
    
    
    $
    4,453,252
 
 (1)
    
    Represents a commitment to fund $6.2 million in second mortgage loans on certain properties
in West Harlem, New York City.  Future Capital Needs
   35




---



##### Table of Contents



Off-Balance Sheet Arrangements
  36




---



##### Table of Contents



Item 7A. Quantitative and Qualitative Disclosures About Market Risk
    
 Item 8. Financial Statements and Supplementary Data
  
 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
  37




---



##### Table of Contents



Item 9A. Controls and Procedures
 Disclosure Controls and Procedures
  Managements Report on Internal Control Over Financial Reporting
  
    
    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; 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.
  Internal
Control-Integrated Framework
   Changes in Internal Control over Financial Reporting
  38




---



##### Table of Contents



Report of Independent Registered Public Accounting Firm
 
 Internal ControlIntegrated
Framework
       
 39




---



##### Table of Contents



Item 9B. Other Information
  
 PART III
 
 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
  40




---



##### Table of Contents



Item 13. Certain Relationships and Related Transactions, and Director Independence
  
 Item 14. Principal Accountant Fees and Services
  41




---



##### Table of Contents



PART IV
 
 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.
 INDEX TO EXHIBITS (1) (2)
 EXHIBIT NO.
    
    DESCRIPTION10.1
    
    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
    
    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)10.4
    
    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)10.5
    
    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 10-K, dated March 22, 2006, is
incorporated herein by this reference)10.6
    
    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)10.7
    
    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)10.8
    
    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, filed December 6, 2001, is incorporated herein by
this reference)
 42




---



##### Table of Contents



EXHIBIT NO.
    
    DESCRIPTION10.9
    
    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, filed December 6,
2001, is incorporated herein by this reference)10.10
    
    Limited Liability Company Agreement of AIMCO JV Portfolio #1,
LLC dated as of December 30, 2003 by and among AIMCO BRE I,
LLC, AIMCO BRE II, LLC and SRV-AJVP#1, LLC (Exhibit 10.54 to
Aimcos Annual Report on Form 10-K for the year ended December
31, 2003, is incorporated herein by this reference)10.11
    
    Employment Contract executed on July 29, 1994 by and between
AIMCO Properties, L.P. and Terry Considine (Exhibit 10.44C to
Aimcos Annual Report on Form 10-K for the year ended December
31, 1994, is incorporated herein by this reference)*10.12
    
    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)*10.13
    
    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)*10.14
    
    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)*10.15
    
    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)*10.16
    
    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)*10.17
    
    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)*10.18
    
    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 Subsidiaries23.1
    
    Consent of Independent Registered Public Accounting Firm31.1
    
    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 200231.2
    
    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 200232.1
    
    Certification Pursuant to 18 U.S.C. Section 1350, as Adopted
Pursuant to Section 906 of the Sarbanes-Oxley Act of 200232.2
    
    Certification Pursuant to 18 U.S.C. Section 1350, as Adopted
Pursuant to Section 906 of the Sarbanes-Oxley Act of 200299.1
    
    Agreement re: disclosure of long-term debt instruments
 
 (1)
    
    Schedule and supplemental materials to the exhibits have been omitted but will be provided to
the Securities and Exchange Commission upon request.(2)
    
    The file reference number for all exhibits is 001-13232, 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 43




---



##### Table of Contents



SIGNATURES
  AIMCO PROPERTIES, L.P.By:
    AIMCO-GP, Inc., its General PartnerBy:
    /s/ TERRY CONSIDINETerry ConsidineChairman of the Board,
Chief Executive Officer
and PresidentDate: March 3, 2008  Signature
    
    Title
    
    Date/s/ TERRY CONSIDINE

Terry Considine
    
    Chairman of the Board, Chief Executive Officer 
    and President of the registrants general 
    partner (principal
executive officer)
    
    March 3, 2008/s/ THOMAS M. HERZOG

Thomas M. Herzog
    
    Executive Vice President and Chief Financial Officer of
    the registrants general partner
(principal financial officer)
    
    March 3, 2008/s/ SCOTT W. FORDHAM

Scott W. Fordham
    
    Senior Vice President and Chief Accounting Officer of the 
    registrants general
partner (principal accounting officer)
    
    March 3, 2008
 44




---



##### Table of Contents



AIMCO PROPERTIES, L.P.
 INDEX TO FINANCIAL STATEMENTS
 PageFinancial Statements:Report of Independent Registered Public Accounting Firm
    
    
    F-2Consolidated Balance Sheets as of December 31, 2007 and 2006
    
    
    F-3Consolidated Statements of Income for the Years Ended December 31, 2007, 2006 and 2005
    
    
    F-4Consolidated Statements of Partners Capital for the Years Ended December 31, 2007,
2006 and 2005
    
    
    F-5Consolidated Statements of Cash Flows for the Years Ended December 31, 2007, 2006 and 2005
    
    
    F-6Notes to Consolidated Financial Statements
    
    
    F-8Financial Statement Schedule:Schedule III
 Real Estate and Accumulated Depreciation
    
    
    F-49
  F-1




---



##### Table of Contents



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
    Determining Whether a General Partner, or
the General Partners as a Group, Controls a Limited Partnership or Similar Entity When the Limited
Partners Have Certain Rights
 Internal Control  Integrated Framework
  
 F-2




---



##### Table of Contents



AIMCO PROPERTIES, L.P.
 
 CONSOLIDATED BALANCE SHEETS
 As of December 31, 2007 and 2006
 (In thousands)
 2007
    
    
    2006ASSETSReal estate:Buildings and improvements
    $
    
    9,724,669
    
    $
    
    9,105,284Land
    
    
    2,659,265
    
    
    
    2,355,497Total real estate
    
    
    12,383,934
    
    
    
    11,460,781Less accumulated depreciation
    
    
    (3,034,737
    )
    
    
    (2,701,587
    )Net real estate
    
    
    9,349,197
    
    
    
    8,759,194Cash and cash equivalents
    
    
    210,461
    
    
    
    229,824Restricted cash
    
    
    318,959
    
    
    
    346,029Accounts receivable, net
    
    
    71,463
    
    
    
    87,166Accounts receivable from affiliates, net
    
    
    34,958
    
    
    
    19,370Deferred financing costs
    
    
    79,923
    
    
    
    70,418Notes receivable from unconsolidated real estate partnerships, net
    
    
    35,186
    
    
    
    40,641Notes receivable from non-affiliates, net
    
    
    143,054
    
    
    
    139,352Notes receivable from Aimco
    
    
    14,765
    
    
    
    14,016Investment in unconsolidated real estate partnerships
    
    
    116,086
    
    
    
    37,869Other assets
    
    
    207,783
    
    
    
    202,685Deferred income tax assets, net
    
    
    14,426
    
    
    
    Assets held for sale
    
    
    24,336
    
    
    
    356,527Total assets
    $
    
    10,620,597
    
    $
    
    10,303,091LIABILITIES AND PARTNERS CAPITALProperty tax-exempt bond financing
    $
    
    941,555
    
    $
    
    926,952Property loans payable
    
    
    6,040,170
    
    
    
    5,098,916Term loans
    
    
    475,000
    
    
    
    400,000Credit facility
    
    
    
    
    
    
    140,000Other borrowings
    
    
    75,057
    
    
    
    67,660Total indebtedness
    
    
    7,531,782
    
    
    
    6,633,528Accounts payable
    
    
    56,792
    
    
    
    54,972Accrued liabilities and other
    
    
    449,485
    
    
    
    409,990Deferred income
    
    
    202,392
    
    
    
    142,260Security deposits
    
    
    49,469
    
    
    
    42,401Deferred income tax liabilities, net
    
    
    
    
    
    
    4,379Liabilities related to assets held for sale
    
    
    11,867
    
    
    
    264,757Total liabilities
    
    
    8,301,787
    
    
    
    7,552,287Minority interest in consolidated real estate partnerships
    
    
    442,804
    
    
    
    213,202Commitments and contingencies (Note 8)Partners capital:Preferred units
    
    
    803,593
    
    
    
    902,755General Partner and Special Limited Partner
    
    
    853,615
    
    
    
    1,220,326Limited Partners
    
    
    253,652
    
    
    
    439,903High Performance Units
    
    
    (28,703
    )
    
    
    (18,308
    )Investment in Aimco Class A Common Stock
    
    
    (6,151
    )
    
    
    (7,074
    )Total partners capital
    
    
    1,876,006
    
    
    
    2,537,602Total liabilities and partners capital
    $
    
    10,620,597
    
    $
    
    10,303,091
  F-3




---



##### Table of Contents



AIMCO PROPERTIES, L.P.
 
 CONSOLIDATED STATEMENTS OF INCOME
 For the Years Ended December 31, 2007, 2006 and 2005
 (In thousands, except per unit data)
 2007
    
    
    2006
    
    
    2005REVENUES:Rental and other property revenues
    $
    
    1,640,506
    
    $
    
    1,540,500
    
    $
    
    1,283,815Property management revenues, primarily from affiliates
    
    
    6,923
    
    
    
    12,312
    
    
    
    24,528Activity fees and asset management revenues
    
    
    73,755
    
    
    
    48,893
    
    
    
    37,349Total revenues
    
    
    1,721,184
    
    
    
    1,601,705
    
    
    
    1,345,692OPERATING EXPENSES:Property operating expenses
    
    
    768,457
    
    
    
    709,694
    
    
    
    599,208Property management expenses
    
    
    5,506
    
    
    
    5,111
    
    
    
    7,499Activity and asset management expenses
    
    
    23,102
    
    
    
    17,342
    
    
    
    19,316Depreciation and amortization
    
    
    487,822
    
    
    
    452,741
    
    
    
    372,526General and administrative expenses
    
    
    89,251
    
    
    
    90,149
    
    
    
    83,012Other expenses (income), net
    
    
    (212
    )
    
    
    7,403
    
    
    
    (3,011
    )Total operating expenses
    
    
    1,373,926
    
    
    
    1,282,440
    
    
    
    1,078,550Operating income
    
    
    347,258
    
    
    
    319,265
    
    
    
    267,142Interest income
    
    
    43,288
    
    
    
    37,002
    
    
    
    35,947Recovery of (provision for) losses on notes receivable, net
    
    
    (3,951
    )
    
    
    (2,785
    )
    
    
    1,365Interest expense
    
    
    (422,130
    )
    
    
    (391,465
    )
    
    
    (330,717
    )Deficit distributions to minority partners
    
    
    (39,150
    )
    
    
    (20,802
    )
    
    
    (11,505
    )Equity in losses of unconsolidated real estate partnerships
    
    
    (277
    )
    
    
    (2,070
    )
    
    
    (3,139
    )Real estate impairment (losses) recoveries, net
    
    
    (6,638
    )
    
    
    813
    
    
    
    (6,120
    )Gain on dispositions of unconsolidated real estate and other
    
    
    31,777
    
    
    
    26,845
    
    
    
    17,152Loss before minority interest and discontinued operations
    
    
    (49,823
    )
    
    
    (33,197
    )
    
    
    (29,875
    )Minority interest in consolidated real estate partnerships
    
    
    (2,009
    )
    
    
    (12,361
    )
    
    
    4,812Loss from continuing operations
    
    
    (51,832
    )
    
    
    (45,558
    )
    
    
    (25,063
    )Income from discontinued operations, net
    
    
    85,949
    
    
    
    242,622
    
    
    
    105,807Net income
    
    
    34,117
    
    
    
    197,064
    
    
    
    80,744Net income attributable to preferred unitholders
    
    
    73,144
    
    
    
    90,527
    
    
    
    98,946Net (loss) income attributable to common unitholders
    $

    

    (39,027
    )
    $
    
    106,537
    
    $

    

    (18,202
    )Earnings (loss) per common unit  basic:Loss from continuing operations (net of preferred distributions)
    $

    

    (1.14
    )
    $

    

    (1.23
    )
    $

    

    (1.14
    )Income from discontinued operations
    
    
    0.78
    
    
    
    2.19
    
    
    
    0.97Net income (loss) attributable to common unitholders
    $

    

    (0.36
    )
    $
    
    0.96
    
    $

    

    (0.17
    )Earnings (loss) per common unit  diluted:Loss from continuing operations (net of preferred distributions)
    $

    
    (1.14
    )
    $

    

    (1.23
    )
    $

    
    (1.14
    )Income from discontinued operations
    
    
    0.78
    
    
    
    2.19
    
    
    
    0.97Net income (loss) attributable to common unitholders
    $

    

    (0.36
    )
    $
    
    0.96
    
    $

    

    (0.17
    )Weighted average common units outstanding
    
    
    109,375
    
    
    
    110,512
    
    
    
    109,013Weighted average common units and equivalents outstanding
    
    
    109,375
    
    
    
    110,512
    
    
    
    109,013Distributions declared per common unit
    $
    
    4.12
    
    $
    
    2.30
    
    $
    
    2.87
  F-4




---



##### Table of Contents



AIMCO PROPERTIES, L.P.
 
 CONSOLIDATED STATEMENTS OF PARTNERS CAPITAL
 For the Years Ended December 31, 2007, 2006 and 2005
 (In thousands)
 GeneralPartner
    
    
    
    
    
    
    High
    
    
    Investment
    
    
    Noteand Special
    
    
    
    
    
    
    Perform-
    
    
    In Aimco
    
    
    ReceivablePreferred
    
    
    Limited
    
    
    Limited
    
    
    ance
    
    
    Common
    
    
    fromUnits
    
    
    Partner
    
    
    Partners
    
    
    Units
    
    
    Stock
    
    
    Aimco
    
    
    TotalPartners Capital at December 31, 2004
    $
    
    1,131,041
    
    $
    
    1,851,733
    
    $
    
    326,113
    
    $
    
    (8,880
    )
    $
    
    (8,920
    )
    $
    
    
    
    $
    
    3,291,087Redemption of preferred units held by Aimco
    
    
    (31,573
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (31,573
    )Contribution from Aimco related to stock purchased by officers, net
    
    
    
    
    
    
    13,038
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    13,038Contribution from Aimco related to options and warrants exercised
    
    
    
    
    
    
    2,315
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,315Amortization of Aimco stock-based compensation
    
    
    
    
    
    
    9,975
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    9,975Common and preferred units redeemed by Limited Partners to
Special Limited Partner
    
    
    (41
    )
    
    
    16,894
    
    
    
    (16,853
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Issuance of Class VIII Units, net
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    128
    
    
    
    
    
    
    
    
    
    
    
    128Issuance of Class Thirteen Preferred Units to Aimco in exchange for
note receivable
    
    
    85,412
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (85,412
    )
    
    
    Preferred unit issuance costs
    
    
    (409
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (409
    )Redemption of common units
    
    
    
    
    
    
    
    
    
    
    (3,130
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (3,130
    )Purchase of Oxford warrants
    
    
    
    
    
    
    (1,050
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,050
    )Acquisitions of real estate or interests in real estate through issuance
of common units and other
    
    
    
    
    
    
    310
    
    
    
    1,396
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,706Net income
    
    
    98,946
    
    
    
    (16,310
    )
    
    
    (1,476
    )
    
    
    (416
    )
    
    
    
    
    
    
    
    
    
    
    80,744Distributions to common and high performance unitholders
    
    
    
    
    
    
    (285,177
    )
    
    
    (26,280
    )
    
    
    (7,139
    )
    
    
    923
    
    
    
    
    
    
    
    (317,673
    )Distributions to preferred unitholders
    
    
    (99,756
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (99,756
    )Adjustment to reflect Limited Partners capital at redemption value
    
    
    
    
    
    
    (21,682
    )
    
    
    21,682
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Partners Capital at December 31, 2005
    
    
    1,183,620
    
    
    
    1,570,046
    
    
    
    301,452
    
    
    
    (16,307
    )
    
    
    (7,997
    )
    
    
    (85,412
    )
    
    
    2,945,402Cumulative effect of change in accounting principle 
adoption of EITF 04-5 (Note 2)
    
    
    
    
    
    
    (75,012
    )
    
    
    (7,331
    )
    
    
    (2,221
    )
    
    
    
    
    
    
    
    
    
    
    (84,564
    )Issuance of CRA Preferred Units, conversion of Class Thirteen Preferred
Units and repayment of note receivable from Aimco
    
    
    12,079
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    85,412
    
    
    
    97,491Redemption of preferred units held by Aimco
    
    
    (286,750
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (286,750
    )Common and preferred units redeemed by Limited Partners to
Special Limited Partner
    
    
    (199
    )
    
    
    4,562
    
    
    
    (4,363
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Contribution from Aimco related to employee stock purchases, net
    
    
    
    
    
    
    21,880
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    21,880Contribution from Aimco related to stock option exercises
    
    
    
    
    
    
    107,603
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    107,603Amortization of Aimco stock-based compensation
    
    
    
    
    
    
    15,874
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    15,874Issuance of Class IX Units, net
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    654
    
    
    
    
    
    
    
    
    
    
    
    654High Performance Unit valuation adjustment (Note 10)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,899
    
    
    
    
    
    
    
    
    
    
    
    2,899Redemption of preferred units and common units
    
    
    
    
    
    
    
    
    
    
    (7,045
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (7,045
    )Repurchase of common units related to Aimco common stock repurchases
    
    
    
    
    
    
    (120,258
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (120,258
    )Other, net
    
    
    
    
    
    
    452
    
    
    
    1,289
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,741Net income
    
    
    90,527
    
    
    
    96,280
    
    
    
    7,872
    
    
    
    2,385
    
    
    
    
    
    
    
    
    
    
    
    197,064Distributions to common and high performance unitholders
    
    
    
    
    
    
    (233,108
    )
    
    
    (19,964
    )
    
    
    (5,718
    )
    
    
    923
    
    
    
    
    
    
    
    (257,867
    )Distributions to preferred unitholders
    
    
    (96,522
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (96,522
    )Adjustment to reflect Limited Partners capital at redemption value
    
    
    
    
    
    
    (167,993
    )
    
    
    167,993
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Partners Capital at December 31, 2006
    
    
    902,755
    
    
    
    1,220,326
    
    
    
    439,903
    
    
    
    (18,308
    )
    
    
    (7,074
    )
    
    
    
    
    
    
    2,537,602Cumulative effect of change in accounting principle 
adoption of FIN 48 (Note 2)
    
    
    
    
    
    
    (763
    )
    
    
    (61
    )
    
    
    (20
    )
    
    
    
    
    
    
    
    
    
    
    (844
    )Redemption of preferred units held by Aimco
    
    
    (100,000
    )
    
    
    (2,000
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (102,000
    )Common and preferred units redeemed by Limited Partners to
Special Limited Partner
    
    
    
    
    
    
    27,853
    
    
    
    (27,853
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Contribution from Aimco related to employee stock purchases, net
    
    
    
    
    
    
    1,827
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,827Contribution from Aimco related to stock option exercises
    
    
    
    
    
    
    53,719
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    53,719Amortization of Aimco stock-based compensation
    
    
    
    
    
    
    19,235
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    19,235High Performance Unit valuation adjustment
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    720
    
    
    
    
    
    
    
    
    
    
    
    720Redemption of preferred units and common units
    
    
    
    
    
    
    
    
    
    
    (2,181
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (2,181
    )Repurchase of common units related to Aimco common stock repurchases
    
    
    
    
    
    
    (325,822
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (325,822
    )Other, net
    
    
    
    
    
    
    (1,462
    )
    
    
    2,998
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,536Net income
    
    
    73,144
    
    
    
    (35,549
    )
    
    
    (2,629
    )
    
    
    (849
    )
    
    
    
    
    
    
    
    
    
    
    34,117Distributions to common and high performance unitholders
    
    
    
    
    
    
    (228,945
    )
    
    
    (31,329
    )
    
    
    (10,246
    )
    
    
    923
    
    
    
    
    
    
    
    (269,597
    )Distributions to preferred unitholders
    
    
    (72,306
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (72,306
    )Adjustment to reflect Limited Partners capital at redemption value
    
    
    
    
    
    
    125,196
    
    
    
    (125,196
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Partners Capital at December 31, 2007
    $
    
    803,593
    
    $
    
    853,615
    
    $
    
    253,652
    
    $

    

    (28,703
    )
    $

    

    (6,151
    )
    $
    
    
    
    $
    
    1,876,006
  F-5




---



##### Table of Contents



AIMCO PROPERTIES, L.P.
 CONSOLIDATED STATEMENTS OF CASH FLOWS
 For the Years Ended December 31, 2007, 2006 and 2005
 (In thousands)
 2007
    
    
    2006
    
    
    2005CASH FLOWS FROM OPERATING ACTIVITIES:Net income
    $
    
    34,117
    
    $
    
    197,064
    
    $
    
    80,744Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization
    
    
    487,822
    
    
    
    452,741
    
    
    
    372,526Deficit distributions to minority partners
    
    
    39,150
    
    
    
    20,802
    
    
    
    11,505Equity in losses of unconsolidated real estate partnerships
    
    
    277
    
    
    
    2,070
    
    
    
    3,139Real estate impairment losses (recoveries), net
    
    
    6,638
    
    
    
    (813
    )
    
    
    6,120Gain on dispositions of unconsolidated real estate and other
    
    
    (31,777
    )
    
    
    (26,845
    )
    
    
    (17,152
    )Deferred income tax provision (benefit)
    
    
    (19,649
    )
    
    
    14,895
    
    
    
    (19,146
    )Minority interest in consolidated real estate partnerships
    
    
    2,009
    
    
    
    12,361
    
    
    
    (4,812
    )Stock-based compensation expense
    
    
    14,921
    
    
    
    12,314
    
    
    
    8,558Amortization of deferred loan costs and other
    
    
    14,066
    
    
    
    18,471
    
    
    
    1,700Distributions of earnings to minority interest in consolidated real estate
partnerships
    
    
    (17,406
    )
    
    
    (13,369
    )
    
    
    (7,979
    )Discontinued operations:Depreciation and amortization
    
    
    12,518
    
    
    
    46,036
    
    
    
    77,972Gain on disposition of real estate, net of minority partners interest
    
    
    (65,378
    )
    
    
    (259,855
    )
    
    
    (104,807
    )Other adjustments to income from discontinued operations
    
    
    (23,651
    )
    
    
    (19,719
    )
    
    
    (13,086
    )Changes in operating assets and operating liabilities:Accounts receivable
    
    
    7,453
    
    
    
    (936
    )
    
    
    15,222Other assets
    
    
    (9,751
    )
    
    
    45,332
    
    
    
    17,542Accounts payable, accrued liabilities and other
    
    
    14,177
    
    
    
    20,603
    
    
    
    (76,704
    )Total adjustments
    
    
    431,419
    
    
    
    324,088
    
    
    
    270,598Net cash provided by operating activities
    
    
    465,536
    
    
    
    521,152
    
    
    
    351,342CASH FLOWS FROM INVESTING ACTIVITIES:Purchases of real estate
    
    
    (201,434
    )
    
    
    (153,426
    )
    
    
    (158,584
    )Capital expenditures
    
    
    (689,719
    )
    
    
    (512,564
    )
    
    
    (443,882
    )Proceeds from dispositions of real estate
    
    
    431,863
    
    
    
    958,604
    
    
    
    718,434Change in funds held in escrow from tax-free exchanges
    
    
    25,863
    
    
    
    (19,021
    )
    
    
    (4,571
    )Cash from newly consolidated properties
    
    
    7,549
    
    
    
    23,269
    
    
    
    4,186Proceeds from sale of interests in real estate partnerships
    
    
    194,329
    
    
    
    45,662
    
    
    
    57,706Purchases of partnership interests and other assets
    
    
    (86,204
    )
    
    
    (37,570
    )
    
    
    (125,777
    )Originations of notes receivable
    
    
    (10,812
    )
    
    
    (94,640
    )
    
    
    (38,336
    )Proceeds from repayment of notes receivable
    
    
    14,370
    
    
    
    9,604
    
    
    
    28,556Distributions received from Aimco
    
    
    923
    
    
    
    924
    
    
    
    923Other investing activities
    
    
    42,596
    
    
    
    13,122
    
    
    
    (2,281
    )Net cash (used in) provided by investing activities
    
    
    (270,676
    )
    
    
    233,964
    
    
    
    36,374CASH FLOWS FROM FINANCING ACTIVITIES:Proceeds from property loans
    
    
    1,552,048
    
    
    
    1,185,670
    
    
    
    721,414Principal repayments on property loans
    
    
    (850,484
    )
    
    
    (1,004,142
    )
    
    
    (735,816
    )Proceeds from tax-exempt bond financing
    
    
    82,350
    
    
    
    75,568
    
    
    
    Principal repayments on tax-exempt bond financing
    
    
    (70,029
    )
    
    
    (229,287
    )
    
    
    (78,648
    )Borrowings under term loans
    
    
    75,000
    
    
    
    
    
    
    
    100,000Net (repayments) borrowings on revolving credit facility
    
    
    (140,000
    )
    
    
    (77,000
    )
    
    
    148,300Payments on other borrowings
    
    
    (8,468
    )
    
    
    (22,838
    )
    
    
    Redemption of mandatorily redeemable preferred securities
    
    
    
    
    
    
    
    
    
    
    (15,019
    )Proceeds from exercise of Aimco stock options and other
    
    
    53,719
    
    
    
    107,603
    
    
    
    2,454Proceeds from issuance of preferred units, net
    
    
    
    
    
    
    12,079
    
    
    
    Redemptions of preferred units
    
    
    (102,000
    )
    
    
    (286,750
    )
    
    
    (31,573
    )Principal payments received on notes due on common unit purchases
    
    
    1,659
    
    
    
    21,844
    
    
    
    12,255Repayment (origination) of notes receivable from Aimco
    
    
    
    
    
    
    85,412
    
    
    
    (85,412
    )Repurchase and redemption of common units and warrant purchase
    
    
    (307,382
    )
    
    
    (109,937
    )
    
    
    (4,180
    )Contributions from minority interest
    
    
    1,370
    
    
    
    458
    
    
    
    34,990Payment of distributions to minority interest
    
    
    (151,093
    )
    
    
    (84,389
    )
    
    
    (36,179
    )Payment of distributions to General Partner and Special Limited Partner
    
    
    (231,729
    )
    
    
    (232,621
    )
    
    
    (227,738
    )Payment of distributions to Limited Partners
    
    
    (16,760
    )
    
    
    (19,964
    )
    
    
    (21,504
    )Payment of distributions to High Performance Units
    
    
    (5,710
    )
    
    
    (5,718
    )
    
    
    (5,700
    )Payment of distributions to preferred units
    
    
    (74,221
    )
    
    
    (84,087
    )
    
    
    (97,731
    )Other financing activities
    
    
    (22,493
    )
    
    
    (18,923
    )
    
    
    (11,242
    )Net cash used in financing activities
    
    
    (214,223
    )
    
    
    (687,022
    )
    
    
    (331,329
    )NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
    
    
    (19,363
    )
    
    
    68,094
    
    
    
    56,387CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
    
    
    229,824
    
    
    
    161,730
    
    
    
    105,343CASH AND CASH EQUIVALENTS AT END OF YEAR
    $
    
    210,461
    
    $
    
    229,824
    
    $
    
    161,730
  F-6




---



##### Table of Contents



AIMCO PROPERTIES, L.P.
 CONSOLIDATED STATEMENTS OF CASH FLOWS
 For the Years Ended December 31, 2007, 2006 and 2005
 (In thousands)
 2007
    
    
    2006
    
    
    2005SUPPLEMENTAL CASH FLOW INFORMATION:Interest paid
    $
    
    452,288
    
    $
    
    438,946
    
    $
    
    399,511Issuance of preferred units in connection with the purchase of real estate
    
    
    
    
    
    
    
    
    
    
    85,412Cash paid for income taxes
    
    
    2,994
    
    
    
    9,807
    
    
    
    4,785Non-cash transactions associated with the acquisition of real estate and
interests in unconsolidated real estate partnerships:Secured debt assumed in connection with purchase of real estate
    
    
    16,000
    
    
    
    47,112
    
    
    
    38,740Issuance of OP Units for interests in unconsolidated real estate partnerships
and acquisitions of real estate
    
    
    2,998
    
    
    
    13
    
    
    
    125Non-cash transactions associated with the disposition of real estate:Secured debt assumed in connection with the disposition of real estate
    
    
    27,929
    
    
    
    
    
    
    
    Non-cash transactions associated with consolidation of real estate partnerships:Real estate, net
    
    
    56,877
    
    
    
    675,621
    
    
    
    201,492Investments in and notes receivable primarily from affiliated entities
    
    
    84,545
    
    
    
    (219,691
    )
    
    
    (72,341
    )Restricted cash and other assets
    
    
    8,545
    
    
    
    94,380
    
    
    
    16,942Secured debt
    
    
    41,296
    
    
    
    503,342
    
    
    
    112,521Accounts payable, accrued and other liabilities
    
    
    48,602
    
    
    
    41,580
    
    
    
    17,326Minority interest in consolidated real estate partnerships
    
    
    67,618
    
    
    
    57,157
    
    
    
    6,834Other non-cash transactions:Conversion of preferred units and securities into common units
    
    
    43
    
    
    
    199
    
    
    
    41Origination of notes receivable from officers of Aimco, net of cancellations
    
    
    2,386
    
    
    
    647
    
    
    
    1,441Exchanges of preferred OP units
    
    
    
    
    
    
    85,412
    
    
    
    Tenders payable for purchase of limited partner interests
    
    
    
    
    
    
    
    
    
    
    950
  F-7




---



##### Table of Contents



AIMCO PROPERTIES, L.P.
 
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 December 31, 2007
 NOTE 1  Organization
     
    
    owned an equity interest in and consolidated 153,758 units in 657 properties (which we
refer to as consolidated), of which 152,475 units were also managed by us;
    
    owned an equity interest in and did not consolidate 10,878 units in 94 properties (which
we refer to as unconsolidated), of which 5,009 units were also managed by us; and
    
    provided services for or managed 38,404 units in 418 properties, primarily pursuant to
long-term agreements (including 35,176 units in 382 properties for which we provide asset
management services only, and not also property management services). In certain cases we
may indirectly own generally less than one percent of the operations of such properties
through a partnership syndication or other fund.
   F-8




---



##### Table of Contents



Common OP Units outstanding, December 31, 2006
    
    
    109,371,432Purchases of common OP Units from Aimco in
connection with Aimcos repurchase of shares of its
Class A Common Stock
    
    
    (7,780,870
    )Common OP Units redeemed for cash
    
    
    (39,128
    )Common OP Units issued for acquisitions of real
estate and partnership interests
    
    
    55,412Common OP Units issued to Aimco in conjunction
with activity pursuant to Aimcos equity compensation plans
(e.g. stock option exercises, restricted stock grants) and other activity
    
    
    1,827,275Common OP
Units outstanding, December 31, 2007
    
    
    103,434,121
  Common OP Units issued and outstanding as of the record date
    
    
    100,099,426Common OP Units issued to Aimco pursuant to special

distribution
    
    
    4,594,074Elimination
of units owned by us and our consolidated
subsidiaries (before special distribution)
    
    
    (416,140
    )Elimination
of units issued to us and our consolidated
subsidiaries pursuant to special distribution
    
    
    (20,339
    )Purchases of
common OP Units from Aimco in connection with Aimcos
repurchase of shares in December 2007 settled in January 2008
    
    
    (822,900
    )Common OP
Units outstanding, December 31, 2007 per consolidated financial
statements
    
    
    103,434,121
 NOTE 2  Basis of Presentation and Summary of Significant Accounting Policies
 Principles of Consolidation
   F-9




---



##### Table of Contents



Variable Interest Entities
 Consolidation of Variable Interest
Entities
  Adoption of EITF 04-5
 Determining Whether a General Partner, or the General Partners as a Group, Controls a
Limited Partnership or Similar Entity When the Limited Partners Have Certain Rights
 F-10




---



##### Table of Contents



Increase(Decrease)Real estate, net
    $
    
    664,286Accounts and notes receivable from affiliates
    
    
    (150,057
    )Investment in unconsolidated real estate partnerships
    
    
    (64,419
    )All other assets
    
    
    122,545Total assets
    $
    
    572,355Total indebtedness
    $
    
    521,711All other liabilities
    
    
    81,950Minority interest in consolidated real estate partnerships
    
    
    53,258Partners capital
    
    
    (84,564
    )Total liabilities and partners capital
    $
    
    572,355
  Revenues
    $
    
    137,475Operating expenses
    
    
    98,227Operating income
    
    
    39,248Interest expense
    
    
    (28,410
    )Interest income
    
    
    3,709Income (loss) before minority interests
    $
    
    14,547
  Tax Credit Arrangements
  F-11




---



##### Table of Contents



Revenues
    $

    
    (1,542
    )Operating expenses
    
    
    3,054Minority interest in consolidated real estate partnerships
    
    
    (9,030
    )Net decrease in net income
    $

    
    (7,518
    )
  Acquisition of Real Estate Assets and Related Depreciation and Amortization
 Business Combinations
 1.
    
    The value of the above- and below-market leases in-place. An asset or liability is
recognized based on the difference between (a) the contractual amounts to be paid pursuant
to the in-place leases and (b) our estimate of fair market lease rates for the
corresponding in-place leases, measured over the period, including estimated lease renewals
for below-market leases, that the leases are expected to remain in effect.
 F-12




---



##### Table of Contents



2.
    
    The estimated unamortized portion of avoided leasing commissions and other costs that
ordinarily would be incurred to acquire the in-place leases.3.
    
    The value associated with vacant units during the absorption period (estimates of lost
rental revenue during the expected lease-up periods based on current market demand and
stabilized occupancy levels).
  Impairment of Long Lived Assets
  2008
$
5.22009

4.92010

4.62011

4.12012

3.7
 Capital Expenditures and Related Depreciation
     F-13




---



##### Table of Contents



Asset Retirement Obligations
 Accounting for Conditional Asset
Retirement Obligations
 Impairment of Long-Lived Assets
 Accounting for
the Impairment or Disposal of Long-Lived Assets,
  Cash Equivalents
  Restricted Cash
  Accounts Receivable and Allowance for Doubtful Accounts
  F-14




---



##### Table of Contents



Accounts Receivable and Allowance for Doubtful Accounts from Affiliates
  Deferred Costs
   Advertising Costs
  Notes Receivable from Unconsolidated Real Estate Partnerships and Non-Affiliates and Related
Interest Income and Provision for Losses
     F-15




---



##### Table of Contents



Investments in Unconsolidated Real Estate Partnerships
   Intangible Assets
 Goodwill and Other
Intangible Assets
 Acquisition of Real Estate Assets and
Related Depreciation and Amortization.
 Capitalized Software Costs
   Minority Interest in Consolidated Real Estate Partnerships
  F-16




---



##### Table of Contents



Revenue Recognition
  Stock-Based Compensation
 Share-Based Payment
 Discontinued Operations
  Derivative Financial Instruments
   F-17




---



##### Table of Contents



Accounting for
Derivative Instruments and Hedging Activities
   Weighted
    
    
    Swap Notional
    
    
    Swap
    
    Weighted Average SwapDebt Principal
    
    
    Year of Debt
    
    Average Debt
    
    
    Amount
    
    
    Maturity
    
    Variable Pay Rate at(millions)
    
    
    Maturity
    
    Interest Rate
    
    
    (millions)
    
    
    Date
    
    December 31, 2007$
    29.1
    
    
    2009
    
    
    8.9
    %
    
    $
    29.3
    
    
    2008
    
    
    4.2
    %9.4
    
    
    2011
    
    
    7.7
    %
    
    
    9.4
    
    
    2009
    
    
    3.9
    %75.0
    
    
    2012
    
    
    7.5
    %
    
    
    75.0
    
    
    2012
    
    
    5.9
    %24.0
    
    
    2015
    
    
    6.3
    %
    
    
    24.0
    
    
    2009
    
    
    3.9
    %30.5
    
    
    2016
    
    
    5.9
    %
    
    
    30.5
    
    
    2011
    
    
    4.5
    %14.4
    
    
    2018
    
    
    6.7
    %
    
    
    14.4
    
    
    2009
    
    
    3.9
    %12.3
    
    
    2021
    
    
    6.2
    %
    
    
    12.3
    
    
    2012
    
    
    3.8
    %12.0
    
    
    2024
    
    
    6.3
    %
    
    
    12.0
    
    
    2009
    
    
    3.9
    %65.6
    
    
    2025
    
    
    5.5
    %
    
    
    65.4
    
    
    2009
    
    
    3.2
    %69.2
    
    
    2026
    
    
    6.9
    %
    
    
    69.2
    
    
    2009
    
    
    3.9
    %45.0
    
    
    2031
    
    
    6.8
    %
    
    
    45.0
    
    
    2009
    
    
    3.9
    %100.7
    
    
    2036
    
    
    6.2
    %
    
    
    100.9
    
    
    2009-2012
    
    
    3.8
    %$
    487.2
    
    
    
    
    
    
    
    
    
    487.4
 Insurance
  Income Taxes
    F-18




---



##### Table of Contents



Accounting for Uncertainty in Income Taxes  an Interpretation of FASB Statement No. 109
  Earnings per Unit
  Fair Value of Financial Instruments
  F-19




---



##### Table of Contents



Derivative
Financial Instruments
 Concentration of Credit Risk
  Use of Estimates
  Reclassifications
  NOTE 3  Real Estate and Partnership Acquisitions and Other Significant Transactions
 Real Estate Acquisitions
     Acquisitions of Partnership Interests
  F-20




---



##### Table of Contents



Transactions Involving VMS National Properties Joint Venture
      F-21




---



##### Table of Contents



Flamingo South Beach Property
 Accounting for Sales
of Real Estate
 Palazzo Joint Venture
   NOTE 4  Investments in Unconsolidated Real Estate Partnerships
   2007
    
    
    2006
    
    
    2005Real estate, net of accumulated depreciation
    $
    
    128,950
    
    $
    
    146,400
    
    $
    
    763,219Total assets
    
    
    152,214
    
    
    
    166,874
    
    
    
    954,970Secured and other notes payable
    
    
    124,406
    
    
    
    140,089
    
    
    
    932,454Total liabilities
    
    
    168,573
    
    
    
    199,082
    
    
    
    1,248,450Partners equity (deficit)
    
    
    (16,359
    )
    
    
    (32,208
    )
    
    
    (293,480
    )Rental and other property revenues
    
    
    40,486
    
    
    
    99,708
    
    
    
    311,429Property operating expenses
    
    
    (20,630
    )
    
    
    (49,451
    )
    
    
    (177,970
    )Depreciation expense
    
    
    (9,692
    )
    
    
    (18,769
    )
    
    
    (63,056
    )Interest expense
    
    
    (9,541
    )
    
    
    (24,146
    )
    
    
    (84,252
    )Gain on sale
    
    
    
    
    
    
    2,980
    
    
    
    106,465Net income (loss)
    
    
    (3,875
    )
    
    
    (1,443
    )
    
    
    82,123
  F-22




---



##### Table of Contents



NOTE 5  Notes Receivable
  2007
    
    
    2006Unconsolidated
    
    
    
    
    
    
    
    
    
    
    UnconsolidatedReal Estate
    
    
    Non-
    
    
    
    
    
    
    Real Estate
    
    
    Non-Partnerships
    
    
    Affiliates
    
    
    Total
    
    
    Partnerships
    
    
    Affiliates
    
    
    TotalPar value notes
            $
    
    30,155
    
            $
    
    17,053
    
            $
    
    47,208
    
            $
    
    40,055
    
            $
    
    18,815
    
            $
    
    58,870Discounted notes
    
    
    10,045
    
    
    
    127,422
    
    
    
    137,467
    
    
    
    6,064
    
    
    
    120,537
    
    
    
    126,601Allowance for loan
losses
    
    
    (5,014
    )
    
    
    (1,421
    )
    
    
    (6,435
    )
    
    
    (5,478
    )
    
    
    
    
    
    
    (5,478
    )Total notes receivable
            $
    
    35,186
    
            $
    
    143,054
    
            $
    
    178,240
    
            $
    
    40,641
    
            $
    
    139,352
    
            $
    
    179,993Face value of
discounted notes
            $
    
    41,668
    
            $
    
    142,062
    
            $
    
    183,730
    
            $
    
    41,781
    
            $
    
    145,024
    
            $
    
    186,805
     F-23




---



##### Table of Contents



2007
    
    
    2006Balance at beginning of year
    $
    
    (5,478
    )
    $

    

    (4,890
    )Provisions for losses on notes receivable
    
    
    (6,018
    )
    
    
    (3,105
    )Recoveries of losses on notes receivable
    
    
    2,067
    
    
    
    320Net reductions due to consolidation of real estate partnerships and
property dispositions
    
    
    2,994
    
    
    
    2,197Balance at end of year
    $

    

    (6,435
    )
    $

    

    (5,478
    )
   NOTE 6  Secured Tax-Exempt Bond Financings, Property Loans Payable and Other Borrowings
  Weighted AverageInterest Rate
    
    
    Principal Outstanding2007
    
    
    2007
    
    
    2006Fixed rate secured tax-exempt bonds payable
    
    
    5.59
    %
            $
    
    243,140
    
            $
    
    295,532Variable rate secured tax-exempt bonds payable
    
    
    3.65
    %
    
    
    698,415
    
    
    
    631,420Total
    
    
    
    
            $
    
    941,555
    
            $
    
    926,952
  F-24




---



##### Table of Contents



Weighted AverageInterest Rate
    
    
    Principal Outstanding2007
    
    
    2007
    
    
    2006Fixed rate secured notes payable
    
    
    6.15
    %
	    $
    
    5,467,650
    
	    $
    
    4,626,975Variable rate secured notes payable
    
    
    6.45
    %
    
    
    417,740
    
    
    
    361,953Secured notes credit facility
    
    
    5.38
    %
    
    
    154,780
    
    
    
    109,988Total
    
    
    
    
	    $
    
    6,040,170
    
	    $
    
    5,098,916
       Amortization
    
    
    Maturities
    
    
    Total2008
	    $
    
    126,770
    
	    $
    
    329,006
    
	    $
    
    455,7762009
    
    
    131,193
    
    
    
    395,987
    
    
    
    527,1802010
    
    
    137,171
    
    
    
    506,230
    
    
    
    643,4012011
    
    
    141,857
    
    
    
    367,528
    
    
    
    509,3852012
    
    
    145,588
    
    
    
    328,887
    
    
    
    474,475Thereafter
    
    
    
    
    
    
    
    
    
    
    4,446,565$
    
    7,056,782
 F-25




---



##### Table of Contents



NOTE 7  Term Loans and Credit Facility
  pari passu
     NOTE 8  Commitments and Contingencies
 Commitments
   F-26




---



##### Table of Contents



Tax Credit Arrangements
  Legal Matters
  Limited Partnerships
  Environmental
  Conditional
Asset Retirement Obligations
   F-27




---



##### Table of Contents



Operating Leases
  OperatingLease
    
    
    SubleaseObligations
    
    
    Receivables2008
            $
    
    9,001
    
            $
    
    1,0402009
    
    
    7,329
    
    
    
    5972010
    
    
    6,437
    
    
    
    5972011
    
    
    5,309
    
    
    
    2012
    
    
    4,905
    
    
    
    Thereafter
    
    
    6,687Total
            $
    
    39,668
    
            $
    
    2,234
  NOTE 9  Income Taxes
  2007
    
    
    2006Deferred tax liabilities:Partnership differences
            $
    
    59,419
    
            $
    
    47,149Depreciation
    
    
    2,441
    
    
    
    7,729Deferred revenue
    
    
    4,794
    
    
    
    Other
    
    
    40
    
    
    
    85Total deferred tax liabilities
            $
    
    66,694
    
            $
    
    54,963Deferred tax assets:Net operating, capital and other loss
carryforwards
            $
    
    49,302
    
            $
    
    20,995Receivables
    
    
    6,321
    
    
    
    5,879Accrued liabilities
    
    
    9,730
    
    
    
    5,010Accrued interest expense
    
    
    917
    
    
    
    978Intangibles  management contracts
    
    
    5,632
    
    
    
    8,293Tax credit carryforwards
    
    
    7,011
    
    
    
    9,878Other
    
    
    2,207
    
    
    
    1,424Total deferred tax assets
    
    
    81,120
    
    
    
    52,457Valuation allowance for deferred tax assets
    
    
    
    
    
    
    (1,873
    )Deferred tax assets, net of valuation allowance
    
    
    81,120
    
    
    
    50,584Net deferred income tax assets (liabilities)
            $
    
    14,426
    
    $

    

    (4,379
    )
 F-28




---



##### Table of Contents



Balance at January 1, 2007
            $
    
    3,118Reductions as a result of the lapse of applicable statutes
    
    
    (189
    )Additions based on tax positions related to the current year
    
    
    36Balance at December 31, 2007
            $
    
    2,965
    2007
    
    
    2006
    
    
    2005Current:Federal
            $
    
    20
    
            $
    
    5,380
    
            $
    
    3,412State
    
    
    1,938
    
    
    
    1,272
    
    
    
    1,590Total current
    
    
    1,958
    
    
    
    6,652
    
    
    
    5,002Deferred:Federal
    
    
    (17,816
    )
    
    
    13,197
    
    
    
    (17,303
    )State
    
    
    (1,833
    )
    
    
    1,698
    
    
    
    (1,843
    )Total deferred
    
    
    (19,649
    )
    
    
    14,895
    
    
    
    (19,146
    )Total provision (benefit)
    $

    

    (17,691
    )
            $
    
    21,547
    
    $

    

    (14,144
    )Classification:Continuing operations
    $

    

    (19,760
    )
    $

    

    (11,020
    )
    $

    

    (15,229
    )Discontinued operations
            $
    
    2,069
    
            $
    
    32,567
    
            $
    
    1,085
  F-29




---



##### Table of Contents



2007
    
    
    2006
    
    
    2005Amount
    
    
    Percent
    
    
    Amount
    
    
    Percent
    
    
    Amount
    
    
    PercentTax at U.S. statutory rates on
consolidated income (loss)
subject to tax
    $
    
    (14,508
    )
    
    
    35.0
    %
            $
    
    18,639
    
    
    
    35.0
    %
    $

    
    (12,922
    )
    
    
    35.0
    %State income tax, net of
Federal tax benefit
    
    
    106
    
    
    
    (0.3
    %)
    
    
    3,038
    
    
    
    5.7
    %
    
    
    (253
    )
    
    
    0.7
    %Effect of permanent differences
    
    
    (306
    )
    
    
    0.7
    %
    
    
    (130
    )
    
    
    -0.2
    %
    
    
    (69
    )
    
    
    0.2
    %Write off
excess tax basis
    
    
    (2,983
    )
    
    
    7.2
    %
    
    
    
    
    
    
    0.0
    %
    
    
    
    
    
    
    0.0
    %Increase (decrease) in
valuation allowance
    
    
    
    
    
    
    0.0
    %
    
    
    
    
    
    
    0.0
    %
    
    
    (900
    )
    
    
    2.4
    %$

    


    (17,691
    )
    
    
    42.6
    %
            $
    
    21,547
    
    
    
    40.5
    %
    $

    

    (14,144
    )
    
    
    38.3
    %
   NOTE 10  Notes Receivable from Aimco
   F-30




---



##### Table of Contents



NOTE 11  Partners Capital
 Preferred OP Units
  BalanceAnnual Dividend
    
    
    December 31,Rate Per Unit
    
    
    2007
    
    
    2006Perpetual:
    
    Redemption Date (1)
    
    
    Conversion Price
    
    
    (paid quarterly)
    
    
    (thousands)
    
    
    (thousands)Class G
Partnership
Preferred Units,
$0.01 par value,
4,050,000 units
authorized,
4,050,000 units
issued and
outstanding
    
    
    07/15/2008
    
    
    
    
    
    
    
    9.3750
    %
            $
    
    101,250
    
            $
    
    101,250Class T Cumulative
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
    
    
    
    150,000Class U Cumulative
Preferred Units,
$0.01 par value,
8,000,000 units
authorized,
8,000,000 units
issued and
outstanding
    
    
    03/24/2009
    
    
    
    
    
    
    
    7.750
    %
    
    
    200,000
    
    
    
    200,000Class V Cumulative
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
    
    
    
    86,250Class Y Cumulative
Preferred Units,
$0.01 par value,
3,450,000 units
authorized,
3,450,000 units
issued and
outstanding
    
    
    12/21/2009
    
    
    
    
    
    
    
    7.875
    %
    
    
    86,250
    
    
    
    86,250Series A Community
Reinvestment Act
Preferred Units,
$0.01 par value per
unit, 240 units
authorized, 200
units issued and
outstanding (2)
    
    
    06/30/2011
    
    
    
    
    
    
    
    (2
    )
    
    
    100,000
    
    
    
    100,000723,750
    
    
    
    723,750Convertible (3):Class W Partnership
Preferred Units,
$0.01 par value,
1,904,762 units
authorized, zero
and 1,904,762 units
issued and
outstanding at
December 31, 2007
and 2006,
respectively (4)
    
    
    09/30/2007
    
            $
    
    52.50
    
    
    
    8.100
    %
    
    
    
    
    
    
    100,000
    
    
    
    100,000Total
    
    
    
    
    
    
    
    
    
    
    
    
            $
    
    723,750
    
            $
    
    823,750
 
 (1)
    
    All classes of preferred units are redeemable by the Partnership only in connection with a
concurrent redemption by Aimco of the corresponding preferred Aimco equity held by unrelated
parties.(2)
    
    On June 29, 2006, Aimco sold 200 shares of its Series A Community Reinvestment Act Perpetual
Preferred Stock, with a liquidation preference of $500,000 per share, for net proceeds of
$97.5 million. Proceeds of $85.4 million were used to repay our note receivable from Aimco,
which was classified in our balance sheet as a reduction in partners capital, related to the
February 2005 acquisition of the Palazzo East at Park La Brea. Concurrently, all of the
outstanding 3,416,478 Class Thirteen Partnership Preferred Units held by Aimco were converted
into 170.8239 Series A Community Reinvestment Act Perpetual Preferred units, or the CRA
Preferred Units. An additional 29.1761 CRA Preferred Units were issued to Aimco in exchange
for the $12.6 million excess of gross proceeds from Aimcos issuance of CRA Preferred Stock
over the principal amount of the note that was repaid, resulting in 200 CRA Preferred Units
being issued. The CRA Preferred Units have substantially the same terms as the CRA Preferred
Stock. Holders of the CRA Preferred Units are entitled to cumulative cash dividends payable
quarterly in arrears on March 31, June 30, September 30, and December 31 of each year, when
and as declared, beginning on September 30, 2006. For the period from June 29, 2006, 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
distribution period. The rate at December 31, 2007 and 2006 was 6.38% and 6.62%,
respectively. Upon liquidation, holders of the CRA Preferred Units 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 our
common OP Units and on the same level as our other preferred units, with respect to the
payment of dividends and the distribution of amounts upon liquidation, dissolution or winding
up. The CRA Preferred Units are not redeemable prior to June 30, 2011, except in limited
circumstances related to Aimcos REIT qualification. On and after June 30, 2011, the CRA
Preferred Units are redeemable for cash, in whole or from time to time in part, upon the
redemption, at Aimcos option, of its CRA Preferred Stock at a price per share equal to the
liquidation preference, plus accumulated, accrued and unpaid dividends, if any, to the
redemption date. F-31




---



##### Table of Contents



(3)
    
    The Partnership Agreement sets forth the relative rights and preferences of the Class W
Cumulative Convertible Preferred Units, or the Class W Preferred Units, and as shown above,
the distribution rate is the rate specified in the Partnership Agreement. Such rate can be
increased to the rate of the distributions paid on the number of common OP Units into which a
unit of such preferred security is convertible. The initial conversion price of the Class W
Preferred Unit was in excess of the fair market value of a share of a common OP Unit on the
date on which the purchaser of the class agreed to purchase such securities.(4)
    
    On September 30, 2007, Aimco redeemed all 1,904,762 million shares outstanding of the 8.1%
Class W Preferred Stock for a total redemption price of $54.61 per share, which included a
redemption price per share of $53.55 (which was 102% of the $52.50 per share liquidation
preference) plus approximately $1.06 per share in respect of accumulated, accrued and unpaid
dividends through September 30, 2007. Concurrent with this redemption we redeemed the
outstanding Class W Partnership Preferred Units. In accordance with EITF Topic D-42, The
Effect on the Calculation of Earnings per Share for the Redemption or Induced Conversion of
Preferred Stock, the $2.0 million excess of the redemption price over the carrying value (the
2% redemption premium) and $0.6 million of issuance costs previously recorded as a reduction
of General Partner and Special Limited Partner capital balances are reflected as a reduction
of income attributable to common unitholders for purposes of calculating earnings per unit for
the year ended December 31, 2007.   F-32




---



##### Table of Contents



2007
    
    
    2006Class One Partnership Preferred Units, 90,000 units issued and outstanding, redeemable
for Aimco Class A Common Stock in one year from issuance, holder to receive
distributions at 8.0% ($8.00 per annum per unit)
            $
    
    9,000
    
            $
    
    9,000Class Two Partnership Preferred Units, 45,993 and 46,718 units issued and outstanding,
redeemable for Aimco Class A Common Stock in one year from issuance, holders to
receive distributions at 5.9% ($1.48 per annum per unit)
    
    
    1,150
    
    
    
    1,168Class Three Partnership Preferred Units, 1,455,751 and 1,459,074 units issued and
outstanding, redeemable for Aimco Class A Common Stock in one year from issuance,
holders to receive distributions at 7.88% ($1.97 per annum per unit)
    
    
    36,394
    
    
    
    36,477Class Four Partnership Preferred Units, 755,999 units issued and outstanding,
redeemable for Aimco Class A Common Stock in one year from issuance, holders to
receive distributions at 8.0% ($2.00 per annum per unit)
    
    
    18,900
    
    
    
    18,900Class Five Partnership Preferred Units, 68,671 units issued and outstanding,
redeemable for cash at any time at our option, holder to receive distributions equal
to the per unit distribution on the common OP Units ($2.40 per annum per unit) (1)
    
    
    2,747
    
    
    
    2,747Class Six Partnership Preferred Units, 802,453 units issued and outstanding,
redeemable for Aimco Class A Common Stock in one year from issuance, holder to receive
distributions at 8.5% ($2.125 per annum per unit)
    
    
    20,061
    
    
    
    20,061Class Seven Partnership Preferred Units, 27,960 units issued and outstanding,
redeemable for Aimco Class A Common Stock in one year from issuance, holder to receive
distributions at 9.5% ($2.375 per annum per unit)
    
    
    699
    
    
    
    699Class 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 ($2.40 per annum per unit) (1)
    
    
    156
    
    
    
    156Total
            $
    
    89,107
    
            $
    
    89,208
 
 (1)
    
    The Class Five and Class Eight Partnership Preferred Units received the $2.51 per unit
special distribution which was paid in January 2008 and thus not reflected in the per annum
dividends paid per unit amount above.    2007
    
    
    2006
    
    
    2005Amount
    
    
    Total
    
    
    Amount
    
    
    Total
    
    
    Amount
    
    
    TotalPer
    
    
    Amount
    
    
    Per
    
    
    Amount
    
    
    Per
    
    
    AmountClass of Preferred Units
    
    Unit (1)
    
    
    Paid
    
    
    Unit (1)
    
    
    Paid
    
    
    Unit (1)
    
    
    PaidClass D
            $
    
    
    
            $
    
    
    
            $
    
    
    
            $
    
    
    
    $

    

    0.59
    (2)
            $
    
    736Class G
    
    
    2.34
    
    
    
    9,492
    
    
    
    2.34
    
    
    
    9,492
    
    
    
    2.34
    
    
    
    9,492Class Q
    
    
    
    
    
    
    
    
    
    
    0.67
    (7)
    
    
    1,686
    
    
    
    2.53
    
    
    
    6,388Class R
    
    
    
    
    
    
    
    
    
    
    1.49
    (7)
    
    
    10,361
    
    
    
    2.50
    
    
    
    17,350Class T
    
    
    2.00
    
    
    
    12,000
    
    
    
    2.00
    
    
    
    12,000
    
    
    
    2.00
    
    
    
    12,000Class U
    
    
    1.94
    
    
    
    15,500
    
    
    
    1.94
    
    
    
    15,500
    
    
    
    1.94
    
    
    
    15,500Class V
    
    
    2.00
    
    
    
    6,900
    
    
    
    2.00
    
    
    
    6,900
    
    
    
    2.09
    (3)
    
    
    7,207Class W
    
    
    4.25
    (8)
    
    
    8,100
    
    
    
    4.25
    
    
    
    8,100
    
    
    
    4.25
    (3)
    
    
    8,100Class X
    
    
    
    
    
    
    
    
    
    
    1.06
    (7)
    
    
    2,125
    
    
    
    2.13
    (3)
    
    
    4,262
 F-33




---



##### Table of Contents



2007
    
    
    2006
    
    
    2005Amount
    
    
    Total
    
    
    Amount
    
    
    Total
    
    
    Amount
    
    
    TotalPer
    
    
    Amount
    
    
    Per
    
    
    Amount
    
    
    Per
    
    
    AmountClass of Preferred Units
    
    Unit (1)
    
    
    Paid
    
    
    Unit (1)
    
    
    Paid
    
    
    Unit (1)
    
    
    PaidClass Y
    
    
    1.97
    
    
    
    6,792
    
    
    
    1.97
    
    
    
    6,792
    
    
    
    1.61
    (3)
    
    
    5,547Series A CRA
    
    
    41,661
    
    
    
    8,316
    
    
    
    8,720
    (6)
    
    
    1,744Class One
    
    
    8.00
    
    
    
    720
    
    
    
    8.00
    
    
    
    720
    
    
    
    8.00
    
    
    
    720Class Two
    
    
    1.48
    
    
    
    68
    
    
    
    1.52
    
    
    
    71
    
    
    
    1.88
    (4)
    
    
    109Class Three
    
    
    1.97
    
    
    
    2,869
    
    
    
    1.98
    
    
    
    2,888
    
    
    
    2.07
    (4)
    
    
    3,078Class Four
    
    
    2.00
    
    
    
    1,512
    
    
    
    2.00
    
    
    
    1,512
    
    
    
    2.00
    
    
    
    1,514Class Five
    
    
    2.40
    
    
    
    165
    
    
    
    2.40
    
    
    
    165
    
    
    
    2.40
    
    
    
    165Class Six
    
    
    2.13
    
    
    
    1,705
    
    
    
    2.13
    
    
    
    1,705
    
    
    
    2.13
    
    
    
    1,705Class Seven
    
    
    2.38
    
    
    
    67
    
    
    
    2.45
    
    
    
    69
    
    
    
    2.38
    
    
    
    71Class Eight
    
    
    2.40
    
    
    
    15
    
    
    
    2.40
    
    
    
    15
    
    
    
    2.40
    
    
    
    15Class Thirteen
    
    
    
    
    
    
    
    
    
    
    0.66
    (5)
    
    
    2,242
    
    
    
    1.10
    (3)
    
    
    3,772Total
    
    
    
    
            $
    
    74,221
    
    
    
    
    
            $
    
    84,087
    
    
    
    
    
            $
    
    97,731
 
 (1)
    
    Amounts per unit are calculated based on the number of preferred units outstanding either at
the end of each year or as of conversion or redemption date, as noted.(2)
    
    For the period from January 1, 2005 to the date of redemption.(3)
    
    For the period from the date of issuance to December 31, 2005.(4)
    
    During 2005, the distribution rate was reset on the Class Two Partnership Preferred Units
from 8.0% to 5.9% per annum and the distribution rate was reset on the Class Three Partnership
Preferred Units from 8.0% to 7.88% per annum based on terms within the respective agreements.(5)
    
    For the period from January 1, 2006 to June 29, 2006, the date of conversion to Series A
Community Reinvestment Act Preferred Units.(6)
    
    For the period from June 29, 2006 (date of issuance) to December 31, 2006.(7)
    
    For the period from January 1, 2006 to the date of redemption.(8)
    
    For the period from January 1, 2007 to the date of redemption. Common OP Units
    F-34




---



##### Table of Contents



High Performance Units
  F-35




---



##### Table of Contents



Gross
    
    End ofYear of
    
    Proceeds
    
    Measurement
    
    Outstanding Units atClass of HPUs
    
    Issuance
    
    (thousands)
    
    Period
    
    December 31,2007Class I
    
    
    1998
    
    $

    
    2,070
    
    
    
    12/31/2000
    
    
    
    2,379,084Class VIII
    
    
    2005
    
    
    
    780
    
    
    
    12/31/2007
    
    
    
    5,000Class IX
    
    
    2006
    
    
    
    875
    
    
    
    12/31/2008
    
    
    
    5,000
   Investment in Aimco
  Registration Statements
  NOTE 12  Share-Based Compensation and Employee Benefit Plans
 Stock Award and Incentive Plan
  F-36




---



##### Table of Contents



Accounting for Stock-Based Compensation, Accounting for Stock-Based CompensationTransition and
Disclosurean amendment of FASB Statement No. 123, Accounting for Stock Issued to Employees
 Share-Based Payment
   F-37




---



##### Table of Contents



2007
    
    2006
    
    2005Weighted average grant-date fair value(1)
    $

    
    5.97
    
    $

    
    4.97
    
    $

    

    3.39Assumptions:Risk-free interest rate
    
    
    4.70
    %
    
    
    4.58
    %
    
    
    4.10
    %Expected dividend yield(1)
    
    
    4.69
    %
    
    
    5.30
    %
    
    
    5.99
    %Expected volatility
    
    
    21.66
    %
    
    
    20.15
    %
    
    
    19.00
    %Weighted average expected life of options
    
    5.6 years
    
    6.5 years
    
    5.0 years
 
 (1)
    
    The weighted average grant-date fair value (per share) and expected dividend yield for each
period presented has been retroactively adjusted for the effect of Aimcos special dividend
discussed in Note 1.  2007(1)
    
    
    2006(1)
    
    
    2005(1)Weighted
    
    
    
    
    
    
    Weighted
    
    
    
    
    
    
    WeightedNumber
    
    
    Average
    
    
    Number
    
    
    Average
    
    
    Number
    
    
    Averageof
    
    
    Exercise
    
    
    of
    
    
    Exercise
    
    
    of
    
    
    ExerciseOptions
    
    
    Price
    
    
    Options
    
    
    Price
    
    
    Options
    
    
    PriceOutstanding at beginning
of year
    
    
    9,053
    
            $
    
    37.38
    
    
    
    11,639
    
            $
    
    36.83
    
    
    
    11,411
    
            $
    
    36.92Granted
    
    
    1,006
    
    
    
    54.37
    
    
    
    729
    
    
    
    40.98
    
    
    
    403
    
    
    
    36.22Exercised
    
    
    (1,473
    )
    
    
    36.36
    
    
    
    (2,966
    )
    
    
    36.12
    
    
    
    (68
    )
    
    
    36.30Forfeited
    
    
    (31
    )
    
    
    35.93
    
    
    
    (349
    )
    
    
    36.17
    
    
    
    (107
    )
    
    
    37.97Outstanding at end of year
    
    
    8,555
    
            $
    
    39.57
    
    
    
    9,053
    
            $
    
    37.38
    
    
    
    11,639
    
            $
    
    36.83Exercisable at end of year
    
    
    6,417
    
            $
    
    37.75
    
    
    
    6,853
    
            $
    
    37.57
    
    
    
    8,610
    
            $
    
    37.32
 
 (1)
    
    In connection with Aimcos special dividend discussed in Note 1, the number of options and
exercise prices of all outstanding awards were adjusted pursuant to the provisions of the
applicable plans, and the number of options and weighted average exercise prices for the
periods presented reflect these adjustments on a retroactive basis. The adjustment of the
awards pursuant to Aimcos special dividend is considered a modification under SFAS 123R, but
did not result in a change in the fair value of any awards.  F-38




---



##### Table of Contents



2007(1)
    
    
    2006(1)
    
    
    2005(1)Weighted
    
    
    
    
    
    
    Weighted
    
    
    
    
    
    
    WeightedNumber
    
    
    Average
    
    
    Number
    
    
    Average
    
    
    Number
    
    
    Averageof
    
    
    Exercise
    
    
    of
    
    
    Exercise
    
    
    of
    
    
    ExerciseOptions
    
    
    Price
    
    
    Options
    
    
    Price
    
    
    Options
    
    
    PriceUnvested at beginning
of year
    
    
    1,142
    
            $
    
    38.22
    
    
    
    926
    
            $
    
    33.42
    
    
    
    814
    
            $
    
    31.31Granted
    
    
    323
    
    
    
    57.29
    
    
    
    637
    
    
    
    42.37
    
    
    
    450
    
    
    
    36.68Vested
    
    
    (406
    )
    
    
    38.41
    
    
    
    (252
    )
    
    
    34.11
    
    
    
    (267
    )
    
    
    32.31Forfeited
    
    
    (51
    )
    
    
    45.19
    
    
    
    (169
    )
    
    
    33.74
    
    
    
    (71
    )
    
    
    34.02Unvested at end of year
    
    
    1,008
    
            $
    
    43.91
    
    
    
    1,142
    
            $
    
    38.22
    
    
    
    926
    
            $
    
    33.42
 
 (1)
    
    In connection with Aimcos special dividend discussed in Note 1, the number of outstanding
restricted shares under existing awards was adjusted pursuant to the provisions of the
applicable plans, and the number of shares and weighted average grant-date fair values (per
share) for the periods presented above have been retroactively adjusted for the effect of
Aimcos special dividend. The adjustment of the awards pursuant to Aimcos special dividend
is considered a modification under SFAS 123R, but did not result in a change in the fair value
of any awards.    2005Net income (loss) attributable to common unitholders, as reported
    $

    

    (18,202
    )Add stock-based employee compensation expense included in
reported net income:Restricted stock awards
    
    
    8,140Stock options
    
    
    1,835Deduct total stock-based employee compensation expense
determined under fair value based method for all awards:Restricted stock awards
    
    
    (8,140
    )Stock options
    
    
    (3,422
    )Pro forma net income (loss) attributable to common unitholders
    $

    
    (19,789
    )Basic earnings (loss) per common unit:Reported
    $

    
    (0.17
    )Pro forma
    $

    
    (0.18
    )Diluted earnings (loss) per common unit:Reported
    $

    

    (0.17
    )Pro forma
    $

    

    (0.18
    )
 F-39




---



##### Table of Contents



Employee Stock Purchase Plan
  401K Plan
  NOTE 13  Discontinued Operations and Assets Held for Sale
   F-40




---



##### Table of Contents



2007
    
    
    2006
    
    
    2005Rental and other property revenues
    $
    
    52,456
    
    $
    
    164,733
    
    $
    
    271,834Property operating expenses
    
    
    (29,677
    )
    
    
    (86,005
    )
    
    
    (143,598
    )Depreciation and amortization
    
    
    (12,518
    )
    
    
    (46,036
    )
    
    
    (77,972
    )Other (expenses) income, net
    
    
    (3,066
    )
    
    
    (5,956
    )
    
    
    155Operating income
    
    
    7,195
    
    
    
    26,736
    
    
    
    50,419Interest income
    
    
    993
    
    
    
    2,126
    
    
    
    1,248Interest expense
    
    
    (9,959
    )
    
    
    (32,896
    )
    
    
    (59,272
    )Gain on extinguishment of debt
    
    
    22,852
    
    
    
    
    
    
    
    Minority interest in consolidated real estate
partnerships
    
    
    1,107
    
    
    
    3,561
    
    
    
    2,429Income (loss) before gain on dispositions,
impairments, recovery of deficit distributions,
income taxes and minority interest in Aimco Operating
Partnership
    
    
    22,188
    
    
    
    (473
    )
    
    
    (5,176
    )Gain on dispositions of real estate, net of minority
partners interest
    
    
    65,378
    
    
    
    259,855
    
    
    
    104,807Impairment (losses) recoveries on real estate assets
sold or held for sale
    
    
    128
    
    
    
    434
    
    
    
    (3,836
    )Recovery of deficit distributions to minority partners
    
    
    390
    
    
    
    15,724
    
    
    
    14,493Income tax arising from disposals
    
    
    (2,135
    )
    
    
    (32,918
    )
    
    
    (4,481
    )Income from discontinued operations, net
    $
    
    85,949
    
    $
    
    242,622
    
    $
    
    105,807
   F-41




---



##### Table of Contents



NOTE 14  Earnings per Unit
  2007
    
    
    2006
    
    
    2005Numerator:Loss from continuing operations

$

    

(51,832
    )

    $
    
    (45,558
    )
$

    

    (25,063
    )Less net income attributable to preferred unitholders
    
    
    (73,144
    )
    
    
    (90,527
    )
    
    
    (98,946
    )Numerator for basic and diluted earnings per unit 
Loss from continuing operations (net of income
attributable to preferred unitholders)
$

    

    (124,976
    )
$

    
    (136,085
    )
$

    
    (124,009
    )Income from discontinued operations
    $
    
    85,949
    
    $
    
    242,622
    
    $
    
    105,807Net income
    $
    
    34,117
    
    $
    
    197,064
    
    $
    
    80,744Less net income attributable to preferred unitholders
    
    
    (73,144
    )
    
    
    (90,527
    )
    
    
    (98,946
    )Numerator for basic and diluted earnings per unit 
Net income (loss) attributable to common unitholders
$

    

    (39,027
    )
    $
    
    106,537
    
$

    
    (18,202
    )Denominator:Denominator for basic earnings per unit  weighted
average number of common units outstanding:
    
    
    106,996
    
    
    
    108,133
    
    
    
    106,634Common OP UnitsClass I HPUs
    
    
    2,379
    
    
    
    2,379
    
    
    
    2,379Total common units
    
    
    109,375
    
    
    
    110,512
    
    
    
    109,013Effect of dilutive securities:Dilutive potential common units
    
    
    
    
    
    
    
    
    
    
    Denominator for diluted earnings per unit
    
    
    109,375
    
    
    
    110,512
    
    
    
    109,013Earnings (loss) per common unit:Basic earnings (loss) per common unit:Loss from continuing operations (net of income
attributable to preferred unitholders)
$

    

    (1.14
    )
$

    

    (1.23
    )
$

    

    (1.14
    )Income from discontinued operations
    
    
    0.78
    
    
    
    2.19
    
    
    
    0.97Net income (loss) attributable to common unitholders
$

    

    (0.36
    )
    $
    
    0.96
    
$

    

    (0.17
    )Diluted earnings (loss) per common share:Loss from continuing operations (net of income
attributable to preferred unitholders)
$

    

    (1.14
    )
$

    

    (1.23
    )
$

    

    (1.14
    )Income from discontinued operations
    
    
    0.78
    
    
    
    2.19
    
    
    
    0.97Net income (loss) attributable to common unitholders
$

    

    (0.36
    )
    $
    
    0.96
    
$

    

    (0.17
    )
    F-42




---



##### Table of Contents



NOTE 15  Unaudited Summarized Consolidated Quarterly Information
  Quarter (1)2007
    
    First
    
    Second
    
    Third
    
    FourthTotal revenues
    $
    
    413,061
    
    
    
    426,371
    
    
    
    426,748
    
    
    
    455,004Total operating expenses
    
    
    (338,318
    )
    
    
    (334,310
    )
    
    
    (347,236
    )
    
    
    (354,062
    )Operating income
    
    
    74,743
    
    
    
    92,061
    
    
    
    79,512
    
    
    
    100,942Loss from continuing operations
    
    
    (8,290
    )
    
    
    (1,904
    )
    
    
    (19,616
    )
    
    
    (22,022
    )Income from discontinued operations, net
    
    
    36,288
    
    
    
    23,570
    
    
    
    17,110
    
    
    
    8,981Net income (loss)
    
    
    27,998
    
    
    
    21,666
    
    
    
    (2,506
    )
    
    
    (13,041
    )Earnings (loss) per common unit  basic (2):Loss from continuing operations (net of income
attributable to preferred unitholders)
    $

    
    (0.24
    )
    
    
    (0.18
    )
    
    
    (0.37
    )
    
    
    (0.35
    )Net income (loss) attributable to common
unitholders
    $
    
    0.08
    
    
    
    0.03
    
    
    
    (0.21
    )
    
    
    (0.26
    )Earnings (loss) per common unit  diluted (2):Loss from continuing operations (net of income
attributable to preferred unitholders)
    $

    
    (0.24
    )
    
    
    (0.18
    )
    
    
    (0.37
    )
    
    
    (0.35
    )Net income (loss) attributable to common
unitholders
    $
    
    0.08
    
    
    
    0.03
    
    
    
    (0.21
    )
    
    
    (0.26
    )Weighted average common units outstanding (2)
    
    
    110,395
    
    
    
    110,185
    
    
    
    109,244
    
    
    
    107,674Weighted average common units and common unit
equivalents outstanding (2)
    
    
    110,395
    
    
    
    110,185
    
    
    
    109,244
    
    
    
    107,674
 F-43




---



##### Table of Contents



Quarter (1)2006
    
    First
    
    Second
    
    Third
    
    FourthTotal revenues
    $
    
    386,729
    
    $
    
    397,992
    
    $
    
    401,517
    
    $
    
    415,467Total operating expenses
    
    
    (305,983
    )
    
    
    (310,006
    )
    
    
    (320,259
    )
    
    
    (346,192
    )Operating income
    
    
    80,746
    
    
    
    87,986
    
    
    
    81,258
    
    
    
    69,275Income (loss) from continuing operations
    
    
    7,503
    
    
    
    (3,654
    )
    
    
    (39,637
    )
    
    
    (9,770
    )Income from discontinued operations, net
    
    
    86,116
    
    
    
    43,675
    
    
    
    11,561
    
    
    
    101,270Net income (loss)
    
    
    93,619
    
    
    
    40,022
    
    
    
    (28,076
    )
    
    
    91,499Earnings (loss) per common unit  basic (2):Loss from continuing operations (net of income
attributable to preferred unitholders)
    $

    
    (0.18
    )
    $

    
    (0.23
    )
    $

    
    (0.57
    )
    $

    
    (0.25
    )Net income (loss) attributable to common
unitholders
    $
    
    0.60
    
    $
    
    0.16
    
    $

    
    (0.46
    )
    $
    
    0.66Earnings (loss) per common unit  diluted (2):Loss from continuing operations (net of income
attributable to preferred unitholders)
    $

    
    (0.18
    )
    $

    
    (0.23
    )
    $

    
    (0.57
    )
    $

    
    (0.25
    )Net income (loss) attributable to common
unitholders
    $
    
    0.60
    
    $
    
    0.16

    
    $

    
    (0.46
    )
    $
    
    0.66Weighted average common units outstanding (2)
    
    
    110,016
    
    
    
    110,855
    
    
    
    110,785
    
    
    
    110,392Weighted average common units and common unit
equivalents outstanding (2)
    
    
    110,016
    
    
    
    110,855
    
    
    
    110,785
    
    
    
    110,392
 
 (1)
    
    Certain reclassifications have been made to 2007 and 2006 quarterly amounts to conform
to the full year 2007 presentation, primarily related to treatment of discontinued
operations.(2)
    
    Weighted average units, common unit equivalents and earnings per unit amounts for each
of the periods presented have been retroactively adjusted for the effect of units issued
pursuant to the special distribution discussed in Note 1. F-44




---



##### Table of Contents



NOTE 16  Business Segments
 Disclosures about Segments of an
Enterprise and Related Information
  Real Estate Segment
  Asset Management Segment
  F-45




---



##### Table of Contents



Asset
    
    
    CorporateReal Estate
    
    
    Management
    
    
    Not AllocatedSegment
    
    
    Segment
    
    
    to Segments
    
    
    TotalYear Ended December 31, 2007:Rental and other property revenues
    $
    
    1,640,506
    
    $
    
    
    
    $
    
    
    
    $
    
    1,640,506Property management revenues, primarily
from affiliates
    
    
    6,923
    
    
    
    
    
    
    
    
    
    
    
    6,923Activity fees and asset management revenues
    
    
    
    
    
    
    73,755
    
    
    
    
    
    
    
    73,755Total revenues
    $
    
    1,647,429
    
    
    
    73,755
    
    
    
    
    
    
    
    1,721,184Property operating expenses
    
    
    768,457
    
    
    
    
    
    
    
    
    
    
    
    768,457Property management expenses
    $
    
    5,506
    
    
    
    
    
    
    
    
    
    
    
    5,506Activity and asset management expenses
    
    
    
    
    
    
    23,102
    
    
    
    
    
    
    
    23,102Depreciation and amortization (1)
    
    
    
    
    
    
    
    
    
    
    487,822
    
    
    
    487,822General and administrative expenses
    
    
    
    
    
    
    
    
    
    
    89,251
    
    
    
    89,251Other expenses (income), net
    
    
    
    
    
    
    
    
    
    
    (212
    )
    
    
    (212
    )Total operating expenses
    
    
    773,963
    
    
    
    23,102
    
    
    
    576,861
    
    
    
    1,373,926Net operating income (loss)
    
    
    873,466
    
    
    
    50,653
    
    
    
    (576,861
    )
    
    
    347,258Other items included in continuing
operations (2)
    
    
    
    
    
    
    19,222
    
    
    
    (418,312
    )
    
    
    (399,090
    )Income (loss) from continuing operations
    $
    
    873,466
    
    $
    
    69,875
    
    $

    
    (995,173
    )
    $

    
    (51,832
    )
 Asset
    
    
    CorporateReal Estate
    
    
    Management
    
    
    Not AllocatedSegment
    
    
    Segment
    
    
    to Segments
    
    
    TotalYear Ended December 31, 2006:Rental and other property revenues
    $
    
    1,540,500
    
    $
    
    
    
    $
    
    
    
    $
    
    1,540,500Property management revenues, primarily
from affiliates
    
    
    12,312
    
    
    
    
    
    
    
    
    
    
    
    12,312Activity fees and asset management revenues
    
    
    
    
    
    
    48,893
    
    
    
    
    
    
    
    48,893Total revenues
    $
    
    1,552,812
    
    $
    
    48,893
    
    $
    
    
    
    $
    
    1,601,705Property operating expenses
    
    
    709,694
    
    
    
    
    
    
    
    
    
    
    
    709,694Property management expenses
    $
    
    5,111
    
    $
    
    
    
    $
    
    
    
    $
    
    5,111Activity and asset management expenses
    
    
    
    
    
    
    17,342
    
    
    
    
    
    
    
    17,342Depreciation and amortization (1)
    
    
    
    
    
    
    
    
    
    
    452,741
    
    
    
    452,741General and administrative expenses
    
    
    
    
    
    
    
    
    
    
    90,149
    
    
    
    90,149Other expenses (income), net
    
    
    
    
    
    
    
    
    
    
    7,403
    
    
    
    7,403Total operating expenses
    
    
    714,805
    
    
    
    17,342
    
    
    
    550,293
    
    
    
    1,282,440Net operating income (loss)
    
    
    838,007
    
    
    
    31,551
    
    
    
    (550,293
    )
    
    
    319,265Other items included in continuing
operations (2)
    
    
    
    
    
    
    21,600
    
    
    
    (386,423
    )
    
    
    (364,823
    )Income (loss) from continuing operations
    $
    
    838,007
    
    $
    
    53,151
    
    $

    


    (936,716
    )
    $

    

    (45,558
    )
 F-46




---



##### Table of Contents



Asset
    
    
    CorporateReal Estate
    
    
    Management
    
    
    Not AllocatedSegment
    
    
    Segment
    
    
    to Segments
    
    
    TotalYear Ended December 31, 2005:Rental and other property revenues
    $
    
    1,283,815
    
    $
    
    
    
    $
    
    
    
    $
    
    1,283,815Property management revenues, primarily
from affiliates
    
    
    24,528
    
    
    
    
    
    
    
    
    
    
    
    24,528Activity fees and asset management revenues
    
    
    
    
    
    
    37,349
    
    
    
    
    
    
    
    37,349Total revenues
    $
    
    1,308,343
    
    $
    
    37,349
    
    $
    
    
    
    $
    
    1,345,692Property operating expenses
    
    
    599,208
    
    
    
    
    
    
    
    
    
    
    
    599,208Property management expenses
    $
    
    7,499
    
    $
    
    
    
    $
    
    
    
    $
    
    7,499Activity and asset management expenses
    
    
    
    
    
    
    19,316
    
    
    
    
    
    
    
    19,316Depreciation and amortization (1)
    
    
    
    
    
    
    
    
    
    
    372,526
    
    
    
    372,526General and administrative expenses
    
    
    
    
    
    
    
    
    
    
    83,012
    
    
    
    83,012Other expenses (income), net
    
    
    
    
    
    
    
    
    
    
    (3,011
    )
    
    
    (3,011
    )Total operating expenses
    
    
    606,707
    
    
    
    19,316
    
    
    
    452,527
    
    
    
    1,078,550Net operating income (loss)
    
    
    701,636
    
    
    
    18,033
    
    
    
    (452,527
    )
    
    
    267,142Other items included in continuing
operations (2)
    
    
    
    
    
    
    5,459
    
    
    
    (297,664
    )
    
    
    (292,205
    )Income (loss) from continuing operations
    $
    
    701,636
    
    $
    
    23,492
    
    $

    
    (750,191
    )
    $

    

    (25,063
    )
 
 (1)
    
    Our chief operating decision maker assesses the performance of real estate using, among other
measures, net operating income, excluding depreciation and amortization. Accordingly, we do
not allocate depreciation and amortization to the real estate segment.(2)
    
    Other items in continuing operations include: (i) interest income and expense; (ii)
recoveries of, or provisions for, losses on notes receivable and impairment of real estate,
net; (iii) deficit distributions to minority partners; (iv) equity in losses of unconsolidated
real estate partnerships; (v) gains on dispositions of unconsolidated real estate and other;
and (vi) minority interests. Other items included in continuing operations for the asset
management segment includes items such as accretion income recognized on discounted notes
receivable and other income items associated with transactional activities.  2007
    
    
    2006Total assets for reportable segments (1)
    $
    
    10,306,546
    
    $
    
    10,004,001Corporate and other assets
    
    
    314,051
    
    
    
    299,090Total consolidated assets
    $
    
    10,620,597
    
    $
    
    10,303,091
 
 (1)
    
    Total assets for reportable segments include assets associated with both of the real estate
and asset management business segments, as well as our investment in unconsolidated real
estate partnerships.  NOTE 17  Transactions with Affiliates
   F-47




---



##### Table of Contents



NOTE 18  Recent Accounting Developments
 Fair
Value Measurements Effective Date of
FASB Statement No. 157
  Business Combinations  a replacement of FASB Statement No. 141
 Noncontrolling Interests in Consolidated Financial Statements  an amendment of ARB No. 51
 NOTE
19  Subsequent Events
  F-48




---



##### Table of Contents








APARTMENT
    INVESTMENT AND MANAGEMENT COMPANY
    REAL ESTATE AND ACCUMULATED DEPRECIATIONDecember 31, 2007
    (In Thousands Except Unit Data) (2)


(3)


December 31, 2007(1)









Initial Cost


Cost Capitalized











Accumulated


Total CostProperty

Date



Year


Number





Buildings and


Subsequent to





Buildings and





Depreciation


Net ofProperty Name

Type

Consolidated

Location

Built


of Units


Land


Improvements


Acquisition


Land


Improvements


Total


(AD)


AD


EncumbrancesConventional Properties:100 Forest Place

High Rise

Dec-97

OakPark, IL


1987



234


$
2,664


$
18,815


$
3,643


$
2,664


$
22,458


$
25,122


$
(7,205
)

$
17,917


$
24,8361582 First Avenue

High Rise

Mar-05

New York, NY


1900



17



4,250



752



186



4,281



907



5,188



(121
)


5,067



2,729173 E. 90th

High Rise

May-04

New York, NY


1910



72



11,773



4,535



1,312



12,067



5,553



17,620



(742
)


16,878



9,311182-188 Columbus Avenue

Mid Rise

Feb-07

New York,  NY


1910



32



17,187



3,300



6,129



22,184



4,432



26,616



(295
)


26,321



13,471204-206 West 133rd Street

Mid Rise

Jun-07

New York,  NY


1910



44



3,291



1,450



1,580



4,376



1,945



6,321



(38
)


6,283



3,1322232-2240 Seventh Avenue

Mid Rise

Jun-07

New York,  NY


1910



24



2,863



3,785



595



2,678



4,565



7,243



(82
)


7,161



2,9722247-2253 Seventh Avenue

Mid Rise

Jun-07

New York,  NY


1910



35



6,787



3,335



876



7,233



3,765



10,998



(72
)


10,926



5,4832252-2258 Seventh Avenue

Mid Rise

Jun-07

New York,  NY


1910



35



3,623



4,504



883



3,467



5,543



9,010



(102
)


8,908



5,1252300-2310 Seventh Avenue

Mid Rise

Jun-07

New York,  NY


1910



63



8,623



6,964



3,478



10,425



8,640



19,065



(155
)


18,910



9,896236-238 East 88th Street

High Rise

Jan-04

New York, NY


1900



43



8,751



2,914



1,134



8,820



3,979



12,799



(670
)


12,129



7,142237-239 Ninth Avenue

High Rise

Mar-05

New York, NY


1900



36



8,430



1,866



429



8,494



2,231



10,725



(318
)


10,407



5,3412484 Seventh Avenue

Mid Rise

Jun-07

New York,  NY


1921



23



2,384



1,726



701



2,675



2,136



4,811



(40
)


4,771



2,472306 East 89th Street

High Rise

Jul-04

New York, NY


1930



20



2,659



1,006



131



2,681



1,115



3,796



(203
)


3,593



1,949311 & 313 East 73rd Street

Mid Rise

Mar-03

New York, NY


1904



34



5,635



1,609



489



5,678



2,055



7,733



(572
)


7,161



2,866322-324 East 61st Street

High Rise

Mar-05

New York, NY


1900



40



6,319



2,224



522



6,372



2,693



9,065



(346
)


8,719



3,8103400 Avenue of the Arts

Mid Rise

Mar-02

Costa Mesa, CA


1987



770



55,223



65,506



34,740



57,240



98,229



155,469



(14,998
)


140,471



124,999452 East 78th Street

High Rise

Jan-04

New York, NY


1900



12



1,966



608



252



1,982



844



2,826



(133
)


2,693



1,661464-466 Amsterdam & 200-210 W. 83rd Street

Mid Rise

Feb-07

New York,  NY


1910



72



23,677



7,101



2,937



25,798



7,917



33,715



(453
)


33,262



19,679510 East 88th Street

High Rise

Jan-04

New York, NY


1900



20



3,137



1,002



248



3,163



1,224



4,387



(184
)


4,203



2,734514-516 East 88th Street

High Rise

Mar-05

New York, NY


1900



36



6,230



2,168



360



6,282



2,476



8,758



(319
)


8,439



4,708656 St. Nicholas Avenue

Mid Rise

Jun-07

New York,  NY


1920



31



2,731



1,636



1,535



3,591



2,311



5,902



(41
)


5,861



2,374759 St. Nicholas Avenue

Mid Rise

Oct-07

New York,  NY


1920



9



682



535



176



849



544



1,393



(4
)


1,389



545865 Bellevue

Garden

Jul-00

Nashville, TN


1972



326



1,862



13,750



19,046



1,862



32,796



34,658



(6,704
)


27,954



11,261Anchorage Apartments

Garden

Nov-96

League City, TX


1985



264



1,155



7,172



3,121



1,155



10,293



11,448



(3,207
)


8,241



7,512Arbors (Grovetree), The

Garden

Oct-97

Tempe, AZ


1967



200



1,092



6,208



2,146



1,092



8,354



9,446



(3,201
)


6,245



2,587Arbors of Battle Creek I

Garden

Dec-99

Battle Creek, MI


1981



586



2,732



16,325



6,424



2,732



22,749



25,481



(6,958
)


18,523



7,300Arbors on Battle Creek II

Garden

Dec-99

Battle Creek, MI


1987



76



496



3,555



456



496



4,011



4,507



(1,271
)


3,236



1,591Arbors on Westheimer

Garden

Nov-96

Houston, TX


1972



360



1,760



9,325



8,657



1,760



17,982



19,742



(5,277
)


14,465



5,593Arbours Of Hermitage, The

Garden

Jul-00

Hermitage, TN


1972



350



1,721



14,025



5,589



1,721



19,614



21,335



(7,814
)


13,521



10,627Ashford, The

Garden

Dec-95

Atlanta, GA


1968



221



2,771



8,366



23,868



2,771



32,234



35,005



(9,086
)


25,919



8,422Aspen Point

Garden

Dec-97

Arvada, CO


1972



120



353



3,807



4,047



353



7,854



8,207



(4,245
)


3,962



3,865Aspen Station

Garden

Oct-01

Richmond, VA


1979



232



2,607



8,203



1,800



2,530



10,080



12,610



(891
)


11,719



6,368Atriums of Plantation

Mid Rise

Aug-98

Plantation, FL


1979



210



1,807



10,385



2,051



1,807



12,436



14,243



(4,126
)


10,117



6,379Auburn Glen

Garden

Dec-06

Jacksonville,  FL


1974



251



7,483



8,191



1,375



7,667



9,382



17,049



(393
)


16,656



10,140Autumn Run (IL)

Garden

Oct-02

Naperville, IL


1984



320



1,742



16,510



3,606



1,742



20,116



21,858



(7,562
)


14,296



18,346Autumn Woods

Garden

Sep-00

Jackson, MI


1973



112



1,042



3,705



1,667



1,042



5,372



6,414



(2,217
)


4,197



2,739BaLaye

Garden

Apr-06

Tampa, FL


2002



324



10,329



28,800



501



10,608



29,022



39,630



(1,436
)


38,194



23,658Bank Lofts

High Rise

Apr-01

Denver, CO


1920



117



3,525



9,045



1,272



3,525



10,317



13,842



(3,280
)


10,562



7,430Barcelona

Garden

Oct-99

Houston ,TX


1963



127



770



4,250



1,568



770



5,818



6,588



(1,946
)


4,642



2,896Bay Parc Plaza

High Rise

Sep-04

Miami, FL


2000



471



22,680



41,847



2,808



22,680



44,655



67,335



(3,758
)


63,577



47,123Bay Ridge at Nashua

Garden

Jan-03

Nashua, NH


1984



412



3,352



40,713



483



3,262



41,286



44,548



(6,978
)


37,570



35,500Bayberry Hill Estates

Garden

Aug-02

Framingham, MA


1971



424



18,915



35,945



7,779



18,915



43,724



62,639



(9,943
)


52,696



27,544Bayhead Village

Garden

Oct-00

Indianapolis, IN


1978



202



1,411



5,139



3,064



1,411



8,203



9,614



(2,498
)


7,116



3,062Beech Lake

Garden

May-99

Durham, NC


1986



345



2,222



12,641



3,673



2,222



16,314



18,536



(5,842
)


12,694



10,500Beechs Farm

Garden

Oct-00

Columbia, MD


1983



135



4,166



3,520



2,868



4,166



6,388



10,554



(2,461
)


8,093



10,666Belmont Place

Garden

Jul-00

Marietta, GA


1972/2004



326



11,327



2,529



29,395



11,327



31,924



43,251



(5,219
)


38,032



18,906Bent Oaks

Garden

May-98

Austin, TX


1978



146



1,096



6,423



1,283



1,096



7,706



8,802



(3,211
)


5,591



3,245Bent Tree III  Verandas

Garden

Sep-00

Indianapolis, IN


1985



96



1,767



3,379



1,312



1,767



4,691



6,458



(1,287
)


5,171



3,100Bexley House

High Rise

Oct-05

Columbus, OH


1972



64



666



6,203



326



666



6,529



7,195



(2,110
)


5,085



1,943Big Walnut

Garden

Apr-02

Columbus, OH


1968



249



526



9,384



2,747



526



12,131



12,657



(5,618
)


7,039



4,300Boston Lofts

High Rise

Apr-01

Denver, CO


1890



158



3,447



20,589



1,858



3,447



22,447



25,894



(6,878
)


19,016



14,919Boulder Creek

Garden

Jul-94

Boulder, CO


1972



221



755



7,730



16,727



755



24,457



25,212



(10,180
)


15,032



13,311Brandywine

Garden

Jul-94

St. Petersburg, FL


1971



477



1,437



12,725



5,719



1,437



18,444



19,881



(11,636
)


8,245



7,485Breakers, The

Garden

Oct-98

Daytona Beach, FL


1985



208



1,008



5,507



2,638



1,008



8,145



9,153



(3,059
)


6,094



6,693  F-49




---



##### Table of Contents



(2)


(3)


December 31, 2007(1)









Initial Cost


Cost Capitalized











Accumulated


Total CostProperty

Date



Year


Number





Buildings and


Subsequent to





Buildings and





Depreciation


Net ofProperty Name

Type

Consolidated

Location

Built


of Units


Land


Improvements


Acquisition


Land


Improvements


Total


(AD)


AD


EncumbrancesBrentwood Apartments

Garden

Nov-96

Lake Jackson, TX


1980



104



592



2,741



1,443



592



4,184



4,776



(1,638
)


3,138



1,103Briarcliffe

Garden

Oct-00

Lansing, MI


1974



308



3,146



9,586



5,207



3,146



14,793



17,939



(6,051
)


11,888



5,937Briarwest

Garden

Oct-99

Houston, TX


1970



380



2,459



13,868



2,655



2,459



16,523



18,982



(5,828
)


13,154



8,207Briarwood

Garden

Oct-99

Houston, TX


1970



351



2,033



11,855



3,274



2,033



15,129



17,162



(4,811
)


12,351



7,706Bridgeview

Garden

Sep-00

Tampa, FL


1988



348



7,976



13,499



6,296



7,976



19,795



27,771



(4,796
)


22,975



13,500Bridgewater Apartments, The

Garden

Nov-96

Tomball, TX


1978



206



969



5,976



2,798



969



8,774



9,743



(2,709
)


7,034



2,928Brighton Crest

Garden

Jan-00

Marietta, GA


1987



320



2,022



12,863



3,432



2,022



16,295



18,317



(7,476
)


10,841



9,772Broadcast Center

Garden

Mar-02

Los Angeles, CA


1990



279



27,603



41,244



18,134



29,407



57,574



86,981



(7,716
)


79,265



38,509Broadmoor Ridge

Garden

Dec-97

Colorado Springs, CO


1974



200



460



2,917



11,293



460



14,210



14,670



(3,565
)


11,105



7,165Bronson Place

Garden

Jan-06

Mountlake Terrace, WA


1988



70



459



1,217



523



459



1,740



2,199



(1,740
)


459



3,451Brook Run

Garden

May-98

Arlington Heights, IL


1985



182



2,245



12,936



2,196



2,245



15,132



17,377



(6,148
)


11,229



11,600Brookdale Lakes

Garden

May-98

Naperville, IL


1990



200



2,709



15,346



2,096



2,709



17,442



20,151



(6,466
)


13,685



10,035Brookwood Apartments (IN)

Garden

Apr-01

Indianapolis, IN


1967



404



4,546



9,136



4,286



4,545



13,423



17,968



(5,025
)


12,943



8,759Buena Vista

Mid Rise

Jan-06

Pasadena, CA


1973



92



9,693



6,818







9,693



6,818



16,511



(98
)


16,413



13,300Burke Shire Commons

Garden

Mar-01

Burke, VA


1986



360



4,867



23,617



3,098



4,867



26,715



31,582



(8,135
)


23,447



46,364Calhoun Beach Club

High Rise

Dec-98

Minneapolis, MN


1928/1998



332



11,708



73,334



42,815



11,708



116,149



127,857



(31,017
)


96,840



38,758Canterbury Green Apartments

Garden

Dec-99

Fort Wayne, IN


1979



1,988



13,659



73,115



23,175



13,659



96,290



109,949



(35,651
)


74,298



53,967Canyon Crest

Garden

Jan-03

Littleton, CO


1966



90



1,295



5,992



882



1,295



6,874



8,169



(2,126
)


6,043



2,916Canyon Pointe

Garden

Jul-94

Las Vegas, NV


1983



670



3,190



12,589



11,695



3,190



24,284



27,474



(11,248
)


16,226



24,200Canyon Terrace

Garden

Mar-02

Saugus, CA


1984



130



7,300



6,602



4,502



7,508



10,896



18,404



(2,117
)


16,287



13,250Cape Cod

Garden

May-98

San Antonio, TX


1985



212



1,307



7,012



1,869



1,307



8,881



10,188



(3,288
)


6,900



3,760Captiva Club

Garden

Dec-96

Tampa, FL


1973



357



1,600



6,870



12,150



1,600



19,020



20,620



(6,964
)


13,656



6,863Carriage Hill

Garden

Jul-00

East Lansing, MI


1972



143



830



9,001



1,654



829



10,656



11,485



(4,666
)


6,819



5,360Casa del Mar @ Baymeadows

Garden

Oct-06

Jacksonville, FL


1984



144



4,902



10,562



629



5,039



11,054



16,093



(524
)


15,569



9,690Castle Court

High Rise

May-04

Bristol, MA


1974



240



15,239



7,850



3,334



15,244



11,179



26,423



(2,071
)


24,352



10,319Cedar Rim

Garden

Apr-00

New Castle, WA


1980



104



722



5,205



13,075



722



18,280



19,002



(3,016
)


15,986



4,124Center Square

High Rise

Oct-99

Doylestown, PA


1975



350



582



4,190



2,504



582



6,694



7,276



(2,423
)


4,853



8,378Central Park Townhomes

Town Home

Feb-07

Park Forest,  IL


1947



220



3,699



12,384



1,212



3,747



13,548



17,295



(409
)


16,886



Charleston Landing

Garden

Sep-00

Brandon, FL


1985



300



7,488



8,656



6,839



7,488



15,495



22,983



(3,147
)


19,836



10,750Chatham Harbor

Garden

Oct-99

Altamonte Springs, FL


1985



324



2,288



13,068



2,927



2,288



15,995



18,283



(4,576
)


13,707



7,694Chelsea Ridge Apartments

Garden

Apr-01

Wappingers Falls, NY


1966



835



10,403



33,000



34,601



10,403



67,601



78,004



(20,927
)


57,077



33,476Chesapeake Landing I

Garden

Sep-00

Aurora, IL


1986



416



15,800



16,875



3,652



15,800



20,527



36,327



(5,900
)


30,427



24,949Chesapeake Landing II

Garden

Mar-01

Aurora, IL


1987



184



1,969



7,980



2,710



1,969



10,690



12,659



(3,658
)


9,001



6,348Chestnut Hall

High Rise

Oct-06

Philadelphia,  PA


1923



315



6,911



20,296



2,341



7,202



22,346



29,548



(2,834
)


26,714



13,480Chestnut Hill (CT)

Garden

Oct-99

Middletown, CT


1986



314



3,001



20,143



2,318



3,001



22,461



25,462



(7,198
)


18,264



16,070Chestnut Hill (PA)

Garden

Apr-00

Philadelphia, PA


1963



821



6,463



49,315



31,651



6,463



80,966



87,429



(24,126
)


63,303



51,500Cheswick

Garden

Jun-04

Indianapolis, IN


1976



187



873



5,854



945



873



6,799



7,672



(3,111
)


4,561



4,500Chimney Top

Garden

Oct-02

Antioch, TN


1985



362



2,430



10,818



1,918



2,430



12,736



15,166



(2,915
)


12,251



7,464Chimneys of Cradle Rock

Garden

Jun-04

Columbia, MD


1979



198



2,234



8,107



34



2,040



8,335



10,375



(1,527
)


8,848



17,183Citadel Village

Garden

Jul-00

Colorado Springs, CO


1974



122



915



6,705



1,687



915



8,392



9,307



(3,182
)


6,125



3,710Citrus Grove

Garden

Jun-98

Redlands, CA


1985



198



1,118



6,642



1,955



1,118



8,597



9,715



(3,246
)


6,469



3,726Colonnade Gardens (Ferntree)

Garden

Oct-97

Phoenix, AZ


1973



196



766



4,346



2,596



766



6,942



7,708



(2,685
)


5,023



1,916Colony at El Conquistador, The

Garden

Jun-98

Bradenton, FL


1986



166



1,121



6,360



2,216



1,121



8,576



9,697



(2,786
)


6,911



2,611Colony at Kenilworth

Garden

Oct-99

Towson, MD


1966



383



2,234



19,144



6,549



2,234



25,693



27,927



(12,324
)


15,603



25,014Columbus Avenue

Mid Rise

Sep-03

New York, NY


1880



59



35,489



9,499



2,331



35,544



11,775



47,319



(2,812
)


44,507



18,660Coopers Point

Garden

Oct-02

North Charleston, SC


1986



192



697



7,234



1,212



697



8,446



9,143



(3,512
)


5,631



7,521Copper Mill Apartments

Garden

Oct-02

Richmond, VA


1987



192



1,002



8,634



2,518



1,002



11,152



12,154



(4,058
)


8,096



10,324Copperfield Apartments I & II

Garden

Nov-96

Houston, TX


1983



196



940



7,900



1,616



940



9,516



10,456



(3,025
)


7,431



3,561Country Club West

Garden

May-98

Greeley, CO


1986



288



2,848



16,160



5,253



2,848



21,413



24,261



(7,309
)


16,952



15,000Country Lakes I

Garden

Apr-01

Naperville, IL


1982



240



8,512



10,832



2,115



8,512



12,947



21,459



(3,963
)


17,496



14,902Country Lakes II

Garden

May-97

Naperville, IL


1986



400



5,165



29,430



3,596



5,165



33,026



38,191



(11,568
)


26,623



25,535Courtney Park

Garden

May-98

Fort Collins, CO


1986



248



2,727



15,459



4,274



2,727



19,733



22,460



(6,730
)


15,730



14,600Coventry Square Apartments

Garden

Nov-96

Houston, TX


1983



270



700



5,072



3,461



700



8,533



9,233



(2,774
)


6,459



3,736Covington Pointe

Garden

Oct-05

Dallas, TX


1984



180



1,983



11,730



585



1,983



12,315



14,298



(5,683
)


8,615



5,037Creekside

Garden

Jan-00

Denver, CO


1974



328



1,708



13,729



2,351



1,724



16,064



17,788



(6,345
)


11,443



5,600Creekside (CA)

Garden

Mar-02

Simi Valley, CA


1985



397



24,595



18,818



4,855



25,245



23,023



48,268



(5,832
)


42,436



35,036Crossings Of Bellevue

Garden

May-98

Nashville, TN


1985



300



2,588



14,954



2,995



2,588



17,949



20,537



(7,026
)


13,511



6,390Crossroads

Garden

May-98

Phoenix, AZ


1982



316



2,180



12,661



2,707



2,180



15,368



17,548



(6,681
)


10,867



5,195Crosswood

Garden

Jan-06

Citrus Heights, CA


1976



180



6,944



8,169







6,944



8,169



15,113



(135
)


14,978



13,000Crows Nest Condominiums

Garden

Nov-96

League City, TX


1984



176



939



5,831



1,899



939



7,730



8,669



(2,488
)


6,181



1,955Cypress Landing

Garden

Dec-96

Savannah, GA


1984



200



1,083



5,696



2,650



1,083



8,346



9,429



(3,192
)


6,237



4,082Deer Creek

Garden

Apr-00

Plainsboro, NJ


1975



288



2,215



16,805



3,943



2,215



20,748



22,963



(8,253
)


14,710



23,503Deercross

Garden

Oct-02

Blue Ash, OH


1985



336



4,854



13,191



1,266



4,854



14,457



19,311



(6,364
)


12,947



13,000  F-50




---



##### Table of Contents



(2)


(3)


December 31, 2007(1)









Initial Cost


Cost Capitalized











Accumulated


Total CostProperty

Date



Year


Number





Buildings and


Subsequent to





Buildings and





Depreciation


Net ofProperty Name

Type

Consolidated

Location

Built


of Units


Land


Improvements


Acquisition


Land


Improvements


Total


(AD)


AD


EncumbrancesDeercross (IN)

Garden

Oct-00

Indianapolis, IN


1979



372



3,175



10,426



4,349



3,175



14,775



17,950



(5,192
)


12,758



10,700Defoors Crossing

Garden

Jan-06

Atlanta, GA


1987



60



348



697



176



348



873



1,221



(873
)


348



Doral Oaks

Garden

Dec-97

Temple Terrace, FL


1967



252



2,095



3,943



12,191



2,095



16,134



18,229



(6,019
)


12,210



4,139Douglaston Villas and Townhomes

Garden

Aug-99

Altamonte Springs, FL


1979



234



1,666



9,353



2,926



1,666



12,279



13,945



(4,541
)


9,404



10,744Dunes Apartment Homes, The

Garden

Oct-99

Indian Harbor, FL


1963



200



1,215



5,828



1,950



1,215



7,778



8,993



(3,990
)


5,003



3,317Eagles Nest

Garden

May-98

San Antonio, TX


1973



226



1,053



5,981



1,872



1,053



7,853



8,906



(4,153
)


4,753



3,525Easton Village Condominiums I & II

Garden

Nov-96

Houston, TX


1983



146



1,070



9,790



1,112



906



11,066



11,972



(4,148
)


7,824



2,969Elm Creek

Mid Rise

Dec-97

Elmhurst, IL


1986



372



5,534



30,830



15,188



5,534



46,018



51,552



(12,761
)


38,791



30,761Evanston Place

High Rise

Dec-97

Evanston, IL


1988



189



3,232



25,546



2,549



3,232



28,095



31,327



(8,137
)


23,190



21,700Fairlane East

Garden

Jan-01

Dearborn, MI


1973



244



6,452



11,156



4,548



6,452



15,704



22,156



(6,426
)


15,730



9,666Fairway

Garden

Jan-00

Plano, TX


1978



256



3,053



5,057



4,313



3,053



9,370



12,423



(4,220
)


8,203



5,263Farmingdale

Mid Rise

Oct-00

Darien, IL


1975



240



11,763



15,174



8,980



11,763



24,154



35,917



(5,407
)


30,510



18,423Ferntree

Garden

Mar-01

Phoenix, AZ


1968



219



2,078



13,752



2,407



2,079



16,158



18,237



(4,477
)


13,760



3,950Fieldcrest (FL)

Garden

Oct-98

Jacksonville, FL


1982



240



1,331



7,617



3,219



1,331



10,836



12,167



(3,718
)


8,449



8,722Fishermans Landing

Garden

Sep-98

Temple Terrace, FL


1986



256



1,643



9,446



3,289



1,643



12,735



14,378



(4,423
)


9,955



12,122Fishermans Landing

Garden

Dec-97

Bradenton, FL


1984



200



1,276



7,170



4,325



1,276



11,495



12,771



(3,627
)


9,144



8,060Fishermans Village

Garden

Jan-06

Indianapolis, IN


1982



328



920



11,173



607



920



11,780



12,700



(5,965
)


6,735



6,350Fishermans Wharf Apartments

Garden

Nov-96

Clute, TX


1981



360



1,257



7,584



3,871



1,257



11,455



12,712



(4,638
)


8,074



2,374Flamingo Towers

High Rise

Sep-97

Miami,  FL


1960/2005



1,127



32,191



38,399



217,631



32,239



255,982



288,221



(63,295
)


224,926



157,999Foothill Place

Garden

Jul-00

Salt Lake City, UT


1973



450



3,831



21,624



6,584



3,831



28,208



32,039



(10,209
)


21,830



17,063Forestlake Apartments

Garden

Mar-07

Daytona Beach,  FL


1982



120



3,691



4,320



303



3,860



4,454



8,314



(137
)


8,177



4,876Four Quarters Habitat

Garden

Jan-06

Miami, FL


1976



336



1,649



19,826



9,578



1,649



29,404



31,053



(11,910
)


19,143



12,892Fox Run (NJ)

Garden

Jan-00

Plainsboro, NJ


1973



776



7,736



52,085



13,717



7,729



65,809



73,538



(20,201
)


53,337



28,879Foxchase

Garden

Dec-97

Alexandria, VA


1947



2,113



15,419



96,062



24,605



15,496



120,590



136,086



(44,939
)


91,147



191,648Frankford Place

Garden

Jul-94

Carrollton, TX


1982



274



1,125



6,083



4,084



1,125



10,167



11,292



(3,754
)


7,538



4,199Franklin Oaks

Garden

May-98

Franklin, TN


1987



468



3,936



22,832



8,313



3,936



31,145



35,081



(11,219
)


23,862



13,255Freedom Place Club

Garden

Oct-97

Jacksonville, FL


1988



352



2,289



12,982



2,649



2,289



15,631



17,920



(5,886
)


12,034



4,701Georgetown (MA)

Garden

Aug-02

Framingham, MA


1964



207



12,351



13,168



1,220



12,351



14,388



26,739



(3,335
)


23,404



14,071Glenbridge Manors

Garden

Sep-03

Cincinnati, OH


1978



290



1,019



17,595



11,987



1,019



29,582



30,601



(4,886
)


25,715



19,749Glenwood

Mid Rise

Jan-06

Jackson, MI


1978



144



567



5,511



463



567



5,974



6,541



(3,697
)


2,844



1,741Governors Park (CO)

Garden

Jan-00

Ft. Collins, CO


1982



188



1,116



9,089



1,606



1,116



10,695



11,811



(4,425
)


7,386



8,204Granada

Mid Rise

Aug-02

Framingham, MA


1958



72



4,577



4,058



810



4,577



4,868



9,445



(1,452
)


7,993



4,707Grand Pointe

Garden

Dec-99

Columbia, MD


1974



325



2,715



16,771



4,250



2,715



21,021



23,736



(6,202
)


17,534



17,532Greens (AZ)

Garden

Jul-94

Chandler, AZ


2000



324



2,303



713



26,883



2,303



27,596



29,899



(8,015
)


21,884



14,219Greenspoint Apartments

Garden

Jan-00

Phoenix, AZ


1985



336



2,129



13,593



10,280



2,129



23,873



26,002



(7,230
)


18,772



13,436Greentree

Garden

Dec-96

Carrollton, TX


1983



365



1,822



9,557



5,003



1,821



14,561



16,382



(5,640
)


10,742



7,666Hampden Heights

Garden

Jan-00

Denver, CO


1973



376



1,989



13,943



3,676



2,005



17,603



19,608



(7,029
)


12,579



6,203Harbor Town at Jacaranda

Garden

Sep-00

Plantation, FL


1988



280



9,776



10,643



5,483



9,776



16,126



25,902



(3,752
)


22,150



11,800Harbour, The

Garden

Mar-01

Melbourne, FL


1987



162



4,108



3,563



2,372



4,108



5,935



10,043



(2,146
)


7,897



Heather Ridge (TX)

Garden

Dec-00

Arlington, TX


1982



180



785



4,900



977



785



5,877



6,662



(2,788
)


3,874



2,974Heritage Park at Alta Loma

Garden

Jan-01

Alta Loma, CA


1986



232



1,200



6,428



2,858



1,200



9,286



10,486



(2,713
)


7,773



7,264Heritage Park Escondido

Garden

Oct-00

Escondido, CA


1986



196



1,022



7,384



768



1,022



8,152



9,174



(3,445
)


5,729



7,299Heritage Park Livermore

Garden

Oct-00

Livermore, CA


1988



167



828



8,973



1,026



828



9,999



10,827



(3,139
)


7,688



7,432Heritage Park Montclair

Garden

Mar-01

Montclair, CA


1985



144



690



4,149



740



690



4,889



5,579



(1,384
)


4,195



4,620Heritage Village Anaheim

Garden

Oct-00

Anaheim, CA


1986



196



1,793



8,312



1,272



1,793



9,584



11,377



(3,972
)


7,405



8,858Hibben Ferry I

Garden

Apr-00

Mt. Pleasant, SC


1983



240



1,460



8,886



10,600



1,460



19,486



20,946



(4,773
)


16,173



9,217Hidden Cove (CA)

Garden

Jul-98

Escondido, CA


1985



334



3,043



17,615



5,572



3,043



23,187



26,230



(7,948
)


18,282



15,715Hidden Cove II

Garden

Jul-07

Escondido, CA


1986



118



12,730



6,530



2,691



12,849



9,102



21,951



(104
)


21,847



12,974Hidden Harbour

Garden

Oct-02

Melbourne, FL


1985



216



984



8,050



1,609



984



9,659



10,643



(2,408
)


8,235



5,942Hiddentree

Garden

Oct-97

East Lansing, MI


1966



261



1,470



8,340



3,005



1,470



11,345



12,815



(4,457
)


8,358



2,976Highcrest Townhomes

Town Home

Jan-03

Woodridge, IL


1968



176



3,150



12,953



949



3,150



13,902



17,052



(4,500
)


12,552



11,153Highland Park

Garden

Dec-96

Fort Worth, TX


1985



500



6,248



9,246



8,906



6,248



18,152



24,400



(6,238
)


18,162



9,045Highland Ridge

Garden

Sep-04

Atlanta, GA


1984



219



1,339



6,676



4,673



1,355



11,333



12,688



(3,169
)


9,519



6,100Hillcreste (CA)

Garden

Mar-02

Los Angeles, CA


1989



315



33,755



47,216



22,751



35,862



67,860



103,722



(12,020
)


91,702



58,936Hillmeade

Garden

Nov-94

Nashville, TN


1985



288



2,872



16,069



11,562



2,872



27,631



30,503



(14,829
)


15,674



18,929Hills at the Arboretum, The

Garden

Oct-97

Austin, TX


1983



327



1,367



7,764



12,896



1,367



20,660



22,027



(6,077
)


15,950



13,011Homestead

Garden

Apr-05

EAST LANSING, MI


1986



168



643



7,479



454



644



7,932



8,576



(2,813
)


5,763



3,714Horizons West Apartments

Mid Rise

Dec-06

Pacifica,  CA


1970



78



8,763



6,376



575



8,887



6,827



15,714



(388
)


15,326



5,602Hudson Harbour

Garden

Apr-07

Poughkeepsie, NY


1980



352



18,172



19,244



526



18,247



19,695



37,942



(636
)


37,306



24,437Hunt Club (MD)

Garden

Sep-00

Gaithersburg, MD


1986



336



17,859



13,149



3,048



17,859



16,197



34,056



(4,942
)


29,114



17,885Hunt Club (PA)

Garden

Sep-00

North Wales, PA


1986



320



17,122



13,653



2,983



17,122



16,636



33,758



(6,348
)


27,410



30,500Hunt Club (TX)

Garden

Mar-01

Austin, TX


1987



384



10,342



11,920



5,256



10,342



17,176



27,518



(6,527
)


20,991



19,936Hunt Club I

Garden

Oct-00

Ypsilanti, MI


1988



296



2,498



8,872



3,936



2,498



12,808



15,306



(4,704
)


10,602



8,853  F-51




---



##### Table of Contents



(2)


(3)


December 31, 2007(1)









Initial Cost


Cost Capitalized











Accumulated


Total CostProperty

Date



Year


Number





Buildings and


Subsequent to





Buildings and





Depreciation


Net ofProperty Name

Type

Consolidated

Location

Built


of Units


Land


Improvements


Acquisition


Land


Improvements


Total


(AD)


AD


EncumbrancesHunt Club II

Garden

Mar-01

Ypsilanti, MI


1988



144



1,628



6,049



2,111



1,628



8,160



9,788



(3,001
)


6,787



4,882Hunters Chase

Garden

Jan-01

Midlothian, VA


1985



320



7,639



8,668



2,696



7,639



11,364



19,003



(2,791
)


16,212



16,838Hunters Crossing (VA)

Garden

Apr-01

Leesburg, VA


1967



164



2,244



7,763



3,091



2,244



10,854



13,098



(4,373
)


8,725



7,000Hunters Glen

Garden

Apr-98

Austell, GA


1983



72



301



1,731



578



301



2,309



2,610



(894
)


1,716



476Hunters Glen IV

Garden

Oct-99

Plainsboro, NJ


1976



264



2,235



14,857



4,120



2,235



18,977



21,212



(7,771
)


13,441



20,792Hunters Glen V

Garden

Oct-99

Plainsboro, NJ


1977



304



2,700



17,864



4,279



2,700



22,143



24,843



(9,143
)


15,700



24,790Hunters Glen VI

Garden

Oct-99

Plainsboro, NJ


1977



328



2,401



15,892



5,171



2,401



21,063



23,464



(9,361
)


14,103



25,802Huntington Athletic Club

Garden

Oct-99

Morrisville, NC


1986



212



1,650



11,265



3,160



1,650



14,425



16,075



(6,520
)


9,555



5,855Hyde Park Tower

High Rise

Oct-04

Chicago, IL


1990



155



4,683



14,928



1,654



4,731



16,534



21,265



(1,514
)


19,751



13,344Independence Green

Garden

Jan-06

Farmington Hills, MI


1960



981



6,553



41,126



18,494



6,417



59,756



66,173



(23,658
)


42,515



30,704Indian Oaks

Garden

Mar-02

Simi Valley, CA


1986



254



23,927



15,801



2,964



24,523



18,169



42,692



(4,280
)


38,412



26,580Island Club

Garden

Oct-02

Columbus, OH


1984



308



1,724



9,458



1,495



1,724



10,953



12,677



(2,339
)


10,338



10,000Island Club (Beville)

Garden

Oct-00

Daytona Beach, FL


1986



204



6,086



8,571



1,511



6,087



10,081



16,168



(3,140
)


13,028



8,440Island Club (CA)

Garden

Oct-00

Oceanside, CA


1986



592



18,027



28,654



7,951



18,027



36,605



54,632



(10,983
)


43,649



37,664Island Club (MD)

Garden

Mar-01

Columbia, MD


1986



176



2,351



14,590



1,817



2,351



16,407



18,758



(4,137
)


14,621



11,081Island Club (Palm Aire)

Garden

Oct-00

Pomano Beach, FL


1988



260



7,615



7,652



7,004



8,336



13,935



22,271



(3,493
)


18,778



11,835Islandtree

Garden

Oct-97

Savannah, GA


1985



216



1,267



7,191



1,890



1,267



9,081



10,348



(3,568
)


6,780



2,841Key Towers

High Rise

Apr-01

Alexandria, VA


1964



140



1,526



7,050



3,035



1,526



10,085



11,611



(3,449
)


8,162



10,900Kings Crossing

Garden

Jul-02

Columbia, MD


1983



168



2,948



6,535



873



2,963



7,393



10,356



(1,006
)


9,350



14,233Knolls, The

Garden

Jul-02

Colorado Springs, CO


1972



262



3,168



14,824



10,159



3,168



24,983



28,151



(10,290
)


17,861



7,994La Jolla de Tucson

Garden

May-98

Tucson, AZ


1978



223



1,342



7,816



1,678



1,342



9,494



10,836



(4,210
)


6,626



4,183Lake Castleton

Garden

May-99

Indianapolis, IN


1997



1,261



5,183



29,611



10,634



5,183



40,245



45,428



(14,343
)


31,085



28,746Lake Johnson Mews

Garden

Oct-99

Raleigh, NC


1972



201



1,234



9,231



4,756



1,234



13,987



15,221



(6,139
)


9,082



5,843Lakehaven I

Garden

Dec-97

Carol Stream, IL


1984



144



1,652



3,849



973



1,652



4,822



6,474



(3,517
)


2,957



5,118Lakehaven II

Garden

Dec-97

Carol Stream, IL


1985



348



2,822



16,128



2,331



2,822



18,459



21,281



(8,180
)


13,101



12,877Lakes, The

Garden

Jan-00

Raleigh, NC


1972



600



2,790



18,297



4,854



2,790



23,151



25,941



(11,767
)


14,174



15,700Lakeside (IL)

Garden

Oct-99

Lisle, IL


1972



568



4,066



29,778



22,034



4,066



51,812



55,878



(13,645
)


42,233



29,825Lakeside North at Carrollwood

Garden

Sep-00

Tampa, FL


1984



168



3,118



5,358



1,784



3,118



7,142



10,260



(2,227
)


8,033



5,885Lakeside Place

Garden

Oct-99

Houston, TX


1976



734



4,721



35,482



6,697



4,721



42,179



46,900



(18,198
)


28,702



18,682Lakewood

Garden

Jul-02

Tomball, TX


1979



256



801



8,328



1,987



801



10,315



11,116



(4,408
)


6,708



4,429Lamplighter Park

Garden

Apr-00

Bellevue, WA


1967



174



1,913



8,132



3,368



1,913



11,500



13,413



(4,092
)


9,321



10,816Landmark

Garden

Apr-00

Raleigh, NC


1970



292



1,669



13,314



2,774



1,669



16,088



17,757



(7,546
)


10,211



8,535Las Brisas (TX)

Garden

Dec-95

San Antonio, TX


1983



176



1,082



5,214



1,731



1,082



6,945



8,027



(2,818
)


5,209



3,181Latrobe

High Rise

Jan-03

Washington, DC


1980



176



1,305



11,257



10,587



1,305



21,844



23,149



(6,600
)


16,549



22,538Laurel Hills Preserve

Garden

May-98

Marietta, GA


1987



720



6,568



37,283



15,291



6,568



52,574



59,142



(18,681
)


40,461



30,000Lazy Hollow

Garden

Apr-05

Columbia, MD


1979



178



1,314



14,591



549



1,314



15,140



16,454



(4,115
)


12,339



8,597Leahy Square

Garden

Apr-07

Redwood City,  CA


1973



110



15,352



7,909



805



15,444



8,622



24,066



(9
)


24,057



15,250Lebanon Station

Garden

Oct-99

Columbus, OH


1974



387



1,694



9,569



2,758



1,694



12,327



14,021



(4,820
)


9,201



Lewis Park

Garden

Jan-06

Carbondale, IL


1972



269



747



12,864



1,201



744



14,068



14,812



(7,780
)


7,032



4,411Lexington

Garden

Jul-94

San Antonio, TX


1981



72



312



1,688



852



312



2,540



2,852



(1,135
)


1,717



Lighthouse at Twin Lakes I

Garden

Apr-00

Beltsville, MD


1969



479



2,518



17,396



6,348



2,518



23,744



26,262



(5,899
)


20,363



40,000Lighthouse at Twin Lakes II

Garden

Apr-00

Beltsville, MD


1971



113



695



4,841



933



695



5,774



6,469



(1,586
)


4,883



Lighthouse at Twin Lakes III

Garden

Apr-00

Beltsville, MD


1978



107



482



3,299



354



482



3,653



4,135



(832
)


3,303



Lincoln Place Garden

Garden

Oct-04

Venice, CA


1951



755



129,417



10,439



50,807



128,332



62,331



190,663



(1,356
)


189,307



72,500Loft, The

Garden

Oct-99

Raleigh, NC


1974



184



1,989



11,714



1,864



1,989



13,578



15,567



(5,925
)


9,642



4,443Los Arboles

Garden

Sep-97

Chandler, AZ


1985



232



1,662



9,504



2,857



1,662



12,361



14,023



(4,744
)


9,279



5,194Malibu Canyon

Garden

Mar-02

Calabasas, CA


1986



698



66,257



53,438



26,368



69,834



76,229



146,063



(20,021
)


126,042



64,162Maple Bay

Garden

Dec-99

Virginia Beach, VA


1971



414



2,598



16,141



18,205



2,598



34,346



36,944



(7,616
)


29,328



34,306Mariners Cove

Garden

Mar-02

San Diego, CA


1984



500







66,861



5,690



1,000



71,551



72,551



(13,355
)


59,196



7,464Mariners Cove

Garden

Mar-00

Virginia Beach, VA


1974



458



1,517



10,034



16,233



1,517



26,267



27,784



(8,218
)


19,566



10,608Meadow Creek

Garden

Jul-94

Boulder, CO


1972



332



1,435



24,532



5,894



1,435



30,426



31,861



(10,739
)


21,122



4,788Meadows

Garden

Dec-00

Austin, TX


1983



100



580



3,667



638



580



4,305



4,885



(2,091
)


2,794



2,139Merrill House

High Rise

Jan-00

Fairfax, VA


1962



159



1,836



10,831



2,959



1,836



13,790



15,626



(3,320
)


12,306



6,321Mesa Ridge

Garden

May-98

San Antonio, TX


1986



200



1,210



6,863



1,395



1,210



8,258



9,468



(3,175
)


6,293



3,765Michigan Apartments

Garden

Dec-99

Indianapolis, IN


1965



184



516



2,783



697



516



3,480



3,996



(1,874
)


2,122



853Montecito

Garden

Jul-94

Austin, TX


1985



268



1,268



6,896



4,540



1,268



11,436



12,704



(5,261
)


7,443



4,142Mountain Run

Garden

Dec-97

Arvada, CO


1974



96



685



2,614



2,934



685



5,548



6,233



(2,212
)


4,021



2,720Mountain View

Garden

May-98

Colorado Springs, CO


1985



252



2,546



14,841



2,336



2,546



17,177



19,723



(6,470
)


13,253



6,692Mountain View (CA)

Garden

Jan-06

San Dimas, CA


1978



168



8,500



16,656







8,500



16,656



25,156



(351
)


24,805



23,300Newport

Garden

Jul-94

Avondale, AZ


1986



204



800



4,354



2,925



800



7,279



8,079



(3,251
)


4,828



3,461Northwoods

Garden

Oct-02

Worthington, OH


1983



280



2,667



9,260



1,687



2,664



10,950



13,614



(2,212
)


11,402



8,014Northwoods (CT)

Garden

Mar-01

Middletown, CT


1987



336



16,080



14,435



2,428



16,080



16,863



32,943



(4,804
)


28,139



35,496Oak Falls Condominiums

Garden

Nov-96

Spring, TX


1983



144



1,017



5,420



2,000



1,017



7,420



8,437



(2,161
)


6,276



3,667  F-52




---



##### Table of Contents



(2)


(3)


December 31, 2007(1)









Initial Cost


Cost Capitalized











Accumulated


Total CostProperty

Date



Year


Number





Buildings and


Subsequent to





Buildings and





Depreciation


Net ofProperty Name

Type

Consolidated

Location

Built


of Units


Land


Improvements


Acquisition


Land


Improvements


Total


(AD)


AD


EncumbrancesOak Forest

Garden

Oct-02

Arlington, TX


1983



204



1,020



5,888



1,670



1,020



7,558



8,578



(3,341
)


5,237



3,720Oak Park Village I

Garden

Oct-00

Lansing, MI


1973



618



10,048



16,771



6,286



10,048



23,057



33,105



(10,203
)


22,902



23,487Ocean Oaks

Garden

May-98

Port Orange, FL


1988



296



2,132



12,855



2,839



2,132



15,694



17,826



(5,207
)


12,619



10,295Ocean View Apartment

Garden

Oct-06

Pacifica, CA


1963



63



7,975



4,131



565



8,108



4,563



12,671



(218
)


12,453



6,619Oceanfront

Garden

Nov-96

Galveston, TX


1985



102



513



3,045



5,350



513



8,395



8,908



(2,300
)


6,608



1,462One Lytle Place

High Rise

Jan-00

Cincinnati ,OH


1980



231



2,662



21,800



11,090



2,662



32,890



35,552



(8,030
)


27,522



15,450Pacific Bay Vistas

Garden

Mar-01

San Bruno, CA


1987



308



3,703



62,460



19,617



27,807



57,973



85,780



(55,441
)


30,339



25,799Pacifica Park

Garden

Jul-06

Pacifica, CA


1977



104



12,770



6,579



3,064



12,970



9,443



22,413



(611
)


21,802



11,637Palazzo at Park La Brea

Mid Rise

Feb-04

Los Angeles, CA


2002



521



47,822



125,464



6,616



48,342



131,560



179,902



(18,940
)


160,962



112,229Palazzo East at Park La Brea

Mid Rise

Mar-05

Los Angeles, CA


2005



611



61,004



136,503



18,448



72,555



143,400



215,955



(14,897
)


201,058



149,999Palencia

Garden

May-98

Tampa, FL


1985



420



2,804



16,262



9,534



2,804



25,796



28,600



(9,221
)


19,379



11,829Palm Lake

Garden

Oct-99

Tampa ,FL


1972



150



917



5,452



2,609



917



8,061



8,978



(4,078
)


4,900



2,419Paradise Palms

Garden

Jul-94

Phoenix, AZ


1985



129



647



3,515



6,235



647



9,750



10,397



(3,792
)


6,605



1,651Park at Cedar Lawn, The

Garden

Nov-96

Galveston, TX


1985



192



1,025



6,162



2,247



1,025



8,409



9,434



(2,876
)


6,558



3,960Park at Deerbrook

Garden

Oct-99

Humble, TX


1984



100



175



522



404



175



926



1,101



(918
)


183



2,073Park Capitol

Garden

Apr-00

Salt Lake City, UT


1972



135



694



5,006



2,245



694



7,251



7,945



(2,903
)


5,042



4,771Park Towne

High Rise

Apr-00

Philadelphia, PA


1959



973



10,451



47,301



35,475



10,451



82,776



93,227



(14,522
)


78,705



87,000Parktown Townhouses

Garden

Oct-99

Deer Park, TX


1968



309



1,604



11,902



7,330



1,604



19,232



20,836



(5,673
)


15,163



6,235Parkway (VA)

Garden

Mar-00

Willamsburg, VA


1971



148



386



2,834



1,947



386



4,781



5,167



(2,683
)


2,484



9,537Pathfinder Village

Garden

Jan-06

Fremont, CA


1973



246



19,595



14,838







19,595



14,838



34,433



(195
)


34,238



23,800Peachtree Park

Garden

Jan-96

Atlanta, GA


1962/1995



303



4,683



11,713



9,411



4,683



21,124



25,807



(7,779
)


18,028



10,104Peakview Place

Garden

Jan-00

Englewood, CO


1975



296



2,000



19,892



4,088



2,000



23,980



25,980



(11,812
)


14,168



12,968Pebble Point

Garden

Oct-02

Indianapolis, IN


1980



220



1,790



6,883



1,368



1,790



8,251



10,041



(3,472
)


6,569



5,430Peppermill Place Apartments

Garden

Nov-96

Houston, TX


1983



224



844



5,169



2,127



844



7,296



8,140



(2,192
)


5,948



3,701Peppertree

Garden

Mar-02

Cypress, CA


1971



136



7,835



5,224



1,768



8,030



6,797



14,827



(2,021
)


12,806



6,006Pine Lake Terrace

Garden

Mar-02

Garden Grove, CA


1971



111



3,975



6,035



1,587



4,125



7,472



11,597



(1,765
)


9,832



4,246Pine Shadows

Garden

May-98

Phoenix, AZ


1983



272



2,095



11,899



3,329



2,095



15,228



17,323



(5,785
)


11,538



7,500Pines, The

Garden

Oct-98

Palm Bay, FL


1984



216



603



3,318



2,125



603



5,443



6,046



(1,927
)


4,119



2,010Plantation Crossing

Garden

Jan-00

Marietta, GA


1979



180



1,052



8,898



2,326



1,052



11,224



12,276



(4,973
)


7,303



3,799Plantation Gardens

Garden

Oct-99

Plantation ,FL


1971



372



3,811



19,469



4,339



3,810



23,809



27,619



(8,950
)


18,669



24,766Pointe At Stone Canyon, The

Garden

Jan-06

Dallas, TX


1978



164



747



4,532



1,527



747



6,059



6,806



(3,185
)


3,621



2,555Post Ridge

Garden

Jul-00

Nashville, TN


1972



150



1,024



7,810



1,729



1,024



9,539



10,563



(3,710
)


6,853



6,191Presidential House

Mid Rise

Sep-05

N. MIAMI BEACH, FL


1963



203



1,379



10,635



1,266



1,379



11,901



13,280



(4,690
)


8,590



10,159Preston Creek

Garden

Oct-99

Dallas, TX


1979



228



1,579



8,835



4,951



1,579



13,786



15,365



(6,491
)


8,874



4,566Quail Ridge

Garden

May-98

Tucson, AZ


1974



253



1,559



9,173



2,794



1,559



11,967



13,526



(5,069
)


8,457



4,720Quail Run

Garden

Oct-99

Zionsville, IN


1972



166



1,222



6,803



1,361



1,222



8,164



9,386



(3,290
)


6,096



4,738Ramblewood Apartments (MI)

Garden

Dec-99

Grand Rapids, MI


1973



1,698



9,500



61,769



14,509



9,500



76,278



85,778



(23,843
)


61,935



29,291Raven Hill

Garden

Jan-01

Burnsville, MN


1971



304



4,869



10,612



3,006



4,869



13,618



18,487



(4,981
)


13,506



10,281Ravensworth Towers

High Rise

Jun-04

Annandale, VA


1974



219



2,082



18,536



1,779



2,082



20,315



22,397



(8,061
)


14,336



14,232Reflections

Garden

Apr-02

Indianapolis, IN


1970



582



1,111



17,717



11,344



1,111



29,061



30,172



(10,586
)


19,586



12,194Reflections (Casselberry)

Garden

Oct-02

Casselberry, FL


1984



336



3,052



11,607



3,212



3,052



14,819



17,871



(3,384
)


14,487



10,700Reflections (Virginia Beach)

Garden

Sep-00

Virginia Beach, VA


1987



480



15,988



13,684



4,394



15,988



18,078



34,066



(5,845
)


28,221



39,584Reflections (West Palm Beach)

Garden

Oct-00

West Palm Beach, FL


1986



300



5,504



9,984



3,403



5,504



13,387



18,891



(4,008
)


14,883



8,813Regency Oaks

Garden

Oct-99

Fern Park, FL


1965



343



1,833



10,000



7,238



1,833



17,238



19,071



(8,086
)


10,985



11,418Remington at Ponte Vedra Lakes

Garden

Dec-06

Ponte Vedra Beach, FL


1986



344



18,576



18,650



656



18,795



19,087



37,882



(903
)


36,979



25,000River Club

Garden

Apr-05

Edgewater, NJ


1998



266



30,578



30,638



1,240



30,579



31,877



62,456



(3,424
)


59,032



42,051River Reach

Garden

Sep-00

Naples, FL


1986



556



17,728



18,337



5,148



17,728



23,485



41,213



(7,573
)


33,640



38,277Riverbend Village

Garden

Jul-01

Arlington, TX


1983



201



893



4,128



2,435



893



6,563



7,456



(2,796
)


4,660



5,164Riverloft Apartments

High Rise

Oct-99

Philadelphia, PA


1910



184



2,120



11,287



30,259



2,120



41,546



43,666



(12,896
)


30,770



21,916Rivers Edge

Garden

Jul-00

Auburn, WA


1976



120



724



4,976



757



724



5,733



6,457



(2,289
)


4,168



3,191Riverside

Mid Rise

Jul-94

Littleton, CO


1987



248



1,956



8,427



4,110



1,956



12,537



14,493



(5,503
)


8,990



6,844Riverside Park

High Rise

Apr-00

Alexandria ,VA


1973



1,223



8,041



68,149



70,631



8,040



138,781



146,821



(35,162
)


111,659



80,490Riverwood (IN)

Garden

Oct-00

Indianapolis, IN


1978



120



1,032



3,424



1,373



1,032



4,797



5,829



(1,736
)


4,093



3,982Rosewood

Garden

Mar-02

Camarillo, CA


1976



152



12,128



8,060



2,452



12,430



10,210



22,640



(2,438
)


20,202



17,900Royal Crest Estates (Fall River)

Garden

Aug-02

Fall River, MA


1974



216



5,832



12,044



1,777



5,832



13,821



19,653



(4,373
)


15,280



13,035Royal Crest Estates (Marlboro)

Garden

Aug-02

Marlborough, MA


1970



473



25,178



28,786



2,443



25,178



31,229



56,407



(10,383
)


46,024



29,091Royal Crest Estates (Nashua)

Garden

Aug-02

Nashua, MA


1970



902



68,231



45,562



6,728



68,231



52,290



120,521



(16,189
)


104,332



55,351Royal Crest Estates (North Andover)

Garden

Aug-02

North Andover, MA


1970



588



51,292



36,808



8,137



51,292



44,945



96,237



(14,339
)


81,898



60,800Royal Crest Estates (Warwick)

Garden

Aug-02

Warwick, RI


1972



492



22,433



24,095



3,992



22,433



28,087



50,520



(8,714
)


41,806



38,000Royal Palms

Garden

Jul-94

Mesa, AZ


1985



152



832



4,569



7,689



832



12,258



13,090



(2,926
)


10,164



Runaway Bay

Garden

Jul-02

Pinellas Park, FL


1986



192



1,933



7,341



1,333



1,933



8,674



10,607



(1,924
)


8,683



9,289Runaway Bay (CA)

Garden

Oct-00

Antioch, CA


1986



280



12,503



10,499



4,294



12,503



14,793



27,296



(5,317
)


21,979



12,100Runaway Bay (FL)

Garden

Oct-00

Lantana, FL


1987



404



5,934



16,052



4,309



5,934



20,361



26,295



(5,762
)


20,533



21,564  F-53




---



##### Table of Contents



(2)


(3)


December 31, 2007(1)









Initial Cost


Cost Capitalized











Accumulated


Total CostProperty

Date



Year


Number





Buildings and


Subsequent to





Buildings and





Depreciation


Net ofProperty Name

Type

Consolidated

Location

Built


of Units


Land


Improvements


Acquisition


Land


Improvements


Total


(AD)


AD


EncumbrancesRunaway Bay (MI)

Garden

Oct-00

Lansing, MI


1987



288



2,106



6,559



3,142



2,106



9,701



11,807



(4,126
)


7,681



8,406Runaway Bay (Virginia Beach)

Garden

Nov-04

Virginia Beach, VA


1985



440



8,089



15,700



3,810



9,478



18,121



27,599



(2,856
)


24,743



17,457Runaway Bay II (OH)

Garden

Jan-06

Columbus, OH


1982



132



824



6,519



731



824



7,250



8,074



(2,800
)


5,274



5,525Runawaybay I

Garden

Sep-03

Columbus, OH


1982



304



2,086



11,561



2,237



2,081



13,803



15,884



(3,576
)


12,308



9,957Salem Park

Garden

Apr-00

Ft. Worth, TX


1984



168



837



4,109



2,432



837



6,541



7,378



(2,854
)


4,524



4,181Sand Castles Apartments

Garden

Oct-97

League City, TX


1987



138



978



5,542



2,311



978



7,853



8,831



(2,859
)


5,972



2,089Sandpiper Cove

Garden

Dec-97

Boynton Beach, FL


1987



416



3,511



21,396



5,826



3,511



27,222



30,733



(8,853
)


21,880



30,239Savannah Trace

Garden

Mar-01

Shaumburg, IL


1986



368



13,960



20,731



2,510



13,960



23,241



37,201



(6,615
)


30,586



22,971Sawgrass

Garden

Jul-97

Orlando, FL


1986



208



1,443



8,137



3,876



1,443



12,013



13,456



(4,206
)


9,250



2,191Scandia

Garden

Oct-00

Indianapolis, IN


1977



444



10,540



9,852



10,712



10,540



20,564



31,104



(7,364
)


23,740



19,450Scotch Pines East

Garden

Jul-00

Ft. Collins, CO


1977



102



460



4,880



633



460



5,513



5,973



(2,580
)


3,393



2,625Scotchollow

Garden

Jan-06

San Mateo, CA


1971



418



49,474



17,756







49,474



17,756



67,230



(110
)


67,120



49,000Scottsdale Gateway I

Garden

Oct-97

Tempe, AZ


1965



124



591



3,359



4,114



591



7,473



8,064



(2,434
)


5,630



5,800Scottsdale Gateway II

Garden

Oct-97

Tempe, AZ


1976



487



2,458



13,927



14,467



2,458



28,394



30,852



(9,420
)


21,432



5,996Shadow Creek (AZ)

Garden

May-98

Phoenix, AZ


1984



266



2,016



11,886



3,156



2,016



15,042



17,058



(6,247
)


10,811



5,150Shenandoah Crossing

Garden

Sep-00

Fairfax, VA


1984



640



18,492



57,197



6,533



18,492



63,730



82,222



(21,846
)


60,376



71,785Sienna Bay

Garden

Apr-00

St. Petersburg, FL


1984



276



1,481



8,716



9,596



1,481



18,312



19,793



(5,482
)


14,311



10,961Signal Pointe

Garden

Oct-99

Winter Park, FL


1971



368



1,317



11,706



6,617



1,317



18,323



19,640



(5,736
)


13,904



18,596Signature Point Apartments

Garden

Nov-96

League City, TX


1994



304



2,810



17,579



2,237



2,810



19,816



22,626



(5,512
)


17,114



7,487Silver Ridge

Garden

Oct-98

Maplewood, MN


1986



186



775



3,765



1,926



775



5,691



6,466



(2,326
)


4,140



4,525Snug Harbor

Garden

Dec-95

Las Vegas, NV


1991



64



751



2,859



1,888



751



4,747



5,498



(2,006
)


3,492



1,760Somerset Lakes

Garden

May-99

Indianapolis, IN


1974



360



3,436



19,668



4,798



3,436



24,466



27,902



(7,840
)


20,062



18,413Somerset Village

Garden

May-96

West Valley City, UT


1985



486



4,315



16,727



11,622



4,315



28,349



32,664



(9,512
)


23,152



8,726South Willow

Garden

Jul-94

West Jordan, UT


1987



440



2,224



12,075



5,571



2,224



17,646



19,870



(7,722
)


12,148



15,500Southridge

Garden

Dec-00

Greenville, TX


1984



160



695



4,416



2,074



695



6,490



7,185



(3,924
)


3,261



2,996Springhill Lake

Garden

Apr-00

Greenbelt, MD


1969



2,877



13,595



94,916



47,134



14,541



141,104



155,645



(45,736
)


109,909



138,070Springhouse (KY)

Garden

Mar-04

Lexington, KY


1986



224



1,964



6,180



676



1,964



6,856



8,820



(1,875
)


6,945



7,150Springhouse (SC)

Garden

Oct-02

North Charleston, SC


1986



248



3,488



10,331



1,057



3,488



11,388



14,876



(3,015
)


11,861



8,600Springhouse at Newport

Garden

Jul-02

Newport News, VA


1986



432



9,479



11,425



2,739



9,479



14,164



23,643



(2,690
)


20,953



16,600Springwoods at Lake Ridge

Garden

Jul-02

Lake Ridge, VA


1984



180



5,587



7,284



786



5,587



8,070



13,657



(1,151
)


12,506



14,967Spyglass

Garden

Oct-02

Indianapolis, IN


1979



120



971



3,985



1,014



971



4,999



5,970



(1,662
)


4,308



2,606Spyglass at Cedar Cove

Garden

Sep-00

Lexington Park, MD


1985



152



3,241



5,094



2,291



3,241



7,385



10,626



(2,536
)


8,090



4,122Stafford

High Rise

Oct-02

Baltimore, MD


1889



96



706



4,032



2,768



562



6,944



7,506



(1,989
)


5,517



Steeplechase

Garden

Oct-00

Williamsburg, VA


1986



220



7,601



8,029



5,691



7,601



13,720



21,321



(3,280
)


18,041



12,425Steeplechase (MD)

Garden

Sep-00

Largo, MD


1986



240



3,675



16,111



2,371



3,675



18,482



22,157



(5,295
)


16,862



11,342Steeplechase (OH)

Garden

May-99

Loveland, OH


1988



272



1,975



9,264



2,100



1,960



11,379



13,339



(4,336
)


9,003



8,170Steeplechase (TX)

Garden

Jul-02

Plano, TX


1985



368



7,056



10,510



5,029



7,056



15,539



22,595



(2,887
)


19,708



14,200Sterling Apartment Homes, The

Garden

Oct-99

Philadelphia, PA


1962



535



8,621



54,694



16,345



8,622



71,038



79,660



(24,144
)


55,516



80,000Stone Creek Club

Garden

Sep-00

Germantown, MD


1984



240



13,593



9,347



2,461



13,593



11,808



25,401



(5,453
)


19,948



11,479Stone Point Village

Garden

Dec-99

Fort Wayne, IN


1981



296



1,541



8,636



3,207



1,541



11,843



13,384



(4,376
)


9,008



5,980Stonebrook

Garden

Jun-97

Sanford, FL


1991



244



1,583



8,587



3,718



1,583



12,305



13,888



(4,695
)


9,193



5,560Stonebrook II

Garden

Mar-99

Sanford, FL


1998



112



488



8,736



483



488



9,219



9,707



(2,097
)


7,610



3,187Stoney Brook Apartments

Garden

Nov-96

Houston, TX


1972



113



275



1,865



1,548



275



3,413



3,688



(906
)


2,782



2,039Stonybrook

Garden

May-98

Tucson, AZ


1983



411



2,167



12,670



454



2,167



13,124



15,291



(5,860
)


9,431



13,360Stratford, The (TX)

Garden

May-98

San Antonio, TX


1979



269



1,825



10,748



2,130



1,825



12,878



14,703



(5,431
)


9,272



4,390Summit Creek

Garden

May-98

Austin, TX


1985



164



1,211



6,037



1,481



1,211



7,518



8,729



(2,511
)


6,218



3,036Sun Lake

Garden

May-98

Lake Mary, FL


1986



600



4,551



25,543



14,219



4,551



39,762



44,313



(12,523
)


31,790



36,827Sun River Village

Garden

Oct-99

Tempe, AZ


1981



334



1,800



13,504



3,154



1,800



16,658



18,458



(6,849
)


11,609



8,179Sunbury Downs Apartments

Garden

Nov-96

Houston, TX


1982



240



936



6,059



2,009



936



8,068



9,004



(2,696
)


6,308



3,966Sycamore Creek

Garden

Apr-00

Cincinnati, OH


1978



295



1,984



9,614



3,747



1,984



13,361



15,345



(4,684
)


10,661



6,754Talbot Woods

Garden

Sep-04

Middleboro, MA


1972



121



5,852



4,719



1,855



5,852



6,574



12,426



(1,124
)


11,302



6,368Tamarac Village

Garden

Apr-00

Denver, CO


1979



564



3,284



20,683



6,933



3,301



27,599



30,900



(10,305
)


20,595



17,248Tamarind Bay

Garden

Jan-00

St. Petersburg, FL


1980



200



650



6,603



4,363



650



10,966



11,616



(3,805
)


7,811



7,032Tar River Estates

Garden

Oct-99

Greenville, NC


1969



220



1,238



13,715



3,287



1,238



17,002



18,240



(6,039
)


12,201



4,343Tatum Gardens

Garden

May-98

Phoenix, AZ


1985



128



1,323



7,155



1,457



1,323



8,612



9,935



(3,853
)


6,082



3,021Tempo, The

High Rise

Sep-04

New York, NY


1900



200



68,006



12,140



2,750



68,109



14,787



82,896



(1,404
)


81,492



31,432The Crescent at West Hollywood

Mid Rise

Mar-02

West Hollywood, CA


1982



130



15,382



10,215



9,537



15,765



19,369



35,134



(3,312
)


31,822



14,902The Glen at Forestlake

Garden

Mar-07

Daytona Beach,  FL


1982



26



897



862



105



933



931



1,864



(39
)


1,825



1,070The Lodge at Chattahoochee

Garden

Oct-99

Atlanta, GA


1970



312



2,320



16,370



18,425



2,320



34,795



37,115



(8,441
)


28,674



9,787Tierra Palms

Garden

Jan-06

Norwalk, CA


1970



144



6,441



6,807







6,441



6,807



13,248



(147
)


13,101



13,800Timber Ridge

Garden

Oct-99

Sharonville, OH


1972



248



1,184



8,077



1,808



1,184



9,885



11,069



(3,757
)


7,312



4,950Timbermill

Garden

Oct-95

San Antonio, TX


1982



296



778



4,457



2,561



778



7,018



7,796



(3,142
)


4,654



2,550Timbertree

Garden

Oct-97

Phoenix, AZ


1979



387



2,292



13,000



5,327



2,292



18,327



20,619



(8,084
)


12,535



5,317  F-54




---



##### Table of Contents



(2)


(3)


December 31, 2007(1)









Initial Cost


Cost Capitalized











Accumulated


Total CostProperty

Date



Year


Number





Buildings and


Subsequent to





Buildings and





Depreciation


Net ofProperty Name

Type

Consolidated

Location

Built


of Units


Land


Improvements


Acquisition


Land


Improvements


Total


(AD)


AD


EncumbrancesTowers Of Westchester Park, The

High Rise

Jan-06

College Park, MD


1972



303



15,198



22,029







15,198



22,029



37,227



(454
)


36,773



31,800Township At Highlands

Town Home

Nov-96

Littleton, CO


1985



161



1,615



9,773



4,572



1,536



14,424



15,960



(5,346
)


10,614



17,145Trails

Garden

Apr-02

Nashville, TN


1985



248



652



10,058



1,489



652



11,547



12,199



(5,471
)


6,728



8,548Trails of Ashford

Garden

May-98

Houston, TX


1979



514



2,650



14,985



3,602



2,650



18,587



21,237



(7,841
)


13,396



6,685Twin Lake Towers

High Rise

Oct-99

Westmont, IL


1969



399



2,640



19,484



7,754



2,640



27,238



29,878



(11,635
)


18,243



10,198Twin Lakes Apartments

Garden

Apr-00

Palm Harbor, FL


1986



262



2,053



12,954



2,971



2,053



15,925



17,978



(5,940
)


12,038



10,841Vantage Pointe

Mid Rise

Aug-02

Swampscott, MA


1987



96



4,749



10,089



1,062



4,749



11,151



15,900



(2,765
)


13,135



8,132Verandahs at Hunt Club

Garden

Jul-02

Apopka, FL


1985



210



1,848



8,400



1,913



1,848



10,313



12,161



(1,782
)


10,379



11,419Versailles on the Lake

Garden

Apr-02

Fort Wayne, IN


1969



156



369



6,104



1,173



369



7,277



7,646



(3,090
)


4,556



2,405Villa Del Sol

Garden

Mar-02

Norwalk, CA


1972



121



7,294



4,861



1,978



7,476



6,657



14,133



(1,796
)


12,337



4,611Villa Nova Apartments

Garden

Apr-00

Indianapolis, IN


1972



126



626



3,720



1,291



626



5,011



5,637



(1,568
)


4,069



2,620Village Creek at Brookhill

Garden

Jul-94

Westminster, CO


1987



324



2,446



13,261



4,072



2,446



17,333



19,779



(7,745
)


12,034



12,706Village Crossing

Garden

May-98

W. Palm Beach, FL


1986



189



1,618



9,757



2,490



1,618



12,247



13,865



(4,493
)


9,372



7,000Village East

Garden

Jul-00

Colorado Springs, CO


1972



137



892



5,729



1,673



892



7,402



8,294



(3,042
)


5,252



3,100Village Gardens

Garden

Oct-99

Fort Collins, CO


1973



141



830



5,784



1,336



830



7,120



7,950



(3,117
)


4,833



3,612Village Green Altamonte Springs

Garden

Oct-02

Altamonte Springs, FL


1970



164



581



6,629



1,617



581



8,246



8,827



(3,543
)


5,284



6,664Village in the Woods

Garden

Jan-00

Cypress, TX


1983



530



2,205



16,928



9,212



2,205



26,140



28,345



(9,643
)


18,702



11,431Village of Pennbrook

Garden

Oct-98

Levitown, PA


1969



722



5,562



42,392



11,455



5,562



53,847



59,409



(16,261
)


43,148



39,256Village, The

Garden

Jan-00

Barndon, FL


1986



112



692



5,558



1,629



692



7,187



7,879



(2,666
)


5,213



5,236Villages of Baymeadows

Garden

Oct-99

Jacksonville, FL


1972



904



4,327



34,069



49,096



4,327



83,165



87,492



(25,311
)


62,181



39,794Villages of Bent Tree

Garden

Oct-02

Indianapolis, IN


1983



240



1,850



6,430



2,299



1,850



8,729



10,579



(2,706
)


7,873



5,400Villages of Bent Tree, Phase II

Garden

Jan-06

Indianapolis, IN


1983



280



1,072



12,770



2,881



1,072



15,651



16,723



(5,294
)


11,429



7,950Villas at Little Turtle

Garden

Sep-00

Westerville, OH


1985



160



1,309



5,513



1,816



1,309



7,329



8,638



(2,254
)


6,384



5,478Villas at Park La Brea, The

Garden

Mar-02

Los Angeles, CA


2002



250



8,621



48,871



2,093



8,621



50,964



59,585



(8,717
)


50,868



33,518Vinings Peak

Garden

Jan-00

Atlanta, GA


1980



280



1,752



14,709



8,814



1,752



23,523



25,275



(7,490
)


17,785



7,183Vista Del Lagos

Garden

Dec-97

Chandler, AZ


1986



200



804



4,952



2,351



804



7,303



8,107



(2,820
)


5,287



2,558Waterford Village

Garden

Aug-02

Bridgewater, MA


1971



588



28,585



28,102



3,930



28,585



32,032



60,617



(11,398
)


49,219



31,560Waterways Village

Garden

Jun-97

Aventura, FL


1991



180



4,504



11,064



3,052



4,504



14,116



18,620



(5,277
)


13,343



8,400Webb Bridge Crossing

Garden

Sep-04

Alpharetta, GA


1985



164



957



6,253



2,735



957



8,988



9,945



(3,016
)


6,929



4,934West Lake Arms Apartments

Garden

Oct-99

Indianapolis, IN


1977



1,381



3,837



28,010



16,578



3,837



44,588



48,425



(15,923
)


32,502



7,954West Winds

Garden

Oct-02

Orlando, FL


1985



272



3,122



10,683



2,364



3,122



13,047



16,169



(3,215
)


12,954



13,154West Woods

Garden

Oct-00

Anappolis, MD


1981



57



1,557



1,891



1,138



1,557



3,029



4,586



(780
)


3,806



4,476Westgate

Garden

Oct-99

Houston, TX


1971



313



1,920



11,222



3,159



1,920



14,381



16,301



(4,843
)


11,458



7,149Westway Village Apartments

Garden

May-98

Houston, TX


1979



326



2,921



11,384



1,474



2,921



12,858



15,779



(5,577
)


10,202



7,282Wexford Village

Garden

Aug-02

Worcester, MA


1974



264



6,339



17,939



1,200



6,339



19,139



25,478



(5,478
)


20,000



15,125Wickertree

Garden

Oct-97

Phoenix, AZ


1983



226



1,225



6,923



2,327



1,225



9,250



10,475



(3,452
)


7,023



2,795Williams Cove

Garden

Jul-94

Irving, TX


1984



260



1,227



6,659



3,128



1,227



9,787



11,014



(4,392
)


6,622



3,915Williamsburg Manor

Garden

Apr-00

Cary, NC


1972



183



1,383



7,896



1,708



1,383



9,604



10,987



(3,657
)


7,330



5,023Willow Bend (IL)

Garden

May-98

Rolling Meadows, IL


1985



328



2,717



15,437



13,553



2,717



28,990



31,707



(7,650
)


24,057



20,000Willow Park on Lake Adelaide

Garden

Oct-99

Altamonte Springs, FL


1972



185



880



7,687



2,691



880



10,378



11,258



(4,782
)


6,476



6,962Wilson Acres

Garden

Apr-06

Greenville, NC


1979



146



1,175



3,943



584



1,485



4,217



5,702



(288
)


5,414



3,000Winchester Village Apartments

Garden

Nov-00

Indianapolis, IN


1966



96



104



2,234



1,074



104



3,308



3,412



(1,281
)


2,131



Winddrift (IN)

Garden

Oct-00

Indianapolis, IN


1980



166



1,265



3,912



2,589



1,265



6,501



7,766



(2,073
)


5,693



4,412Windemere

Garden

Jan-03

Houston, TX


1982



257



2,145



10,769



938



2,145



11,707



13,852



(4,302
)


9,550



4,951Windridge

Garden

May-98

San Antonio, TX


1983



276



1,406



8,272



1,542



1,406



9,814



11,220



(3,941
)


7,279



4,610Windrift (CA)

Garden

Mar-01

Oceanside, CA


1987



404



24,960



17,590



14,160



24,960



31,750



56,710



(9,100
)


47,610



28,999Windrift (FL)

Garden

Oct-00

Orlando, FL


1987



288



3,696



10,029



3,953



3,696



13,982



17,678



(4,370
)


13,308



17,556Windsor at South Square

Garden

Oct-99

Durham, NC


1972



230



1,326



8,329



2,278



1,326



10,607



11,933



(4,059
)


7,874



5,289Windsor Crossing

Garden

Mar-00

Newport News, VA


1978



156



307



2,110



1,474



131



3,760



3,891



(1,660
)


2,231



2,630Windsor Park

Garden

Mar-01

Woodbridge, VA


1987



220



4,279



15,970



1,522



4,279



17,492



21,771



(4,923
)


16,848



13,758Windward at the Villages

Garden

Oct-97

W. Palm Beach, FL


1988



196



1,595



9,079



3,169



1,595



12,248



13,843



(3,869
)


9,974



2,116Wood Lake

Garden

Jan-00

Atlanta, GA


1983



220



1,327



12,713



8,943



1,327



21,656



22,983



(6,596
)


16,387



6,360Wood View

Garden

Jan-06

Atlanta, GA


1983



180



1,277



4,510



5,252



1,277



9,762



11,039



(4,067
)


6,972



4,829Woodcreek

Garden

Oct-02

Mesa, AZ


1985



432



2,117



15,574



2,695



2,117



18,269



20,386



(7,857
)


12,529



14,173Woodhollow

Garden

Oct-97

Austin, TX


1974



108



658



3,728



1,223



658



4,951



5,609



(1,939
)


3,670



1,411Woodland Ridge

Garden

Dec-00

Irving, TX


1984



130



600



3,617



1,108



600



4,725



5,325



(2,281
)


3,044



2,419Woods Edge

Garden

Nov-04

Indianapolis, IN


1981



190



495



6,238



1,152



495



7,390



7,885



(1,577
)


6,308



5,153Woods of Burnsville

Garden

Nov-04

Burnsville, MN


1984



400



1,966



18,290



1,990



1,966



20,280



22,246



(4,005
)


18,241



16,580Woods of Inverness

Garden

Oct-99

Houston, TX


1983



272



1,427



11,698



2,412



1,427



14,110



15,537



(6,474
)


9,063



5,878Woods Of Williamsburg

Garden

Jan-06

Williamsburg, VA


1976



125



430



4,024



588



430



4,612



5,042



(2,849
)


2,193



1,366Woodshire

Garden

Mar-00

Virginia Beach, VA


1972



288



961



5,549



3,076



961



8,625



9,586



(2,903
)


6,683



6,259Wyntre Brook Apartments

Garden

Oct-99

West Chester, PA


1976



212



1,010



9,283



10,453



1,010



19,736



20,746



(5,241
)


15,505



13,618Yacht Club at Brickell

High Rise

Dec-03

Miami, FL


1998



357



31,363



32,214



2,649



31,363



34,863



66,226



(3,562
)


62,664



44,552  F-55




---



##### Table of Contents



(2)


(3)


December 31, 2007(1)









Initial Cost


Cost Capitalized











Accumulated


Total CostProperty

Date



Year


Number





Buildings and


Subsequent to





Buildings and





Depreciation


Net ofProperty Name

Type

Consolidated

Location

Built


of Units


Land


Improvements


Acquisition


Land


Improvements


Total


(AD)


AD


EncumbrancesYorktown II Apartments

High Rise

Dec-99

Lombard, IL


1973



368



2,971



18,163



12,586



2,971



30,749



33,720



(5,656
)


28,064



14,658Yorktree

Garden

Oct-97

Carolstream, IL


1972



293



1,968



11,457



3,821



1,968



15,278



17,246



(5,999
)


11,247



4,503Total Conventional Properties












126,029



2,467,684



5,888,985



2,442,855



2,532,838



8,266,686



10,799,524



(2,507,447
)


8,292,077



6,148,597Affordable Properties:Adams Court

Garden

Jan-06

Hempstead, NY


1981



84



94



6,047



272



94



6,319



6,413



(3,604
)


2,809



2,553All Hallows

Garden

Jan-06

San Francisco, CA


1976



157



1,348



29,770



6,916



1,350



36,684



38,034



(10,980
)


27,054



24,087Alliance Towers

High Rise

Mar-02

Lombard, IL


1971



101



530



1,934



595



530



2,529



3,059



(556
)


2,503



2,261Arvada House

High Rise

Nov-04

Arvada, CO


1977



88



641



3,314



1,701



405



5,251



5,656



(872
)


4,784



4,216Ashland Manor

High Rise

Mar-02

East Moline, IL


1977



189



205



455



816



205



1,271



1,476



(502
)


974



939Aspen Stratford B

High Rise

Oct-02

Newark, NJ


1920



60



362



2,887



1,055



348



3,956



4,304



(2,163
)


2,141



1,782Aspen Stratford C

High Rise

Oct-02

Newark, NJ


1920



55



363



2,818



1,120



350



3,951



4,301



(2,067
)


2,234



1,569Baisley Park Gardens

Mid Rise

Apr-02

Jamaica, NY


1982



212



1,765



12,309



3,331



1,765



15,640



17,405



(4,702
)


12,703



11,563Baldwin Oaks

Mid Rise

Oct-99

Parsippany, NJ


1980



251



746



8,516



1,654



746



10,170



10,916



(5,487
)


5,429



13,281Baldwin Towers

High Rise

Jan-06

Pittsburgh, PA


1983



99



237



5,417



134



237



5,551



5,788



(3,462
)


2,326



2,025Bangor House

High Rise

Mar-02

Bangor, ME


1979



121



1,140



4,595



825



1,140



5,420



6,560



(992
)


5,568



2,796Bannock Arms

Garden

Mar-02

Boise, ID


1978



66



275



1,139



469



275



1,608



1,883



(398
)


1,485



1,429Bayview

Garden

Jun-05

San Francisco, CA


1976



146



1,023



15,265



5,349



1,024



20,613



21,637



(3,718
)


17,919



15,755Beacon Hill

High Rise

Mar-02

Hillsdale, MI


1980



198



1,380



5,524



1,486



1,380



7,010



8,390



(1,926
)


6,464



5,110Bedford House

Mid Rise

Mar-02

Falmouth, KY


1979



48



230



919



231



230



1,150



1,380



(315
)


1,065



1,092Benjamin Banneker Plaza

Mid Rise

Jan-06

Chester, PA


1976



70



79



3,862



439



79



4,301



4,380



(2,414
)


1,966



1,610Berger Apartments

Mid Rise

Mar-02

New Haven, CT


1981



144



1,152



4,657



1,432



1,152



6,089



7,241



(1,586
)


5,655



1,886Biltmore Towers

High Rise

Mar-02

Dayton, OH


1980



230



1,813



6,411



12,868



1,813



19,279



21,092



(5,265
)


15,827



10,753Blakewood

Garden

Oct-05

Statesboro, GA


1973



42



23



1,187



268



23



1,455



1,478



(917
)


561



739Bloomsburg Towers

Mid Rise

Jan-06

Bloomsburg, PA


1981



75



1



4,128



122



1



4,250



4,251



(2,481
)


1,770



1,589Bolton North

High Rise

Jan-06

Baltimore, MD


1977



209



829



10,122



259



809



10,401



11,210



(5,034
)


6,176



2,825Brightwood Manor

Garden

Jan-06

New Brighton, PA


1975



152



140



5,164



294



140



5,458



5,598



(3,391
)


2,207



1,528Burchwood

Garden

Oct-07

Berea, KY


1999



24



253



1,173







253



1,173



1,426



(922
)


504



981Butternut Creek

Mid Rise

Jan-06

Charlotte, MI


1980



100



702



4,215



193



702



4,408



5,110



(2,805
)


2,305



736Cache Creek Apartment Homes

Mid Rise

Jun-04

Clearlake, CA


1986



80



1,545



9,405



469



1,545



9,874



11,419



(1,966
)


9,453



2,339California Square I

High Rise

Jan-06

Louisville, KY


1982



101



154



5,704



271



154



5,975



6,129



(3,133
)


2,996



3,560California Square II

Garden

Jan-06

Louisville, KY


1983



48



61



2,156



239



61



2,395



2,456



(1,368
)


1,088



1,568Campbell Heights

High Rise

Oct-02

Washington, D.C.


1978



170



750



6,719



670



750



7,389



8,139



(2,394
)


5,745



7,866Canterbury Towers

High Rise

Jan-06

Worcester, MA


1976



157



400



4,724



861



400



5,585



5,985



(3,080
)


2,905



5,423Carriage House (VA)

Mid Rise

Dec-06

Petersburg,  VA


1885



118



847



2,886



2,878



852



5,759



6,611



(329
)


6,282



2,307Casa de Las Hermanitas

Garden

Mar-02

Los Angeles, CA


1982



88



1,800



4,143



442



1,800



4,585



6,385



(1,016
)


5,369



1,505Castlewood

Garden

Mar-02

Davenport, IA


1980



96



585



2,351



1,246



585



3,597



4,182



(955
)


3,227



3,534Cherry Ridge Terrace

Garden

Mar-02

Northern Cambria, PA


1983



62



372



1,490



537



372



2,027



2,399



(599
)


1,800



1,097Cimarron

Garden

Oct-07

Wichita,  KS


1973



132



1,332



1,762







1,332



1,762



3,094



(1,762
)


1,332



1,608City Line

Garden

Mar-02

Hampton, VA


1976



200



500



2,014



8,568



500



10,582



11,082



(1,157
)


9,925



5,004Clisby Towers

Mid Rise

Jan-06

Macon, GA


1980



52



161



2,333



69



161



2,402



2,563



(1,581
)


982



1,041Coatesville Towers

High Rise

Mar-02

Coatesville, PA


1979



90



500



2,011



521



500



2,532



3,032



(662
)


2,370



2,175Cold Spring Homes

Garden

Oct-07

Cold Springs,  KY


2000



30



187



917







187



917



1,104



(917
)


187



790Community Circle II

Garden

Jan-06

Cleveland, OH


1975



129



210



4,751



296



210



5,047



5,257



(2,817
)


2,440



3,281Copperwood I Apartments

Garden

Apr-06

The Woodlands, TX


1980



150



390



8,373



4,766



363



13,166



13,529



(4,607
)


8,922



5,660Copperwood II Apartments

Garden

Oct-05

The Woodlands, TX


1981



150



452



5,552



3,280



459



8,825



9,284



(1,655
)


7,629



5,840Country Club Heights

Garden

Mar-04

Quincy, IL


1976



200



676



5,715



4,740



676



10,455



11,131



(2,554
)


8,577



7,851Country Commons

Garden

Jan-06

Bensalem, PA


1972



352



1,314



18,196



876



1,314



19,072



20,386



(8,847
)


11,539



6,148Courtyard

Mid Rise

Jan-06

Cincinnati, OH


1980



137



642



5,597



90



642



5,687



6,329



(2,778
)


3,551



3,908Creekview

Garden

Mar-02

Stroudsburg, PA


1982



80



400



1,610



590



400



2,200



2,600



(513
)


2,087



2,685Crevenna Oaks

Town Home

Jan-06

Burke, VA


1979



50



355



3,539



213



355



3,752



4,107



(1,991
)


2,116



1,233Crockett Manor

Garden

Mar-04

Trenton, TN


1982



38



42



1,395



38



42



1,433



1,475



(106
)


1,369



978Cumberland Court

Garden

Jan-06

Harrisburg, PA


1975



108



170



4,249



346



170



4,595



4,765



(2,868
)


1,897



1,468Daugette Tower

High Rise

Mar-02

Gadsden, AL


1979



101



540



2,178



1,174



540



3,352



3,892



(971
)


2,921



557Delhaven Manor

Mid Rise

Mar-02

Jackson, MS


1983



104



575



2,304



1,580



575



3,884



4,459



(1,009
)


3,450



3,793Denny Place

Garden

Mar-02

North Hollywood, CA


1984



17



394



1,579



106



394



1,685



2,079



(354
)


1,725



1,139Douglas Landing

Garden

Oct-07

Austin, TX


1999



96







5,000











5,000



5,000







5,000



Druid Hills

Garden

Jan-06

Walterboro, SC


1981



80



76



3,718



95



76



3,813



3,889



(2,836
)


1,053



1,300East Farm Village

High Rise

Mar-02

East Haven, CT


1981



240



2,800



11,188



1,941



2,800



13,129



15,929



(2,830
)


13,099



8,350Echo Valley

Mid Rise

Mar-02

West Warwick, RI


1978



100



550



2,294



1,960



550



4,254



4,804



(1,205
)


3,599



4,217Elmwood

Garden

Jan-06

Athens, AL


1981



80



185



2,804



201



185



3,005



3,190



(1,448
)


1,742



1,887Fairburn And Gordon II

Garden

Jan-06

Atlanta, GA


1969



58



84



2,002



109



84



2,111



2,195



(1,292
)


903



193Fairwood

Garden

Jan-06

Carmichael, CA


1979



86



166



5,275



200



166



5,475



5,641



(3,084
)


2,557



2,663  F-56




---



##### Table of Contents



(2)


(3)


December 31, 2007(1)









Initial Cost


Cost Capitalized











Accumulated


Total CostProperty

Date



Year


Number





Buildings and


Subsequent to





Buildings and





Depreciation


Net ofProperty Name

Type

Consolidated

Location

Built


of Units


Land


Improvements


Acquisition


Land


Improvements


Total


(AD)


AD


EncumbrancesFountain Place

Mid Rise

Jan-06

Connersville, IN


1980



102



440



2,091







440



2,091



2,531



(239
)


2,292



Fox Run (TX)

Garden

Mar-02

Orange, TX


1983



70



420



1,992



264



420



2,256



2,676



(516
)


2,160



2,605Foxfire (MI)

Garden

Jan-06

Jackson, MI


1975



160



782



6,927



811



782



7,738



8,520



(4,386
)


4,134



2,164Franklin Square School Apts

Mid Rise

Jan-06

Baltimore, MD


1888



65



46



4,100



120



46



4,220



4,266



(1,889
)


2,377



2,222Friendset Apartments

High Rise

Jan-06

Brooklyn, NY


1979



259



550



16,825



1,829



550



18,654



19,204



(9,092
)


10,112



7,229Friendship Arms

Mid Rise

Mar-02

Hyattsville, MD


1979



151



970



3,887



1,363



970



5,250



6,220



(1,456
)


4,764



4,931Frio

Garden

Jan-06

Pearsall, TX


1980



63



109



2,425



235



109



2,660



2,769



(1,466
)


1,303



1,109Gates Manor

Garden

Mar-04

Clinton, TN


1981



80



266



2,225



382



266



2,607



2,873



(908
)


1,965



2,438Gateway Village

Garden

Mar-04

Hillsborough, NC


1980



64



433



1,666



316



433



1,982



2,415



(362
)


2,053



2,388Glendale Terrace

Garden

Jan-06

Aiken, SC


1972



60



38



1,554



124



38



1,678



1,716



(1,132
)


584



185Greenbriar

Garden

Jan-06

Indianapolis, IN


1980



121



762



4,083



126



762



4,209



4,971



(2,585
)


2,386



1,349Hamlin Estates

Garden

Mar-02

North Hollywood, CA


1983



30



1,010



1,691



184



1,010



1,875



2,885



(426
)


2,459



1,682Hanover Square

High Rise

Jan-06

Baltimore, MD


1980



199



369



10,862



238



369



11,100



11,469



(5,630
)


5,839



6,042Harris Park Apartments

Garden

Dec-97

Rochester, NY


1968



114



475



2,786



1,011



475



3,797



4,272



(1,551
)


2,721



479Hatillo Housing

Mid Rise

Jan-06

Hatillo, PR


1982



64



177



2,901



110



177



3,011



3,188



(1,588
)


1,600



1,391Hemet Estates

Garden

Mar-02

Hemet, CA


1983



80



700



2,802



3,022



1,263



5,261



6,524



(718
)


5,806



4,474Henna Townhomes

Garden

Oct-07

Round Rock, TX


1999



160



1,047



12,893







1,047



12,893



13,940



(2,641
)


11,299



6,159Heritage House

Mid Rise

Jan-06

Lewisburg, PA


1982



79



178



3,251



94



178



3,345



3,523



(1,826
)


1,697



2,106Hickory Heights

Garden

Jan-06

Abbeville, SC


1974



80



25



2,479



641



25



3,120



3,145



(1,472
)


1,673



402Highlawn Place

High Rise

Mar-02

Huntington, WV


1977



133



550



2,204



1,016



550



3,220



3,770



(628
)


3,142



1,930Hillside Village

Town Home

Jan-06

Catawissa, PA


1981



50



31



2,643



81



31



2,724



2,755



(1,537
)


1,218



1,194Hilltop

Garden

Jan-06

Duquesne, PA


1975



152



153



7,311



340



153



7,651



7,804



(4,734
)


3,070



2,349Hopkins Village

Mid Rise

Sep-03

Baltimore, MD


1979



165



857



4,207



899



857



5,106



5,963



(2,892
)


3,071



2,863Hudson Gardens

Garden

Mar-02

Pasadena, CA


1983



41



914



1,548



201



914



1,749



2,663



(433
)


2,230



769Hudson Terrace

Garden

Jan-06

Hudson, NY


1973



168



242



5,431



251



242



5,682



5,924



(3,376
)


2,548



1,340Indio Gardens

Mid Rise

Oct-06

Indio, CA


1980



151







9,534











9,534



9,534







9,534



6,385Ingram Square

Garden

Jan-06

San Antonio, TX


1980



120



285



4,513



358



285



4,871



5,156



(2,623
)


2,533



2,641Jenny Lind Hall

High Rise

Mar-04

Springfield, MO


1977



78



142



3,684



220



142



3,904



4,046



(241
)


3,805



1,073JFK Towers

Mid Rise

Jan-06

Durham, NC


1983



177



335



8,386



417



335



8,803



9,138



(4,055
)


5,083



5,907Johnston Square

High Rise

Oct-07

Baltimore, MD


1981



217



488



10,761



31



488



10,792



11,280



(5,693
)


5,587



5,668Kalmia

Garden

Jan-06

Graniteville, SC


1981



96



103



4,692



75



103



4,767



4,870



(3,230
)


1,640



1,910Kephart Plaza

High Rise

Jan-06

Lock Haven, PA


1978



101



52



4,353



217



52



4,570



4,622



(2,664
)


1,958



1,711King Bell Apartments

Garden

Jan-06

Milwaukie, OR


1982



62



204



2,497



118



204



2,615



2,819



(1,263
)


1,556



1,689Kirkwood House

High Rise

Sep-04

Baltimore, MD


1979



261



1,746



6,663



664



1,746



7,327



9,073



(3,478
)


5,595



4,198Kubasek Trinity Manor (The Hollows)

High Rise

Jan-06

Yonkers, NY


1981



130



8



8,354



1,379



8



9,733



9,741



(5,018
)


4,723



4,892La Salle

Garden

Oct-00

San Francisco, CA


1976



145



1,841



19,568



3,862



1,841



23,430



25,271



(6,604
)


18,667



17,809Lafayette Commons

Garden

Mar-04

West Lafayette, OH


1979



49



187



1,012



222



187



1,234



1,421



(189
)


1,232



858Lafayette Square

Garden

Jan-06

Camden, SC


1978



72



64



1,953



42



64



1,995



2,059



(1,546
)


513



335Lakeview Arms

Mid Rise

Jan-06

Poughkeepsie, NY


1981



72



111



3,256



198



111



3,454



3,565



(1,893
)


1,672



1,948Landau

Garden

Oct-05

Clinton, SC


1970



80



47



2,837



139



47



2,976



3,023



(1,685
)


1,338



384Laurelwood

Garden

Jan-06

Morristown, TN


1981



65



75



1,870



99



75



1,969



2,044



(1,140
)


904



1,320Lavista

Garden

Jan-06

Concord, CA


1981



75



565



4,448







565



4,448



5,013



(191
)


4,822



1,743Lock Haven Gardens

Garden

Jan-06

Lock Haven, PA


1979



150



169



7,040



279



169



7,319



7,488



(4,030
)


3,458



3,265Locust House

High Rise

Mar-02

Westminster, MD


1979



99



650



2,604



594



650



3,198



3,848



(863
)


2,985



2,591Lodge Run

Mid Rise

Jan-06

Portage, PA


1983



31



18



1,467



229



18



1,696



1,714



(1,103
)


611



516Long Meadow

Garden

Jan-06

Cheraw, SC


1973



56



28



1,472



86



28



1,558



1,586



(1,041
)


545



259Loring Towers (MN)

High Rise

Oct-02

Minneapolis, MN


1975



230



1,297



7,445



7,510



886



15,366



16,252



(2,966
)


13,286



7,960Loring Towers Apartments

High Rise

Sep-03

Salem, MA


1973



250



129



14,050







129



14,050



14,179



(1,957
)


12,222



Lynnhaven

Garden

Mar-04

Durham, NC


1980



75



539



2,159



465



539



2,624



3,163



(426
)


2,737



2,826Maria Lopez Plaza

Mid Rise

Jan-06

Bronx, NY


1982



216



498



17,754



444



498



18,198



18,696



(9,773
)


8,923



10,785Michigan Beach

Garden

Oct-07

Chicago, IL


1958



239



792



12,231



49



792



12,280



13,072



(1,870
)


11,202



5,588Mill Pond

Mid Rise

Jan-06

Tauton, MA


1982



49



70



2,714



177



70



2,891



2,961



(1,426
)


1,535



1,709Miramar Housing

High Rise

Jan-06

Ponce, PR


1983



96



290



5,162



59



290



5,221



5,511



(2,683
)


2,828



3,040Montblanc Gardens

Town Home

Dec-03

Yauco, PR


1982



128



391



3,859



785



391



4,644



5,035



(2,120
)


2,915



3,326Morrisania II

High Rise

Jan-06

Bronx, NY


1979



203



404



16,038



791



404



16,829



17,233



(9,348
)


7,885



8,265Moss Gardens

Mid Rise

Jan-06

Lafayette, LA


1980



114



125



4,218



75



125



4,293



4,418



(2,895
)


1,523



2,133New Baltimore

Mid Rise

Mar-02

New Baltimore, MI


1980



101



888



2,360



4,576



888



6,936



7,824



(544
)


7,280



New Vistas I

Garden

Jan-06

Chicago, IL


1925



148



181



7,388



163



181



7,551



7,732



(5,238
)


2,494



1,706Newberry Park

Garden

Dec-97

Chicago, IL


1985



84



1,150



7,862



409



1,150



8,271



9,421



(2,267
)


7,154



7,588Northlake Village

Garden

Oct-00

Lima, OH


1971



150



487



1,317



1,613



487



2,930



3,417



(1,231
)


2,186



886Northpoint

Garden

Jan-00

Chicago, IL


1921



304



2,280



14,334



15,377



2,510



29,481



31,991



(8,911
)


23,080



20,425Northwinds, The

Garden

Mar-02

Wytheville, VA


1978



144



500



2,012



1,085



500



3,097



3,597



(973
)


2,624



1,838Oakwood Gardens

High Rise

Jan-06

Mount Vernon, NY


1930



100



202



8,733



450



202



9,183



9,385



(4,000
)


5,385



4,375  F-57




---



##### Table of Contents



(2)


(3)


December 31, 2007(1)









Initial Cost


Cost Capitalized











Accumulated


Total CostProperty

Date



Year


Number





Buildings and


Subsequent to





Buildings and





Depreciation


Net ofProperty Name

Type

Consolidated

Location

Built


of Units


Land


Improvements


Acquisition


Land


Improvements


Total


(AD)


AD


EncumbrancesOakwood Manor

Garden

Mar-04

Milan, TN


1984



34



95



498



27



95



525



620



(113
)


507



433Ocala Place

Garden

Jan-06

Ocala, FL


1980



40



93



1,420



265



93



1,685



1,778



(901
)


877



598Olde Towne West I

Mid Rise

Jan-06

Alexandria, VA


1976



172



130



5,664



1,763



130



7,427



7,557



(3,956
)


3,601



8,385Olde Towne West II

Garden

Oct-02

Alexandria, VA


1977



72



214



2,865



528



214



3,393



3,607



(1,582
)


2,025



2,632Olde Towne West III

Garden

Apr-00

Alexandria, VA


1978



75



581



3,463



1,492



581



4,955



5,536



(1,626
)


3,910



3,336ONeil

High Rise

Jan-06

Troy, NY


1978



115



77



4,078



549



77



4,627



4,704



(2,965
)


1,739



1,547Orange Village

Garden

Jan-06

Hermitage, PA


1979



81



53



3,432



159



53



3,591



3,644



(2,100
)


1,544



1,866Overbrook Park

Garden

Jan-06

Chillicothe, OH


1981



50



109



2,309



107



109



2,416



2,525



(1,210
)


1,315



1,476Oxford House

Mid Rise

Mar-02

Deactur, IL


1979



156



993



4,164



397



993



4,561



5,554



(1,283
)


4,271



3,360Oxford Terrace IV

Town Home

Oct-07

Indianapolis, IN


1994



48



120



1,537







120



1,537



1,657



(1,057
)


600



1,261Palm Springs Senior

Garden

Mar-02

Palm Springs, CA


1981



116







8,745



2,844







11,589



11,589



(1,347
)


10,242



7,214Panorama Park

Garden

Mar-02

Bakersfield, CA


1982



66



570



2,288



301



570



2,589



3,159



(749
)


2,410



2,237Parc Chateau I

Garden

Jan-06

Lithonia, GA


1973



86



124



3,349



98



124



3,447



3,571



(2,248
)


1,323



569Parc Chateau II

Garden

Jan-06

Lithonia, GA


1974



88



147



3,414



82



147



3,496



3,643



(2,317
)


1,326



573Park-Joplin Apartments

Garden

Oct-07

Joplin, MO


1974



192



928



8,915







928



8,915



9,843



(2,816
)


7,027



3,431Park Meadows

Garden

Oct-07

Wichita,  KS


1990



96



103



3,437







103



3,437



3,540



(1,684
)


1,856



1,577Park Place

Mid Rise

Jun-05

St Louis, MO


1977



242



742



6,327



9,686



705



16,050



16,755



(3,734
)


13,021



9,845Park Vista

Garden

Oct-05

Anaheim, CA


1958



392



7,727



26,779



3,098



7,727



29,877



37,604



(6,534
)


31,070



37,940Parkview

Garden

Mar-02

Sacramento, CA


1980



97



1,041



2,880







1,041



2,880



3,921



(2,622
)


1,299



837Parkways, The

Garden

Jun-04

Chicago, IL


1925



446



3,684



23,257



16,952



3,427



40,466



43,893



(7,029
)


36,864



23,251Patman Switch

Garden

Jan-06

Hughes Springs, TX


1978



82



202



1,906



535



202



2,441



2,643



(1,412
)


1,231



1,229Pavillion

High Rise

Mar-04

Philadelphia, PA


1976



296







15,416



607







16,023



16,023



(2,565
)


13,458



9,750Peachwood Place

Garden

Oct-07

Waycross, GA


1999



72



163



2,893







163



2,893



3,056



(1,317
)


1,739



737Pinebluff Village

Mid Rise

Jan-06

Salisbury, MD


1980



151



291



7,998



313



291



8,311



8,602



(5,197
)


3,405



2,332Pinewood Place

Garden

Mar-02

Toledo, OH


1979



99



420



1,698



1,012



420



2,710



3,130



(856
)


2,274



2,016Pleasant Hills

Garden

Apr-05

Austin, TX


1982



100



1,188



2,631



3,312



1,229



5,902



7,131



(980
)


6,151



3,255Plummer Village

Mid Rise

Mar-02

North Hills, CA


1983



75



624



2,647



1,678



593



4,356



4,949



(1,039
)


3,910



Portland Plaza

Garden

Jan-06

Louisville, KY


1983



71







2,926



90







3,016



3,016



(1,615
)


1,401



1,493Portner Place

Town Home

Jan-06

Washington, DC


1980



48



136



4,322



7



115



4,350



4,465



(134
)


4,331



1,409Post Street Apartments

High Rise

Jan-06

Yonkers, NY


1930



56



104



3,359



331



104



3,690



3,794



(2,035
)


1,759



1,742Pride Gardens

Garden

Dec-97

Flora, MS


1975



76



102



1,071



1,507



102



2,578



2,680



(1,168
)


1,512



1,109Quivira Place

Garden

Oct-07

Lenexa, KS


1978



289



374



12,158







374



12,158



12,532



(6,941
)


5,591



6,125Rancho California

Garden

Jan-06

Temecula, CA


1984



55



356



5,594



165



356



5,759



6,115



(2,306
)


3,809



2,053Renwick Gardens

High Rise

Jan-06

New York, NY


1979



224



402



17,402



1,788



402



19,190



19,592



(9,952
)


9,640



22,521Ridgewood (La Loma)

Garden

Mar-02

Sacramento, CA


1980



75



684



227







684



227



911



(227
)


684



Ridgewood Towers

High Rise

Mar-02

East Moline, IL


1977



140



698



2,803



525



698



3,328



4,026



(908
)


3,118



1,792River Village

High Rise

Jan-06

Flint, MI


1980



340



1,639



13,994



523



1,639



14,517



16,156



(8,094
)


8,062



8,152Rivers Edge

Town Home

Jan-06

Greenville, MI


1983



49



205



2,203



84



205



2,287



2,492



(1,477
)


1,015



897Riverwoods

High Rise

Jan-06

Kankakee, IL


1983



125



590



4,932







590



4,932



5,522



(574
)


4,948



5,939Rosedale Court Apartments

Garden

Mar-04

Dawson Springs, KY


1981



40



194



1,177



144



194



1,321



1,515



(430
)


1,085



904Round Barn

Garden

Mar-02

Champaign, IL


1979



156



947



5,134



2,136



932



7,285



8,217



(1,453
)


6,764



Rutherford Park

Town Home

Jan-06

Hummelstown, PA


1981



85



376



4,814



150



376



4,964



5,340



(2,642
)


2,698



2,887San Jose Apartments

Garden

Sep-05

San Antonio,  TX


1970



220



404



5,770



8,380



428



14,126



14,554



(965
)


13,589



San Juan Del Centro

Mid Rise

Sep-05

Boulder, CO


1971



150



243



7,110



11,770



228



18,895



19,123



(1,089
)


18,034



12,296Sandy Hill Terrace

High Rise

Mar-02

Norristown, PA


1980



175



1,650



6,599



1,859



1,650



8,458



10,108



(2,035
)


8,073



4,044Sandy Springs

Garden

Mar-05

Macon, GA


1979



74



153



1,736



1,212



153



2,948



3,101



(1,345
)


1,756



2,128School Street

Mid Rise

Jan-06

Taunton, MA


1920



75



181



4,373



334



181



4,707



4,888



(2,416
)


2,472



3,485Sharp-Leadenhall I

Town Home

Mar-04

Baltimore, MD


1981



155



1,300



5,107



692



1,300



5,799



7,099



(1,189
)


5,910



5,544Sharp-Leadenhall II

Town Home

Sep-03

Baltimore, MD


1981



37



171



1,636



282



171



1,918



2,089



(896
)


1,193



1,108Sherman Hills

High Rise

Jan-06

Wilkes-Barre, PA


1976



344



1,118



16,470



290



1,118



16,760



17,878



(12,753
)


5,125



3,645Shoreview

Garden

Oct-99

San Francisco, CA


1976



156



1,498



19,071



3,441



1,498



22,512



24,010



(7,399
)


16,611



19,233South Bay Villa

Garden

Mar-02

Los Angeles, CA


1981



80



663



2,770



4,423



659



7,197



7,856



(1,732
)


6,124



South Park

Garden

Mar-02

Elyria, OH


1970



138



200



375



2,346



200



2,721



2,921



(854
)


2,067



595Spring Manor

Mid Rise

Jan-06

Holidaysburg, PA


1983



51



117



2,574



293



117



2,867



2,984



(1,969
)


1,015



904Springfield Villas

Garden

Oct-07

Lockhart, TX


1999



32







1,153











1,153



1,153







1,153



St. George Villas

Garden

Jan-06

St. George, SC


1984



40



82



1,029



43



82



1,072



1,154



(687
)


467



545Sterling Village

Town Home

Mar-02

San Bernadino, CA


1983



80



549



3,459



2,825



1,246



5,587



6,833



(840
)


5,993



4,430Stonegate Village

Garden

Oct-00

New Castle, IN


1970



122



313



1,895



1,098



308



2,998



3,306



(849
)


2,457



480Strawbridge Square

Garden

Oct-99

Alexandria, VA


1979



128



662



3,508



3,064



662



6,572



7,234



(1,936
)


5,298



6,918Sumler Terrace

Garden

Jan-06

Norfolk, VA


1976



126



215



4,400



232



215



4,632



4,847



(3,255
)


1,592



1,502Summit Oaks

Town Home

Jan-06

Burke, VA


1980



50



382



3,940



192



382



4,132



4,514



(2,112
)


2,402



1,579Suntree

Garden

Jan-06

St. Johns, MI


1980



121



377



6,513



242



377



6,755



7,132



(3,806
)


3,326



1,709Swift Creek

Garden

Jan-06

Hartsville, SC


1981



72



105



3,470



228



105



3,698



3,803



(2,481
)


1,322



1,623  F-58




---



##### Table of Contents



(2)


(3)


December 31, 2007(1)









Initial Cost


Cost Capitalized











Accumulated


Total CostProperty

Date



Year


Number





Buildings and


Subsequent to





Buildings and





Depreciation


Net ofProperty Name

Type

Consolidated

Location

Built


of Units


Land


Improvements


Acquisition


Land


Improvements


Total


(AD)


AD


EncumbrancesTabor Towers

Mid Rise

Jan-06

Lewisburg, WV


1979



84



155



3,369



132



155



3,501



3,656



(1,888
)


1,768



2,002Tamarac Apartments I

Garden

Nov-04

Woodlands, TX


1980



144



140



2,775



3,440



363



5,992



6,355



(1,265
)


5,090



4,317Tamarac Apartments II

Garden

Nov-04

Woodlands, TX


1980



156



142



3,195



3,835



266



6,906



7,172



(1,430
)


5,742



4,677Terraces

Mid Rise

Jan-06

Kettering, OH


1979



102



503



3,873



138



503



4,011



4,514



(2,278
)


2,236



2,500Terry Manor

Mid Rise

Oct-05

Los Angeles, CA


1977



170



1,775



5,848



6,775



1,294



13,104



14,398



(1,685
)


12,713



The Club

Garden

Jan-06

Lexington, NC


1972



87



66



2,560



370



66



2,930



2,996



(1,642
)


1,354



426The Glens

Garden

Jan-06

Rock Hill, SC


1982



88



90



4,885



610



90



5,495



5,585



(3,092
)


2,493



3,916The Park Apts-OPKS

Garden

Oct-07

Overland Park, KS


1984



280



303



8,785



10



303



8,795



9,098



(4,598
)


4,500



6,281Tompkins Terrace

Garden

Oct-02

Beacon, NY


1974



193



872



6,827







872



6,827



7,699



(1,528
)


6,171



9,022Trestletree Village

Garden

Mar-02

Atlanta, GA


1981



188



1,150



4,655



958



1,150



5,613



6,763



(1,606
)


5,157



3,659United Front Homes

Garden

Oct-06

New Bedford,  MA


1900



201



1,011



7,114



503



1,011



7,617



8,628



(4,205
)


4,423



3,656University Square

High Rise

Mar-05

Philadelphia, PA


1978



442



263



12,708



8,483



263



21,191



21,454



(5,110
)


16,344



14,065Van Nuys Apartments

High Rise

Mar-02

Los Angeles, CA


1981



299



4,337



16,377



1,748



4,337



18,125



22,462



(3,812
)


18,650



16,491Victory Square

Garden

Mar-02

Canton, OH


1975



81



215



889



356



215



1,245



1,460



(439
)


1,021



882Villa Hermosa Apartments

Mid Rise

Oct-02

New York,  NY


1920



272



1,815



10,312



3,583



1,815



13,895



15,710



(5,347
)


10,363



7,031Village Oaks

Mid Rise

Jan-06

Catonsville, MD


1980



181



1,156



6,160



1,582



1,156



7,742



8,898



(4,212
)


4,686



4,894Village of Kaufman

Garden

Mar-05

Kaufman, TX


1981



68



370



1,606



203



370



1,809



2,179



(483
)


1,696



1,886Vintage Crossing

Town Home

Mar-04

Cuthbert, GA


1982



50



188



1,058



514



188



1,572



1,760



(644
)


1,116



1,665Vista Park Chino

Garden

Mar-02

Chino, CA


1983



40



380



1,521



328



380



1,849



2,229



(524
)


1,705



1,559Wah Luck House

High Rise

Jan-06

Washington, DC


1982



153







12,846



275







13,121



13,121



(5,902
)


7,219



10,132Walnut Hills

High Rise

Jan-06

Cincinnati, OH


1983



198



693



10,344



103



693



10,447



11,140



(5,584
)


5,556



6,692Wasco Arms

Garden

Mar-02

Wasco, CA


1982



78



625



2,519



770



625



3,289



3,914



(982
)


2,932



3,121Washington Square West

Mid Rise

Sep-04

Philadelphia, PA


1982



132



555



11,169



5,409



581



16,552



17,133



(4,229
)


12,904



3,994West 135th Street

Mid Rise

Dec-97

New York, NY


1979



198



1,212



8,031



5,447



1,212



13,478



14,690



(5,867
)


8,823



13,409Westminster Oaks

Town Home

Jan-06

Springfield, VA


1982



50







3,517



215







3,732



3,732



(1,868
)


1,864



998Westwood Terrace

Mid Rise

Mar-02

Moline, IL


1976



97



720



3,242



334



720



3,576



4,296



(767
)


3,529



1,950White Cliff

Garden

Mar-02

Lincoln Heights, OH


1977



72



215



938



355



215



1,293



1,508



(405
)


1,103



1,014Whitefield Place

Garden

Apr-05

San Antonio, TX


1980



80



223



3,151



2,292



219



5,447



5,666



(1,230
)


4,436



1,981Wickford

Garden

Mar-04

Henderson, NC


1983



44



247



946



55



247



1,001



1,248



(334
)


914



711Wilderness Trail

High Rise

Mar-02

Pineville, KY


1983



124



1,010



4,048



494



1,010



4,542



5,552



(885
)


4,667



4,567Wilkes Towers

High Rise

Mar-02

North Wilkesboro, NC


1981



72



410



1,680



522



410



2,202



2,612



(498
)


2,114



1,884Willowwood

Garden

Mar-02

North Hollywood, CA


1984



19



1,051



840



151



1,051



991



2,042



(222
)


1,820



1,089Winnsboro Arms

Garden

Jan-06

Winnsboro, SC


1978



60



71



1,898



115



71



2,013



2,084



(1,384
)


700



305Winter Gardens

High Rise

Mar-04

St Louis, MO


1920



112



300



3,072



4,390



300



7,462



7,762



(861
)


6,901



3,912Woodcrest

Garden

Dec-97

Odessa, TX


1972



80



41



229



410



41



639



680



(500
)


180



445Woodland

Garden

Jan-06

Spartanburg, SC


1972



100



182



663



1,245



182



1,908



2,090



(275
)


1,815



262Woodland Hills

Garden

Oct-05

Jackson, MI


1980



125



541



3,875



4,248



326



8,338



8,664



(1,131
)


7,533



Yadkin

Mid Rise

Mar-04

Salisbury, NC


1912



67



242



1,982



549



242



2,531



2,773



(923
)


1,850



1,830Total Affordable Properties












27,110



124,309



1,157,737



295,564



124,446



1,453,164



1,577,610



(523,342
)


1,054,268



833,128Other(4)
















1,005



4,691



1,104



1,981



4,819



6,800



(3,948
)


2,852153,139


$
2,592,998


$
7,051,413


$
2,739,523


$
2,659,265


$
9,724,669


$
12,383,934


$
(3,034,737
)

$
9,349,197


$
6,981,725     (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
    acquisition includes costs capitalized since acquisition or
    first consolidation of the partnership/property.(4)
    
    Other includes land parcels and
    commercial properties. F-59




---



##### Table of Contents



AIMCO PROPERTIES, L.P.
 REAL ESTATE AND ACCUMULATED DEPRECIATION
For the Years Ended December 31, 2007, 2006 and 2005
(In Thousands)
 2007
    
    
    2006
    
    
    2005Real EstateBalance at beginning of year
    $
    
    11,460,781
    
    $
    
    9,825,318
    
    $
    
    8,964,283Additions during the year:Newly
consolidated assets and acquisition of limited partnership interests (1)
    
    
    32,080
    
    
    
    1,146,086
    
    
    
    260,715Acquisitions
    
    
    233,059
    
    
    
    184,986
    
    
    
    288,212Capital expenditures
    
    
    689,719
    
    
    
    485,758
    
    
    
    436,781Deductions during the year:Casualty and other write-offs
    
    
    (24,016
    )
    
    
    (21,192
    )
    
    
    (18,872
    )Assets held for sale reclassification (2)
    
    
    (7,689
    )
    
    
    (160,175
    )
    
    
    (105,801
    )Balance at end of year
    $
    
    12,383,934
    
    $
    
    11,460,781
    
    $
    
    9,825,318Accumulated DepreciationBalance at beginning of year
    $
    
    2,701,587
    
    $
    
    1,908,005
    
    $
    
    1,572,392Additions during the year:Depreciation
    
    
    477,725
    
    
    
    468,186
    
    
    
    412,701Newly
consolidated assets and acquisition of limited partnership interests (1)
    
    
    (115,465
    )
    
    
    452,824
    
    
    
    40,277Deductions during the year:Casualty and other write-offs
    
    
    (5,280
    )
    
    
    (5,604
    )
    
    
    (3,191
    )Assets held for sale reclassification (2)
    
    
    (23,830
    )
    
    
    (121,824
    )
    
    
    (114,174
    )Balance at end of year
    $
    
    3,034,737
    
    $
    
    2,701,587
    
    $
    
    1,908,005
 
 (1)
    
    Includes the effect of newly consolidated assets, acquisition
of limited partnership interests and related activity. As discussed
in Note 2, during 2006, we adopted EITF04-5, which resulted in the
consolidation, at historical carrying amounts, of 156 partnerships
owning 149 properties. As discussed in Note 3, during 2007, we
acquired seven properties from VMS. a consolidated partnership in
which we held a 22% interest. We allocated the excess of the
consideration exchanged over the carrying amount of the minority
interest in these properties to real estate, which resulted in an
increase to real estate primarily due to a reduction in the
historical accumulated depreciation on these assets.(2)
    
    Represents activity on properties that have been sold or classified as held for sale that is
included in the line items above. F-60




---



##### Table of Contents



INDEX TO EXHIBITS (1) (2)
 EXHIBIT NO.
    
    DESCRIPTION10.1
    
    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
    
    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)10.4
    
    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)10.5
    
    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 10-K, dated March 22, 2006, is
incorporated herein by this reference)10.6
    
    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)10.7
    
    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)10.8
    
    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, filed December 6, 2001, is incorporated herein by
this reference)10.9
    
    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, filed December 6,
2001, is incorporated herein by this reference)10.10
    
    Limited Liability Company Agreement of AIMCO JV Portfolio #1,
LLC dated as of December 30, 2003 by and among AIMCO BRE I,
LLC, AIMCO BRE II, LLC and SRV-AJVP#1, LLC (Exhibit 10.54 to
Aimcos Annual Report on Form 10-K for the year ended December
31, 2003, is incorporated herein by this reference)




---



##### Table of Contents



EXHIBIT NO.
    
    DESCRIPTION10.11
    
    Employment Contract executed on July 29, 1994 by and between
AIMCO Properties, L.P. and Terry Considine (Exhibit 10.44C to
Aimcos Annual Report on Form 10-K for the year ended December
31, 1994, is incorporated herein by this reference)*10.12
    
    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)*10.13
    
    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)*10.14
    
    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)*10.15
    
    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)*10.16
    
    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)*10.17
    
    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)*10.18
    
    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 Subsidiaries23.1
    
    Consent of Independent Registered Public Accounting Firm31.1
    
    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 200231.2
    
    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 200232.1
    
    Certification Pursuant to 18 U.S.C. Section 1350, as Adopted
Pursuant to Section 906 of the Sarbanes-Oxley Act of 200232.2
    
    Certification Pursuant to 18 U.S.C. Section 1350, as Adopted
Pursuant to Section 906 of the Sarbanes-Oxley Act of 200299.1
    
    Agreement re: disclosure of long-term debt instruments
 
 (1)
    
    Schedule and supplemental materials to the exhibits have been omitted but will be provided to
the Securities and Exchange Commission upon request.(2)
    
    The file reference number for all exhibits is 001-13232, 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